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Millrose Properties, Inc. Financials

MRP
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Millrose Properties, Inc. (MRP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MRP FY2025

A balance-sheet-heavy business shifted from carrying costs into asset monetization and rapid reinvestment in FY2025.

FY2025's operating cash flow of $3.7B came with investing outflows of $5.7B, so the year's cash generation was being recycled into assets rather than parked on the balance sheet. That helps explain how the company moved from a -$246M loss in FY2024 to $380M net income in FY2025: the economics changed from absorbing holding costs to actively turning the asset base.

Even with a 63.3% net margin in FY2025, return on assets was only 4.1%, which says reported profit is being earned on a very large asset base rather than through an asset-light operating model. Liabilities climbed to $3.4B while debt-to-equity was only 0.6x, so leverage stepped up meaningfully but still sits inside a capital structure dominated by equity.

The cost structure also reset: selling and administrative expense fell from $246M in FY2024 to $25M in FY2025. With operating margin reaching 81.0% and no gross margin reported, the visible improvement looks less like incremental efficiency and more like a business whose earnings are driven by when assets are monetized and overhead is absorbed.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 34 / 100
Financial Profile 34/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Millrose Properties, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
100

Millrose Properties, Inc. has an operating margin of 81.0%, meaning the company retains $81 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power.

Leverage
90

Millrose Properties, Inc. carries a low D/E ratio of 0.58, meaning only $0.58 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.

Returns
13

Millrose Properties, Inc. generates a 6.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 13/100. This is up from -4.8% the prior year.

Piotroski F-Score Neutral
4/9

Millrose Properties, Inc. passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed
9.67x

For every $1 of reported earnings, Millrose Properties, Inc. generates $9.67 in operating cash flow ($3.7B OCF vs $379.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
5.3x

Millrose Properties, Inc. earns $5.3 in operating income for every $1 of interest expense ($486.1M vs $91.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$600.5M

Millrose Properties, Inc. generated $600.5M in revenue in fiscal year 2025.

EBITDA
N/A
Net Income
$379.9M
YoY+254.3%

Millrose Properties, Inc. reported $379.9M in net income in fiscal year 2025. This represents an increase of 254.3% from the prior year.

EPS (Diluted)
$2.44

Millrose Properties, Inc. earned $2.44 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$35.0M

Millrose Properties, Inc. held $35.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
$2.55

Millrose Properties, Inc. paid $2.55 per share in dividends in fiscal year 2025.

Shares Outstanding
N/A

Margins & Returns

Gross Margin
N/A
Operating Margin
81.0%

Millrose Properties, Inc.'s operating margin was 81.0% in fiscal year 2025, reflecting core business profitability.

Net Margin
63.3%

Millrose Properties, Inc.'s net profit margin was 63.3% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity
6.5%
YoY+11.3pp

Millrose Properties, Inc.'s ROE was 6.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 11.3 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

MRP Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $194.9M+2.9% $189.5M+5.7% $179.3M+20.3% $149.0M+80.2% $82.7M N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $25.0M N/A N/A N/A N/A N/A $63.7M+6.5% $59.8M
Operating Income $166.1M+3.3% $160.7M+5.2% $152.8M+20.5% $126.9M+178.0% $45.6M N/A -$63.7M-6.5% -$59.8M
Interest Expense $39.2M+11.3% $35.2M-19.5% $43.7M+325.4% $10.3M+305.6% $2.5M N/A N/A N/A
Income Tax $5.0M-8.4% $5.5M-6.2% $5.9M+22.9% $4.8M+8.9% $4.4M N/A $0 $0
Net Income $122.9M+0.5% $122.2M+16.4% $105.1M-6.8% $112.8M+183.3% $39.8M N/A -$63.7M-6.5% -$59.8M
EPS (Diluted) $0.74 N/A $0.63-7.4% $0.68+74.4% $0.39 N/A N/A N/A

MRP Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $9.6B+3.4% $9.3B+2.6% $9.0B+13.2% $8.0B+11.5% $7.2B+30.9% $5.5B N/A N/A
Current Assets N/A N/A N/A N/A N/A N/A N/A N/A
Cash & Equivalents $49.3M+40.6% $35.0M-85.6% $242.6M+264.4% $66.6M-25.6% $89.5M $0 N/A N/A
Inventory N/A N/A $8.4B+6.6% $7.8B+12.1% $7.0B+28.1% $5.5B N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $3.7B+9.2% $3.4B+7.5% $3.2B+50.8% $2.1B+64.5% $1.3B+315.9% $306.9M N/A N/A
Current Liabilities N/A N/A N/A N/A N/A N/A N/A N/A
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $5.9B0.0% $5.9B0.0% $5.9B-0.3% $5.9B0.0% $5.9B+13.9% $5.2B+27.6% $4.0B+7.3% $3.8B
Retained Earnings N/A N/A N/A -$98K-105.8% $1.7M N/A N/A N/A

MRP Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $797.3M-76.7% $3.4B+2676.9% $123.1M+121.1% -$583.4M-181.7% $713.7M+160.6% -$1.2B-246.6% -$339.7M-181.4% $417.5M
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow -$962.0M+73.4% -$3.6B-366.3% -$775.1M-2157.0% -$34.3M+97.4% -$1.3B N/A N/A N/A
Financing Cash Flow $178.9M+1513.3% -$12.7M-101.5% $827.9M+39.2% $594.7M-11.8% $674.4M-42.7% $1.2B+246.6% $339.7M+181.4% -$417.5M
Dividends Paid $124.5M+2.7% $121.2M0.0% $121.2M+5.8% $114.5M+81.6% $63.1M N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

MRP Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 85.2%+0.4pp 84.8%-0.4pp 85.3%+0.1pp 85.1%+30.0pp 55.2% N/A N/A N/A
Net Margin 63.0%-1.5pp 64.5%+5.9pp 58.6%-17.1pp 75.7%+27.6pp 48.1% N/A N/A N/A
Return on Equity 2.1%+0.0pp 2.1%+0.3pp 1.8%-0.1pp 1.9%+1.2pp 0.7% N/A -1.6%+0.0pp -1.6%
Return on Assets 1.3%-0.0pp 1.3%+0.2pp 1.2%-0.3pp 1.4%+0.9pp 0.6% N/A N/A N/A
Current Ratio N/A N/A N/A N/A N/A N/A N/A N/A
Debt-to-Equity 0.63+0.1 0.58+0.0 0.54+0.2 0.36+0.1 0.22+0.2 0.06 N/A N/A
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

Millrose Properties, Inc. (MRP) reported $600.5M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Yes, Millrose Properties, Inc. (MRP) reported a net income of $379.9M in fiscal year 2025, with a net profit margin of 63.3%.

Millrose Properties, Inc. (MRP) reported diluted earnings per share of $2.44 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Millrose Properties, Inc. (MRP) had an operating margin of 81.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Millrose Properties, Inc. (MRP) had a net profit margin of 63.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Millrose Properties, Inc. (MRP) paid $2.55 per share in dividends during fiscal year 2025.

Millrose Properties, Inc. (MRP) has a return on equity of 6.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Millrose Properties, Inc. (MRP) generated $3.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Millrose Properties, Inc. (MRP) had $9.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Millrose Properties, Inc. (MRP) had a debt-to-equity ratio of 0.58 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Millrose Properties, Inc. (MRP) had a return on assets of 4.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Millrose Properties, Inc. (MRP) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Millrose Properties, Inc. (MRP) has an earnings quality ratio of 9.67x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Millrose Properties, Inc. (MRP) has an interest coverage ratio of 5.3x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Millrose Properties, Inc. (MRP) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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