What is Millrose Properties, Inc.'s earnings per share (EPS)?

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) Financials

MRP

Trailing 12 months to June 30, 2026

Revenue $760.5M YoY not available

Net Income $476.1M YoY not available

EPS (Diluted) $2.87 YoY not available

Operating Cash Flow $3.7B +3931.5% YoY

Market Cap $4.9B as of Sep 12, 2026

Price / Sales 6.5x on $760.5M revenue, trailing 12 months to June 30, 2026

Price / Earnings 10.4x on $476.1M net income, trailing 12 months to June 30, 2026

Price / Book 0.8x on $5.9B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRP SEC filings page.

Millrose Properties, Inc. (MRP) reported $760.5M in revenue over the twelve months to Jun 30, 2026. This page shows its 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 2026-08-29

Millrose shifted from pre-revenue asset accumulation to operating cash generation, while financing became a larger part of its capital structure.

Cash conversion diverged sharply from reported earnings: in FY2025, operating cash flow reached $3.7B against net income of $379.9M, while investing absorbed $5.7B. That combination indicates the year's cash result was heavily shaped by noncash and working-capital effects alongside earnings, rather than reflecting accounting profit alone.

The balance sheet expanded from $5.5B of assets in FY2024 to $9.3B in FY2025, while debt-to-equity rose from 0.1x to 0.6x. Expansion therefore used a materially larger liability base, although equity remained the larger financing source.

Operating results moved from a $246.2M loss in FY2024 to $486.1M of income in FY2025. With SG&A at $25M in FY2025, the profitability inflection appears tied to a change in business activity or asset realization rather than ordinary incremental margin improvement.

Financial Health Signals

Financial health score not available

Millrose Properties, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

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

5.30x

Millrose Properties, Inc. earns $5.30 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

$196.9M

YoY+32.1%

QoQ+1.0%

Millrose Properties, Inc. generated $196.9M in revenue in Q2 2026. This represents an increase of 32.1% from the same quarter a year earlier. Against the prior quarter it is up 1.0%.

Net Income

$125.9M

YoY+11.6%

QoQ+2.4%

Millrose Properties, Inc. reported $125.9M in net income in Q2 2026. This represents an increase of 11.6% from the same quarter a year earlier. Against the prior quarter it is up 2.4%.

EPS (Diluted)

$0.76

YoY+11.8%

QoQ+2.7%

Millrose Properties, Inc. earned $0.76 per diluted share (EPS) in Q2 2026. This represents an increase of 11.8% from the same quarter a year earlier. Against the prior quarter it is up 2.7%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$34.2M

YoY-48.7%

QoQ-30.7%

Millrose Properties, Inc. held $34.2M in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.77

YoY+11.6%

QoQ+1.3%

Millrose Properties, Inc. paid $0.77 per share in dividends in Q2 2026. This represents an increase of 11.6% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.

Shares Outstanding

Diluted avg 166M

Millrose Properties, Inc. had a weighted average of 166M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Operating Margin

85.2%

YoY0.0pp

QoQ0.0pp

Millrose Properties, Inc.'s operating margin was 85.2% in Q2 2026, reflecting core business profitability. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Net Margin

63.9%

YoY-11.7pp

QoQ+0.9pp

Millrose Properties, Inc.'s net profit margin was 63.9% in Q2 2026, showing the share of revenue converted to profit. This is down 11.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.

