Millrose Properties, Inc. (MRP)
🔔 Watch stock
Millrose Properties stockpiles buildable land for America's homebuilders: the Lennar spin-off of February 2025 buys and develops lots and lets builders take them, finished, against monthly option payments — 143,347 homesites worth $9.2 billion (March 31, 2026). Our FCF/market-cap scanner ranks the stock near the top, the dividend yields roughly 10 percent annualized, and the shares trade below book value (data as of July 8, 2026). We read the first full annual report (10-K) and the quarterly report (10-Q) as of March 31, 2026: a REIT with no employees of its own, an external manager collecting 1.25 percent of total assets, a former parent providing 84 percent of revenue while holding special rights — and a scanner metric that measures the throughput of a machine here, not free money. Not investment advice — just the owner's manual for a dividend where you should know who holds the tap.
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralGeprüft am 18.07.2026 gegen die Geschäftsberichte (10-K) für die Geschäftsjahre 2025 (eingereicht 02.03.2026) und 2024 (31.03.2025) sowie die vier jüngsten Quartalsberichte (10-Q): In den ausgewerteten SEC-Filings von Millrose Properties findet sich kein wesentlicher KI-Bezug. Beide 10-K enthalten im Risikoteil (Item 1A) ausschließlich denselben generischen KI-Risikofaktor („Artificial intelligence (‚AI‘) and other machine learning techniques could increase, accelerate, or amplify competitive, operational, legal and regulatory risks to our business in ways that we cannot predict“) — eine Vorlagen-Floskel ohne jeden konkreten Bezug zum eigenen Geschäftsmodell (Land Banking, Homesite-Optionsverträge werden im gesamten Absatz nicht erwähnt). Alle vier 10-Q enthalten null Treffer für „artificial intelligence“, „machine learning“ oder „AI“. Weder KI-Umsatzquelle (nicht „verkauft“) noch dokumentierter operativer KI-Einsatz (nicht „nutzt“) noch ein konkretes, geschäftsmodellspezifisches KI-Risiko (nicht „bedroht“) — nach Kriterienkatalog dokumentierter Negativ-Befund: „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-02 · 10-K 2025-03-31 · 10-Q 2026-05-06 · 10-Q 2025-10-23 · 10-Q 2025-07-31 · 10-Q 2025-05-14
Rated on July 18, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -2.71 | – | -348 | – | – | -1,177 | -1,177 |
| 2025: Q1 | 0.24 | – | 83 | – | 48.10 | 21 | -838 |
| 2025: Q2 | 0.68 | -61.20 | 149 | -33.60 | 75.70 | 109 | 109 |
| 2025: Q3 | 0.63 | 260.10 | 179 | 44.90 | 58.60 | 123 | 123 |
| 2025: Q4 | 0.74 | – | 190 | – | 64.50 | 3,419 | 3,419 |
| 2026: Q1 | 0.74 | 208.70 | 195 | 135.70 | 63.00 | 797 | 797 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The largest listed land-banking platform in the U.S. (143,347 homesites, $9.2 billion, 30 states) with predictable option fees earning a weighted 9.2 percent return; profitable from the February 7, 2025 spin-off onward — $404.8 million of net income and $427.9 million of AFFO in the 2025 stub year (10-K 2025).
The top rank (15th, as of July 18, 2026) is a mismeasurement of the business model: the $3.67 billion of operating cash flow (2025) contains the homesite sales while the purchases ($5.72 billion) sit in investing cash flow; unrestricted cash as of 03/31/2026: $49.3 million (10-K 2025, 10-Q Q1 2026).
Five raises in a row to $0.76 per quarter (annualized roughly a 10 percent yield) at 0.85 times book and 10 to 11 times earnings (data as of July 8, 2026) — but 2025 paid out $2.55 per share, more than was earned ($2.44), and the spin-off book values were never independently appraised (10-K 2025, Item 1A).
84 percent of 2025 revenue (Q1 2026: 72 percent) from Lennar, which after the November 2025 exchange offer holds barely any shares yet keeps capital priority, the most-favored-pricing clause, the manager veto and an approval right over debt beyond 1:1; 51 percent of the lots in three states (10-K 2025).
No employees of its own; the management fee of 1.25 percent of Tangible Assets ($87.8 million in 2025, $28.2 million in Q1 2026) rewards balance-sheet growth over earnings per share; the relationship is "contractual, not fiduciary" per the 10-K, termination without cause only against a fee and with Lennar approving the successor (10-K 2025, Items 1/1A).
Moderate leverage of roughly 0.42 times equity ($2.46 billion of debt, maturities 2030/2032) and $960.3 million of non-refundable builder deposits as a cushion — but only $49.3 million of unrestricted cash against a quarterly dividend of roughly $126 million, and the model hangs on builders exercising their options (10-Q Q1 2026, 10-K 2025).
MRP is not a cash-flow miracle but a young land-banking REIT with an honest price tag: at a capital-recycling machine the FCF/market-cap scanner metric measures throughput, not free money — what is real is a roughly 10 percent dividend yield below book value and a predictable fee model earning 9.2 percent on capital, set against a 72-to-84-percent Lennar lump, an external manager paid on total assets, founder rights without founder capital, and book values without an independent appraisal. Whoever buys the stock buys the construction — not the coupon. Not investment advice.
- MRP made the research list via rank 15 in our in-house FCF/market-cap scanner (as of July 18, 2026; scanner data as of July 8, 2026) — the analysis deliberately shows why this metric is no buy signal for capital-recycling models such as land banks (analogous to banks and loan-book companies).
- REIT particularity: what matters for payout capacity is net income, AFFO and the return on invested capital — not operating cash flow, which at Millrose contains the proceeds from homesite sales while the land purchases sit in investing cash flow.
- Price and valuation figures dated July 8, 2026 (about $29.90 per share, roughly $5.0 billion market cap); analyses are evergreen, daily prices are not a buy argument.
About the Company
Millrose Properties, Inc. ist die führende Plattform für Baugrundstücksoptionen für Wohnungsbauunternehmen.
| Headquarters | Miami, FL |
|---|---|
| Website | millroseproperties.com |
| IPO Date | 7. Feb 2025 |
| Next Earnings | 30. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Darren Lewis Richman | CEO & President | 1972 |
| Garett Rosenblum | CFO & Treasurer | 1974 |
| Robert Nitkin | Chief Operating Officer | 1988 |
| Adil Pasha | Chief Technology Officer | 1993 |
| Rachel Jade Presa | General Counsel & Secretary | 1980 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.