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Side-by-side financial comparison of Millrose Properties, Inc. (MRP) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $189.5M, roughly 1.8× Millrose Properties, Inc.). Millrose Properties, Inc. runs the higher net margin — 64.5% vs -12.9%, a 77.4% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
MRP vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $189.5M | $340.0M |
| Net Profit | $122.2M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 84.8% | -17.2% |
| Net Margin | 64.5% | -12.9% |
| Revenue YoY | — | -0.4% |
| Net Profit YoY | 285.8% | -131.0% |
| EPS (diluted) | $0.74 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $179.3M | $337.7M | ||
| Q2 25 | $149.0M | $319.2M | ||
| Q1 25 | $82.7M | $237.4M | ||
| Q4 24 | — | $341.5M | ||
| Q3 24 | — | $292.3M | ||
| Q2 24 | — | $270.7M | ||
| Q1 24 | — | $228.1M |
| Q4 25 | $122.2M | $-13.9M | ||
| Q3 25 | $105.1M | $33.5M | ||
| Q2 25 | $112.8M | $34.0M | ||
| Q1 25 | $39.8M | $2.8M | ||
| Q4 24 | — | $44.8M | ||
| Q3 24 | — | $28.8M | ||
| Q2 24 | — | $22.7M | ||
| Q1 24 | — | $11.9M |
| Q4 25 | 84.8% | -17.2% | ||
| Q3 25 | 85.3% | 13.6% | ||
| Q2 25 | 85.1% | 14.5% | ||
| Q1 25 | 55.2% | 2.2% | ||
| Q4 24 | — | 15.3% | ||
| Q3 24 | — | 12.8% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | 6.0% |
| Q4 25 | 64.5% | -12.9% | ||
| Q3 25 | 58.6% | 9.9% | ||
| Q2 25 | 75.7% | 10.6% | ||
| Q1 25 | 48.1% | 1.2% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 8.4% | ||
| Q1 24 | — | 5.2% |
| Q4 25 | $0.74 | $-0.41 | ||
| Q3 25 | $0.63 | $0.98 | ||
| Q2 25 | $0.68 | $0.99 | ||
| Q1 25 | $0.39 | $0.08 | ||
| Q4 24 | — | $1.32 | ||
| Q3 24 | — | $0.85 | ||
| Q2 24 | — | $0.67 | ||
| Q1 24 | — | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.9B | $1.7B |
| Total Assets | $9.3B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.0M | $299.3M | ||
| Q3 25 | $242.6M | $274.8M | ||
| Q2 25 | $66.6M | $233.7M | ||
| Q1 25 | $89.5M | $181.0M | ||
| Q4 24 | — | $279.3M | ||
| Q3 24 | — | $179.8M | ||
| Q2 24 | — | $208.1M | ||
| Q1 24 | — | $216.5M |
| Q4 25 | $5.9B | $1.7B | ||
| Q3 25 | $5.9B | $1.8B | ||
| Q2 25 | $5.9B | $1.8B | ||
| Q1 25 | $5.9B | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $9.3B | $5.1B | ||
| Q3 25 | $9.0B | $5.8B | ||
| Q2 25 | $8.0B | $4.7B | ||
| Q1 25 | $7.2B | $4.5B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | 30.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.7B | $-664.3M | ||
| Q3 25 | $123.1M | $-948.1M | ||
| Q2 25 | $109.1M | $-238.5M | ||
| Q1 25 | $21.3M | $-281.1M | ||
| Q4 24 | — | $129.4M | ||
| Q3 24 | — | $-202.0M | ||
| Q2 24 | — | $-237.8M | ||
| Q1 24 | — | $38.4M |
| Q4 25 | — | $-680.1M | ||
| Q3 25 | — | $-950.4M | ||
| Q2 25 | — | $-241.0M | ||
| Q1 25 | — | $-284.7M | ||
| Q4 24 | — | $116.4M | ||
| Q3 24 | — | $-204.0M | ||
| Q2 24 | — | $-241.7M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | — | -200.0% | ||
| Q3 25 | — | -281.5% | ||
| Q2 25 | — | -75.5% | ||
| Q1 25 | — | -120.0% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | -69.8% | ||
| Q2 24 | — | -89.3% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | 30.05× | — | ||
| Q3 25 | 1.17× | -28.34× | ||
| Q2 25 | 0.97× | -7.02× | ||
| Q1 25 | 0.53× | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | — | 3.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
