Logo image of TRTX

TPG RE FINANCE TRUST INC (TRTX) Stock Fundamental Analysis

NYSE:TRTX - New York Stock Exchange, Inc. - US87266M1071 - REIT - Currency: USD

8.38  +0.01 (+0.12%)

After market: 8.5299 +0.15 (+1.79%)

Fundamental Rating

6

TRTX gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 67 industry peers in the Mortgage Real Estate Investment Trusts (REITs)" industry. While TRTX belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. TRTX has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

TRTX had positive earnings in the past year.
TRTX had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: TRTX reported negative net income in multiple years.
In the past 5 years TRTX always reported a positive cash flow from operatings.
TRTX Yearly Net Income VS EBIT VS OCF VS FCFTRTX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M 200M 300M

1.2 Ratios

The Return On Assets of TRTX (1.43%) is better than 89.55% of its industry peers.
Looking at the Return On Equity, with a value of 5.13%, TRTX is in the better half of the industry, outperforming 77.61% of the companies in the same industry.
TRTX has a better Return On Invested Capital (5.27%) than 95.52% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for TRTX is above the industry average of 1.41%.
Industry RankSector Rank
ROA 1.43%
ROE 5.13%
ROIC 5.27%
ROA(3y)-0.94%
ROA(5y)-0.93%
ROE(3y)-3.95%
ROE(5y)-3.53%
ROIC(3y)5.39%
ROIC(5y)4.65%
TRTX Yearly ROA, ROE, ROICTRTX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 -10

1.3 Margins

With an excellent Profit Margin value of 16.75%, TRTX belongs to the best of the industry, outperforming 85.07% of the companies in the same industry.
TRTX's Profit Margin has declined in the last couple of years.
TRTX has a better Operating Margin (77.32%) than 98.51% of its industry peers.
In the last couple of years the Operating Margin of TRTX has declined.
TRTX has a better Gross Margin (91.75%) than 100.00% of its industry peers.
TRTX's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 77.32%
PM (TTM) 16.75%
GM 91.75%
OM growth 3Y-2.13%
OM growth 5Y-2.23%
PM growth 3Y-16.74%
PM growth 5Y-14.35%
GM growth 3Y1.36%
GM growth 5Y0.46%
TRTX Yearly Profit, Operating, Gross MarginsTRTX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

6

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so TRTX is destroying value.
Compared to 1 year ago, TRTX has more shares outstanding
The number of shares outstanding for TRTX has been increased compared to 5 years ago.
TRTX has a better debt/assets ratio than last year.
TRTX Yearly Shares OutstandingTRTX Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M
TRTX Yearly Total Debt VS Total AssetsTRTX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

TRTX has an Altman-Z score of 0.33. This is a bad value and indicates that TRTX is not financially healthy and even has some risk of bankruptcy.
With an excellent Altman-Z score value of 0.33, TRTX belongs to the best of the industry, outperforming 85.07% of the companies in the same industry.
The Debt to FCF ratio of TRTX is 31.44, which is on the high side as it means it would take TRTX, 31.44 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of TRTX (31.44) is better than 79.10% of its industry peers.
TRTX has a Debt/Equity ratio of 2.55. This is a high value indicating a heavy dependency on external financing.
TRTX's Debt to Equity ratio of 2.55 is fine compared to the rest of the industry. TRTX outperforms 74.63% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.55
Debt/FCF 31.44
Altman-Z 0.33
ROIC/WACC0.77
WACC6.86%
TRTX Yearly LT Debt VS Equity VS FCFTRTX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B

2.3 Liquidity

A Current Ratio of 8.70 indicates that TRTX has no problem at all paying its short term obligations.
TRTX has a better Current ratio (8.70) than 95.52% of its industry peers.
A Quick Ratio of 8.70 indicates that TRTX has no problem at all paying its short term obligations.
Looking at the Quick ratio, with a value of 8.70, TRTX belongs to the top of the industry, outperforming 95.52% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 8.7
Quick Ratio 8.7
TRTX Yearly Current Assets VS Current LiabilitesTRTX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

