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Side-by-side financial comparison of Millrose Properties, Inc. (MRP) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $194.9M, roughly 2.0× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 63.0% vs -1.9%, a 65.0% gap on every dollar of revenue. On growth, Millrose Properties, Inc. posted the faster year-over-year revenue change (135.7% vs 61.7%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
MRP vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $194.9M | $382.7M |
| Net Profit | $122.9M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 85.2% | 3.7% |
| Net Margin | 63.0% | -1.9% |
| Revenue YoY | 135.7% | 61.7% |
| Net Profit YoY | 208.7% | 55.4% |
| EPS (diluted) | $0.74 | $-0.57 |
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 | $194.9M | — | ||
| Q4 25 | $189.5M | $382.7M | ||
| Q3 25 | $179.3M | $347.1M | ||
| Q2 25 | $149.0M | $242.0M | ||
| Q1 25 | $82.7M | $274.2M | ||
| Q4 24 | — | $236.6M | ||
| Q3 24 | — | $242.2M | ||
| Q2 24 | — | $313.1M |
| Q1 26 | $122.9M | — | ||
| Q4 25 | $122.2M | $-7.4M | ||
| Q3 25 | $105.1M | $-8.9M | ||
| Q2 25 | $112.8M | $-19.8M | ||
| Q1 25 | $39.8M | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | — | $-15.0M | ||
| Q2 24 | — | $14.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% |
| Q1 26 | 85.2% | — | ||
| Q4 25 | 84.8% | 3.7% | ||
| Q3 25 | 85.3% | 1.8% | ||
| Q2 25 | 85.1% | 2.0% | ||
| Q1 25 | 55.2% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 9.2% |
| Q1 26 | 63.0% | — | ||
| Q4 25 | 64.5% | -1.9% | ||
| Q3 25 | 58.6% | -2.6% | ||
| Q2 25 | 75.7% | -8.2% | ||
| Q1 25 | 48.1% | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | — | -6.2% | ||
| Q2 24 | — | 4.6% |
| Q1 26 | $0.74 | — | ||
| Q4 25 | $0.74 | $-0.57 | ||
| Q3 25 | $0.63 | $-0.71 | ||
| Q2 25 | $0.68 | $-1.67 | ||
| Q1 25 | $0.39 | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | — | $-1.18 | ||
| Q2 24 | — | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $5.9B | $-240.1M |
| Total Assets | $9.6B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $35.0M | $112.1M | ||
| Q3 25 | $242.6M | $35.5M | ||
| Q2 25 | $66.6M | $33.4M | ||
| Q1 25 | $89.5M | $33.3M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | — | $51.0M | ||
| Q2 24 | — | $80.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $-240.1M | ||
| Q3 25 | $5.9B | $-233.3M | ||
| Q2 25 | $5.9B | $-224.8M | ||
| Q1 25 | $5.9B | $-204.2M | ||
| Q4 24 | — | $-180.4M | ||
| Q3 24 | — | $-163.1M | ||
| Q2 24 | — | $-149.0M |
| Q1 26 | $9.6B | — | ||
| Q4 25 | $9.3B | $950.1M | ||
| Q3 25 | $9.0B | $913.2M | ||
| Q2 25 | $8.0B | $890.9M | ||
| Q1 25 | $7.2B | $868.0M | ||
| Q4 24 | — | $891.1M | ||
| Q3 24 | — | $897.2M | ||
| Q2 24 | — | $898.9M |
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 | — | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $101.1M | ||
| Q3 25 | $123.1M | $19.2M | ||
| Q2 25 | $109.1M | $40.4M | ||
| Q1 25 | $21.3M | $-14.1M | ||
| Q4 24 | — | $41.4M | ||
| Q3 24 | — | $-28.4M | ||
| Q2 24 | — | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | — | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | — | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 30.05× | — | ||
| Q3 25 | 1.17× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MRP
| Option fee revenues | $185.3M | 95% |
| Development loan income | $9.6M | 5% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
