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Millrose Properties, Inc. (MRP) stock

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NYSE: MRP NYSE Other Specialized REITs Next results ~January 13, 2027

Millrose Properties, Inc. is a US-listed company in the other specialized REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$27

Dividend discount (growing dividend)

Base case. Range ~$23–$34. Today's dividend growing 2.5% a year, discounted at the cost of equity.

Price vs value

No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Millrose Properties, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders6 buying, 0 selling12 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds273 adding, 186 cuttingOf 48 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

The Fundamentalytics view

Next results ~January 13, 2027 (estimated)

Current signal Several insiders buying shares: 2 insiders bought shares in the open market in the past 90 days, according to their Form 4 filings.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 85.1% of revenue is left as operating profit.

Things to watch

  • Short interest rising. Shares sold short rose 49% in a month to 8.8% of tradable shares.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.78 against an average estimate of $0.77: beat by 0.9%
Revenue
$197m, up 32.1% on a year earlier
Share reaction
+6.1% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
adjusted Funds from Operations (AFFO) quarterly run rate $0.82 to $0.84 (year-end 2026)
Next report
October 27, 2026; average EPS estimate $0.81

Millrose Properties' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.6%
  • 1 week+12.1%
  • 1 month+12.6%
  • This year+0.3%
  • 1 year-7.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$761M
Operating margin
85.1%
Net margin
62.6%
EPS (TTM, diluted)
$2.87

Cash

Stock pay % of revenue
0.2%

Earnings

Last results
October 27, 2026
Next results (est.)
January 13, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Agreement
  5. Dividend
  6. Announcement
  7. Financing
  8. Financing
  9. Announcement
  10. Agreement
  11. Agreement
  12. Deal
  13. Agreement
  14. Results
  15. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Millrose Properties, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Valuation models

We value Millrose Properties, Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. — Does not apply: funds from operations not available or not positive
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. — Does not apply: no positive funds from operations in the latest twelve months
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$27 ~$23–$34 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$27 ~$23–$34 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Millrose Properties, Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2025Now
Share price$26.72$26.81
Market value$4.4bn$4.5bn
+ Net debt (− = net cash)$2.1bn$2.4bn
Enterprise value$6.5bn$6.9bn
Multiples
Price / sales 7.4x5.9x
Price / earnings 11.7x9.4x
Price / free cash flow ——
EV / EBITDA ——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.09 +27% $830m +38%
Next $3.33 +8% $901m +9%

Next year's EPS estimate has moved +2.9% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.4% on 90 days ago. In the last 30 days, 0 analysts raised Millrose Properties, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Millrose Properties, Inc., last 90 days
$3.00 $3.10 $3.20 $3.30 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.10 Current fiscal year, 60 days ago: $3.11 Current fiscal year, 30 days ago: $3.09 Current fiscal year, 7 days ago: $3.06 Current fiscal year, Now: $3.09 $3.09 Next fiscal year, 90 days ago: $3.24 Next fiscal year, 60 days ago: $3.26 Next fiscal year, 30 days ago: $3.23 Next fiscal year, 7 days ago: $3.24 Next fiscal year, Now: $3.33 $3.33

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.10$3.24
60 days ago $3.11$3.26
30 days ago $3.09$3.23
7 days ago $3.06$3.24
Now $3.09$3.33

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.77 $0.78 +0.9%
Jun 2026 $0.76 $0.76 +0.7%
Mar 2026 $0.77 $0.74 −3.3%
Dec 2025 $0.74 $0.74 0.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Adjusted Funds from Operations (AFFO) quarterly run rate year-end 2026 $0.82 to $0.84 Non-GAAP Raised
    “Raising guidance for year-end 2026 Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.82 to $0.84 per share.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Oct 2026
Buy583%
Hold117%
Sell00%

Monthly trend

  1. Oct 2026516
  2. Sep 2026156
  3. Aug 2026145
  4. Jul 2026145

Counts of recommendations published by analysts covering Millrose Properties, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.8%
of tradable shares
Days to cover
3.24
at average volume
Short interest, 1 month
+49%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
1.1%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 2026 to date
Return
MRP+0%
Industry peers (median)+27%
S&P 500+11%
Months that ended higher
MRP64%
S&P 50046%
Largest fall from a high during the year
MRP−32%
S&P 500−9%

