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Side-by-side financial comparison of Millrose Properties, Inc. (MRP) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Millrose Properties, Inc. is the larger business by last-quarter revenue ($189.5M vs $117.3M, roughly 1.6× Latham Group, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs -7.3%, a 71.8% 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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
MRP vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $189.5M | $117.3M |
| Net Profit | $122.2M | $-8.5M |
| Gross Margin | — | 31.7% |
| Operating Margin | 84.8% | — |
| Net Margin | 64.5% | -7.3% |
| Revenue YoY | — | 5.3% |
| Net Profit YoY | 285.8% | -43.1% |
| EPS (diluted) | $0.74 | $-0.07 |
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 | — | $117.3M | ||
| Q4 25 | $189.5M | $100.0M | ||
| Q3 25 | $179.3M | $161.9M | ||
| Q2 25 | $149.0M | $172.6M | ||
| Q1 25 | $82.7M | $111.4M | ||
| Q4 24 | — | $87.3M | ||
| Q3 24 | — | $150.5M | ||
| Q2 24 | — | $160.1M |
| Q1 26 | — | $-8.5M | ||
| Q4 25 | $122.2M | $-7.0M | ||
| Q3 25 | $105.1M | $8.1M | ||
| Q2 25 | $112.8M | $16.0M | ||
| Q1 25 | $39.8M | $-6.0M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | — | $5.9M | ||
| Q2 24 | — | $13.3M |
| Q1 26 | — | 31.7% | ||
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% |
| Q1 26 | — | — | ||
| Q4 25 | 84.8% | -10.7% | ||
| Q3 25 | 85.3% | 13.3% | ||
| Q2 25 | 85.1% | 14.3% | ||
| Q1 25 | 55.2% | -4.4% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | — | 8.9% | ||
| Q2 24 | — | 12.5% |
| Q1 26 | — | -7.3% | ||
| Q4 25 | 64.5% | -7.0% | ||
| Q3 25 | 58.6% | 5.0% | ||
| Q2 25 | 75.7% | 9.3% | ||
| Q1 25 | 48.1% | -5.4% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | 8.3% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $0.74 | $-0.06 | ||
| Q3 25 | $0.63 | $0.07 | ||
| Q2 25 | $0.68 | $0.13 | ||
| Q1 25 | $0.39 | $-0.05 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $0.11 |
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 | — |
| Total DebtLower is stronger | — | $3.3M |
| Stockholders' EquityBook value | $5.9B | $396.7M |
| Total Assets | $9.3B | $856.4M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $35.0M | — | ||
| Q3 25 | $242.6M | — | ||
| Q2 25 | $66.6M | — | ||
| Q1 25 | $89.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $3.3M | ||
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M |
| Q1 26 | — | $396.7M | ||
| Q4 25 | $5.9B | $405.9M | ||
| Q3 25 | $5.9B | $408.4M | ||
| Q2 25 | $5.9B | $398.4M | ||
| Q1 25 | $5.9B | $381.1M | ||
| Q4 24 | — | $387.2M | ||
| Q3 24 | — | $416.6M | ||
| Q2 24 | — | $408.1M |
| Q1 26 | — | $856.4M | ||
| Q4 25 | $9.3B | $823.2M | ||
| Q3 25 | $9.0B | $844.4M | ||
| Q2 25 | $8.0B | $822.1M | ||
| Q1 25 | $7.2B | $824.6M | ||
| Q4 24 | — | $794.2M | ||
| Q3 24 | — | $853.4M | ||
| Q2 24 | — | $830.0M |
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× |
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 | $-47.7M |
| 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.
| Q1 26 | — | $-47.7M | ||
| Q4 25 | $3.7B | $23.3M | ||
| Q3 25 | $123.1M | $51.0M | ||
| Q2 25 | $109.1M | $36.0M | ||
| Q1 25 | $21.3M | $-46.9M | ||
| Q4 24 | — | $6.2M | ||
| Q3 24 | — | $37.2M | ||
| Q2 24 | — | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 30.05× | — | ||
| Q3 25 | 1.17× | 6.29× | ||
| Q2 25 | 0.97× | 2.25× | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
