Millrose Properties, Inc. MRP

Real estate SIC 6500 - Real Estate NAICS Real Estate and Rental and Leasing › Real Estate derived NYSE

Millrose Properties, Inc. is a corporation incorporated under the laws of the State of Maryland on March 19, 2024 and later spun-off by Lennar. The Spin-Off was completed on February 7, 2025, at which time we became an independent, publicly traded company and our Class A common stock was listed on the New York Stock Exchange under the symbol "MRP".

Millrose purchases and develops residential land and sells finished homesites to homebuilders by way of option contracts with predetermined costs and takedown schedules. We serve as a solution for homebuilders seeking to expand access to finished homesites while implementing an asset-light strategy. Our option contracts provide for the payment of recurring cash option fees as compensation for the capital and operational solution delivered by the Millrose platform. As Millrose sells fully developed homesites, capital is recycled into future land acquisitions for homebuilders, providing counterparties with durable access to community growth. To a lesser extent, we also provide development loans secured by property intended for residential use.

Last close 23.86 2026-10-23
Market cap $3.96B estimated share count
52-week range 21.07 - 33.24

Valuation FY2025 figures against the last close

P/S6.6x
P/E9.8x
P/FCF1.1x
EV/EBITDA8.2x
Dividend yield7.5%
Diluted EPS2.44

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022
Revenue $600.5M———
SG&A $25.0M$246.2M$209.8M—
Total operating expenses $114.4M$246.2M$209.8M—
Operating income $486.1M-$246.2M-$209.8M—
Interest expense $91.8M———
Pre-tax income $400.4M-$246.2M-$209.8M—
Income tax $20.5M———
Net income $379.9M-$246.2M-$209.8M—
EPS, basic 2.44———
EPS, diluted 2.44———
Shares, diluted (wtd. avg.) 166.0M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022
Cash and equivalents $35.0M$0——
Inventory —$5.47B——
Total assets $9.26B$5.47B——
Total liabilities $3.40B$306.9M——
Total equity $5.86B$5.16B$4.46B$3.77B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022
Operating cash flow $3.67B-$917.2M-$865.1M—
Stock-based compensation $677.0K$14.9M$10.1M—
Investing cash flow -$5.72B———
Financing cash flow $2.08B$917.2M$865.1M—
Dividends paid $298.8M———

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002017206-26-000002.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -250M 0 250M 500M 750M Net income, FY2023: -209.8M Net income, FY2024: -246.2M Revenue, FY2025: 600.5M Net income, FY2025: 379.9M FY2022 FY2023 FY2024 FY2025
Fiscal year FY2022FY2023FY2024FY2025
Revenue — — — $600.5M
Gross profit — — — —
Net income — -$209.8M -$246.2M $379.9M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement signed Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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