Millrose Properties, Inc.
- Open
- 29.52
- Day high
- 29.89
- Day low
- 29.16
- Prev close
- 29.57
- Volume
- 1.3M
- Mkt cap
- $4.9B
- P/E (TTM)
- 10.5
- EPS (TTM)
- $2.79
- P/B
- 0.8
- P/S
- 6.9
- Yield
- 10.23%
- Per share
- $3.01
- ▲Insiders net buying $6.6M over the last 3 months (6 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Millrose Properties, Inc. (MRP) is a Real Estate company listed on NYSE. The stock is down 4% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 0 sales (SEC Form 4).
Millrose Properties, Inc. (MRP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MRP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.77 | $0.74 | -3.5% | $195M | -3.0% |
| Oct 23, 2025 | $0.74 | $0.63 | -14.9% | $179M | -5.7% |
| Jul 31, 2025 | $0.74 | $0.68 | -8.1% | $149M | -11.7% |
| May 14, 2025 | — | $0.39 | — | $83M | -40.7% |
| Mar 31, 2025 | — | $-2.71 | — | $-348M | -333.1% |
| Sep 30, 2024 | — | $0.16 | — | $124M | — |
MRP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 19, 2026 | Gorson Matthew B.director | Buy | 4,500 | $26.96 |
| May 13, 2026 | Presa Rachelofficer: General Counsel and Secretary | Buy | 725 | $27.18 |
| May 13, 2026 | Richman Darrenofficer: See Remarks | Buy | 40,000 | $27.31 |
| May 13, 2026 | Richman Darrenofficer: See Remarks | Buy | 195,000 | $27.31 |
| May 13, 2026 | Mincey Mary Alisondirector | Grant | 5,639 | — |
| May 13, 2026 | Presa Rachelofficer: General Counsel and Secretary | Buy | 307 | $26.62 |
| May 13, 2026 | BARTELS PATRICK J JRdirector | Grant | 5,639 | — |
| May 13, 2026 | MIGOYA CARLOS A.director | Grant | 5,639 | — |
| May 13, 2026 | Nitkin Robertofficer: Chief Operating Officer | Buy | 1,840 | $26.60 |
| May 13, 2026 | Gorson Matthew B.director | Grant | 5,639 | — |
| May 13, 2026 | Lynch Kathleen B.director | Grant | 5,639 | — |
| Mar 9, 2026 | Gorson Matthew B.director | Buy | 1,000 | $30.66 |
| Dec 12, 2025 | BARTELS PATRICK J JRdirector | Grant | 6,451 | — |
| Dec 12, 2025 | Lynch Kathleen B.director | Grant | 6,451 | — |
| Dec 12, 2025 | Gorson Matthew B.director | Grant | 6,451 | — |
Source: MRP SEC Form 4 filings, latest May 19, 2026. For informational purposes only — not investment advice.
See the full MRP insider & 13F page →Millrose Properties, Inc. company profile
Overview
Millrose Properties, Inc. (NYSE:MRP) is a recently public real estate investment trust that went public in February 2025. The company operates as a Homesite Option Purchase Platform (HOPP'R), representing an evolution of traditional residential land banking strategies. Founded to serve the residential development market, Millrose provides homebuilders with capital-efficient access to controlled land positions while offering investors exposure to residential real estate investments that were historically available only to institutional players.
Business
Millrose Properties operates in the residential real estate development sector, specifically focusing on land acquisition and option agreements for homebuilding projects. The company's core business revolves around its Homesite Option Purchase Platform (HOPP'R), which functions as an intermediary between land owners and homebuilders. The residential land banking industry involves acquiring undeveloped land or securing rights to purchase land that can eventually be developed into residential communities. Traditional land banking requires significant upfront capital investment and carries development risks. Millrose's platform modernizes this approach by creating option agreements rather than outright purchases, reducing capital requirements for homebuilders while providing more flexible exit strategies. The company's platform works by identifying suitable residential development sites, negotiating option agreements with landowners, and then providing homebuilders with the rights to purchase these sites when they're ready to begin development. This model allows homebuilders to control larger land inventories without tying up substantial capital in land purchases years before development begins. The platform essentially acts as a bridge between raw land and residential development, helping to streamline the often complex and capital-intensive process of securing development-ready sites. As a REIT structure, Millrose must distribute at least 90% of its taxable income to shareholders, making it an income-focused investment vehicle backed by residential real estate assets.
