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Millrose Properties vs Terreno Realty: MRP and TRNO compared
Millrose Properties is the larger company: $211M of revenue in its latest quarter (Q3 2026) against $132M for Terreno Realty (Q3 2026). Millrose Properties is growing faster (+18% against +14% a year earlier). Millrose Properties is more profitable, with an operating margin of 85.5% against 42.2%.
Where the money goes: MRP and TRNO
Millrose Properties (MRP) · Q3 2026
Millrose Properties, Q3 2026: revenue $211M (+18% year over year), operating margin 85.5%, net earnings $130M, operating cash flow $875M. The chart follows the revenue to costs, profit and cash.
Terreno Realty (TRNO) · Q3 2026
Terreno Realty, Q3 2026: revenue $132M (+14% year over year), operating margin 42.2%, net earnings $68.1M, operating cash flow $81.2M. The chart follows the revenue to costs, profit and cash.
| Millrose Properties (MRP) | Terreno Realty (TRNO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $211M | $132M |
| Revenue growth, Y/Y | +18% | +14% |
| Operating margin | 85.5% | 42.2% |
| Net earnings | $130M | $68.1M |
| Net margin | 61.6% | 51.5% |
| Operating cash flow | $875M | $81.2M |
| Free cash flow | — | $54.1M |
| Market value | — | $7.0B |
| P/E | — | 19.1× |
| Analysts’ mean target | — | $73.59 |
Questions
Which is bigger, Millrose Properties or Terreno Realty?
Millrose Properties is the larger company: $211M of revenue in its latest quarter (Q3 2026) against $132M for Terreno Realty (Q3 2026).
Is Millrose Properties or Terreno Realty growing faster?
Millrose Properties is growing faster (+18% against +14% a year earlier).
Which is more profitable, Millrose Properties or Terreno Realty?
Millrose Properties is more profitable, with an operating margin of 85.5% against 42.2%.
More: Millrose Properties earnings · how Millrose Properties makes money · Terreno Realty earnings · how Terreno Realty makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.