Millrose Properties, Inc. is the premier homesite option platform for residential homebuilders. The company specializes in the acquisition and horizontal development of land to provide a predictable, just-in-time supply of finished homesites Β the scarcest and mission-critical resource in the homebuilding industry. Unlike traditional land bankers, Millrose utilizes a proprietary technology platform that provides real-time feedback and data analytics to drive acquisition decisions. Every transaction in the Millrose portfolio undergoes rigorous independent due diligence to ensure attractive yields and long-term viability. By enabling an asset-light model, Millrose provides its diverse roster of homebuilder partners with the strategic flexibility to maintain production volumes and optimize balance sheet efficiency across all market environments.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $600M | $492M | $380M | $3.7B | 6.5% | - | -254.3% |
| 2024 | $0M | $-246M | $-246M | $-917M | -4.8% | - | 17.4% |
| 2023 | $0M | $-210M | $-210M | $-865M | -209792000.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Revenue | 0 | 0 | 600.46 |
| Cost Of Revenue | 0 | 0 | 87.75 |
| Gross Profit | 0 | 0 | 512.71 |
| Operating Expense | 209.79 | 246.22 | 26.64 |
| Operating Income | -209.79 | -246.22 | 486.07 |
| EBITDA | -209.79 | -246.22 | 492.16 |
| EBIT | -209.79 | -246.22 | 492.16 |
| Pretax Income | -209.79 | -246.22 | 400.37 |
| Tax Provision | 0 | 0 | 20.51 |
| Net Income | -209.79 | -246.22 | 379.86 |
| Net Income Common Stockholders | -209.79 | -246.22 | 404.82 |
| Total Expenses | 209.79 | 246.22 | 114.39 |
| Interest Expense | 0 | 0 | 91.79 |
| Interest Income | 0 | 0 | 7.70 |
| Selling General And Administration | 209.79 | 246.22 | 25.64 |
| Normalized EBITDA | -209.79 | -246.22 | 492.16 |
| Normalized Income | -209.79 | -246.22 | 379.86 |
| Market Cap | 5,101.29 | 5,101.29 | 5,101.29 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Millrose Properties, Inc.this co. | MRP | $4.8B | 13.43β discount | 0.87 | 6.5% | 14.59 |
| Essential Properties Realty Trust, Inc. | EPRT | $6.2B | 26.85 | 1.62 | 6.0% | 17.94 |
| OUTFRONT Media Inc. | OUT | $5.3B | 35.95 | 7.44 | 20.7% | 20.56 |
| Phillips Edison & Company, Inc. | PECO | $4.9B | 44.66 | 2.17 | 4.9% | 14.93 |
| Tanger Inc. | SKT |
| $4.2B |
| 36.59 |
| 5.94 |
| 16.2% |
| 17.45 |
| The St. Joe Company | JOE | $4.1B | 35.34 | 5.33 | 15.1% | 19.43 |
| Broadstone Net Lease, Inc. | BNL | $3.8B | 39.75 | 1.32 | 3.3% | 17.58 |
| Acadia Realty Trust | AKR | $3.5B | 162.21 | 1.23 | 0.8% | 21.69 |
| Blackstone Mortgage Trust, Inc. | BXMT | $3.4B | 30.92 | 0.97 | 3.1% | - |
| Peer Median | - | 36.27 | 1.90 | 5.4% | 17.94 | |