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Side-by-side financial comparison of Kennedy-Wilson Holdings, Inc. (KW) 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 $120.6M, roughly 1.6× Kennedy-Wilson Holdings, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs 48.1%, a 16.4% gap on every dollar of revenue.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
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.
KW vs MRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.6M | $189.5M |
| Net Profit | $58.0M | $122.2M |
| Gross Margin | — | — |
| Operating Margin | 57.3% | 84.8% |
| Net Margin | 48.1% | 64.5% |
| Revenue YoY | -11.0% | — |
| Net Profit YoY | 32.7% | 285.8% |
| EPS (diluted) | $0.22 | $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 | $120.6M | $189.5M | ||
| Q3 25 | $116.4M | $179.3M | ||
| Q2 25 | $135.7M | $149.0M | ||
| Q1 25 | $128.3M | $82.7M | ||
| Q4 24 | $135.5M | — | ||
| Q3 24 | $127.5M | — | ||
| Q2 24 | $132.0M | — | ||
| Q1 24 | $136.4M | — |
| Q4 25 | $58.0M | $122.2M | ||
| Q3 25 | $-10.2M | $105.1M | ||
| Q2 25 | $5.6M | $112.8M | ||
| Q1 25 | $-29.6M | $39.8M | ||
| Q4 24 | $43.7M | — | ||
| Q3 24 | $-66.8M | — | ||
| Q2 24 | $-48.3M | — | ||
| Q1 24 | $37.7M | — |
| Q4 25 | 57.3% | 84.8% | ||
| Q3 25 | -6.2% | 85.3% | ||
| Q2 25 | 7.4% | 85.1% | ||
| Q1 25 | -26.9% | 55.2% | ||
| Q4 24 | 36.7% | — | ||
| Q3 24 | -60.8% | — | ||
| Q2 24 | -45.5% | — | ||
| Q1 24 | 47.2% | — |
| Q4 25 | 48.1% | 64.5% | ||
| Q3 25 | -8.8% | 58.6% | ||
| Q2 25 | 4.1% | 75.7% | ||
| Q1 25 | -23.1% | 48.1% | ||
| Q4 24 | 32.3% | — | ||
| Q3 24 | -52.4% | — | ||
| Q2 24 | -36.6% | — | ||
| Q1 24 | 27.6% | — |
| Q4 25 | $0.22 | $0.74 | ||
| Q3 25 | $-0.15 | $0.63 | ||
| Q2 25 | $-0.05 | $0.68 | ||
| Q1 25 | $-0.30 | $0.39 | ||
| Q4 24 | $0.24 | — | ||
| Q3 24 | $-0.56 | — | ||
| Q2 24 | $-0.43 | — | ||
| Q1 24 | $0.19 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $184.5M | $35.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $5.9B |
| Total Assets | $6.6B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $184.5M | $35.0M | ||
| Q3 25 | $382.6M | $242.6M | ||
| Q2 25 | $309.1M | $66.6M | ||
| Q1 25 | $356.6M | $89.5M | ||
| Q4 24 | $217.5M | — | ||
| Q3 24 | $367.1M | — | ||
| Q2 24 | $366.5M | — | ||
| Q1 24 | $541.9M | — |
| Q4 25 | $1.5B | $5.9B | ||
| Q3 25 | $1.5B | $5.9B | ||
| Q2 25 | $1.6B | $5.9B | ||
| Q1 25 | $1.6B | $5.9B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $6.6B | $9.3B | ||
| Q3 25 | $6.7B | $9.0B | ||
| Q2 25 | $6.8B | $8.0B | ||
| Q1 25 | $7.2B | $7.2B | ||
| Q4 24 | $7.0B | — | ||
| Q3 24 | $7.4B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.7B | — |
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 | $11.4M | $3.7B |
| Free Cash FlowOCF − Capex | $-55.2M | — |
| FCF MarginFCF / Revenue | -45.8% | — |
| Capex IntensityCapex / Revenue | 55.2% | — |
| Cash ConversionOCF / Net Profit | 0.20× | 30.05× |
| TTM Free Cash FlowTrailing 4 quarters | $-103.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.4M | $3.7B | ||
| Q3 25 | $-7.6M | $123.1M | ||
| Q2 25 | $42.0M | $109.1M | ||
| Q1 25 | $-51.9M | $21.3M | ||
| Q4 24 | $55.1M | — | ||
| Q3 24 | $-5.6M | — | ||
| Q2 24 | $36.7M | — | ||
| Q1 24 | $-5.6M | — |
| Q4 25 | $-55.2M | — | ||
| Q3 25 | $-18.0M | — | ||
| Q2 25 | $29.4M | — | ||
| Q1 25 | $-59.7M | — | ||
| Q4 24 | $-76.5M | — | ||
| Q3 24 | $-27.7M | — | ||
| Q2 24 | $-500.0K | — | ||
| Q1 24 | $-57.1M | — |
| Q4 25 | -45.8% | — | ||
| Q3 25 | -15.5% | — | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | -46.5% | — | ||
| Q4 24 | -56.5% | — | ||
| Q3 24 | -21.7% | — | ||
| Q2 24 | -0.4% | — | ||
| Q1 24 | -41.9% | — |
| Q4 25 | 55.2% | — | ||
| Q3 25 | 8.9% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 97.1% | — | ||
| Q3 24 | 17.3% | — | ||
| Q2 24 | 28.2% | — | ||
| Q1 24 | 37.8% | — |
| Q4 25 | 0.20× | 30.05× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | 7.50× | 0.97× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.15× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
MRP
Segment breakdown not available.
