vs
Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) 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 $113.9M, roughly 1.7× Industrial Logistics Properties Trust). Millrose Properties, Inc. runs the higher net margin — 64.5% vs -1.6%, a 66.1% gap on every dollar of revenue.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
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.
ILPT vs MRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $189.5M |
| Net Profit | $-1.8M | $122.2M |
| Gross Margin | — | — |
| Operating Margin | -22.1% | 84.8% |
| Net Margin | -1.6% | 64.5% |
| Revenue YoY | 3.1% | — |
| Net Profit YoY | 92.6% | 285.8% |
| EPS (diluted) | $-0.02 | $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 | $113.9M | $189.5M | ||
| Q3 25 | $110.9M | $179.3M | ||
| Q2 25 | $112.1M | $149.0M | ||
| Q1 25 | $111.9M | $82.7M | ||
| Q4 24 | $110.5M | — | ||
| Q3 24 | $108.9M | — | ||
| Q2 24 | $110.6M | — | ||
| Q1 24 | $112.2M | — |
| Q4 25 | $-1.8M | $122.2M | ||
| Q3 25 | $-21.6M | $105.1M | ||
| Q2 25 | $-21.3M | $112.8M | ||
| Q1 25 | $-21.5M | $39.8M | ||
| Q4 24 | $-24.1M | — | ||
| Q3 24 | $-25.0M | — | ||
| Q2 24 | $-23.2M | — | ||
| Q1 24 | $-23.4M | — |
| Q4 25 | -22.1% | 84.8% | ||
| Q3 25 | -29.4% | 85.3% | ||
| Q2 25 | -30.8% | 85.1% | ||
| Q1 25 | -26.9% | 55.2% | ||
| Q4 24 | -31.1% | — | ||
| Q3 24 | -33.5% | — | ||
| Q2 24 | -32.4% | — | ||
| Q1 24 | -31.7% | — |
| Q4 25 | -1.6% | 64.5% | ||
| Q3 25 | -19.4% | 58.6% | ||
| Q2 25 | -19.0% | 75.7% | ||
| Q1 25 | -19.2% | 48.1% | ||
| Q4 24 | -21.8% | — | ||
| Q3 24 | -22.9% | — | ||
| Q2 24 | -20.9% | — | ||
| Q1 24 | -20.9% | — |
| Q4 25 | $-0.02 | $0.74 | ||
| Q3 25 | $-0.33 | $0.63 | ||
| Q2 25 | $-0.32 | $0.68 | ||
| Q1 25 | $-0.33 | $0.39 | ||
| Q4 24 | $-0.37 | — | ||
| Q3 24 | $-0.38 | — | ||
| Q2 24 | $-0.35 | — | ||
| Q1 24 | $-0.36 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $94.8M | $35.0M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $5.9B |
| Total Assets | $5.2B | $9.3B |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $35.0M | ||
| Q3 25 | $83.2M | $242.6M | ||
| Q2 25 | $58.6M | $66.6M | ||
| Q1 25 | $108.0M | $89.5M | ||
| Q4 24 | $131.7M | — | ||
| Q3 24 | $153.9M | — | ||
| Q2 24 | $146.2M | — | ||
| Q1 24 | $128.4M | — |
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
| Q4 25 | $489.7M | $5.9B | ||
| Q3 25 | $494.1M | $5.9B | ||
| Q2 25 | $519.1M | $5.9B | ||
| Q1 25 | $539.5M | $5.9B | ||
| Q4 24 | $562.0M | — | ||
| Q3 24 | $585.9M | — | ||
| Q2 24 | $618.3M | — | ||
| Q1 24 | $643.2M | — |
| Q4 25 | $5.2B | $9.3B | ||
| Q3 25 | $5.2B | $9.0B | ||
| Q2 25 | $5.2B | $8.0B | ||
| Q1 25 | $5.4B | $7.2B | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.5B | — | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.5B | — |
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | — | ||
| Q4 24 | 7.65× | — | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 6.96× | — | ||
| Q1 24 | 6.70× | — |
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 | $60.7M | $3.7B |
| Free Cash FlowOCF − Capex | $42.0M | — |
| FCF MarginFCF / Revenue | 36.9% | — |
| Capex IntensityCapex / Revenue | 16.4% | — |
| Cash ConversionOCF / Net Profit | — | 30.05× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $3.7B | ||
| Q3 25 | $22.7M | $123.1M | ||
| Q2 25 | $18.4M | $109.1M | ||
| Q1 25 | $11.4M | $21.3M | ||
| Q4 24 | $2.0M | — | ||
| Q3 24 | $-3.4M | — | ||
| Q2 24 | $10.8M | — | ||
| Q1 24 | $8.0M | — |
| Q4 25 | $42.0M | — | ||
| Q3 25 | $17.6M | — | ||
| Q2 25 | $15.2M | — | ||
| Q1 25 | $5.0M | — | ||
| Q4 24 | $-3.7M | — | ||
| Q3 24 | $-5.9M | — | ||
| Q2 24 | $9.4M | — | ||
| Q1 24 | $5.9M | — |
| Q4 25 | 36.9% | — | ||
| Q3 25 | 15.9% | — | ||
| Q2 25 | 13.5% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | -3.4% | — | ||
| Q3 24 | -5.5% | — | ||
| Q2 24 | 8.5% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 16.4% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 5.2% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | — | 30.05× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
