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Side-by-side financial comparison of Millrose Properties, Inc. (MRP) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Upstart Holdings, Inc. is the larger business by last-quarter revenue ($296.1M vs $189.5M, roughly 1.6× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs 6.3%, a 58.2% 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.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
MRP vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $189.5M | $296.1M |
| Net Profit | $122.2M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 84.8% | 6.4% |
| Net Margin | 64.5% | 6.3% |
| Revenue YoY | — | 35.2% |
| Net Profit YoY | 285.8% | 776.4% |
| EPS (diluted) | $0.74 | $0.20 |
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 | $296.1M | ||
| Q3 25 | $179.3M | $277.1M | ||
| Q2 25 | $149.0M | $257.3M | ||
| Q1 25 | $82.7M | $213.4M | ||
| Q4 24 | — | $219.0M | ||
| Q3 24 | — | $162.1M | ||
| Q2 24 | — | $127.6M | ||
| Q1 24 | — | $127.8M |
| Q4 25 | $122.2M | $18.6M | ||
| Q3 25 | $105.1M | $31.8M | ||
| Q2 25 | $112.8M | $5.6M | ||
| Q1 25 | $39.8M | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | — | $-6.8M | ||
| Q2 24 | — | $-54.5M | ||
| Q1 24 | — | $-64.6M |
| Q4 25 | 84.8% | 6.4% | ||
| Q3 25 | 85.3% | 8.5% | ||
| Q2 25 | 85.1% | 1.8% | ||
| Q1 25 | 55.2% | -2.1% | ||
| Q4 24 | — | -2.2% | ||
| Q3 24 | — | -27.8% | ||
| Q2 24 | — | -43.5% | ||
| Q1 24 | — | -52.8% |
| Q4 25 | 64.5% | 6.3% | ||
| Q3 25 | 58.6% | 11.5% | ||
| Q2 25 | 75.7% | 2.2% | ||
| Q1 25 | 48.1% | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | — | -4.2% | ||
| Q2 24 | — | -42.7% | ||
| Q1 24 | — | -50.5% |
| Q4 25 | $0.74 | $0.20 | ||
| Q3 25 | $0.63 | $0.23 | ||
| Q2 25 | $0.68 | $0.05 | ||
| Q1 25 | $0.39 | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $-0.07 | ||
| Q2 24 | — | $-0.62 | ||
| Q1 24 | — | $-0.74 |
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 | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.9B | $798.8M |
| Total Assets | $9.3B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.0M | $652.4M | ||
| Q3 25 | $242.6M | $489.8M | ||
| Q2 25 | $66.6M | $395.9M | ||
| Q1 25 | $89.5M | $599.8M | ||
| Q4 24 | — | $788.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $5.9B | $798.8M | ||
| Q3 25 | $5.9B | $743.7M | ||
| Q2 25 | $5.9B | $722.0M | ||
| Q1 25 | $5.9B | $676.6M | ||
| Q4 24 | — | $633.2M | ||
| Q3 24 | — | $595.5M | ||
| Q2 24 | — | $594.7M | ||
| Q1 24 | — | $612.8M |
| Q4 25 | $9.3B | $3.0B | ||
| Q3 25 | $9.0B | $2.9B | ||
| Q2 25 | $8.0B | $2.5B | ||
| Q1 25 | $7.2B | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.9B |
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 | $108.6M |
| Free Cash FlowOCF − Capex | — | $108.4M |
| FCF MarginFCF / Revenue | — | 36.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 30.05× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.7B | $108.6M | ||
| Q3 25 | $123.1M | $-122.6M | ||
| Q2 25 | $109.1M | $-120.2M | ||
| Q1 25 | $21.3M | $-13.5M | ||
| Q4 24 | — | $-110.9M | ||
| Q3 24 | — | $179.3M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $52.6M |
| Q4 25 | — | $108.4M | ||
| Q3 25 | — | $-122.7M | ||
| Q2 25 | — | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $51.9M |
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | -44.3% | ||
| Q2 25 | — | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 40.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | 30.05× | 5.82× | ||
| Q3 25 | 1.17× | -3.86× | ||
| Q2 25 | 0.97× | -21.43× | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRP
Segment breakdown not available.
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
