Millrose Properties, Inc.
The research page contains a warning that has not been mapped to a supported model interpretation. The company research remains available, but the complete score is withheld until the warning is reviewed.
MRP · Price history
Price at last available close
$26.11
+$0.14 (+0.54%) 1M
2026-10-29
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Company & revenue
About Millrose Properties, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Millrose Properties, Inc. is the premier permanent capital solution for residential homebuilders and developers. The company specializes in the acquisition, financing and development of residential land through long-term, capital-efficient structures. The company also provides homebuilders with a predictable, just-in-time supply of finished homesites – the scarcest and mission-critical resource in the homebuilding industry.
How they make money
Millrose Properties, Inc. operates as a residential land development company that acquires land and performs horizontal development to create finished homesites. The company generates revenue primarily by selling these developed homesites to homebuilders and, to a lesser extent, by providing development loans secured by residential property.
Products & services
The company provides finished residential homesites and development financing services for homebuilders.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
- HomebuildersSource
Disclosed major customers
- Lennar CorporationSource
Customer concentration
The company is highly dependent on Lennar Corporation, which accounts for a significant portion of its homesite sales and option purchase arrangements as of the fiscal year ended December 31, 2025.
Suppliers, materials & equipment
- Land sellers and construction contractors — The company relies on various third-party land sellers for acquisitions and construction contractors for horizontal development activities; specific supplier names are not disclosed.Source
Strengths
Sources
Company-specific research
Questions worth answering for MRP
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can MRP maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is MRP's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is MRP's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •What future growth or profitability would be needed to justify MRP's current valuation?
- •What does the current fundamental change risk warning mean for the reliability or interpretation of MRP's score?
Essential Investment Snapshot
Market Cap
$4.03B
P/E Ratio
7.8
EPS
$2.87
52-Week High
$33.49
52-Week Low
$21.85
Beta
0.30
Shares Outstanding
166.0M
Total Debt
$2.48B
Dividend Yield (TTM)
11.76%
Liquidation Value / Share
$35.25
Dividend / Share (TTM)
$3.07
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Elevated movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for MRP
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Community Sentiment
0 active · 0 total callsNo personal call yet on MRP.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Strategic relationship with Lennar Corporation.
- +Large portfolio of homesites across multiple states.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the REIT - Residential industry.
- −Concentration risk related to Lennar Corporation.
- −Risks associated with real estate market fluctuations and land development.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
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Score Changes
Score changes will appear once more historical records are available.
Price vs. Value
Valuation unavailableCurrent Price
$26.11
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $760.5M | $600.5M | $0.00 | $0.00 | ···· |
| Cost of Revenue | $29.9M | $87.8M | $0.00 | $0.00 | ···· |
| Gross Profit | $730.6M | $512.7M | $0.00 | $0.00 | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· |
| SG&A Expenses | $29.9M | $25.6M | $246.2M | $209.8M | ···· |
| Operating Expenses | $83.3M | $26.6M | $246.2M | $209.8M | ···· |
| EBITDA | $652.4M | $492.2M | -$246.2M | -$209.8M | ···· |
| Operating Income | $647.3M | $486.1M | -$246.2M | -$209.8M | ···· |
| Interest Expense | $158.2M | $91.8M | $0.00 | $0.00 | ···· |
| Income Before Tax | $494.9M | $400.4M | -$246.2M | -$209.8M | ···· |
| Income Tax Expense | $18.9M | $20.5M | $0.00 | $0.00 | ···· |
| Net Income | $476.1M | $379.9M | -$246.2M | -$209.8M | ···· |
| Basic EPS | $2.87 | $2.44 | $-1.48 | $-1.55 | ···· |
| Basic Shares | 166M | 166M | 166M | 135M | ···· |
| Diluted Shares | 166M | 166M | 166M | 135M | ···· |
Earnings Summary
Revenue
$196.9M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.76
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+145.1%
Cash Change
-48.7%
Margin Change
-11.7 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Weakened
- Margins contracted
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included revenue growth, EPS growth. Pressure indicators included cash levels, debt levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 32.1%. EPS increased 11.8%. Cash declined 48.7%. Total debt increased 145.1%. Net income margin declined by 11.7 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
21
Smart Money
21
Number of Gurus
2
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
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Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
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Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
REIT - ResidentialNews
SHAREHOLDER ALERT: Bronstein Gewirtz & Grossman, LLC Announces Class Action Against Millrose Properties, Inc. (MRP) -- Investors Who Suffered Losses Are Encouraged to Contact the Firm.
MRP Investor Alert: Millrose Properties, Inc. Securities Class Action Notice - Contact SueWallSt
INVESTOR ALERT: Pomerantz Law Firm Reminds Investors with Losses on their Investment in Millrose Properties, Inc. of Class Action Lawsuit and Upcoming Deadlines - MRP
MRP Securities Class Action: Johnson Fistel Alerts Millrose Properties, Inc. Investors to December 8, 2026 Lead Plaintiff Deadline
Rumor Mill · MRP
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