Millrose Properties, Inc.
MRP NYSE Real Estate Financials FY2023–FY2025
Last close · Oct 23, 2026
$23.86
0.5%What Millrose Properties, Inc. does
No business description yet.
- Legal name
- Millrose Properties, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0002017206-26-000002
0002017206
Revenue and margins
Millrose Properties, Inc. had $600M of revenue in fiscal 2025.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Millrose Properties, Inc. returned $299M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
Balance sheet
Cash, debt and the ratios that show how comfortably Millrose Properties, Inc. can carry it.
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | — | $0.0M | $35.0M |
| Interest coverage | — | — | 5.3x |
| Total assets | — | $5.5B | $9.3B |
| Total liabilities | — | $307M | $3.4B |
| Shareholders' equity | $4.5B | $5.2B | $5.9B |
| Net debt (− = net cash) | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | — |
| F-score | — / 3 | — / 3 | — / 4 |
| Accruals ratio | — | 12.3% | −44.7% |
| Altman Z'' | — | — | — |
3 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | — | — | $600M |
| Operating income | −$210M | −$246M | $486M |
| Interest expense | — | — | $91.8M |
| Pretax income | −$210M | −$246M | $400M |
| Income tax | — | — | $20.5M |
| Net income | −$210M | −$246M | $380M |
| Net income to common | −$210M | −$246M | $405M |
| Diluted EPS | — | — | $2.44 |
| Diluted shares | — | — | 0.17B |
| Cash flow | |||
| Cash from operations | −$865M | −$917M | $3.7B |
| Stock-based compensation | $10.1M | $14.9M | $0.7M |
| Dividends paid | — | — | $299M |
| Dividends and buybacks | — | — | $299M |
| Balance sheet | |||
| Cash and short-term investments | — | $0.0M | $35.0M |
| Inventory | — | $5.5B | — |
| Total assets | — | $5.5B | $9.3B |
| Total liabilities | — | $307M | $3.4B |
| Shareholders' equity | $4.5B | $5.2B | $5.9B |
| Margins | |||
| Operating margin | — | — | 80.9% |
| Net margin | — | — | 63.3% |
| Returns | |||
| Return on equity | −4.7% | −5.1% | 6.9% |
| Return on assets | — | −4.5% | 5.2% |
| Return on tangible equity | −4.7% | −4.8% | 6.9% |
| Financial health | |||
| Interest coverage | — | — | 5.3x |
| Capital allocation | |||
| Stock comp / revenue | — | — | 0.1% |
| Quality scores | |||
| Accruals ratio | — | 12.3% | −44.7% |
Source: SEC EDGAR XBRL filings (CIK 0002017206). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.