4

3. Growth

3.1 Past

TRTX shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 127.61%, which is quite impressive.
The earnings per share for TRTX have been decreasing by -11.01% on average. This is quite bad
The Revenue for TRTX has decreased by -13.22% in the past year. This is quite bad
TRTX shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 0.60% yearly.
EPS 1Y (TTM)127.61%
EPS 3Y-4.44%
EPS 5Y-11.01%
EPS Q2Q%-20%
Revenue 1Y (TTM)-13.22%
Revenue growth 3Y13.5%
Revenue growth 5Y0.6%
Sales Q2Q%-7.09%

3.2 Future

TRTX is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 5.97% yearly.
The Revenue is expected to grow by 0.34% on average over the next years.
EPS Next Y4.34%
EPS Next 2Y7.37%
EPS Next 3Y5.97%
EPS Next 5YN/A
Revenue Next Year5.33%
Revenue Next 2Y7.25%
Revenue Next 3Y0.34%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
TRTX Yearly Revenue VS EstimatesTRTX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 100M 200M 300M
TRTX Yearly EPS VS EstimatesTRTX Yearly EPS VS EstimatesYearly EPS VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 1 -1 -2 -3

6

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 9.31 indicates a reasonable valuation of TRTX.
Based on the Price/Earnings ratio, TRTX is valued a bit cheaper than 73.13% of the companies in the same industry.
TRTX is valuated cheaply when we compare the Price/Earnings ratio to 27.91, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 7.57 indicates a rather cheap valuation of TRTX.
Compared to the rest of the industry, the Price/Forward Earnings ratio of TRTX indicates a somewhat cheap valuation: TRTX is cheaper than 73.13% of the companies listed in the same industry.
TRTX is valuated cheaply when we compare the Price/Forward Earnings ratio to 37.11, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 9.31
Fwd PE 7.57
TRTX Price Earnings VS Forward Price EarningsTRTX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, TRTX is valued cheaply inside the industry as 98.51% of the companies are valued more expensively.
Based on the Price/Free Cash Flow ratio, TRTX is valued a bit cheaper than 77.61% of the companies in the same industry.
Industry RankSector Rank
P/FCF 7.48
EV/EBITDA 11.26
TRTX Per share dataTRTX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates TRTX does not grow enough to justify the current Price/Earnings ratio.
TRTX has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)2.15
PEG (5Y)N/A
EPS Next 2Y7.37%
EPS Next 3Y5.97%

4

5. Dividend

5.1 Amount

TRTX has a Yearly Dividend Yield of 8.86%, which is a nice return.
TRTX's Dividend Yield is slightly below the industry average, which is at 11.20.
TRTX's Dividend Yield is rather good when compared to the S&P500 average which is at 2.32.
Industry RankSector Rank
Dividend Yield 8.86%

5.2 History

The dividend of TRTX decreases each year by -8.14%.
TRTX has been paying a dividend for over 5 years, so it has already some track record.
TRTX has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-8.14%
Div Incr Years1
Div Non Decr Years3
TRTX Yearly Dividends per shareTRTX Yearly Dividends per shareYearly Dividends per share 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

TRTX pays out 161.31% of its income as dividend. This is not a sustainable payout ratio.
DP161.31%
EPS Next 2Y7.37%
EPS Next 3Y5.97%
TRTX Yearly Income VS Free CF VS DividendTRTX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M -50M 100M -100M -150M
TRTX Dividend Payout.TRTX Dividend Payout, showing the Payout Ratio.TRTX Dividend Payout.PayoutRetained Earnings

TPG RE FINANCE TRUST INC

NYSE:TRTX (7/29/2025, 8:24:31 PM)

After market: 8.5299 +0.15 (+1.79%)

