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MRP

Millrose Properties, Inc.

MRP

Millrose Properties, Inc. • NYSE
$30.46 ▼ -0.62% (-0.19)
Market Cap $4.70 B
52w High $36.00
52w Low $19.00
Dividend Yield 1.80%
P/E 23.25
Volume 2.66M
Outstanding Shares 154.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $179.26M ▲ $26.424M ▲ $105.06M ▼ 58.608% ▼ $0.63 ▼ $154.67M ▲
Q2-2025 $149.002M ▲ $181K ▼ $112.76M ▲ 75.677% ▲ $0.68 ▲ $126.861M ▲
Q1-2025 $82.698M ▲ $24.96M ▼ $39.806M ▲ 48.134% ▼ $0.39 ▲ $46.722M ▲
Q4-2024 $-348.063M ▼ $178.321M ▲ $-449.326M ▼ 129.093% ▲ $-2.71 ▼ $-463.589M ▼
Q3-2024 $123.671M $67.9M $23.569M 19.058% $0.16 $28.382M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $242.578M ▲ $9.024B ▲ $3.165B ▲ $5.858B ▼
Q2-2025 $66.575M ▼ $7.974B ▲ $2.099B ▲ $5.874B ▼
Q1-2025 $89.523M ▲ $7.152B ▲ $1.277B ▲ $5.876B ▲
Q4-2024 $0 $5.465B ▲ $306.918M ▲ $5.158B ▲
Q3-2024 $0 $5.268B $298.088M $4.97B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $112.76M ▲ $109.094M ▲ $-726.786M ▼ $594.744M ▼ $-22.948M ▼ $109.094M ▲
Q1-2025 $39.806M ▲ $21.288M ▲ $-606.209M ▼ $674.444M ▼ $89.523M ▲ $-837.65M ▲
Q4-2024 $-65.803M ▲ $-1.177B ▼ $0 $1.177B ▲ $0 $-1.177B ▼
Q3-2024 $-93.207M ▼ $-339.685M ▼ $0 $339.685M ▲ $0 $-339.685M ▼
Q2-2024 $-59.761M $417.542M $0 $-417.542M $0 $417.542M

Five-Year Company Overview

Income Statement

Income Statement Millrose’s recent history looks like a company in setup mode rather than a mature REIT. For several years, it recorded no revenue but carried steady operating losses as it built out its platform and structure. Losses have been meaningful but relatively stable, suggesting controlled spending rather than runaway costs. The narrative around more recent quarters points to a sharp transition toward meaningful revenue and positive earnings as assets come online, but that shift is not yet visible in the earlier financials shown here.

Balance Sheet

Balance Sheet The balance sheet is equity-heavy with very modest use of debt, which points to a conservative funding approach so far. Total assets dipped and then recovered, consistent with a company reshaping its portfolio and moving from formation to growth. The absence of reported cash in the summary numbers likely reflects capital being deployed quickly into land and projects rather than sitting idle. Overall, the company appears to be built on a solid equity base with low leverage, which can be a cushion in a cyclical sector like housing, but it also means returns depend heavily on how well that equity is deployed.

Cash Flow

Cash Flow Cash flow has been clearly negative, driven by operating outflows as the business invested in people, systems, and early projects before earning substantial income. Free cash flow matches operating cash flow, suggesting that most investment is embedded in the core development activity rather than large separate capital projects. This pattern is typical for a new platform scaling up, but it does mean the business has been reliant on external capital to fund growth. The key question going forward will be how quickly operating cash turns sustainably positive as homesite programs mature.

Competitive Edge

Competitive Edge Millrose occupies a distinctive niche between traditional land bankers and homebuilders, offering builders a way to stay asset‑light while still securing land. Its origin as a spin‑off from a major homebuilder gives it an embedded anchor customer and a sizable initial project pipeline, which is a meaningful early advantage. The recurring, contract‑based nature of its homesite option model can create more stable revenue than pure land trading. The main competitive risks are customer concentration, the need to broaden relationships beyond its parent, and exposure to swings in housing demand and financing conditions.

Innovation and R&D

Innovation and R&D The company’s core innovation is its HOPP’R platform, which systematizes how land is sourced, financed, developed, and delivered to builders on a just‑in‑time basis. This combines process design, data, and standardized contracts to lower capital needs for builders and potentially increase returns for Millrose. Continuous refinement of this platform—better risk tools, integration with builders’ systems, and scalable operations—will be critical to keeping its edge over traditional land banking. Future innovation will likely focus less on flashy technology and more on smarter deal structures, risk management, and expanding the network of builder partners.

Summary

Millrose is transitioning from a capital‑consuming setup phase into a more fully operating REIT model built around its homesite option platform. Historically, it has shown no revenue and steady losses, funded largely by equity, but more recent narrative information points to rising income, growing dividends, and still‑conservative leverage. Its strengths lie in a differentiated business model, a deep relationship with a major homebuilder, and a recurring, contract‑driven revenue structure. Key uncertainties remain around how well it can diversify its customer base, manage housing‑cycle risk, and convert its innovative structure into durable, cash‑rich operations over time.

NEWS

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