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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 |
| Operating 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 |
| Selling General And Administration | 209.79 | 246.22 | 25.64 |
| Total Expenses | 209.79 | 246.22 | 114.39 |
| Operating Income | -209.79 | -246.22 | 486.07 |
| Total Operating Income As Reported | -209.79 | -246.22 | 486.07 |
| EBITDA | -209.79 | -246.22 | 492.16 |
| Normalized EBITDA | -209.79 | -246.22 | 492.16 |
| EBIT | -209.79 | -246.22 | 492.16 |
| Interest Income | 0 | 0 | 7.70 |
| Interest Expense | 0 | 0 | 91.79 |
| Net Interest Income | 0 | 0 | -84.09 |
| Other Non Operating Income Expenses | - | - | -1.60 |
| Other Income Expense | - | - | -1.60 |
| Interest Income Non Operating | 0 | 0 | 7.70 |
| Interest Expense Non Operating | 0 | 0 | 91.79 |
| Net Non Operating Interest Income Expense | 0 | 0 | -84.09 |
| Pretax Income | -209.79 | -246.22 | 400.37 |
| Tax Provision | 0 | 0 | 20.51 |
| Tax Rate For Calcs | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 |
| Net Income Continuous Operations | -209.79 | -246.22 | 379.86 |
| Net Income From Continuing And Discontinued Operation | -209.79 | -246.22 | 379.86 |
| Net Income From Continuing Operation Net Minority Interest | -209.79 | -246.22 | 379.86 |
| Net Income | -209.79 | -246.22 | 379.86 |
| Net Income Common Stockholders | -209.79 | -246.22 | 404.82 |
| Net Income Including Noncontrolling Interests | -209.79 | -246.22 | 379.86 |
| Normalized Income | -209.79 | -246.22 | 379.86 |
| Diluted NI Availto Com Stockholders | -209.79 | -246.22 | 404.82 |
| Basic Average Shares | 135 | 166 | 166 |
| Diluted Average Shares | 135 | 166 | 166.03 |
| Reconciled Cost Of Revenue | 0 | 0 | 87.75 |
| General And Administrative Expense | 209.79 | 246.22 | 25.64 |
| Other Gand A | 209.79 | 246.22 | 24.96 |
| Salaries And Wages | 0 | 0 | 0.68 |
| Provision For Doubtful Accounts | 0 | 0 | 1 |
| Otherunder Preferred Stock Dividend | 0 | 0 | -24.96 |
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 | 12.59β discount | 0.82 | 6.5% | 13.94 |
| OUTFRONT Media Inc. | OUT | $5.5B | 37.55 | 7.77 | 20.7% | 21.08 |
| Phillips Edison & Company, Inc. | PECO | $5.4B | 48.83 | 2.38 | 4.9% | 15.86 |
| Rithm Capital Corp. | RITM | $5.1B | 7.51 | 0.73 | 9.7% | - |
| Tanger Inc. | SKT | $4.2B |
| 36.39 |
| 5.91 |
| 16.2% |
| 17.38 |
| Broadstone Net Lease, Inc. | BNL | $4.0B | 41.92 | 1.39 | 3.3% | 18.16 |
| The St. Joe Company | JOE | $3.7B | 32.30 | 4.87 | 15.1% | 17.92 |
| Apple Hospitality REIT, Inc. | APLE | $3.7B | 21.09 | 1.17 | 5.6% | 11.86 |
| SL Green Realty Corp. | SLG | $3.6B | -41.10 | 1.05 | -2.6% | 20.11 |
| Peer Median | - | 34.34 | 1.89 | 7.6% | 17.92 | |