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Side-by-side financial comparison of ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT) 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 $158.8M, roughly 1.2× ESSENTIAL PROPERTIES REALTY TRUST, INC.). Millrose Properties, Inc. runs the higher net margin — 63.0% vs 37.8%, a 25.3% gap on every dollar of revenue. On growth, Millrose Properties, Inc. posted the faster year-over-year revenue change (135.7% vs 22.8%).
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
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.
EPRT vs MRP — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.8M | $194.9M |
| Net Profit | $60.0M | $122.9M |
| Gross Margin | — | — |
| Operating Margin | 56.5% | 85.2% |
| Net Margin | 37.8% | 63.0% |
| Revenue YoY | 22.8% | 135.7% |
| Net Profit YoY | 6.5% | 208.7% |
| EPS (diluted) | $0.28 | $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 | $158.8M | $194.9M | ||
| Q4 25 | $149.9M | $189.5M | ||
| Q3 25 | $144.9M | $179.3M | ||
| Q2 25 | $137.1M | $149.0M | ||
| Q1 25 | $129.4M | $82.7M | ||
| Q4 24 | $119.7M | — | ||
| Q3 24 | $117.1M | — | ||
| Q2 24 | $109.3M | — |
| Q1 26 | $60.0M | $122.9M | ||
| Q4 25 | $68.1M | $122.2M | ||
| Q3 25 | $65.6M | $105.1M | ||
| Q2 25 | $63.2M | $112.8M | ||
| Q1 25 | $56.1M | $39.8M | ||
| Q4 24 | $55.4M | — | ||
| Q3 24 | $49.1M | — | ||
| Q2 24 | $51.5M | — |
| Q1 26 | 56.5% | 85.2% | ||
| Q4 25 | 65.9% | 84.8% | ||
| Q3 25 | 64.7% | 85.3% | ||
| Q2 25 | 64.1% | 85.1% | ||
| Q1 25 | 61.6% | 55.2% | ||
| Q4 24 | 66.1% | — | ||
| Q3 24 | 59.7% | — | ||
| Q2 24 | 61.1% | — |
| Q1 26 | 37.8% | 63.0% | ||
| Q4 25 | 45.4% | 64.5% | ||
| Q3 25 | 45.3% | 58.6% | ||
| Q2 25 | 46.1% | 75.7% | ||
| Q1 25 | 43.4% | 48.1% | ||
| Q4 24 | 46.3% | — | ||
| Q3 24 | 42.0% | — | ||
| Q2 24 | 47.1% | — |
| Q1 26 | $0.28 | $0.74 | ||
| Q4 25 | $0.34 | $0.74 | ||
| Q3 25 | $0.33 | $0.63 | ||
| Q2 25 | $0.32 | $0.68 | ||
| Q1 25 | $0.29 | $0.39 | ||
| Q4 24 | $0.31 | — | ||
| Q3 24 | $0.27 | — | ||
| Q2 24 | $0.29 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $15.2M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.4B | $5.9B |
| Total Assets | $7.2B | $9.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.2M | — | ||
| Q4 25 | $60.2M | $35.0M | ||
| Q3 25 | $23.8M | $242.6M | ||
| Q2 25 | $20.8M | $66.6M | ||
| Q1 25 | $47.0M | $89.5M | ||
| Q4 24 | $40.7M | — | ||
| Q3 24 | $32.7M | — | ||
| Q2 24 | $23.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $4.4B | $5.9B | ||
| Q4 25 | $4.2B | $5.9B | ||
| Q3 25 | $3.8B | $5.9B | ||
| Q2 25 | $3.8B | $5.9B | ||
| Q1 25 | $3.8B | $5.9B | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — |
| Q1 26 | $7.2B | $9.6B | ||
| Q4 25 | $6.9B | $9.3B | ||
| Q3 25 | $6.6B | $9.0B | ||
| Q2 25 | $6.3B | $8.0B | ||
| Q1 25 | $6.1B | $7.2B | ||
| Q4 24 | $5.8B | — | ||
| Q3 24 | $5.5B | — | ||
| Q2 24 | $5.3B | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 0.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
MRP
| Option fee revenues | $185.3M | 95% |
| Development loan income | $9.6M | 5% |
