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Side-by-side financial comparison of LifeStance Health Group, Inc. (LFST) and Millrose Properties, Inc. (MRP). Click either name above to swap in a different company.
LifeStance Health Group, Inc. is the larger business by last-quarter revenue ($382.2M vs $194.9M, roughly 2.0× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 63.0% vs 3.1%, a 60.0% gap on every dollar of revenue. On growth, Millrose Properties, Inc. posted the faster year-over-year revenue change (135.7% vs 17.4%).
Lifestance Health (Lifestance) is an American outpatient behavioral health services provider. They provide their services in person and via tele-health. Their services include therapy, psychiatry, TMS, and ketamine therapies. They have landed in lawsuits multiple times over labor violations, leaking of customer information, and misleading investors.
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.
LFST vs MRP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $382.2M | $194.9M |
| Net Profit | $11.7M | $122.9M |
| Gross Margin | — | — |
| Operating Margin | 4.7% | 85.2% |
| Net Margin | 3.1% | 63.0% |
| Revenue YoY | 17.4% | 135.7% |
| Net Profit YoY | 264.1% | 208.7% |
| EPS (diluted) | — | $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 | — | $194.9M | ||
| Q4 25 | $382.2M | $189.5M | ||
| Q3 25 | $363.8M | $179.3M | ||
| Q2 25 | $345.3M | $149.0M | ||
| Q1 25 | $333.0M | $82.7M | ||
| Q4 24 | $325.5M | — | ||
| Q3 24 | $312.7M | — | ||
| Q2 24 | $312.3M | — |
| Q1 26 | — | $122.9M | ||
| Q4 25 | $11.7M | $122.2M | ||
| Q3 25 | $1.1M | $105.1M | ||
| Q2 25 | $-3.8M | $112.8M | ||
| Q1 25 | $709.0K | $39.8M | ||
| Q4 24 | $-7.1M | — | ||
| Q3 24 | $-6.0M | — | ||
| Q2 24 | $-23.3M | — |
| Q1 26 | — | 85.2% | ||
| Q4 25 | 4.7% | 84.8% | ||
| Q3 25 | 2.0% | 85.3% | ||
| Q2 25 | -0.9% | 85.1% | ||
| Q1 25 | 0.5% | 55.2% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | -5.1% | — |
| Q1 26 | — | 63.0% | ||
| Q4 25 | 3.1% | 64.5% | ||
| Q3 25 | 0.3% | 58.6% | ||
| Q2 25 | -1.1% | 75.7% | ||
| Q1 25 | 0.2% | 48.1% | ||
| Q4 24 | -2.2% | — | ||
| Q3 24 | -1.9% | — | ||
| Q2 24 | -7.5% | — |
| Q1 26 | — | $0.74 | ||
| Q4 25 | — | $0.74 | ||
| Q3 25 | — | $0.63 | ||
| Q2 25 | — | $0.68 | ||
| Q1 25 | — | $0.39 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $248.6M | — |
| Total DebtLower is stronger | $282.8M | — |
| Stockholders' EquityBook value | $1.5B | $5.9B |
| Total Assets | $2.2B | $9.6B |
| Debt / EquityLower = less leverage | 0.19× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $248.6M | $35.0M | ||
| Q3 25 | $203.9M | $242.6M | ||
| Q2 25 | $188.9M | $66.6M | ||
| Q1 25 | $134.3M | $89.5M | ||
| Q4 24 | $154.6M | — | ||
| Q3 24 | $102.6M | — | ||
| Q2 24 | $87.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $282.8M | — | ||
| Q3 25 | $284.6M | — | ||
| Q2 25 | $286.4M | — | ||
| Q1 25 | $288.2M | — | ||
| Q4 24 | $290.0M | — | ||
| Q3 24 | $287.3M | — | ||
| Q2 24 | $288.0M | — |
| Q1 26 | — | $5.9B | ||
| Q4 25 | $1.5B | $5.9B | ||
| Q3 25 | $1.5B | $5.9B | ||
| Q2 25 | $1.5B | $5.9B | ||
| Q1 25 | $1.5B | $5.9B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | — | $9.6B | ||
| Q4 25 | $2.2B | $9.3B | ||
| Q3 25 | $2.1B | $9.0B | ||
| Q2 25 | $2.1B | $8.0B | ||
| Q1 25 | $2.1B | $7.2B | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.1B | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.20× | — | ||
| Q2 24 | 0.20× | — |
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 | $57.6M | — |
| Free Cash FlowOCF − Capex | $46.6M | — |
| FCF MarginFCF / Revenue | 12.2% | — |
| Capex IntensityCapex / Revenue | 2.9% | — |
| Cash ConversionOCF / Net Profit | 4.93× | — |
| TTM Free Cash FlowTrailing 4 quarters | $110.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $57.6M | $3.7B | ||
| Q3 25 | $27.3M | $123.1M | ||
| Q2 25 | $64.4M | $109.1M | ||
| Q1 25 | $-3.1M | $21.3M | ||
| Q4 24 | $62.3M | — | ||
| Q3 24 | $22.7M | — | ||
| Q2 24 | $44.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $46.6M | — | ||
| Q3 25 | $17.0M | — | ||
| Q2 25 | $56.6M | — | ||
| Q1 25 | $-10.3M | — | ||
| Q4 24 | $56.0M | — | ||
| Q3 24 | $17.7M | — | ||
| Q2 24 | $39.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 12.2% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 16.4% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | 17.2% | — | ||
| Q3 24 | 5.7% | — | ||
| Q2 24 | 12.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.93× | 30.05× | ||
| Q3 25 | 25.34× | 1.17× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | -4.36× | 0.53× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LFST
Segment breakdown not available.
MRP
| Option fee revenues | $185.3M | 95% |
| Development loan income | $9.6M | 5% |
