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Millrose Properties, Inc.(MRP)Earnings, Financials & Key Ratios
MRP•NYSE•REIT / Real Estate
12.0× P/E·Price updated Jun 11, 2026
AboutMillrose Properties is a Homesite Option Purchase Platform (HOPP'R), an evolution of residential land banking, accelerating homebuilders' capital-efficient growth of controlled land positions. As a publicly traded Homesite Option Purchase Platform, Millrose provides investors with a unique residential real estate backed income-generating investment opportunity historically limited to institutional investors.Show more
- Revenue$600M
- FFO$380M+254.3%
- FFO/Share2.29+254.3%
- FFO Payout78.66%
- FFO per Share2.29+254.3%
- NOI Margin85.39%
- FFO Margin63.26%
- ROE6.9%+234.7%
- ROA5.16%+207.0%
- Debt/Assets22.81%+5054.3%
- Net Debt/EBITDA4.22
- Book Value/Share35.27+13.5%
MRP Key Insights
Millrose Properties, Inc. (MRP) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓High NOI margin of 85.4%
- ✓Trading at only 0.8x book value
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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MRP Price & Volume
Millrose Properties, Inc. (MRP) stock price & volume — 10-year historical chart
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MRP Growth Metrics
Millrose Properties, Inc. (MRP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM761.8%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM409.81%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM797.5%
Return on Capital
10 Years-1.1%
5 Years-1.1%
3 Years-0.64%
Last Year6.6%
MRP Recent Earnings
Millrose Properties, Inc. (MRP) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 0/8 qtrs (0%)●Beat Revenue 0/8 qtrs (0%)
Q2 2026Latest
May 6, 2026EPS
$0.74
Est $0.77
-3.5%
Revenue
$195M
Est $201M
-3.0%
Q1 2026
Feb 26, 2026EPS
$0.74
Est $0.74
+0.0%
Revenue
$190M
Est $190M
-0.3%
Q4 2025
Oct 23, 2025EPS
$0.63
Est $0.74
-14.9%
Revenue
$179M
Est $190M
-5.7%
Q3 2025
Jul 31, 2025EPS
$0.68
Est $0.74
-8.1%
Revenue
$149M
Est $169M
-11.7%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 6, 2026 | $0.74vs $0.77-3.5% | $195Mvs $201M-3.0% |
| Q1 2026 | Feb 26, 2026 | $0.74vs $0.74+0.0% | $190Mvs $190M-0.3% |
| Q4 2025 | Oct 23, 2025 | $0.63vs $0.74-14.9% | $179Mvs $190M-5.7% |
| Q3 2025 | Jul 31, 2025 | $0.68vs $0.74-8.1% | $149Mvs $169M-11.7% |
Based on last 8 quarters of dataView full earnings history →
MRP Peer Comparison
Millrose Properties, Inc. (MRP) competitors in Residential land and homesite REITs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SAFE | 1.16B | 16.09 | 10.12 | 5.43% | 29.69% | 4.75% | 1.84 | |
 PINE | 282.96M | 19.75 | -89.77 | 15.9% | -0.64% | -0.14% | 1.31 | |
 NTST | 2B | 20.18 | 246.10 | 20.91% | 5.66% | 0.78% | 0.77 | |
 FCPT | 2.73B | 24.83 | 22.78 | 9.72% | 38.74% | 7.38% | 0.74 | |
 LAND | 388.23M | 9.00 | -31.03 | 3.66% | -6.68% | -0.87% | 0.80 | |
 LEN | 24.04B | 94.95 | 11.90 | -3.54% | 5.39% | 7.98% | 0.29 | |
 DHI | 44.74B | 154.43 | 13.35 | -6.93% | 9.51% | 12.94% | 0.24 | |
 PHM | 23.83B | 124.00 | 11.15 | -3.54% | 12.14% | 15.92% | 0.19 |
Compare MRP vs Peers
Millrose Properties, Inc. (MRP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MRP Income Statement
Millrose Properties, Inc. (MRP) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|
Revenue | 0 | 0 | 0 | 600.46M | 712.69M |
Revenue Growth % | - | - | - | - | 761.8% |
Property Operating Expenses | 0 | 0 | 0 | 87.75M | 21.96M |
