Stocks · Real Estate · REIT - Mortgage
TPG RE Finance Trust, Inc. TRTX
$6.14 -3.15% Close, Oct 2, 2026 · NYSE · Market cap $471.4M
Next earnings report: Oct 27, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Net debt is 12.8× EBITDA, a high level of leverage.
- The stock is in a downtrend: below its 200-day average, with the 50-day average below the 200-day.
- Revenue over the last four quarters was $266.8M, down 18.8% from a year earlier, slowing from 0.8% a quarter earlier.
PromtFinance scores
Each score is a percentile within the Real Estate sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
Growth11Very weak
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 8%
- EPS growth (TTM, YoY)Bottom 34%
- FCF growth (TTM, YoY)Bottom 45%
- Revenue growth, 3-year CAGRBottom 36%
- Revenue growth accelerationBottom 10%
Quality47Neutral
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 49%
- Gross marginTop 10%
- Operating marginTop 8%
- Cash conversion (OCF / net income)Bottom 44%
- Accruals (lower is better)Bottom 25%
- Net debt / EBITDA (lower is better)Bottom 22%
- Interest coverBottom 36%
Value66Positive
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 15%
- Free-cash-flow yieldTop 13%
- EBITDA / enterprise valueTop 41%
- Sales / enterprise valueBottom 15%
- P/E vs own 5-year history (lower is better)Bottom 42%
Momentum21Very weak
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 32%
- 6-month returnBottom 16%
- 1-year return vs S&P 500Bottom 23%
- Distance from 52-week highBottom 23%
- Trend checklist (0–4)Bottom 22%
Revisions64Neutral
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 36%
- Consecutive EPS beatsBottom 18%
- Share of analysts rating BuyTop 26%
- Upside to consensus price targetTop 5%
Stability47Neutral
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 47%
- Maximum drawdown, 3 yearsTop 49%
- Beta vs S&P 500 (lower is better)Top 34%
- Net debt / EBITDA (lower is better)Bottom 22%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 0.8% | -18.8% | ↓ |
| EPS growth (YoY) | -9.1% | -16.0% | ↓ |
| Gross margin | 78.2% | 82.7% | ↑ |
| Operating margin | 74.4% | 70.1% | ↓ |
| FCF margin | 27.2% | 31.1% | ↑ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | -18.8% | 0.8% | ↓ | Bottom 8% |
| EPS growth (TTM, YoY) | -16.0% | -9.1% | ↓ | Bottom 34% |
| Gross margin | 82.7% | 78.2% | ↑ | Top 10% |
| Operating margin | 70.1% | 74.4% | ↓ | Top 8% |
| Net margin | 21.8% | 20.5% | ↑ | — |
| Free-cash-flow margin | 31.1% | 27.2% | ↑ | — |
| Return on invested capital | 4.0% | — | Top 49% | |
| Revenue growth, 3-year CAGR | 2.8% | — | Bottom 36% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.60×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -0.8%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 3.7%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -80.4 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 12.83×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 0.9×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 16.38%
- Net buyback yield (TTM)
- 5.25%
- Shareholder yield
- 21.63%
- Share count change, 1 year
- -2.7%
- Share count change, 3-year CAGR
- +0.3%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Jul 28, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 0
- Beats in the last 8 reports
- 1 of 8
- Average EPS surprise, last 4
- -6.3%
- Average 2-day reaction, last 8
- +0.0%
- Positive 20 days after report
- 3 of 8
Analysts
- Consensus price target
- $11.38
- Target vs current price
- +85.3%
- Analysts with a rating
- 11
- Share rating Buy or Strong Buy
- 64%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 28, 2026 | -10.1% | -0.2% | -5.8% | -8.6% | — |
| Apr 28, 2026 | +0.0% | -0.7% | -0.9% | -2.0% | +0.7% |
| Feb 17, 2026 | -11.1% | -0.5% | -5.8% | -9.7% | -6.0% |
| Oct 28, 2025 | -3.8% | +0.3% | -1.6% | -1.7% | +0.9% |
| Jul 29, 2025 | +0.0% | +0.1% | +6.6% | +9.6% | +4.9% |
| Apr 29, 2025 | -7.7% | +1.6% | +3.1% | +3.8% | +12.8% |
