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Side-by-side financial comparison of Millrose Properties, Inc. (MRP) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $194.9M, roughly 2.0× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 63.0% vs -19.6%, a 82.7% gap on every dollar of revenue. On growth, Millrose Properties, Inc. posted the faster year-over-year revenue change (135.7% vs 3.8%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
MRP vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $194.9M | $384.8M |
| Net Profit | $122.9M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 85.2% | -40.0% |
| Net Margin | 63.0% | -19.6% |
| Revenue YoY | 135.7% | 3.8% |
| Net Profit YoY | 208.7% | -28.8% |
| EPS (diluted) | $0.74 | $-23.08 |
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 | $189.5M | $384.8M | ||
| Q3 25 | $179.3M | $345.3M | ||
| Q2 25 | $149.0M | $355.8M | ||
| Q1 25 | $82.7M | $373.2M | ||
| Q4 24 | — | $370.7M | ||
| Q3 24 | — | $362.1M | ||
| Q2 24 | — | $379.2M |
| Q1 26 | $122.9M | — | ||
| Q4 25 | $122.2M | $-75.5M | ||
| Q3 25 | $105.1M | $-31.6M | ||
| Q2 25 | $112.8M | $-20.4M | ||
| Q1 25 | $39.8M | $-20.5M | ||
| Q4 24 | — | $-58.6M | ||
| Q3 24 | — | $-46.5M | ||
| Q2 24 | — | $-12.0M |
| Q1 26 | 85.2% | — | ||
| Q4 25 | 84.8% | -40.0% | ||
| Q3 25 | 85.3% | -12.8% | ||
| Q2 25 | 85.1% | -9.6% | ||
| Q1 25 | 55.2% | -10.2% | ||
| Q4 24 | — | -37.4% | ||
| Q3 24 | — | -29.5% | ||
| Q2 24 | — | -8.3% |
| Q1 26 | 63.0% | — | ||
| Q4 25 | 64.5% | -19.6% | ||
| Q3 25 | 58.6% | -9.1% | ||
| Q2 25 | 75.7% | -5.7% | ||
| Q1 25 | 48.1% | -5.5% | ||
| Q4 24 | — | -15.8% | ||
| Q3 24 | — | -12.8% | ||
| Q2 24 | — | -3.2% |
| Q1 26 | $0.74 | — | ||
| Q4 25 | $0.74 | $-23.08 | ||
| Q3 25 | $0.63 | $-9.67 | ||
| Q2 25 | $0.68 | $-6.23 | ||
| Q1 25 | $0.39 | $-6.28 | ||
| Q4 24 | — | $-23.13 | ||
| Q3 24 | — | $-15.70 | ||
| Q2 24 | — | $-7.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | $5.9B | $-155.2M |
| Total Assets | $9.6B | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $35.0M | $25.0M | ||
| Q3 25 | $242.6M | $37.7M | ||
| Q2 25 | $66.6M | $38.6M | ||
| Q1 25 | $89.5M | $40.1M | ||
| Q4 24 | — | $38.8M | ||
| Q3 24 | — | $63.0M | ||
| Q2 24 | — | $73.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M |
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $-155.2M | ||
| Q3 25 | $5.9B | $-18.7M | ||
| Q2 25 | $5.9B | $44.5M | ||
| Q1 25 | $5.9B | $63.3M | ||
| Q4 24 | — | $75.9M | ||
| Q3 24 | — | $120.5M | ||
| Q2 24 | — | $166.8M |
| Q1 26 | $9.6B | — | ||
| Q4 25 | $9.3B | $656.6M | ||
| Q3 25 | $9.0B | $683.6M | ||
| Q2 25 | $8.0B | $731.6M | ||
| Q1 25 | $7.2B | $783.9M | ||
| Q4 24 | — | $783.4M | ||
| Q3 24 | — | $833.3M | ||
| Q2 24 | — | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× |
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 | — | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $-25.7M | ||
| Q3 25 | $123.1M | $-15.4M | ||
| Q2 25 | $109.1M | $-16.6M | ||
| Q1 25 | $21.3M | $-33.5M | ||
| Q4 24 | — | $-57.2M | ||
| Q3 24 | — | $-22.6M | ||
| Q2 24 | — | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 30.05× | — | ||
| Q3 25 | 1.17× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 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
MRP
| Option fee revenues | $185.3M | 95% |
| Development loan income | $9.6M | 5% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
