Millrose Properties, Inc. Financials
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).
Financial Health Signals
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.
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.
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.
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.
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).
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 $5.3 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
Earnings & Revenue
Millrose Properties, Inc. generated $600.5M in revenue in fiscal year 2025.
Millrose Properties, Inc. reported $379.9M in net income in fiscal year 2025. This represents an increase of 254.3% from the prior year.
Millrose Properties, Inc. earned $2.44 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Millrose Properties, Inc. held $35.0M in cash against $0 in long-term debt as of fiscal year 2025.
Millrose Properties, Inc. paid $2.55 per share in dividends in fiscal year 2025.
Margins & Returns
Millrose Properties, Inc.'s operating margin was 81.0% in fiscal year 2025, reflecting core business profitability.
Millrose Properties, Inc.'s net profit margin was 63.3% in fiscal year 2025, showing the share of revenue converted to profit.
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
MRP Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $189.5M+5.7% | $179.3M+20.3% | $149.0M+80.2% | $82.7M | N/A | 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 | N/A | N/A | N/A | N/A | N/A | $63.7M+6.5% | $59.8M+5.1% | $56.9M |
| Operating Income | $160.7M+5.2% | $152.8M+20.5% | $126.9M+178.0% | $45.6M | N/A | -$63.7M-6.5% | -$59.8M-4.9% | -$57.0M |
| Interest Expense | $35.2M-19.5% | $43.7M+325.4% | $10.3M+305.6% | $2.5M | N/A | N/A | N/A | N/A |
| Income Tax | $5.5M-6.2% | $5.9M+22.9% | $4.8M+8.9% | $4.4M | N/A | $0 | $0 | $0 |
| Net Income | $122.2M+16.4% | $105.1M-6.8% | $112.8M+183.3% | $39.8M | N/A | -$63.7M-6.5% | -$59.8M-4.9% | -$57.0M |
| EPS (Diluted) | N/A | $0.63-7.4% | $0.68+74.4% | $0.39 | N/A | N/A | N/A | N/A |
MRP Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.3B+2.6% | $9.0B+13.2% | $8.0B+11.5% | $7.2B+30.9% | $5.5B | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $35.0M-85.6% | $242.6M+264.4% | $66.6M-25.6% | $89.5M | $0 | N/A | N/A | N/A |
| Inventory | N/A | $8.4B+6.6% | $7.8B+12.1% | $7.0B+28.1% | $5.5B | N/A | 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 | $3.4B+7.5% | $3.2B+50.8% | $2.1B+64.5% | $1.3B+315.9% | $306.9M | N/A | 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% | $5.9B-0.3% | $5.9B0.0% | $5.9B+13.9% | $5.2B+27.6% | $4.0B+7.3% | $3.8B-11.2% | $4.2B |
| Retained Earnings | N/A | N/A | -$98K-105.8% | $1.7M | N/A | N/A | N/A | N/A |
MRP Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.4B+2676.9% | $123.1M+12.9% | $109.1M+412.5% | $21.3M+101.8% | -$1.2B-246.6% | -$339.7M-181.4% | $417.5M+129.0% | $182.4M |
| 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 | -$3.6B-366.3% | -$775.1M-6.6% | -$726.8M-19.9% | -$606.2M | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$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-129.0% | -$182.4M |
| Dividends Paid | $121.2M0.0% | $121.2M+5.8% | $114.5M+81.6% | $63.1M | N/A | 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 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 84.8%-0.4pp | 85.3%+0.1pp | 85.1%+30.0pp | 55.2% | N/A | N/A | N/A | N/A |
| Net Margin | 64.5%+5.9pp | 58.6%-17.1pp | 75.7%+27.6pp | 48.1% | N/A | N/A | N/A | N/A |
| Return on Equity | 2.1%+0.3pp | 1.8%-0.1pp | 1.9%+1.2pp | 0.7% | N/A | -1.6%+0.0pp | -1.6%-0.3pp | -1.3% |
| Return on Assets | 1.3%+0.2pp | 1.2%-0.3pp | 1.4%+0.9pp | 0.6% | N/A | 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 | 0.58+0.0 | 0.54+0.2 | 0.36+0.1 | 0.22+0.2 | 0.06 | N/A | 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
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 Piotroski F-Score?
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.
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 5.3x, 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.
How financially healthy is Millrose Properties, Inc.?
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.