Millrose Properties (MRP) Financials
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 Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
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).
FY2025 earnings were unusually cash-rich, but the business also became more liability-funded as its asset base expanded.
Cash conversion diverged sharply from accounting profit: operating cash flow was$3.7B against net income of$380M . The966.9% conversion ratio, alongside an investing outflow of$5.7B , indicates that reported cash movement was driven more by balance-sheet and investment activity than by earnings alone.
Liabilities grew much faster than assets in FY2025, rising
High reported profitability rests on a very lean expense structure: operating margin was
Financial Health Signals
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.
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.
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
Earnings & Revenue
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%.
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%.
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%.
Not reported for Q2 2026.
Cash & Balance Sheet
Millrose Properties, Inc. held $34.2M in cash against $13.0M in long-term debt as of Q2 2026.
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%.
Not reported for Q2 2026.
Margins & Returns
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.
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.
Millrose Properties, Inc.'s quarterly ROE was 2.1% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.2 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.
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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | 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 | $152.8Mn/m | $126.9Mn/m | $45.6Mn/m | 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 | $5.9Mn/m | $4.8Mn/m | $4.4Mn/m | N/A | $0 |
| Net Income | $125.9M+11.6% | $122.9M+208.7% | $122.2M | $105.1Mn/m | $112.8Mn/m | $39.8Mn/m | N/A | -$63.7M |
| EPS (Basic) | $0.76+11.8% | $0.74 | $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
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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | 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% | $35.0Mn/m | $242.6M | $66.6M | $89.5M | $0 | N/A |
| Inventory | N/A | N/A | N/A | $8.4B | $7.8B | $7.0B | $5.5B | 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 |
| Long-Term Debt | $13.0M0.0% | $13.0M0.0% | $13.0M | $13.0M | $13.0M | $13.0M | N/A | 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, Short-Term Investments, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities.
MRP Cash Flow 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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | 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% | $3.4Bn/m | -$1.4Bn/m | $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 | -$834.8Mn/m | -$962.0Mn/m | -$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% | $594.7Mn/m | $674.4Mn/m | $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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | 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 | 0.000.0x | 0.000.0x | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A |
| Liabilities-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% | $4.0B | — |
| Independence Realty Trust Inc. IRT | FY2025 | $657.7M | $56.6M | 8.6% | $3.5B | 70/100 |
| Equity Lifestyle Properties, Inc. ELS | FY2025 | $1.5B | $402.1M | 26.3% | $11.8B | 56/100 |
| AMERICAN HOMES 4 RENT AMH | FY2025 | N/A | $439.0M | N/A | $11.6B | — |
| Camden Property Trust CPT | FY2025 | $13.0M | $384.5M | N/A | $11.8B | 79/100 |
| Mid-America Apartment Communities, Inc. MAA | FY2025 | $2.2B | $446.9M | 20.2% | $13.9B | 59/100 |
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 $476.1M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $379.9M, with a net profit margin of 63.3%.
How much debt does Millrose Properties, Inc. have?
As of fiscal year 2025, Millrose Properties, Inc. (MRP) had $35.0M in cash and equivalents against $13.0M in long-term debt.
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 0.00 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Millrose Properties, Inc.'s liabilities-to-equity ratio?
Millrose Properties, Inc. (MRP) had a liabilities-to-equity ratio of 0.58 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-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 8.3x earnings, its market capitalization divided by $476.1M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.0B as of Oct 26, 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 5.2x sales, its market capitalization divided by $760.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.0B as of Oct 26, 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.