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Side-by-side financial comparison of Millrose Properties, Inc. (MRP) and SL GREEN REALTY CORP (SLG). Click either name above to swap in a different company.
SL GREEN REALTY CORP is the larger business by last-quarter revenue ($276.5M vs $189.5M, roughly 1.5× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs -36.5%, a 101.0% 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.
SL Green Realty Corp. is a real estate investment trust that primarily invests in office buildings and shopping centers in New York City. As of December 31, 2024, the company owned interests in 39 properties comprising 25,297,353 square feet, primarily in Manhattan. It has been referred to as "New York City’s largest office landlord".
MRP vs SLG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $189.5M | $276.5M |
| Net Profit | $122.2M | $-100.8M |
| Gross Margin | — | — |
| Operating Margin | 84.8% | 64.2% |
| Net Margin | 64.5% | -36.5% |
| Revenue YoY | — | 12.4% |
| Net Profit YoY | 285.8% | -870.0% |
| EPS (diluted) | $0.74 | $-1.49 |
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 | $276.5M | ||
| Q3 25 | $179.3M | $244.8M | ||
| Q2 25 | $149.0M | $241.9M | ||
| Q1 25 | $82.7M | $239.8M | ||
| Q4 24 | — | $245.9M | ||
| Q3 24 | — | $229.7M | ||
| Q2 24 | — | $222.8M | ||
| Q1 24 | — | $187.9M |
| Q4 25 | $122.2M | $-100.8M | ||
| Q3 25 | $105.1M | $28.6M | ||
| Q2 25 | $112.8M | $-7.4M | ||
| Q1 25 | $39.8M | $-17.3M | ||
| Q4 24 | — | $19.1M | ||
| Q3 24 | — | $-9.5M | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $16.9M |
| Q4 25 | 84.8% | 64.2% | ||
| Q3 25 | 85.3% | 85.5% | ||
| Q2 25 | 85.1% | 53.4% | ||
| Q1 25 | 55.2% | 56.7% | ||
| Q4 24 | — | 59.8% | ||
| Q3 24 | — | 65.1% | ||
| Q2 24 | — | 79.2% | ||
| Q1 24 | — | — |
| Q4 25 | 64.5% | -36.5% | ||
| Q3 25 | 58.6% | 11.7% | ||
| Q2 25 | 75.7% | -3.0% | ||
| Q1 25 | 48.1% | -7.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | -4.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 9.0% |
| Q4 25 | $0.74 | $-1.49 | ||
| Q3 25 | $0.63 | $0.34 | ||
| Q2 25 | $0.68 | $-0.16 | ||
| Q1 25 | $0.39 | $-0.30 | ||
| Q4 24 | — | $0.13 | ||
| Q3 24 | — | $-0.21 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $0.20 |
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 | $155.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.9B | $3.7B |
| Total Assets | $9.3B | $11.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.0M | $155.7M | ||
| Q3 25 | $242.6M | $187.0M | ||
| Q2 25 | $66.6M | $182.9M | ||
| Q1 25 | $89.5M | $180.1M | ||
| Q4 24 | — | $184.3M | ||
| Q3 24 | — | $188.2M | ||
| Q2 24 | — | $199.5M | ||
| Q1 24 | — | $196.0M |
| Q4 25 | $5.9B | $3.7B | ||
| Q3 25 | $5.9B | $3.8B | ||
| Q2 25 | $5.9B | $3.8B | ||
| Q1 25 | $5.9B | $3.8B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $3.7B |
| Q4 25 | $9.3B | $11.1B | ||
| Q3 25 | $9.0B | $11.1B | ||
| Q2 25 | $8.0B | $11.3B | ||
| Q1 25 | $7.2B | $11.4B | ||
| Q4 24 | — | $10.5B | ||
| Q3 24 | — | $10.2B | ||
| Q2 24 | — | $9.5B | ||
| Q1 24 | — | $9.8B |
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 | $82.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 30.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.7B | $82.9M | ||
| Q3 25 | $123.1M | $-6.8M | ||
| Q2 25 | $109.1M | $54.5M | ||
| Q1 25 | $21.3M | $6.7M | ||
| Q4 24 | — | $129.6M | ||
| Q3 24 | — | $16.7M | ||
| Q2 24 | — | $79.4M | ||
| Q1 24 | — | $-24.7M |
| Q4 25 | 30.05× | — | ||
| Q3 25 | 1.17× | -0.24× | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | — | 6.77× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 50.33× | ||
| Q1 24 | — | -1.46× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRP
Segment breakdown not available.
SLG
| Real Estate Segment | $223.1M | 81% |
| Other | $35.9M | 13% |
| Debt And Preferred Equity Segment | $17.4M | 6% |
