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Millrose Properties, Inc.(MRP)Earnings, Financials & Key Ratios
MRP•NYSE•REIT / Real Estate
$30.93
12.7× P/E·Price updated Jun 27, 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%
MRP Price & Volume
Millrose Properties, Inc. (MRP) stock price & volume — 10-year historical chart
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Rapid Revenue Scaling Masks Land Inventory Volatility
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Accelerating
Profitability:Strong
Financial Position:Healthy
Cash Flow:Mixed
Primary Risk:Builder option abandonment risk
"Millrose Properties is aggressively scaling its HOPP'R land-banking platform, evidenced by a 135.7% year-over-year revenue growth in 2026Q1, though the business model remains highly sensitive to the timing of builder option exercises. While the company maintains a conservative capital structure with a 0.36 debt-to-equity ratio as of 2025Q4, the lack of consistent AFFO reporting and lumpy cash flow patterns necessitate caution. Investors should monitor the sustainability of the 5.8% dividend yield against the inherent risks of land-based asset valuation and potential inventory impairment."
Verdict Logic
while the company demonstrates rapid growth, the 12.68 P/E TTM and the inherent volatility in cash flows—highlighted by the $858.9 million capital outflow in 2025Q1—suggest that the current valuation may not fully account for the risks of builder option abandonment.
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, 2026Metric
Actual
Est
EPS
$0.74-3.5%
$0.77
Rev
$195M-3.0%
$201M
Q1 2026
Feb 26, 2026Metric
Actual
Est
EPS
$0.74+0.0%
$0.74
Rev
$190M-0.3%
$190M
Q4 2025
Oct 23, 2025Metric
Actual
Est
EPS
$0.63-14.9%
$0.74
Rev
$179M-5.7%
$190M
Q3 2025
Jul 31, 2025Metric
Actual
Est
EPS
$0.68-8.1%
$0.74
Rev
$149M-11.7%
$169M
| 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 →
Peers Comparison
Key metrics vs top competitors for Millrose Properties, Inc. (MRP)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $30.93 | $4.77B | 12.68 | — | 63.26% | 6.9% | 5.82% | |
| $16.44 | $1.18B | 10.34 | 5.43% | 29.03% | 4.69% | — | |
| $20.79 | $297.86M | -94.50 | 15.9% | -0.64% | -0.14% | — | |
| $21.20 | $2.1B | 258.54 | 20.91% | 5.66% | 0.78% | — | |
| $25.58 | $2.81B | 23.47 | 9.72% | 38.74% | 7.38% | — | |
| $8.61 | $371.41M | -29.69 | 3.66% | -6.68% | -0.87% | — |
Compare MRP vs Peers
Millrose Properties, Inc. (MRP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MRP SEC Filings & Documents
Millrose Properties, Inc. (MRP) SEC filings — annual & quarterly reports (10-K, 10-Q)
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MRP Frequently Asked Questions
Millrose Properties, Inc. (MRP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Millrose Properties, Inc.'s revenue?
Millrose Properties, Inc. (MRP) reported $712.7M in revenue for fiscal year 2025.
Is MRP profitable?
Yes, Millrose Properties, Inc. (MRP) is profitable, generating $462.9M in net income for fiscal year 2025 (63.3% net margin).
Dividend & Returns
Does MRP pay dividends?
Yes, Millrose Properties, Inc. (MRP) pays a dividend with a yield of 5.82%. This makes it attractive for income-focused investors.
What is MRP's return on equity?
Millrose Properties, Inc. (MRP) has a return on equity (ROE) of 6.9%. This is below average, suggesting room for improvement.
Industry Metrics
What is Millrose Properties, Inc.'s FFO?
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.
Is MRP a good dividend stock?
Millrose Properties, Inc. (MRP) offers a 5.82% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.