Worst fall since February 5, 2025: 32% from August 28, 2025 to October 14, 2026. Getting back needed a 46% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$21.22 – $30.99
From 52-week high
−13.5%
vs 50-day average
+2.5%
vs 200-day average
−1.6%
Volatility (1 year)
31%
Beta vs S&P 500
0.76

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 4 down
typical move ±4.5%
After a week
3 up, 4 down
typical move ±3.9%
After a month
3 up, 4 down
typical move ±6.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +6.1% +0.9% — —
August 4, 2026 +2.4% +1.6% +3.8% +7.7%
May 6, 2026 −10.6% +1.1% −11.4% −3.9%
February 26, 2026 +1.2% −1.0% −1.1% −8.8%
October 23, 2025 −1.9% +1.4% −2.0% −7.7%
October 9, 2025 −4.5% −3.0% −1.2% −2.6%
July 31, 2025 −2.0% −2.0% +2.6% +15.6%
May 14, 2025 +7.5% +0.6% +5.5% +2.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Millrose Properties took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $600M
  2. Selling, general and admin $25M · 4.2%
  3. Other operating costs $89.4M · 14.9%
  4. Operating income $486M · 80.9%
  5. Income tax $20.5M · 3.4%
  6. Interest and other $85.7M · 14.3%
  7. Net income $380M · 63.3%

Shares of revenue. Source: Millrose Properties's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2025 Dec 2025 LTM Jun 2026
Income
Revenue 600 761
Operating income 486 647
Net income 380 476
Diluted EPS $2.44 $2.87
Margins
Operating margin 80.9% 85.1%
Net margin 63.3% 62.6%
Cash flow
Cash from operations 3,673 3,746
Stock-based pay 1 1
Balance sheet
Cash 35 34
Total debt 2,112 2,479
Net debt (negative = net cash) 2,077 2,445
Diluted shares 166m 166m
Returned to shareholders
Dividends 299 486
Total returned 299 486

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 1 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $647m against $158m of interest.

From Millrose Properties, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$486M
Dividend payout ratio
102%
of net income paid out

Competitors: side by side with peers

Closest by revenue in other specialized reits
Last 12 months unless stated MRP EPR OUT IIPR LAMR IRM Median
Revenue, last 12 months $761m $764m $1.9bn $264m $2.3bn $7.6bn $764m
Revenue growth, last 12 months — 7.3% 7.6% −8.4% 4.4% 17.4% 5.8%
Revenue growth, 3-year average — 2.4% 2.2% −3.6% 3.9% 13.0% 2.3%
Revenue growth, latest quarter 32.1% 12.0% 13.5% 0.7% 6.5% 18.5% 12.0%
Operating margin 85.1% 59.0% 20.5% 51.4% 31.8% 18.8% 34.8%
Operating margin, 3-year average — 53.2% 19.0% 52.5% 30.4% 17.1% 32.8%
Net margin 62.6% 38.8% 12.7% 52.3% 23.9% 5.5% 23.9%
Cash from operations / revenue 492.6% 61.9% 20.2% 74.5% 39.0% 21.9% 39.0%
Free-cash-flow margin — −28.4% 15.7% 46.2% 30.9% −7.9% 22.3%
Free-cash-flow margin, 3-year average — 3.9% 12.6% 54.0% 32.0% −10.1% 15.8%
Stock pay / revenue 0.2% 2.2% 1.3% 4.1% 1.3% 1.8% 1.8%
Change in share count — 0.6% 4.1% 0.9% −1.1% 0.9% 0.7%

Median of all 7 companies we cover in other specialized reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Who owns it

Funds buying and selling
Reported value
$4.3B
Institutions reporting
520
Shares held vs prior quarter
▲ 4.6%
Positions opened / closed
90 / 50

