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Side-by-side financial comparison of JBG SMITH Properties (JBGS) 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 $127.6M, roughly 1.5× JBG SMITH Properties). Millrose Properties, Inc. runs the higher net margin — 64.5% vs -35.7%, a 100.2% gap on every dollar of revenue.
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
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.
JBGS vs MRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.6M | $189.5M |
| Net Profit | $-45.5M | $122.2M |
| Gross Margin | — | — |
| Operating Margin | -47.5% | 84.8% |
| Net Margin | -35.7% | 64.5% |
| Revenue YoY | -2.5% | — |
| Net Profit YoY | 24.0% | 285.8% |
| EPS (diluted) | $-0.76 | $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 | $127.6M | $189.5M | ||
| Q3 25 | $123.9M | $179.3M | ||
| Q2 25 | $126.5M | $149.0M | ||
| Q1 25 | $120.7M | $82.7M | ||
| Q4 24 | $130.8M | — | ||
| Q3 24 | $136.0M | — | ||
| Q2 24 | $135.3M | — | ||
| Q1 24 | $145.2M | — |
| Q4 25 | $-45.5M | $122.2M | ||
| Q3 25 | $-28.6M | $105.1M | ||
| Q2 25 | $-19.2M | $112.8M | ||
| Q1 25 | $-45.7M | $39.8M | ||
| Q4 24 | $-59.9M | — | ||
| Q3 24 | $-27.0M | — | ||
| Q2 24 | $-24.4M | — | ||
| Q1 24 | $-32.3M | — |
| Q4 25 | -47.5% | 84.8% | ||
| Q3 25 | -27.5% | 85.3% | ||
| Q2 25 | -18.4% | 85.1% | ||
| Q1 25 | -44.7% | 55.2% | ||
| Q4 24 | -53.6% | — | ||
| Q3 24 | -22.4% | — | ||
| Q2 24 | -24.3% | — | ||
| Q1 24 | -30.1% | — |
| Q4 25 | -35.7% | 64.5% | ||
| Q3 25 | -23.1% | 58.6% | ||
| Q2 25 | -15.2% | 75.7% | ||
| Q1 25 | -37.9% | 48.1% | ||
| Q4 24 | -45.8% | — | ||
| Q3 24 | -19.8% | — | ||
| Q2 24 | -18.0% | — | ||
| Q1 24 | -22.2% | — |
| Q4 25 | $-0.76 | $0.74 | ||
| Q3 25 | $-0.48 | $0.63 | ||
| Q2 25 | $-0.29 | $0.68 | ||
| Q1 25 | $-0.56 | $0.39 | ||
| Q4 24 | $-0.70 | — | ||
| Q3 24 | $-0.32 | — | ||
| Q2 24 | $-0.27 | — | ||
| 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 | $75.3M | $35.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $5.9B |
| Total Assets | $4.4B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.3M | $35.0M | ||
| Q3 25 | $64.4M | $242.6M | ||
| Q2 25 | $61.4M | $66.6M | ||
| Q1 25 | $81.3M | $89.5M | ||
| Q4 24 | $145.8M | — | ||
| Q3 24 | $137.0M | — | ||
| Q2 24 | $163.5M | — | ||
| Q1 24 | $220.5M | — |
| Q4 25 | $1.2B | $5.9B | ||
| Q3 25 | $1.2B | $5.9B | ||
| Q2 25 | $1.3B | $5.9B | ||
| Q1 25 | $1.6B | $5.9B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.1B | — |
| Q4 25 | $4.4B | $9.3B | ||
| Q3 25 | $4.4B | $9.0B | ||
| Q2 25 | $4.5B | $8.0B | ||
| Q1 25 | $4.7B | $7.2B | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.4B | — |
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 | $73.3M | $3.7B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 30.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $73.3M | $3.7B | ||
| Q3 25 | $8.9M | $123.1M | ||
| Q2 25 | $18.8M | $109.1M | ||
| Q1 25 | $12.9M | $21.3M | ||
| Q4 24 | $129.4M | — | ||
| Q3 24 | $26.4M | — | ||
| Q2 24 | $23.8M | — | ||
| Q1 24 | $37.0M | — |
| 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.
