Estados financieros detallados de KKR Real Estate Finance Trust Inc. (KREF): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
KKR Real Estate Finance Trust Inc. registró ingresos de $458.0M en el último ejercicio fiscal, con un CAGR de 5 años del 11.2%.
Márgenes de los últimos 12 meses: margen bruto 85.6%, margen operativo 26.3%, margen neto -44.7%. El flujo de caja libre creció a un CAGR del -10.3% en 5 años.
Al precio actual de $6.98, KREF presenta beneficios negativos (P/E no significativo) y un ROE del -16.70%. La capitalización bursátil es de $449M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $33.2M | $84.1M | $198.0M | $275.8M | $269.9M | $285.8M | $436.5M | $660.2M | $592.6M | $458.0M |
| Coste de Ventas | $6.3M | $13.5M | $21.1M | $20.4M | $23.8M | $29.7M | $37.4M | $39.9M | $49.6M | $53.6M |
| Beneficio Bruto | $26.9M | $70.6M | $176.9M | $255.4M | $246.2M | $256.1M | $399.1M | $620.3M | $543.0M | $404.4M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $40.7M |
| Gastos Operativos | -$5.8M | $10.3M | $5.2M | $10.5M | $64.6M | $10.2M | $130.0M | $193.9M | $97.0M | $132.8M |
| Beneficio Operativo | $32.6M | $60.3M | $171.7M | $244.8M | $181.6M | $245.9M | $269.1M | $426.4M | $446.0M | $271.6M |
| EBITDA | $40.1M | $85.5M | $183.3M | $249.4M | $182.1M | $252.3M | $273.7M | $427.9M | $448.5M | $274.9M |
| Gastos por Intereses | $7.4M | $21.2M | $85.0M | $158.9M | $127.3M | $114.4M | $236.1M | $458.8M | $412.9M | $323.0M |
| Beneficio Antes de Impuestos | $32.6M | $61.2M | $89.7M | $90.5M | $54.8M | $137.9M | $37.7M | -$30.9M | $34.6M | -$50.6M |
| Impuestos | $354000 | $1.1M | -$70000 | $579000 | $412000 | $684000 | $58000 | $710000 | $248000 | -$156000 |
| Beneficio Neto | $31.2M | $59.1M | $89.7M | $90.0M | $54.4M | $137.2M | $38.1M | -$30.9M | $35.6M | -$47.1M |
| BPA | $0.60 | $1.30 | $1.63 | $1.58 | $0.96 | $2.22 | $0.23 | $-0.78 | $0.19 | $-1.05 |
| BPA Diluido | $0.60 | $1.30 | $1.63 | $1.57 | $0.96 | $2.21 | $0.23 | $-0.78 | $0.19 | $-1.05 |
| Acciones en Circulación (Diluidas) | $52.2M | $45.3M | $55.2M | $57.5M | $56.1M | $56.8M | $67.6M | $69.2M | $69.4M | $66.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $113.9M | $107.5M | $101.7M | $91.1M |
| Beneficio Bruto | $99.5M | $93.5M | $86.2M | $75.3M |
| Beneficio Operativo | $95.6M | $46.9M | $17.3M | -$50.6M |
| EBITDA | $96.2M | $49.3M | $13.5M | -$49.0M |
| Beneficio Neto | $13.8M | -$26.2M | -$56.1M | -$116.4M |
| BPA | $0.12 | $-0.49 | $-0.96 | $-1.95 |
| BPA Diluido | $0.12 | $-0.49 | $-0.96 | $-1.95 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $96.3M | $103.5M | $86.5M | $67.6M | $110.8M | $271.5M | $239.8M | $135.9M | $104.9M | $84.6M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $3.9M | $13.0M | $16.2M | $16.3M | $15.4M | $15.2M | $39.0M | $41.0M | $28.8M | $25.2M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $100.2M | $116.5M | $102.7M | $83.9M | $126.2M | $286.7M | $278.8M | $176.9M | $133.7M | $109.8M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $6.27B | $7.39B | $5.23B | $5.06B | $4.97B | $6.70B | $7.80B | $7.55B | $6.35B | $6.46B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | $360.7M | $777.7M | $895.7M | $1.61B | $505.9M | $1.80B | $348.5M | $344.5M |
