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Side-by-side financial comparison of Millrose Properties, Inc. (MRP) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $194.9M, roughly 1.1× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 63.0% vs 6.3%, a 56.7% gap on every dollar of revenue. On growth, Millrose Properties, Inc. posted the faster year-over-year revenue change (135.7% vs -2.9%).
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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
MRP vs PWP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $194.9M | $219.2M |
| Net Profit | $122.9M | $13.8M |
| Gross Margin | — | — |
| Operating Margin | 85.2% | 8.5% |
| Net Margin | 63.0% | 6.3% |
| Revenue YoY | 135.7% | -2.9% |
| Net Profit YoY | 208.7% | — |
| EPS (diluted) | $0.74 | $0.11 |
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 | $219.2M | ||
| Q3 25 | $179.3M | $164.6M | ||
| Q2 25 | $149.0M | $155.3M | ||
| Q1 25 | $82.7M | $211.8M | ||
| Q4 24 | — | $225.7M | ||
| Q3 24 | — | $278.2M | ||
| Q2 24 | — | $272.0M |
| Q1 26 | $122.9M | — | ||
| Q4 25 | $122.2M | $13.8M | ||
| Q3 25 | $105.1M | $6.0M | ||
| Q2 25 | $112.8M | $2.7M | ||
| Q1 25 | $39.8M | $17.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $16.4M | ||
| Q2 24 | — | $-66.0M |
| Q1 26 | 85.2% | — | ||
| Q4 25 | 84.8% | 8.5% | ||
| Q3 25 | 85.3% | 5.4% | ||
| Q2 25 | 85.1% | 5.8% | ||
| Q1 25 | 55.2% | 5.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.9% | ||
| Q2 24 | — | -30.2% |
| Q1 26 | 63.0% | — | ||
| Q4 25 | 64.5% | 6.3% | ||
| Q3 25 | 58.6% | 3.6% | ||
| Q2 25 | 75.7% | 1.8% | ||
| Q1 25 | 48.1% | 8.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | -24.3% |
| Q1 26 | $0.74 | — | ||
| Q4 25 | $0.74 | $0.11 | ||
| Q3 25 | $0.63 | $0.08 | ||
| Q2 25 | $0.68 | $0.04 | ||
| Q1 25 | $0.39 | $0.24 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0.24 | ||
| Q2 24 | — | $-1.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $255.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.9B | $-127.4M |
| Total Assets | $9.6B | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $35.0M | $255.9M | ||
| Q3 25 | $242.6M | $185.5M | ||
| Q2 25 | $66.6M | $145.0M | ||
| Q1 25 | $89.5M | $111.2M | ||
| Q4 24 | — | $407.4M | ||
| Q3 24 | — | $335.1M | ||
| Q2 24 | — | $185.3M |
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $-127.4M | ||
| Q3 25 | $5.9B | $-302.4M | ||
| Q2 25 | $5.9B | $-318.4M | ||
| Q1 25 | $5.9B | $-323.1M | ||
| Q4 24 | — | $-421.4M | ||
| Q3 24 | — | $-360.8M | ||
| Q2 24 | — | $-283.0M |
| Q1 26 | $9.6B | — | ||
| Q4 25 | $9.3B | $797.6M | ||
| Q3 25 | $9.0B | $650.2M | ||
| Q2 25 | $8.0B | $606.7M | ||
| Q1 25 | $7.2B | $570.5M | ||
| Q4 24 | — | $876.8M | ||
| Q3 24 | — | $810.9M | ||
| Q2 24 | — | $645.5M |
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 | — | $34.8M |
| Free Cash FlowOCF − Capex | — | $30.5M |
| FCF MarginFCF / Revenue | — | 13.9% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | — | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $34.8M | ||
| Q3 25 | $123.1M | $59.2M | ||
| Q2 25 | $109.1M | $56.1M | ||
| Q1 25 | $21.3M | $-176.5M | ||
| Q4 24 | — | $223.4M | ||
| Q3 24 | — | $200.3M | ||
| Q2 24 | — | $90.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $57.6M | ||
| Q2 25 | — | $55.3M | ||
| Q1 25 | — | $-177.6M | ||
| Q4 24 | — | $207.0M | ||
| Q3 24 | — | $199.3M | ||
| Q2 24 | — | $83.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 35.0% | ||
| Q2 25 | — | 35.6% | ||
| Q1 25 | — | -83.8% | ||
| Q4 24 | — | 91.7% | ||
| Q3 24 | — | 71.6% | ||
| Q2 24 | — | 30.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 30.05× | 2.52× | ||
| Q3 25 | 1.17× | 9.85× | ||
| Q2 25 | 0.97× | 20.50× | ||
| Q1 25 | 0.53× | -10.18× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.23× | ||
| 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% |
PWP
Segment breakdown not available.