Net Operating Income (NOI) | 0▲ 0% | 0▲ 0% | 0▲ 0% | 512.71M▲ 0% | 690.73M▲ 0% |
NOI Margin % | - | - | - | 85.39% | 96.92% |
Operating Expenses | 193.11M | 209.79M | 246.22M | 26.64M | 84.21M |
G&A Expenses | 193.11M | 209.79M | 246.22M | 25.64M | 181K |
EBITDA | 0 | -209.79M | -246.22M | 492.17M | 609.79M |
EBITDA Margin % | - | - | - | 81.96% | 85.56% |
Depreciation & Amortization | 193.11M | 0 | 0 | 0 | 0 |
D&A / Revenue % | - | - | - | 0% | 0% |
Operating Income | -193.11M▲ 0% | -209.79M▼ 8.6% | -246.22M▼ 17.4% | 486.07M▲ 297.4% | 606.52M▲ 0% |
Operating Margin % | - | - | - | 80.95% | 85.1% |
Interest Expense | 0 | 0 | 0 | 91.79M | 3M |
Interest Coverage | - | - | - | 5.36x | - |
Non-Operating Income | 0 | 0 | 0 | -6.1M | -3.27M |
Pretax Income | -193.11M▲ 0% | -209.79M▼ 8.6% | -246.22M▼ 17.4% | 400.37M▲ 262.6% | 484.11M▲ 0% |
Pretax Margin % | - | - | - | 66.68% | 67.93% |
Income Tax | -48.86M | 0 | 0 | 20.51M | 21.17M |
Effective Tax Rate % | 25.3% | 0% | 0% | 5.12% | 4.37% |
Net Income | -144.25M▲ 0% | -209.79M▼ 45.4% | -246.22M▼ 17.4% | 379.86M▲ 254.3% | 462.94M▲ 0% |
Net Margin % | - | - | - | 63.26% | 64.96% |
Net Income Growth % | - | -45.43% | -17.36% | 254.28% | 409.81% |
Funds From Operations (FFO) | 48.86M▲ 0% | -209.79M▼ 529.4% | -246.22M▼ 17.4% | 379.86M▲ 254.3% | 456.49M▲ 0% |
FFO Margin % | - | - | - | 63.26% | 64.05% |
FFO Growth % | - | - | - | - | -51.76% |
FFO per Share | 0.36 | -1.55 | -1.48 | 2.29 | 2.75 |
FFO Payout Ratio % | 0% | 0% | 0% | 78.66% | 13.82% |
EPS (Diluted) | 0.00▲ 0% | -1.55▲ 0% | -1.48▲ 4.5% | 2.44▲ 264.9% | 2.79▲ 0% |
EPS Growth % | - | - | 4.52% | 264.86% | 797.5% |
EPS (Basic) | 0.00 | -1.55 | -1.48 | 2.44 | - |
Diluted Shares Outstanding | 135M | 135M | 166M | 166.03M | 166M |
MRP Balance Sheet
Millrose Properties, Inc. (MRP) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|
Total Assets | 8.02B | 4.74B | 5.47B | 9.26B | 9.57B |
Asset Growth % | - | -40.86% | 15.2% | 69.4% | 208.58% |
Real Estate & Other Assets | 48.86M | 0 | 0 | 21.37M | 0 |
PP&E (Net) | 0 | 0 | 0 | 0 | 0 |
Investment Securities | 0 | 0 | 0 | 1000K | 0 |
Total Current Assets | 7.97B | 4.74B | 5.47B | 364.05M | 372.5M |
Cash & Equivalents | 0 | 0 | 0 | 35.05M | 49.28M |
Receivables | 0 | 0 | 0 | 1000K | 1000K |
Other Current Assets | 0 | 0 | 0 | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 |
Total Liabilities | 393.57M | 285.16M | 306.92M | 3.4B | 3.72B |
Total Debt | 117.46M | 32.61M | 24.19M | 2.11B | 0 |
Net Debt | 117.46M | 32.61M | 24.19M | 2.08B | -49.28M |
Long-Term Debt | 117.46M | 32.61M | 24.19M | 2.11B | 0 |
Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 |
Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | 276.11M | 252.55M | 282.73M | 0 | 0 |
Accounts Payable | 276.11M | 252.55M | 282.73M | 0 | 0 |
Deferred Revenue | 0 | 0 | 0 | 927M | 0 |
Other Liabilities | 0 | 0 | 0 | 285.45M | 0 |
Total Equity | 7.63B▲ 0% | 4.46B▼ 41.6% | 5.16B▲ 15.7% | 5.86B▲ 13.5% | 5.85B▲ 0% |
Equity Growth % | - | -41.55% | 15.69% | 13.53% | 34.71% |
Shareholders Equity | 7.63B | 4.46B | 5.16B | 5.86B | 5.85B |
Minority Interest | 0 | 0 | 0 | 0 | 0 |
Common Stock | 7.63B | 4.46B | 5.16B | 1.66M | 1.66M |
Additional Paid-in Capital | 0 | 0 | 0 | 5.87B | 0 |
Retained Earnings | 0 | 0 | 0 | -18.48M | 0 |
Preferred Stock | 0 | 0 | 0 | 0 | 0 |
Return on Assets (ROA) | -1.8% | -3.29% | -4.82% | 5.16% | 5.17% |
Return on Equity (ROE) | -1.89% | -3.47% | -5.12% | 6.9% | 7.9% |
Debt / Assets | 1.46% | 0.69% | 0.44% | 22.81% | 0% |
Debt / Equity | 0.02x | 0.01x | 0.00x | 0.36x | 0.00x |
