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Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and Millrose Properties, Inc. (MRP). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $189.5M, roughly 15.4× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs -0.8%, a 65.3% gap on every dollar of revenue.
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
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.
CWK vs MRP — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $189.5M |
| Net Profit | $-22.4M | $122.2M |
| Gross Margin | — | — |
| Operating Margin | 6.1% | 84.8% |
| Net Margin | -0.8% | 64.5% |
| Revenue YoY | 10.8% | — |
| Net Profit YoY | -119.8% | 285.8% |
| EPS (diluted) | $-0.10 | $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 | $2.9B | $189.5M | ||
| Q3 25 | $2.6B | $179.3M | ||
| Q2 25 | $2.5B | $149.0M | ||
| Q1 25 | $2.3B | $82.7M | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.2B | — |
| Q4 25 | $-22.4M | $122.2M | ||
| Q3 25 | $51.4M | $105.1M | ||
| Q2 25 | $57.3M | $112.8M | ||
| Q1 25 | $1.9M | $39.8M | ||
| Q4 24 | $112.9M | — | ||
| Q3 24 | $33.7M | — | ||
| Q2 24 | $13.5M | — | ||
| Q1 24 | $-28.8M | — |
| Q4 25 | 6.1% | 84.8% | ||
| Q3 25 | 4.1% | 85.3% | ||
| Q2 25 | 4.9% | 85.1% | ||
| Q1 25 | 2.0% | 55.2% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 3.2% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | -0.8% | 64.5% | ||
| Q3 25 | 2.0% | 58.6% | ||
| Q2 25 | 2.3% | 75.7% | ||
| Q1 25 | 0.1% | 48.1% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 1.4% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | -1.3% | — |
| Q4 25 | $-0.10 | $0.74 | ||
| Q3 25 | $0.22 | $0.63 | ||
| Q2 25 | $0.25 | $0.68 | ||
| Q1 25 | $0.01 | $0.39 | ||
| Q4 24 | $0.49 | — | ||
| Q3 24 | $0.14 | — | ||
| Q2 24 | $0.06 | — | ||
| Q1 24 | $-0.13 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $784.2M | $35.0M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $2.0B | $5.9B |
| Total Assets | $7.7B | $9.3B |
| Debt / EquityLower = less leverage | 1.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | $35.0M | ||
| Q3 25 | $634.4M | $242.6M | ||
| Q2 25 | $618.2M | $66.6M | ||
| Q1 25 | $623.2M | $89.5M | ||
| Q4 24 | $793.3M | — | ||
| Q3 24 | $775.4M | — | ||
| Q2 24 | $567.3M | — | ||
| Q1 24 | $553.5M | — |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.2B | — |
| Q4 25 | $2.0B | $5.9B | ||
| Q3 25 | $2.0B | $5.9B | ||
| Q2 25 | $1.9B | $5.9B | ||
| Q1 25 | $1.8B | $5.9B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
| Q4 25 | $7.7B | $9.3B | ||
| Q3 25 | $7.7B | $9.0B | ||
| Q2 25 | $7.6B | $8.0B | ||
| Q1 25 | $7.4B | $7.2B | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.3B | — | ||
| Q1 24 | $7.5B | — |
| Q4 25 | 1.40× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 1.96× | — |
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 | $257.3M | $3.4B |
| Free Cash FlowOCF − Capex | $234.3M | — |
| FCF MarginFCF / Revenue | 8.0% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | — | 27.97× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | $3.4B | ||
| Q3 25 | $235.5M | $123.1M | ||
| Q2 25 | $9.6M | $109.1M | ||
| Q1 25 | $-162.0M | $21.3M | ||
| Q4 24 | $115.2M | — | ||
| Q3 24 | $196.1M | — | ||
| Q2 24 | $21.8M | — | ||
| Q1 24 | $-125.1M | — |
| Q4 25 | $234.3M | — | ||
| Q3 25 | $225.0M | — | ||
| Q2 25 | $300.0K | — | ||
| Q1 25 | $-166.6M | — | ||
| Q4 24 | $105.9M | — | ||
| Q3 24 | $186.7M | — | ||
| Q2 24 | $10.0M | — | ||
| Q1 24 | $-135.6M | — |
| Q4 25 | 8.0% | — | ||
| Q3 25 | 8.6% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | -7.3% | — | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 8.0% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | -6.2% | — |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.5% | — |
| Q4 25 | — | 27.97× | ||
| Q3 25 | 4.58× | 1.17× | ||
| Q2 25 | 0.17× | 0.97× | ||
| Q1 25 | -85.26× | 0.53× | ||
| Q4 24 | 1.02× | — | ||
| Q3 24 | 5.82× | — | ||
| Q2 24 | 1.61× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