| Pasivos Corrientes | 0 | 0 | $360.7M | $777.7M | $895.7M | $1.61B | $505.9M | $1.80B | $348.5M | $344.5M |
| Deuda a Largo | $5.75B | $6.22B | $3.61B | $3.05B | $2.92B | $3.69B | $5.66B | $4.26B | $4.55B | $4.35B |
| Pasivos Totales | $5.76B | $6.33B | $4.10B | $3.93B | $3.92B | $5.34B | $6.23B | $6.14B | $4.95B | $5.24B |
| Reservas | $17.9M | $6.3M | -$225000 | -$8.6M | -$65.7M | -$38.2M | -$141.5M | -$314.4M | -$370.5M | -$506.1M |
| Patrimonio Neto | $497.7M | $1.06B | $1.14B | $1.12B | $1.05B | $1.36B | $1.57B | $1.40B | $1.35B | $1.17B |
| Deuda Total | $5.75B | $6.22B | $3.97B | $3.83B | $3.81B | $5.29B | $6.16B | $6.06B | $4.90B | $4.69B |
| Deuda Neta | $5.66B | $6.12B | $3.88B | $3.76B | $3.70B | $5.02B | $5.92B | $5.92B | $4.79B | $4.61B |
| Capital Circulante | $100.2M | $116.5M | -$257.9M | -$693.8M | -$769.5M | -$1.32B | -$227.2M | -$1.62B | -$214.8M | -$234.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $204.1M | $84.6M | $135.4M | $83.1M |
| Activos Totales | $6.48B | $6.46B | $6.95B | $6.56B |
| Pasivos Totales | $5.20B | $5.24B | $5.80B | $5.57B |
| Patrimonio Neto | $1.23B | $1.17B | $1.10B | $931.8M |
| Deuda Total | $5.15B | $4.69B | $4.50B | $4.31B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $32.3M | $60.1M | $89.8M | $90.0M | $54.4M | $137.2M | $37.6M | -$31.7M | $34.3M | -$50.5M |
| Amortizaciones | 0 | $3.1M | $8.6M | 0 | 0 | 0 | 0 | 0 | $983000 | $2.6M |
| Compensación en Acciones | 0 | $65000 | $2.0M | $4.1M | $5.7M | $7.4M | $7.8M | $8.1M | $8.3M | $7.9M |
| Cambio en Capital Circulante | -$2.4M | -$775000 | -$1.2M | -$159000 | $932000 | $1.7M | -$12.3M | -$177000 | $10.1M | -$5.0M |
| Flujo de Caja Operativo | $25.4M | $53.8M | $76.8M | $91.7M | $115.1M | $124.8M | $141.1M | $155.7M | $132.6M | $72.3M |
| Inversiones (CapEx) | -$455000 | 0 | 0 | 0 | 0 | 0 | -$1.7M | -$1.9M | -$8.1M | -$5.6M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | -$648000 | -$31.3M | -$4.1M | -$25.1M | 0 | -$35.8M | 0 | -$10.0M | -$43.4M |
| Dividendos Pagados | -$21.9M | -$50.7M | -$89.2M | -$99.5M | -$97.1M | -$103.9M | -$136.9M | -$140.2M | -$103.1M | -$88.2M |
| Flujo de Caja Libre | $25.0M | $53.8M | $76.8M | $91.7M | $115.1M | $124.8M | $139.5M | $153.9M | $124.5M | $66.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $18.5M | $16.7M | $13.1M | $14.6M |
| Inversiones (CapEx) | -$980000 | -$2.7M | -$2.9M | -$22.1M |
| Flujo de Caja Libre | $17.5M | $14.0M | $10.2M | -$7.4M |
| Dividendos Pagados | -$21.7M | -$21.6M | -$21.4M | -$21.4M |
| Compensación en Acciones | $2.2M | $1.5M | $1.8M | $1.9M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +153.6% | +135.4% | +39.3% | -2.1% | +5.9% | +52.8% | +51.2% | -10.2% | -22.7% |