8.38

+0.01 (+0.12%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryMortgage Real Estate Investment Trusts (REITs)"
Earnings (Last)04-29 2025-04-29/amc
Earnings (Next)07-29 2025-07-29/amc
Inst Owners75.08%
Inst Owner Change0.02%
Ins Owners3.14%
Ins Owner Change-1.78%
Market Cap669.23M
Analysts80
Price Target9.69 (15.63%)
Short Float %6.16%
Short Ratio6.85
Dividend
Industry RankSector Rank
Dividend Yield 8.86%
Yearly Dividend1.14
Dividend Growth(5Y)-8.14%
DP161.31%
Div Incr Years1
Div Non Decr Years3
Ex-Date06-27 2025-06-27 (0.24)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-35.18%
Min EPS beat(2)-63%
Max EPS beat(2)-7.36%
EPS beat(4)2
Avg EPS beat(4)-14.85%
Min EPS beat(4)-63%
Max EPS beat(4)10.54%
EPS beat(8)3
Avg EPS beat(8)-229.27%
EPS beat(12)4
Avg EPS beat(12)-155.05%
EPS beat(16)6
Avg EPS beat(16)-118.25%
Revenue beat(2)0
Avg Revenue beat(2)-8.92%
Min Revenue beat(2)-15.5%
Max Revenue beat(2)-2.35%
Revenue beat(4)1
Avg Revenue beat(4)-4.59%
Min Revenue beat(4)-15.5%
Max Revenue beat(4)6.99%
Revenue beat(8)2
Avg Revenue beat(8)-5.86%
Revenue beat(12)5
Avg Revenue beat(12)25.13%
Revenue beat(16)9
Avg Revenue beat(16)34.22%
PT rev (1m)0%
PT rev (3m)-5%
EPS NQ rev (1m)-5.04%
EPS NQ rev (3m)-10.79%
EPS NY rev (1m)0%
EPS NY rev (3m)-3.09%
Revenue NQ rev (1m)-6.85%
Revenue NQ rev (3m)-7.97%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.57%
Valuation
Industry RankSector Rank
PE 9.31
Fwd PE 7.57
P/S 1.98
P/FCF 7.48
P/OCF 7.13
P/B 0.61
P/tB 0.62
EV/EBITDA 11.26
EPS(TTM)0.9
EY10.74%
EPS(NY)1.11
Fwd EY13.21%
FCF(TTM)1.12
FCFY13.37%
OCF(TTM)1.18
OCFY14.03%
SpS4.23
BVpS13.82
TBVpS13.57
PEG (NY)2.15
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.43%
ROE 5.13%
ROCE 6.67%
ROIC 5.27%
ROICexc 5.81%
ROICexgc 5.87%
OM 77.32%
PM (TTM) 16.75%
GM 91.75%
FCFM 26.48%
ROA(3y)-0.94%
ROA(5y)-0.93%
ROE(3y)-3.95%
ROE(5y)-3.53%
ROIC(3y)5.39%
ROIC(5y)4.65%
ROICexc(3y)5.67%
ROICexc(5y)4.9%
ROICexgc(3y)5.74%
ROICexgc(5y)4.97%
ROCE(3y)6.82%
ROCE(5y)5.88%
ROICexcg growth 3Y24.39%
ROICexcg growth 5Y8.93%
ROICexc growth 3Y24.45%
ROICexc growth 5Y8.68%
OM growth 3Y-2.13%
OM growth 5Y-2.23%
PM growth 3Y-16.74%
PM growth 5Y-14.35%
GM growth 3Y1.36%
GM growth 5Y0.46%
F-Score5
Asset Turnover0.09
Health
Industry RankSector Rank
Debt/Equity 2.55
Debt/FCF 31.44
Debt/EBITDA 10.15
Cap/Depr 28.22%
Cap/Sales 1.31%
Interest Coverage 1.43
Cash Conversion 33.9%
Profit Quality 158.13%
Current Ratio 8.7
Quick Ratio 8.7
Altman-Z 0.33
F-Score5
WACC6.86%
ROIC/WACC0.77
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)1.52%
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)127.61%
EPS 3Y-4.44%
EPS 5Y-11.01%
EPS Q2Q%-20%
EPS Next Y4.34%
EPS Next 2Y7.37%
EPS Next 3Y5.97%
EPS Next 5YN/A
Revenue 1Y (TTM)-13.22%
Revenue growth 3Y13.5%
Revenue growth 5Y0.6%
Sales Q2Q%-7.09%
Revenue Next Year5.33%
Revenue Next 2Y7.25%
Revenue Next 3Y0.34%
Revenue Next 5YN/A
EBIT growth 1Y-21.31%
EBIT growth 3Y11.09%
EBIT growth 5Y-1.64%
EBIT Next Year37.6%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y3.65%
FCF growth 3Y-6.86%
FCF growth 5Y-2.58%
OCF growth 1Y2.73%
OCF growth 3Y-5.34%
OCF growth 5Y-1.62%