(MRP) Millrose Properties - Overview
Sector: Real Estate | Industry: REIT - Residential | Exchange: NYSE (USA) | Market Cap: 4.595m USD | Total Return: 11.8% in 12m
Avg Turnover: 43.6M
Warnings
High Debt while negative Cash Flow
Altman Z'' 0.60 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Millrose Properties, Inc. (NYSE: MRP) operates as a specialized real estate investment trust focused on the acquisition and horizontal development of residential land. The company utilizes a proprietary data analytics platform to provide homebuilders with finished lots on a just-in-time basis, effectively functioning as a mission-critical supply chain partner.
The business model facilitates an asset-light strategy for homebuilders, allowing them to reduce capital tied up in long-term land holdings and improve return on inventory. In the residential sector, horizontal development involves the installation of essential infrastructure, such as roads and utilities, which significantly increases land value before vertical construction begins.
Investors can further evaluate these operational metrics and valuation trends by exploring the detailed data available on ValueRay. This specialized REIT structure aims to provide predictable yields by mitigating the entitlement and development risks typically associated with raw land acquisition.
- Proprietary data analytics platform optimizes land acquisition yields and development margins
- Scarcity of finished residential homesites drives premium pricing for homebuilder partners
- High interest rates increase financing costs for horizontal land development projects
- Homebuilder transition to asset-light models boosts demand for just-in-time inventory
- Regulatory zoning changes and land use restrictions impact site development timelines
| Net Income: 462.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.22 > 0.02 and ΔFCF/TA -7.44 > 1.0 |
| NWC/Revenue: 26.25% < 20% (prev 7.70k%; Δ -7.67k% < -1%) |
| CFO/TA 0.46 > 3% & CFO 4.45b > Net Income 462.9m |
| Net Debt (2.38b) to EBITDA (626.8m): 3.80 < 3 |
| Current Ratio: 2.01 > 1.5 & < 3 |
| Outstanding Shares: last quarter (166.0m) vs 12m ago 0.0% < -2% |
| Gross Margin: 87.69% > 18% (prev 0.85%; Δ 8.68k% > 0.5%) |
| Asset Turnover: 8.52% > 50% (prev 1.16%; Δ 7.37% > 0%) |
| Interest Coverage Ratio: 3.75 > 6 (EBITDA TTM 626.8m / Interest Expense TTM 161.9m) |
| A: 0.02 (Total Current Assets 372.5m - Total Current Liabilities 185.4m) / Total Assets 9.57b |
| B: -0.00 (Retained Earnings -21.8m / Total Assets 9.57b) |
| C: 0.07 (EBIT TTM 606.5m / Avg Total Assets 8.36b) |
| D: -0.01 (Book Value of Equity -20.1m / Total Liabilities 3.72b) |
| Altman-Z'' = 0.60 = B |
As of May 30, 2026, the stock is trading at USD 28.22 with a total of 883,209 shares traded.
Over the past week, the price has changed by +2.43%,
over one month by -7.45%,
over three months by -7.55% and
over the past year by +11.76%.
Millrose Properties has received a consensus analysts rating of 5.00. Therefore, it is recommended to buy MRP.
- StrongBuy: 2
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 38.6 | 36.8% |
P/E Trailing = 9.9176
P/S = 6.4467
P/B = 0.7849
Revenue TTM = 712.7m USD
EBIT TTM = 606.5m USD
EBITDA TTM = 626.8m USD
Long Term Debt = 2.42b USD (from longTermDebt, last quarter)
Short Term Debt = 13.0m USD (from shortTermDebt, last quarter)
Debt = 2.43b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.38b USD (calculated: Debt 2.43b - CCE 49.3m)
Enterprise Value = 6.98b USD (4.59b + Debt 2.43b - CCE 49.3m)
Interest Coverage Ratio = 3.75 (Ebit TTM 606.5m / Interest Expense TTM 161.9m)
EV/FCF = -3.34x (Enterprise Value 6.98b / FCF TTM -2.09b)
FCF Yield = -29.96% (FCF TTM -2.09b / Enterprise Value 6.98b)
FCF Margin = -293.2% (FCF TTM -2.09b / Revenue TTM 712.7m)
Net Margin = 64.96% (Net Income TTM 462.9m / Revenue TTM 712.7m)
Gross Margin = 87.69% ((Revenue TTM 712.7m - Cost of Revenue TTM 87.8m) / Revenue TTM)
Gross Margin QoQ = 85.56% (prev 85.33%)
Tobins Q-Ratio = 0.73 (Enterprise Value 6.98b / Total Assets 9.57b)
Interest Expense / Debt = 6.66% (Interest Expense 161.9m / Debt 2.43b)
Taxrate = 3.94% (5.04m / 127.9m)
NOPAT = 582.6m (EBIT 606.5m * (1 - 3.94%))
Current Ratio = 2.01 (Total Current Assets 372.5m / Total Current Liabilities 185.4m)
Debt / Equity = 0.42 (Debt 2.43b / totalStockholderEquity, last quarter 5.85b)
Debt / EBITDA = 3.80 (Net Debt 2.38b / EBITDA 626.8m)
Debt / FCF = -1.14 (negative FCF - burning cash) (Net Debt 2.38b / FCF TTM -2.09b)
Total Stockholder Equity = 5.86b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.54% (Net Income 462.9m / Total Assets 9.57b)
RoE = 7.87% (Net Income TTM 462.9m / Total Stockholder Equity 5.88b)
RoCE = 7.31% (EBIT 606.5m / Capital Employed (Equity 5.88b + L.T.Debt 2.42b))
RoIC = 6.09% (NOPAT 582.6m / Invested Capital 9.57b)
WACC = 8.47% (E(4.59b)/V(7.02b) * Re(9.56%) + D(2.43b)/V(7.02b) * Rd(6.66%) * (1-Tc(0.04)))
Discount Rate = 9.56% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 67.51 | Cagr: 9.62%
[DCF] Fair Price = unknown (Cash Flow -2.09b)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -1.77 | # QB: -1
Revenue Correlation: N/A | Revenue CAGR: N/A | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.76 | Chg30d=-3.18% | Revisions=-33% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.80 | Chg30d=+0.63% | Revisions=+20% | Analysts=2
EPS current Year (2026-12-31): EPS=3.10 | Chg30d=-1.11% | Revisions=-33% | GrowthEPS=+27.3% | GrowthRev=+39.0%
EPS next Year (2027-12-31): EPS=3.23 | Chg30d=+2.22% | Revisions=+33% | GrowthEPS=+4.0% | GrowthRev=+7.0%
[Analyst] Revisions Ratio: -33%