Return on Equity

2.1%

YoY+0.2pp

QoQ0.0pp

Millrose Properties, Inc.'s ROE was 2.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.2 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

MRP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MRP quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K
Revenue	$760.5M	$600.5M	N/A	N/A
SG&A Expenses	N/A	$25.0M-89.8%	$246.2M+17.3%	$209.8M
Operating Income	$647.3M	$486.1M+297.4%	-$246.2M-17.4%	-$209.8M
Interest Expense	$158.2M	$91.8M	N/A	N/A
Income Tax	$18.9M	$20.5M	N/A	N/A
Net Income	$476.1M	$379.9M+254.3%	-$246.2M-17.4%	-$209.8M
EPS (Basic)	N/A	$2.44	N/A	N/A
EPS (Diluted)	$2.87	$2.44	N/A	N/A
Diluted Shares (Avg)	N/A	166M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$196.9M+32.1%	$194.9M+135.7%	$189.5M	$179.3M	$149.0M	$82.7M	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$63.7M
Operating Income	$167.6M+32.1%	$166.1M+263.9%	$160.7M	$152.8M+340.0%	$126.9M+312.3%	$45.6M+180.1%	N/A	-$63.7M
Interest Expense	$40.0M+289.1%	$39.2M+1446.2%	$35.2M	$43.7M	$10.3M	$2.5M	N/A	N/A
Income Tax	$2.5M-48.5%	$5.0M+15.0%	$5.5M	$5.9M	$4.8M	$4.4M	N/A	$0
Net Income	$125.9M+11.6%	$122.9M+208.7%	$122.2M	$105.1M+265.0%	$112.8M+288.7%	$39.8M+169.9%	N/A	-$63.7M
EPS (Basic)	$0.76+11.8%	$0.74+89.7%	$0.74	$0.63	$0.68	$0.39	N/A	N/A
EPS (Diluted)	$0.76+11.8%	$0.74	$0.74	$0.63	$0.68	$0.39	N/A	N/A
Diluted Shares (Avg)	166M0.0%	166M	N/A	166M	166M	166M	N/A	N/A

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, EBITDA.

MRP Balance Sheet

MRP quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K
Total Assets	$9.3B+69.4%	$5.5B	N/A
Cash & Equivalents	$35.0M	$0	N/A
Short-Term Investments	$0	$0	N/A
Inventory	N/A	$5.5B	N/A
Long-Term Investments	$0	$0	N/A
Total Liabilities	$3.4B+1008.4%	$306.9M	N/A
Total Equity	$5.9B+13.5%	$5.2B+15.7%	$4.5B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$9.7B+21.7%	$9.6B+33.8%	$9.3B+69.4%	$9.0B	$8.0B	$7.2B	$5.5B	N/A
Cash & Equivalents	$34.2M-48.7%	$49.3M-45.0%	$35.0M	$242.6M	$66.6M	$89.5M	$0	N/A
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	N/A
Inventory	N/A	N/A	N/A	$8.4B	$7.8B	$7.0B	$5.5B	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	N/A
Total Liabilities	$3.9B+83.6%	$3.7B+191.1%	$3.4B+1008.4%	$3.2B	$2.1B	$1.3B	$306.9M	N/A
Total Equity	$5.9B-0.4%	$5.9B-0.4%	$5.9B+13.5%	$5.9B+44.9%	$5.9B+55.9%	$5.9B+38.5%	$5.2B	$4.0B
Retained Earnings	N/A	N/A	N/A	N/A	-$98K	$1.7M	N/A	N/A

Not reported in any period shown, so not listed: Current Assets, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

MRP Cash Flow Statement

MRP quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K
Operating Cash Flow	$3.7B	$3.7B+500.4%	-$917.2M-6.0%	-$865.1M
Stock-Based Compensation	N/A	$677K-95.5%	$14.9M+48.0%	$10.1M
Investing Cash Flow	-$4.7B	-$5.7B	N/A	N/A
Financing Cash Flow	$927.9M	$2.1B+127.3%	$917.2M+6.0%	$865.1M
Dividends Paid	$494.7M	$298.8M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$886.0M-1.1%	$797.3M+11.7%	$3.4B+390.4%	-$1.4B-299.3%	$896.3M+114.7%	$713.7M+291.4%	-$1.2B	-$339.7M
Stock-Based Compensation	N/A	$692K	N/A	$200K	$200K	N/A	N/A	N/A
Investing Cash Flow	-$834.8M+44.9%	-$962.0M+25.9%	-$3.6B	$704.6M	-$1.5B	-$1.3B	N/A	N/A
Financing Cash Flow	-$66.3M-111.1%	$178.9M-73.5%	-$12.7M-101.1%	$827.9M+143.7%	$594.7M+242.4%	$674.4M+469.8%	$1.2B	$339.7M
Dividends Paid	$127.9M+11.6%	$124.5M+97.4%	$121.2M	$121.2M	$114.5M	$63.1M	N/A	N/A

Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Share Buybacks.

MRP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MRP quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K
Operating Margin	81.0%	N/A	N/A
Net Margin	63.3%	N/A	N/A
Return on Equity	6.5%+11.3pp	-4.8%-0.1pp	-4.7%
Return on Assets	4.1%+8.6pp	-4.5%	N/A
Debt-to-Equity	0.58+0.5x	0.06	N/A
Asset Turnover	0.06	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	85.2%0.0pp	85.2%+30.0pp	84.8%	85.3%	85.1%	55.2%	N/A	N/A
Net Margin	63.9%-11.7pp	63.0%+14.9pp	64.5%	58.6%	75.7%	48.1%	N/A	N/A
Return on Equity	2.1%+0.2pp	2.1%+1.4pp	2.1%	1.8%+3.4pp	1.9%+3.5pp	0.7%+2.0pp	N/A	-1.6%
Return on Assets	1.3%-0.1pp	1.3%+0.7pp	1.3%	1.2%	1.4%	0.6%	N/A	N/A
Debt-to-Equity	0.66+0.3x	0.63+0.4x	0.58+0.5x	0.54	0.36	0.22	0.06	N/A
Asset Turnover	0.020.0x	0.020.0x	0.02	0.02	0.02	0.01	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Millrose Properties, Inc. MRP	FY2025	$600.5M	$379.9M	63.3%	$4.9B	—
Independence Realty Trust Inc. IRT	FY2025	$657.7M	$56.6M	8.6%	$3.6B	47/100
Equity Lifestyle Properties, Inc. ELS	FY2025	$1.5B	$402.1M	26.3%	$11.7B	60/100
AMERICAN HOMES 4 RENT AMH	FY2025	N/A	$513.4M	N/A	$11.3B	—
Camden Property Trust CPT	FY2025	$13.0M	$384.5M	N/A	$11.9B	53/100
Mid-America Apartment Communities, Inc. MAA	FY2025	$2.2B	$446.9M	20.2%	$14.5B	41/100

Where Millrose Properties, Inc. Ranks

Frequently Asked Questions

What is Millrose Properties, Inc.'s annual revenue?

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.

Is Millrose Properties, Inc. profitable?

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

What is Millrose Properties, Inc.'s operating margin?

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.

What is Millrose Properties, Inc.'s net profit margin?

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.

Does Millrose Properties, Inc. pay dividends?

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

What is Millrose Properties, Inc.'s return on equity (ROE)?

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.

What is Millrose Properties, Inc.'s operating cash flow?

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

What are Millrose Properties, Inc.'s total assets?

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

What is Millrose Properties, Inc.'s debt-to-equity ratio?

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.

What is Millrose Properties, Inc.'s return on assets (ROA)?

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.

What is Millrose Properties, Inc.'s P/E ratio?

Millrose Properties, Inc. (MRP) trades at 10.4x earnings, its market capitalization divided by net income of $476.1M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.9B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Millrose Properties, Inc.'s price-to-sales ratio?

Millrose Properties, Inc. (MRP) trades at 6.5x sales, its market capitalization divided by revenue of $760.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.9B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Are Millrose Properties, Inc.'s earnings high quality?

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.

Can Millrose Properties, Inc. cover its interest payments?

Millrose Properties, Inc. (MRP) has an interest coverage ratio of 5.30x, 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.