| Feb 18, 2025 | -61.5% | +0.3% | -4.0% | -1.3% | -7.9% |
| Oct 29, 2024 | +3.7% | -0.7% | +5.0% | +7.8% | +0.8% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 28, 2026 | $0.23 | $0.26 | -10.1% | $34.0M |
| Apr 28, 2026 | $0.25 | $0.25 | +0.0% | $37.3M |
| Feb 17, 2026 | $0.24 | $0.27 | -11.1% | $35.0M |
| Oct 28, 2025 | $0.25 | $0.26 | -3.8% | $86.7M |
| Jul 29, 2025 | $0.24 | $0.24 | +0.0% | $82.2M |
| Apr 29, 2025 | $0.24 | $0.26 | -7.7% | $12.1M |
| Feb 18, 2025 | $0.10 | $0.26 | -61.5% | $34.3M |
| Oct 29, 2024 | $0.28 | $0.27 | +3.7% | $10.9M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 11.3× | 11.7× | 38th | Top 15% |
| P/E (forward) | 6.1× | — | — | — |
| EV / EBITDA | 14.6× | — | — | Top 41% |
| EV / Sales | 14.66× | — | — | Bottom 15% |
| Free-cash-flow yield | 17.59% | — | — | Top 13% |
| Earnings yield | 8.83% | — | — | Top 15% |
P/E over the past five years
Range 7.3× – 15.7× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- -28.5%
- Earnings per share growth (TTM)
- -16.0%
- Change in P/E multiple
- +21.3%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✗ Price above 200-day average
- ✗ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 0
- 50-day average slope (20 days)
- -7.3%
- 200-day average slope (20 days)
- -2.3%
- Distance from 50-day average
- -19.1%
- Distance from 200-day average
- -25.9%
- RSI (14)
- 14.1
- Relative volume
- 1.37×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 23.0%
- Volatility vs own 5-year history
- 23th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.44
- Correlation with S&P 500
- 0.28
- Current drawdown from 1-year high
- -34.0%
- Maximum drawdown, 3 years
- -36.8%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jun 24, 2021 | Feb 8, 2024 | -63.9% | 660 days | Not yet recovered |
| Oct 8, 2020 | Oct 28, 2020 | -13.3% | 14 days | 9 days (Nov 10, 2020) |
| Jan 20, 2021 | Jan 29, 2021 | -13.0% | 7 days | 11 days (Feb 16, 2021) |
| Feb 24, 2021 | Feb 26, 2021 | -11.5% | 2 days | 10 days (Mar 12, 2021) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $471.4M
- P/E (TTM)
- 11.3
- EPS, diluted (TTM)
- $0.54
- Revenue (TTM)
- $266.8M
- Dividend yield
- 15.64%
- 52-week range
- $6.07 – $9.37
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $240.7M | $305.7M | $390.2M | $350.9M | $332.6M |
| Gross profit | $217.6M | $275.1M | $356.8M | $281.8M | $263.7M |
| Operating income | $208.9M | $87.9M | $151.9M | $276.2M | $242.7M |
| Net income | $138.6M | -$60.1M | -$116.6M | $74.3M | $60.3M |
| EPS (diluted) | $0.87 | -$0.95 | -$1.69 | $0.75 | $0.57 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $88.5M | $78.8M | $78.9M | $82.2M | $86.7M | $84.0M | $85.8M | $10.3M |
| Net income | $22.2M | $10.7M | $13.7M | $20.6M | $22.0M | $4.0M | $18.9M | $13.1M |
| EPS (diluted) | $0.23 | $0.09 | $0.12 | $0.21 | $0.23 | $0.00 | $0.19 | $0.12 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $132.2M | $100.5M | $80.1M | $112.1M | $90.4M |
| Capital expenditure | $0 | -$5.1M | -$5.4M | -$5.3M | -$6.1M |
| Free cash flow | $132.2M | $95.4M | $74.8M | $106.8M | $84.2M |
| Dividends paid | -$79.1M | -$80.3M | -$75.8M | -$77.8M | -$78.5M |
| Net share buybacks | $0 | $0 | $0 | -$37,000 | -$25.3M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $65.6M
- Total assets
- $4.60B
- Total liabilities
- $3.55B
- Total debt
- $3.51B
- Net debt
- $3.44B
- Shareholders’ equity
- $1.04B
As of Jun 30, 2026 (filed Jul 28, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Sep 28, 2026 | $0.24 | Oct 23, 2026 |
| Jun 26, 2026 | $0.24 | Jul 24, 2026 |
| Mar 27, 2026 | $0.24 | Apr 24, 2026 |
| Dec 26, 2025 | $0.24 | Jan 23, 2026 |
| Sep 26, 2025 | $0.24 | Oct 24, 2025 |
| Jun 27, 2025 | $0.24 | Jul 25, 2025 |
| Mar 28, 2025 | $0.24 | Apr 25, 2025 |
| Dec 27, 2024 | $0.24 | Jan 24, 2025 |
Short interest
- Shares sold short
- 5,175,800
- Days to cover
- 7.58
- Change vs previous report
- +5.7%
FINRA short interest, settlement date Sep 15, 2026.