Net Debt / EBITDA | - | - | - | 4.22x | -0.08x |
Book Value per Share | 56.51 | 33.03 | 31.07 | 35.27 | 35.26 |
MRP Cash Flow Statement
Millrose Properties, Inc. (MRP) cash flow — operating, investing & free cash flow history
| Metric | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|
Cash from Operations | -328.64M | -865.12M | -917.19M | 3.67B | 4.45B |
Operating CF Growth % | - | -163.24% | -6.02% | 500.44% | 4098.09% |
Operating CF / Revenue % | - | - | - | 611.67% | 624.23% |
Net Income | -144.25M | -209.79M | -246.22M | 379.86M | 462.94M |
Depreciation & Amortization | 61K | 0 | 0 | 0 | 1.36M |
Stock-Based Compensation | 3.81M | 10.09M | 14.94M | 677K | 181K |
Other Non-Cash Items | -4.68M | 0 | -13K | 16.73M | -13.2M |
Working Capital Changes | -183.58M | -665.42M | -685.9M | 3.28B | 4B |
Cash from Investing | 0 | 0 | 0 | -5.72B | -6.08B |
Acquisitions (Net) | 0 | 0 | 0 | -858.94M | 0 |
Purchase of Investments | 0 | 0 | 0 | -5.15B | 0 |
Sale of Investments | 0 | 0 | 0 | 0 | 0 |
Other Investing | 0 | 0 | 0 | 286.09M | -6.08B |
Cash from Financing | 328.64M | 865.12M | 917.19M | 2.08B | 1.59B |
Dividends Paid | 0 | 0 | 0 | -298.81M | -423.31M |
Common Dividends | 0 | 0 | 0 | -298.81M | -63.08M |
Debt Issuance (Net) | -1000K | -1000K | -1000K | 1000K | 4M |
Share Repurchases | 0 | 0 | 0 | 0 | 0 |
Other Financing | 344.74M | 883.81M | 930.7M | 279.26M | -3.1M |
Net Change in Cash | 0▲ 0% | 0▲ 0% | -1.08B▲ 0% | 35.05M▲ 103.3% | -40.25M▲ 0% |
Exchange Rate Effect | 0 | 0 | -1.08B | 0 | 0 |
Cash at Beginning | 0 | 0 | 1.08B | 0 | 35.05M |
Cash at End | 0 | 0 | 0 | 35.05M | 49.28M |
Free Cash Flow | -328.64M▲ 0% | -865.12M▼ 163.2% | -917.19M▼ 6.0% | 3.67B▲ 500.4% | 4.45B▲ 0% |
FCF Growth % | - | -163.24% | -6.02% | 500.44% | 329.65% |
FCF / Revenue % | - | - | - | 611.67% | 624.23% |
MRP Key Ratios
Millrose Properties, Inc. (MRP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|
| FFO per Share | -1.55 | -1.48 | 2.29 | 2.75 |
| FFO Payout Ratio | 0% | 0% | 78.66% | 13.82% |
| NOI Margin | - | - | 85.39% | 96.92% |
| Net Debt / EBITDA | - | - | 4.22x | -0.08x |
| Debt / Assets | 0.69% | 0.44% | 22.81% | 0% |
| Interest Coverage | - | - | 5.36x | - |
| Book Value / Share | 33.03 | 31.07 | 35.27 | 35.26 |
| Revenue Growth | - | - | - | 761.8% |
Related:MRP Dividend History·MRP Revenue History·MRP Price History·MRP P/E History·MRP Financial Ratios·MRP Institutional Holders
MRP SEC Filings & Documents
Millrose Properties, Inc. (MRP) SEC filings — annual & quarterly reports (10-K, 10-Q)
MRP Frequently Asked Questions
Millrose Properties, Inc. (MRP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Millrose Properties, Inc. (MRP) reported $712.7M in revenue for fiscal year 2025.
Millrose Properties, Inc. (MRP) grew revenue by 0.0% over the past year. Growth has been modest.
Yes, Millrose Properties, Inc. (MRP) is profitable, generating $462.9M in net income for fiscal year 2025 (63.3% net margin).
Dividend & Returns
Yes, Millrose Properties, Inc. (MRP) pays a dividend with a yield of 6.15%. This makes it attractive for income-focused investors.
Millrose Properties, Inc. (MRP) has a return on equity (ROE) of 6.9%. This is below average, suggesting room for improvement.
Industry Metrics
Millrose Properties, Inc. (MRP) generated Funds From Operations (FFO) of $456.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Millrose Properties, Inc. (MRP) offers a 6.15% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.