Top buyers and sellers, Q2 2026: 273 institutions bought and 186 sold ; the biggest buyer was FMR LLC (+1.7M shares) and the biggest seller Brave Warrior Advisors, LLC (−2.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $668M 22.2M 15.7% ▲ 7.9%
Vanguard Portfolio Management LLC $468M 15.6M 11.0% ▲ 4.8%
FMR LLC $247M 8.2M 5.8% ▲ 26.1%
Vanguard Capital Management LLC $209M 6.9M 4.9% ▲ 0.2%
State Street Corp $205M 6.8M 4.8% ▲ 29.3%
Brave Warrior Advisors, LLC $181M 6.0M 4.2% ▼ 29.2%
Manufacturers Life Insurance Company, The $123M 4.1M 2.9% ▼ 4.9%
Permian Investment Partners, LP $120M 4.0M 2.8% ▲ 2.5%
Norges Bank $118M 3.9M 2.8% —
Cannell & Spears LLC $111M 3.7M 2.6% ▲ 0.7%
Geode Capital Management, LLC $90.6M 3.0M 2.1% ▲ 0.3%
Morgan Stanley $81M 2.7M 1.9% ▲ 2.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Millrose Properties, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $6.9M 12 trades by 6 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $6.9M net buying
Insider Date Trade Shares Price Value
Gorson Matthew B. Director August 10, 2026 Buy 3,000 $28.80 $86,400
Migoya Carlos A. Director August 7, 2026 Buy 1,000 $29.18 $29,180
Gorson Matthew B. Director May 18, 2026 Buy 4,500 $26.97 $121,365
Presa Rachel General Counsel and Secretary May 13, 2026 Buy 307 $26.62 $8,172
Nitkin Robert Chief Operating Officer May 12, 2026 Buy 1,840 $26.60 $48,944
Richman Darren See Remarks May 11, 2026 Buy 195,000 $27.31 $5.3M
Richman Darren See Remarks May 11, 2026 Buy 40,000 $27.31 $1.1M
Presa Rachel General Counsel and Secretary May 11, 2026 Buy 725 $27.18 $19,706
Gorson Matthew B. Director March 5, 2026 Buy 1,000 $30.67 $30,670
Migoya Carlos A. Director November 26, 2025 Buy 219 — $0
Lynch Kathleen B. Director November 24, 2025 Buy 1,860 $31.74 $59,036
Migoya Carlos A. Director November 12, 2025 Buy 1,000 $32.24 $32,240

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Millrose Properties, Inc. disclosed in the last 12 months; 2 earlier trades on record.

  • Jefferson Shreve(R-IN 6):Exchange, $1,001 - $15,000, traded February 24, 2025, filed March 9, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $1,001 - $15,000, traded February 24, 2025, filed March 9, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 13, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • August 4, 2026
  • May 6, 2026
  • February 26, 2026
  • October 23, 2025
  • October 9, 2025

Recent SEC filings

Data status

When each part of this page on Millrose Properties, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Millrose Properties, Inc. in brief

What does Millrose Properties, Inc. do?
Millrose Properties, Inc. is a US-listed company in the other specialized REITs industry. Its financial year ends in December.
What is Millrose Properties, Inc.'s stock ticker?
Millrose Properties, Inc. trades under the ticker MRP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
Who are Millrose Properties, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Millrose Properties, Inc.'s market cap?
On November 2, 2026, Millrose Properties, Inc.'s market capitalisation was about $4.5B, with a price-to-earnings ratio of 9.4 and net debt of $2.4B. Market figures come from third-party market data and may be delayed.
Does Millrose Properties, Inc. pay a dividend?
Yes: Millrose Properties, Inc. paid $486M in dividends over the trailing twelve months and a payout ratio of 102.2%.
Who are Millrose Properties, Inc.'s competitors?
In our Other Specialized REITs peer group, the companies closest to Millrose Properties, Inc. are EPR Properties, Outfront Media Inc., Innovative Industrial Properties Inc, Lamar Advertising Co and Iron Mountain. The side-by-side comparison below sets their revenue, margins and growth against Millrose Properties, Inc.'s.
Are insiders buying or selling Millrose Properties, Inc. stock?
Over the last 12 months, Millrose Properties, Inc.'s directors and officers reported 12 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Millrose Properties, Inc.'s next earnings date?
Around January 13, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Millrose Properties, Inc. announces its own schedule.