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FirstService vs Millrose Properties: revenue, profit, margins and growth compared

FirstService brought in $5.5B of revenue in fiscal 2025, Millrose Properties $600.5M in fiscal 2025. FirstService kept 2.6% of its revenue as net profit, Millrose Properties 63.3%.

Side by side, latest fiscal year

FSVMRP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$5.5B$600.5M
Revenue growth+5.4%n/a
Net income$145M$379.9M
Net margin2.6%63.3%
Free cash flow$318.2Mn/a
Free cash flow margin5.8%n/a
Earnings per share (diluted)$3.17$2.44
Cash$154.4M$35M
Debt$1.1Bn/a
Price to earningsn/a11.1
Market value$5.6B$4.5B
Dividend yieldn/a9.38%
Rank by revenue in sector#95 of 444 · Finance#229 of 444 · Finance

Over the years

Revenue
FSV FY2018: $1.9BFSV FY2019: $2.4BFSV FY2020: $2.8BFSV FY2021: $3.2BFSV FY2022: $3.7BFSV FY2023: $4.3BFSV FY2024: $5.2BFSV FY2025: $5.5BMRP FY2025: $600.5MFY18FY19FY20FY21FY22FY23FY24FY25
FSV $5.5BMRP $600.5M
Net income
FSV FY2018: $65.9MFSV FY2019: -$251.6MFSV FY2020: $87.3MFSV FY2021: $135.2MFSV FY2022: $121.1MFSV FY2023: $100.4MFSV FY2024: $134.4MFSV FY2025: $145MMRP FY2023: -$209.8MMRP FY2025: -$246.2MMRP FY2025: $379.9MFY18FY19FY20FY21FY22FY23FY24FY25
FSV $145MMRP $379.9M
Net margin
FSV FY2018: 3.4%FSV FY2019: -10.5%FSV FY2020: 3.1%FSV FY2021: 4.2%FSV FY2022: 3.2%FSV FY2023: 2.3%FSV FY2024: 2.6%FSV FY2025: 2.6%MRP FY2025: 63.3%FY18FY19FY20FY21FY22FY23FY24FY25
FSV 2.6%MRP 63.3%
Revenue growth
FSV FY2019: +24.6%FSV FY2020: +15.2%FSV FY2021: +17.2%FSV FY2022: +15.3%FSV FY2023: +15.7%FSV FY2024: +20.4%FSV FY2025: +5.4%FY19FY20FY21FY22FY23FY24FY25
FSV +5.4%MRP
Free cash flow
FSV FY2018: $58.9MFSV FY2019: $61.2MFSV FY2020: $252.4MFSV FY2021: $109.1MFSV FY2022: $28.3MFSV FY2023: $187.6MFSV FY2024: $172.9MFSV FY2025: $318.2MFY18FY19FY20FY21FY22FY23FY24FY25
FSV $318.2MMRP

Fiscal years as each company reports them; the two may end in different months.

Questions about FirstService and Millrose Properties

Which is bigger by revenue, FirstService or Millrose Properties?

FirstService is bigger by revenue: $5.5B in fiscal 2025, against $600.5M for Millrose Properties in fiscal 2025.

Which keeps more of its revenue as profit, FirstService or Millrose Properties?

FirstService had a net margin of 2.6% in fiscal 2025; Millrose Properties had 63.3% in fiscal 2025.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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