| Crecimiento Beneficio Neto (anual) | | +89.6% | +51.9% | +0.2% | -39.5% | +152.2% | -72.2% | -181.0% | +215.4% | -232.2% |
| Crecimiento BPA (anual) | | +116.7% | +25.4% | -3.1% | -39.2% | +131.3% | -89.6% | -439.1% | +124.4% | -652.6% |
| Cambio en Acciones (anual) | | -13.1% | +21.7% | +4.3% | -2.6% | +1.3% | +19.0% | +2.4% | +0.3% | -3.7% |
| Crecimiento FCF (anual) | | +115.6% | +42.8% | +19.4% | +25.5% | +8.5% | +11.8% | +10.3% | -19.1% | -46.4% |
| Margen Bruto | 81.0% | 84.0% | 89.3% | 92.6% | 91.2% | 89.6% | 91.4% | 94.0% | 91.6% | 88.3% |
| Margen Operativo | 98.4% | 71.7% | 86.7% | 88.8% | 67.3% | 86.1% | 61.6% | 64.6% | 75.3% | 59.3% |
| Margen EBITDA | 120.8% | 101.7% | 92.6% | 90.4% | 67.5% | 88.3% | 62.7% | 64.8% | 75.7% | 60.0% |
| Margen Neto | 93.9% | 70.2% | 45.3% | 32.6% | 20.2% | 48.0% | 8.7% | -4.7% | 6.0% | -10.3% |
| Margen FCF | 75.2% | 64.0% | 38.8% | 33.3% | 42.6% | 43.7% | 31.9% | 23.3% | 21.0% | 14.6% |
| Tasa Impositiva Efectiva | 1.1% | 1.8% | -0.1% | 0.6% | 0.8% | 0.5% | 0.2% | -2.3% | 0.7% | 0.3% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.48 | $1.19 | $1.39 | $1.59 | $2.05 | $2.20 | $2.06 | $2.22 | $1.79 | $1.00 |
| Dividendo por Acción | $0.42 | $1.12 | $1.62 | $1.73 | $1.73 | $1.83 | $2.03 | $2.03 | $1.49 | $1.32 |
| Acciones en Circulación (Básicas) | $52.2M | $45.3M | $55.1M | $57.4M | $56.0M | $56.6M | $67.6M | $69.2M | $69.4M | $66.8M |
Qué mirar en empresas de Real Estate
- FFO / Acción (Crecimiento positivo) — El 'EPS real' de un REIT — beneficio + depreciación.
- Cobertura del dividendo (FFO/div) (≥1,1x) — El FFO debe cubrir el dividendo con margen.
- Deuda Neta / EBITDA (≤6x) — Referencia NAREIT. Normaliza el apalancamiento por generación de caja.
- Deuda / Activos (40-60%) — REITs usan mucha deuda por diseño. >65% es frágil ante subidas de tipos.
- FFO Payout (proxy) (<80%) — Dividendos / Cash Flow operativo. REITs de calidad retienen >20% para crecer.
- P/FFO (15-20x) — El P/E equivalente para REITs. Rango típico saludable.
Rentabilidad
| Rentabilidad sobre capital | -16.70% |
| Rentabilidad sobre capital invertido | 1.67% |
| Rentabilidad sobre activos | -2.82% |
| Margen bruto | 85.57% |
| Margen operativo | 26.35% |
| Margen neto | -44.66% |
Salud financiera
| Deuda / Patrimonio | 4.63 |
| Ratio corriente | 0.08 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 36.88 | 15.39 | 11.75 | 12.92 | 18.67 | 9.38 | 60.70 | -16.96 | 53.16 | -7.83 |
| P/VC | 2.32 | 0.86 | 0.93 | 1.04 | 0.96 | 0.87 | 0.60 | 0.65 | 0.52 | 0.47 |
| P/V | 34.81 | 10.78 | 5.33 | 4.25 | 3.72 | 4.12 | 2.16 | 1.39 | 1.18 | 1.20 |
| Margen Bruto | 81.0% | 84.0% | 89.3% | 92.6% | 91.2% | 89.6% | 91.4% | 94.0% | 91.6% | 88.3% |
| Margen Operativo | 98.4% | 71.7% | 86.7% | 88.8% | 67.3% | 86.1% | 61.6% | 64.6% | 75.3% | 59.3% |
| Margen Neto | 93.9% | 70.2% | 45.3% | 32.6% | 20.2% | 48.0% | 8.7% | -4.7% | 6.0% | -10.3% |