Revenue model
Millrose Properties generates revenue primarily through option fees and land appreciation within its homesite option agreements. When homebuilders exercise their options to purchase land, Millrose realizes gains on the difference between its acquisition cost and the sale price. The company also collects ongoing option fees from homebuilders who maintain rights to purchase specific parcels. The business model is capital-intensive, requiring significant upfront investment to secure land options and carry these positions until homebuilders are ready to exercise their purchase rights. Revenue recognition occurs when options are exercised and land transactions are completed, creating a potentially lumpy revenue pattern depending on housing market cycles and individual builder development timelines. Key factors that could increase margins include rising residential land values, strong housing demand driving faster option exercises, and efficient capital deployment across a diversified portfolio of markets. Conversely, margins face pressure from declining land values, extended holding periods if builders delay projects, higher interest rates increasing carrying costs, and general housing market downturns that could lead to option expirations without exercise. The company's customers are primarily homebuilders ranging from regional developers to national homebuilding companies. These builders value the flexibility to control land without immediate capital outlay, allowing them to better match land acquisition timing with their development schedules and market conditions.
Competitive moat
Millrose Properties operates in a relatively fragmented market with limited structural moats. The company's primary competitive advantages stem from its specialized expertise in land option structuring and its ability to provide capital solutions that traditional lenders may not offer to homebuilders. The platform model creates some network effects as the company builds relationships with both landowners and homebuilders, potentially leading to repeat business and referrals. Additionally, Millrose's public market access to capital may provide advantages over smaller private competitors in terms of scale and cost of capital. However, the moat is relatively narrow. The business model can be replicated by well-capitalized competitors, including private equity firms, other REITs, or even large homebuilders developing internal land banking capabilities. The company faces competition from traditional land developers, private investment funds, and potentially direct landowner-to-builder transactions that bypass intermediaries entirely. The regulatory environment for REITs provides some structural advantages through tax-efficient income distribution, but this benefit is available to any qualifying real estate investment trust. The company's long-term competitive position will likely depend on execution excellence, market knowledge, and maintaining strong relationships across the residential development ecosystem rather than insurmountable structural barriers.
Risks & safety
The margin of safety appears moderate to concerning given the company's recent IPO status and business model characteristics. • Liquidity position: Strong with $89.5 million in cash and short-term investments against $769.6 million in current liabilities, though the high current liabilities relative to cash suggests significant near-term obligations • Debt levels: Low debt-to-equity ratio of 0.06, indicating conservative leverage • Solvency risk: Moderate concern given negative cash flows in historical periods and the capital-intensive nature of the business model • Valuation metrics: Trading at 27.6x P/E ratio and 0.75x book value, with EV/EBITDA of 25.5x based on Q1 2025 results • Operating history: Limited operating history with significant losses in 2023-2024 before turning profitable in Q1 2025, creating uncertainty about sustainable profitability • Business model risk: Revenue concentration risk from lumpy land option exercises and exposure to housing market cycles
Recent development
Based on available financial data, Millrose Properties underwent a significant transformation leading up to its February 2025 IPO. The company showed substantial losses in 2023 and 2024, with net losses of $209.8 million and $246.2 million respectively, along with negative cash flows from operations exceeding $800 million in both years. The dramatic turnaround became evident in Q1 2025, when the company reported its first profitable quarter with $82.7 million in revenue, $39.8 million in net income, and positive operating cash flow of $21.3 million. This transformation suggests the company successfully deployed capital raised through its public offering into income-generating land option agreements. The company's asset base expanded significantly, growing from minimal assets in 2024 to over $7.1 billion in total assets by Q1 2025, indicating substantial land option portfolio development. This rapid scaling demonstrates the company's ability to deploy capital quickly into its homesite option platform, though it also highlights the capital-intensive nature of the business model. The shift from development-stage losses to profitable operations in Q1 2025 represents a critical inflection point, though the sustainability of this performance remains to be proven over multiple quarters and housing market cycles.
MRP company profile · for informational purposes only — not investment advice.
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