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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and Millrose Properties, Inc. (MRP). Click either name above to swap in a different company.
Millrose Properties, Inc. is the larger business by last-quarter revenue ($189.5M vs $75.6M, roughly 2.5× Armada Hoffler Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs 3.1%, a 61.4% gap on every dollar of revenue.
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Millrose Properties, Inc. is a U.S.-based real estate enterprise primarily focused on the acquisition, ownership, operation, and management of income-generating multi-family residential assets. Its core markets span the U.S. Mid-Atlantic and Southeast regions, and it also offers professional property management services to select third-party property owners.
AHH vs MRP — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $189.5M |
| Net Profit | $2.4M | $122.2M |
| Gross Margin | — | — |
| Operating Margin | 31.0% | 84.8% |
| Net Margin | 3.1% | 64.5% |
| Revenue YoY | 0.8% | — |
| Net Profit YoY | -89.8% | 285.8% |
| EPS (diluted) | $0.00 | $0.74 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $189.5M | ||
| Q3 25 | $23.2M | $179.3M | ||
| Q2 25 | $32.0M | $149.0M | ||
| Q1 25 | $46.6M | $82.7M | ||
| Q4 24 | $75.0M | — | ||
| Q3 24 | $114.4M | — | ||
| Q2 24 | $116.8M | — | ||
| Q1 24 | $127.0M | — |
| Q4 25 | $2.4M | $122.2M | ||
| Q3 25 | $80.0K | $105.1M | ||
| Q2 25 | $5.9M | $112.8M | ||
| Q1 25 | $-2.8M | $39.8M | ||
| Q4 24 | $23.4M | — | ||
| Q3 24 | $-5.0M | — | ||
| Q2 24 | $3.2M | — | ||
| Q1 24 | $14.1M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
| Q4 25 | 31.0% | 84.8% | ||
| Q3 25 | 91.5% | 85.3% | ||
| Q2 25 | 63.9% | 85.1% | ||
| Q1 25 | 33.8% | 55.2% | ||
| Q4 24 | 50.1% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 15.1% | — |
| Q4 25 | 3.1% | 64.5% | ||
| Q3 25 | 0.3% | 58.6% | ||
| Q2 25 | 18.6% | 75.7% | ||
| Q1 25 | -6.0% | 48.1% | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | -4.4% | — | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | 11.1% | — |
| Q4 25 | $0.00 | $0.74 | ||
| Q3 25 | $-0.04 | $0.63 | ||
| Q2 25 | $0.04 | $0.68 | ||
| Q1 25 | $-0.07 | $0.39 | ||
| Q4 24 | $0.28 | — | ||
| Q3 24 | $-0.11 | — | ||
| Q2 24 | $0.00 | — | ||
| Q1 24 | $0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $35.0M |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | $5.9B |
| Total Assets | $2.6B | $9.3B |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $35.0M | ||
| Q3 25 | $46.5M | $242.6M | ||
| Q2 25 | $52.1M | $66.6M | ||
| Q1 25 | $45.7M | $89.5M | ||
| Q4 24 | $31.9M | — | ||
| Q3 24 | $43.9M | — | ||
| Q2 24 | $20.3M | — | ||
| Q1 24 | $41.9M | — |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $627.8M | $5.9B | ||
| Q3 25 | $638.8M | $5.9B | ||
| Q2 25 | $652.0M | $5.9B | ||
| Q1 25 | $657.4M | $5.9B | ||
| Q4 24 | $670.6M | — | ||
| Q3 24 | $663.9M | — | ||
| Q2 24 | $562.7M | — | ||
| Q1 24 | $571.4M | — |
| Q4 25 | $2.6B | $9.3B | ||
| Q3 25 | $2.6B | $9.0B | ||
| Q2 25 | $2.6B | $8.0B | ||
| Q1 25 | $2.5B | $7.2B | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.50× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $3.4B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 27.97× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.4B | ||
| Q3 25 | $26.3M | $123.1M | ||
| Q2 25 | $11.1M | $109.1M | ||
| Q1 25 | $107.0K | $21.3M | ||
| Q4 24 | $20.8M | — | ||
| Q3 24 | $27.3M | — | ||
| Q2 24 | $17.4M | — | ||
| Q1 24 | $46.5M | — |
| Q4 25 | — | 27.97× | ||
| Q3 25 | 328.63× | 1.17× | ||
| Q2 25 | 1.87× | 0.97× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | — | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
MRP
Segment breakdown not available.
