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Side-by-side financial comparison of Webull Corp (BULL) 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 ($194.9M vs $131.5M, roughly 1.5× Webull Corp). Millrose Properties, Inc. runs the higher net margin — 63.0% vs -21.5%, a 84.5% gap on every dollar of revenue. On growth, Millrose Properties, Inc. posted the faster year-over-year revenue change (135.7% vs 46.3%).
Webull Corporation, often stylized as simply Webull, is a US-based financial services holding company headquartered in St. Petersburg, Florida. It provides an electronic trading platform of the same name.
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.
BULL vs MRP — Head-to-Head
Income Statement — Q2 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $131.5M | $194.9M |
| Net Profit | $-28.3M | $122.9M |
| Gross Margin | — | — |
| Operating Margin | -16.3% | 85.2% |
| Net Margin | -21.5% | 63.0% |
| Revenue YoY | 46.3% | 135.7% |
| Net Profit YoY | -144.3% | 208.7% |
| EPS (diluted) | — | $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.
| Q1 26 | — | $194.9M | ||
| Q4 25 | — | $189.5M | ||
| Q3 25 | — | $179.3M | ||
| Q2 25 | $131.5M | $149.0M | ||
| Q1 25 | — | $82.7M | ||
| Q2 24 | $89.9M | — |
| Q1 26 | — | $122.9M | ||
| Q4 25 | — | $122.2M | ||
| Q3 25 | — | $105.1M | ||
| Q2 25 | $-28.3M | $112.8M | ||
| Q1 25 | — | $39.8M | ||
| Q2 24 | $-11.6M | — |
| Q1 26 | — | 85.2% | ||
| Q4 25 | — | 84.8% | ||
| Q3 25 | — | 85.3% | ||
| Q2 25 | -16.3% | 85.1% | ||
| Q1 25 | — | 55.2% | ||
| Q2 24 | -11.4% | — |
| Q1 26 | — | 63.0% | ||
| Q4 25 | — | 64.5% | ||
| Q3 25 | — | 58.6% | ||
| Q2 25 | -21.5% | 75.7% | ||
| Q1 25 | — | 48.1% | ||
| Q2 24 | -12.9% | — |
| Q1 26 | — | $0.74 | ||
| Q4 25 | — | $0.74 | ||
| Q3 25 | — | $0.63 | ||
| Q2 25 | — | $0.68 | ||
| Q1 25 | — | $0.39 | ||
| Q2 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $476.7M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $751.6M | $5.9B |
| Total Assets | $2.6B | $9.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $35.0M | ||
| Q3 25 | — | $242.6M | ||
| Q2 25 | $476.7M | $66.6M | ||
| Q1 25 | — | $89.5M | ||
| Q2 24 | — | — |
| Q1 26 | — | $5.9B | ||
| Q4 25 | — | $5.9B | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | $751.6M | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q2 24 | $-2.9B | — |
| Q1 26 | — | $9.6B | ||
| Q4 25 | — | $9.3B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | $2.6B | $8.0B | ||
| Q1 25 | — | $7.2B | ||
| Q2 24 | — | — |
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 | $272.1M | — |
| Free Cash FlowOCF − Capex | $271.7M | — |
| FCF MarginFCF / Revenue | 206.6% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $123.1M | ||
| Q2 25 | $272.1M | $109.1M | ||
| Q1 25 | — | $21.3M | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $271.7M | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 206.6% | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 30.05× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 0.53× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BULL
Segment breakdown not available.
MRP
| Option fee revenues | $185.3M | 95% |
| Development loan income | $9.6M | 5% |
