Millrose Properties, Inc. (MRP)

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. Millrose utilizes a proprietary technology platform that provides real-time feedback and data analytics to drive acquisition decisions. Every transaction in the Millrose portfolio undergoes rigorous independent due diligence to ensure attractive yields and long-term viability. By enabling an asset-light model, Millrose provides its diverse roster of homebuilder partners with the strategic flexibility to maintain production volumes and optimize balance sheet efficiency across all market environments. Millrose Properties, Inc.is based in Miami, United States.

Ticker: MRP
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Residential
Market cap: $4.30B
52-week range: $21.07 - $32.60

Valuation

Share price: $25.92 (close of Nov 6, 2026)
P/E (TTM): 8.58x
Price to book: 0.74x
Price to free cash flow: 1.16x
Enterprise value: $7.58B
Book value per share: $35.24

Price performance

Period	Change
1 day	-2.19%
5 days	+1.17%
1 month	+11.87%
3 months	-10.03%
6 months	-8.05%
Year to date	-13.22%
1 year	-17.00%
All time	+18.14%

Short interest

As of: Oct 15, 2026
Short % of float: 8.75%
Shares short: 11.62M
Days to cover: 2.39
Change since prior report: +38.56%
Source: FINRA consolidated short interest

Members of Congress who disclosed MRP trades

Jefferson Shreve

Super investors holding MRP

Glenn Greenberg (Brave Warrior Advisors, LLC) · Bill Miller (Miller Value Partners, LLC) · Ken Griffin (Citadel)

Profitability and growth

Return on equity: 6.49%
Return on invested capital: 5.84%
Return on assets: 4.10%
Net margin: 63.26%
EBITDA margin: 80.95%

Cash flow and balance sheet

Free cash flow yield (TTM): 85.86%
Net debt to EBITDA: 4.81x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $600.46M
EBITDA: $486.07M
Net income: $379.86M
Earnings per share: $2.44
Interest expense: $91.79M
Shares outstanding: 166.00M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$600.46M	$379.86M	$2.44
2024-12-31	-	-$246.22M	-$1.48
2023-12-31	-	-$209.79M	-$1.55

Margins and returns by year

Period end	Net margin	Return on equity	Return on capital
2025-12-31	63.26%	6.49%	5.84%
2024-12-31	-	-4.77%	-4.75%
2023-12-31	-	-4.70%	-4.67%

Cash and debt by year

Period end	Cash
2025-12-31	$35.05M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$3.67B	$677.00K
2024-12-31	-$917.19M	$14.94M
2023-12-31	-$865.12M	$10.09M
2022-12-31	-$328.64M	$3.81M

Dividend history

Most recent payment: Oct 5, 2026
Paid in the last twelve months: $3.07

Payment date	Dividend per share
2026-10-05	$0.79
2026-07-06	$0.77
2026-04-02	$0.76
2026-01-05	$0.75
2025-10-03	$0.73
2025-07-03	$0.69
2025-04-04	$0.38

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-27	Sep 2026	-
2026-08-04	Jun 2026	-
2026-05-06	Mar 2026	-
2026-02-26	Dec 2025	-
2025-10-23	Sep 2025	-
2025-07-31	Jun 2025	-
2025-05-14	Mar 2025	-

Filings and sources

Company website: millroseproperties.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

Similar companies

Independence Realty Trust, Inc. (IRT) · Camden Property Trust (CPT) · UDR, Inc. (UDR) · American Homes 4 Rent (AMH) · Equity LifeStyle Properties Inc (ELS) · Mid-America Apartment Communities Inc. (MAA) · Invitation Homes Inc. (INVH) · Essex Property Trust, Inc. (ESS)

All Real Estate companies

Understanding these figures

Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

Explore

Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades