NYSE : MRP

Millrose Properties, Inc. — Financial statements

Real Estate · REIT - Residential · United States

Last price 26.11 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.34B

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Financial statements

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022
Other Revenue792.29M600.46M
Total Revenue792.29M600.46M
Property Expenses116.12M87.75M
Selling, General & Administrative24.96M246.22M209.79M193.11M
Total Operating Expenses117.38M114.39M246.22M209.79M193.11M
Operating Income674.91M486.07M-246.22M-209.79M-193.11M
Interest Expense-161.54M-91.79M
Interest & Investment Income5.63M7.70M
Other Non-Operating Income-110.00K-1.60M
EBT Excluding Unusual Items518.88M400.37M-246.22M-209.79M-193.11M
Other Unusual Items24.96M
Pretax Income518.88M425.33M-246.22M-209.79M-193.11M
Income Tax Expense17.88M20.51M-48.86M
Net Income501.00M404.82M-246.22M-209.79M-144.25M
Net Income to Common501.00M404.82M-246.22M-209.79M-144.25M
Basic Shares Outstanding166.03M166.00M
Diluted Shares Outstanding166.05M166.03M
EPS (Basic)3.022.44
EPS (Diluted)3.022.44
Dividend Per Share3.072.55
Operating Margin85.19%80.95%
Profit Margin63.23%67.42%
EBIT674.91M486.07M-246.22M-209.79M-193.11M
EBIT Margin85.19%80.95%
Funds From Operations (FFO)501.00M404.82M
FFO Per Share3.022.44
Adjusted Funds From Operations (AFFO)512.45M427.90M
AFFO Per Share3.092.58
FFO Payout Ratio73.81%
Effective Tax Rate3.45%4.82%
Revenue as Reported792.29M600.46M

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022
Cash & Equivalents64.53M35.05M
Loans Receivable Current53.01M329.00M
Other Current Assets10.24B8.87B5.47B4.74B7.97B
Deferred Long-Term Tax Assets48.86M
Deferred Long-Term Charges6.92M
Other Long-Term Assets203.33M14.45M
Total Assets10.56B9.26B5.47B4.74B8.02B
Long-Term Debt3.34B2.13B24.19M32.61M117.46M
Accounts Payable282.73M252.55M276.11M
Accrued Expenses47.94M
Other Current Liabilities124.50M
Long-Term Deferred Tax Liabilities89.71M77.33M
Other Long-Term Liabilities1.28B1.03B
Total Liabilities4.70B3.40B306.92M285.16M393.57M
Common Stock1.66M1.66M5.16B4.46B7.63B
Additional Paid-In Capital5.87B5.87B
Distributions in Excess of Earnings-24.91M-18.48M
Shareholders' Equity5.85B5.86B5.16B4.46B7.63B
Total Liabilities & Equity10.56B9.26B5.47B4.74B8.02B
Total Debt3.34B2.13B24.19M32.61M117.46M
Net Cash (Debt)-3.27B-2.09B-24.19M-32.61M-117.46M
Net Cash Per Share-19.71-12.59
Filing Date Shares Outstanding166.05M166.00M166.00M
Total Common Shares Outstanding166.05M166.00M
Book Value Per Share35.2435.28
Tangible Book Value5.85B5.86B5.16B4.46B7.63B
Tangible Book Value Per Share35.2435.28

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022
Net Income404.82M-246.22M-209.79M-144.25M
Other Amortization20.27M61.00K
Stock-Based Compensation677.00K14.94M10.09M3.81M
Change in Accounts Payable30.18M-23.56M44.17M
Change in Other Net Operating Assets39.03M
Other Operating Activities-29.50M-13.00K-48.86M
Operating Cash Flow3.67B-917.19M-865.12M-328.64M
Acquisition of Real Estate Assets-858.94M
Net Sale / Acq. of Real Estate Assets-858.94M
Other Investing Activities-4.56B
Investing Cash Flow-5.72B
Long-Term Debt Issued4.83B
Long-Term Debt Repaid-2.73B-13.50M-18.69M-16.09M
Net Debt Issued (Repaid)2.10B-13.50M-18.69M-16.09M
Issuance of Common Stock415.15M930.70M883.81M344.74M
Common Dividends Paid-298.81M
Other Financing Activities-135.89M
Net Cash Flow35.05M
Levered Free Cash Flow-3.58B-829.94M3.08B
Unlevered Free Cash Flow-3.54B-829.94M3.08B
Cash Interest Paid23.94M
Cash Income Tax Paid8.50M
Change in Working Capital3.28B-685.90M-665.42M-139.41M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022
Market Capitalization4.41B4.96B
Enterprise Value7.68B6.70B
Last Close Price25.6226.72
Price/FFO Ratio8.3310.96
Price/AFFO Ratio8.1510.36
PE Ratio8.7912.25
PS Ratio5.378.26
PB Ratio0.730.85
P/OCF Ratio1.141.35
EV/Sales Ratio9.5011.15
EV/EBIT Ratio11.1513.77
Debt / Equity Ratio0.570.360.010.010.01
Net Debt / Equity Ratio0.560.360.010.010.01
Asset Turnover0.080.08
Inventory Turnover0.010.01
Quick Ratio0.20
Current Ratio53.5619.3318.7928.88
Return on Equity (ROE)8.56%7.35%-5.12%-3.47%
Return on Assets (ROA)4.31%4.13%-3.02%-2.05%
Return on Invested Capital (ROIC)7.43%7.03%-5.09%-3.43%-2.49%
Earnings Yield11.37%8.16%
Dividend Yield11.88%8.54%
Payout Ratio101.74%73.81%
Total Shareholder Return12.31%8.54%