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Side-by-side financial comparison of Millrose Properties, Inc. (MRP) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Millrose Properties, Inc. is the larger business by last-quarter revenue ($189.5M vs $97.9M, roughly 1.9× Safehold Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs 28.5%, a 36.0% gap on every dollar of revenue.
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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
MRP vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $189.5M | $97.9M |
| Net Profit | $122.2M | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | 84.8% | 27.4% |
| Net Margin | 64.5% | 28.5% |
| Revenue YoY | — | 6.5% |
| Net Profit YoY | 285.8% | 7.1% |
| EPS (diluted) | $0.74 | $0.38 |
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 | $189.5M | $97.9M | ||
| Q3 25 | $179.3M | $96.2M | ||
| Q2 25 | $149.0M | $93.8M | ||
| Q1 25 | $82.7M | $97.7M | ||
| Q4 24 | — | $91.9M | ||
| Q3 24 | — | $90.7M | ||
| Q2 24 | — | $89.9M | ||
| Q1 24 | — | $93.2M |
| Q4 25 | $122.2M | $27.9M | ||
| Q3 25 | $105.1M | $29.3M | ||
| Q2 25 | $112.8M | $27.9M | ||
| Q1 25 | $39.8M | $29.4M | ||
| Q4 24 | — | $26.0M | ||
| Q3 24 | — | $19.3M | ||
| Q2 24 | — | $29.7M | ||
| Q1 24 | — | $30.7M |
| Q4 25 | — | 98.6% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.8% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | — | 98.8% | ||
| Q2 24 | — | 98.8% | ||
| Q1 24 | — | 98.8% |
| Q4 25 | 84.8% | 27.4% | ||
| Q3 25 | 85.3% | 25.9% | ||
| Q2 25 | 85.1% | 25.5% | ||
| Q1 25 | 55.2% | 25.9% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 17.5% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 26.4% |
| Q4 25 | 64.5% | 28.5% | ||
| Q3 25 | 58.6% | 30.5% | ||
| Q2 25 | 75.7% | 29.8% | ||
| Q1 25 | 48.1% | 30.1% | ||
| Q4 24 | — | 28.3% | ||
| Q3 24 | — | 21.3% | ||
| Q2 24 | — | 33.0% | ||
| Q1 24 | — | 33.0% |
| Q4 25 | $0.74 | $0.38 | ||
| Q3 25 | $0.63 | $0.41 | ||
| Q2 25 | $0.68 | $0.39 | ||
| Q1 25 | $0.39 | $0.41 | ||
| Q4 24 | — | $0.36 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $35.0M | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $5.9B | $2.4B |
| Total Assets | $9.3B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.0M | $21.7M | ||
| Q3 25 | $242.6M | $12.1M | ||
| Q2 25 | $66.6M | $13.9M | ||
| Q1 25 | $89.5M | $17.3M | ||
| Q4 24 | — | $8.3M | ||
| Q3 24 | — | $15.6M | ||
| Q2 24 | — | $13.4M | ||
| Q1 24 | — | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $5.9B | $2.4B | ||
| Q3 25 | $5.9B | $2.4B | ||
| Q2 25 | $5.9B | $2.4B | ||
| Q1 25 | $5.9B | $2.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
| Q4 25 | $9.3B | $7.2B | ||
| Q3 25 | $9.0B | $7.1B | ||
| Q2 25 | $8.0B | $7.1B | ||
| Q1 25 | $7.2B | $6.9B | ||
| Q4 24 | — | $6.9B | ||
| Q3 24 | — | $6.8B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $3.7B | $47.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 30.05× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.7B | $47.8M | ||
| Q3 25 | $123.1M | $-1.4M | ||
| Q2 25 | $109.1M | $28.0M | ||
| Q1 25 | $21.3M | $8.9M | ||
| Q4 24 | — | $37.9M | ||
| Q3 24 | — | $8.3M | ||
| Q2 24 | — | $24.8M | ||
| Q1 24 | — | $-3.1M |
| Q4 25 | 30.05× | 1.72× | ||
| Q3 25 | 1.17× | -0.05× | ||
| Q2 25 | 0.97× | 1.00× | ||
| Q1 25 | 0.53× | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRP
Segment breakdown not available.
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
