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Side-by-side financial comparison of Millrose Properties, Inc. (MRP) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Millrose Properties, Inc. is the larger business by last-quarter revenue ($189.5M vs $137.5M, roughly 1.4× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs 64.5%, a 50.6% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
MRP vs TRNO — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $189.5M | $137.5M |
| Net Profit | $122.2M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | 84.8% | — |
| Net Margin | 64.5% | 115.1% |
| Revenue YoY | — | 32.6% |
| Net Profit YoY | 285.8% | 107.9% |
| EPS (diluted) | $0.74 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $179.3M | $116.2M | ||
| Q2 25 | $149.0M | $112.2M | ||
| Q1 25 | $82.7M | $110.4M | ||
| Q4 24 | — | $103.7M | ||
| Q3 24 | — | $99.6M | ||
| Q2 24 | — | $94.2M | ||
| Q1 24 | — | $85.0M |
| Q4 25 | $122.2M | $158.2M | ||
| Q3 25 | $105.1M | $103.4M | ||
| Q2 25 | $112.8M | $93.3M | ||
| Q1 25 | $39.8M | $48.1M | ||
| Q4 24 | — | $76.1M | ||
| Q3 24 | — | $36.6M | ||
| Q2 24 | — | $35.7M | ||
| Q1 24 | — | $36.1M |
| Q4 25 | 84.8% | — | ||
| Q3 25 | 85.3% | — | ||
| Q2 25 | 85.1% | — | ||
| Q1 25 | 55.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 64.5% | 115.1% | ||
| Q3 25 | 58.6% | 88.9% | ||
| Q2 25 | 75.7% | 83.1% | ||
| Q1 25 | 48.1% | 43.6% | ||
| Q4 24 | — | 73.4% | ||
| Q3 24 | — | 36.8% | ||
| Q2 24 | — | 37.9% | ||
| Q1 24 | — | 42.4% |
| Q4 25 | $0.74 | $1.54 | ||
| Q3 25 | $0.63 | $1.00 | ||
| Q2 25 | $0.68 | $0.90 | ||
| Q1 25 | $0.39 | $0.47 | ||
| Q4 24 | — | $0.78 | ||
| Q3 24 | — | $0.37 | ||
| Q2 24 | — | $0.37 | ||
| Q1 24 | — | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | — | $943.3M |
| Stockholders' EquityBook value | $5.9B | $4.1B |
| Total Assets | $9.3B | $5.4B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.0M | $25.0M | ||
| Q3 25 | $242.6M | $26.2M | ||
| Q2 25 | $66.6M | $128.4M | ||
| Q1 25 | $89.5M | $156.5M | ||
| Q4 24 | — | $18.1M | ||
| Q3 24 | — | $243.7M | ||
| Q2 24 | — | $182.0M | ||
| Q1 24 | — | $649.6M |
| Q4 25 | — | $943.3M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $742.4M | ||
| Q1 25 | — | $741.9M | ||
| Q4 24 | — | $823.4M | ||
| Q3 24 | — | $672.2M | ||
| Q2 24 | — | $772.0M | ||
| Q1 24 | — | $771.8M |
| Q4 25 | $5.9B | $4.1B | ||
| Q3 25 | $5.9B | $4.0B | ||
| Q2 25 | $5.9B | $3.9B | ||
| Q1 25 | $5.9B | $3.9B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $3.4B |
| Q4 25 | $9.3B | $5.4B | ||
| Q3 25 | $9.0B | $5.3B | ||
| Q2 25 | $8.0B | $5.0B | ||
| Q1 25 | $7.2B | $4.9B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.22× | ||
| Q1 24 | — | 0.22× |
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 | $3.4B | $70.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 27.97× | 0.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.4B | $70.3M | ||
| Q3 25 | $123.1M | $79.5M | ||
| Q2 25 | $109.1M | $60.6M | ||
| Q1 25 | $21.3M | $61.4M | ||
| Q4 24 | — | $51.3M | ||
| Q3 24 | — | $70.0M | ||
| Q2 24 | — | $64.3M | ||
| Q1 24 | — | $47.0M |
| Q4 25 | 27.97× | 0.44× | ||
| Q3 25 | 1.17× | 0.77× | ||
| Q2 25 | 0.97× | 0.65× | ||
| Q1 25 | 0.53× | 1.28× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | 1.80× | ||
| Q1 24 | — | 1.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRP
Segment breakdown not available.
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
