Millrose Properties, Inc.

MRP
About the company

Millrose Properties, Inc. is the premier permanent capital solution for residential homebuilders and developers. The company specializes in the acquisition, financing and development of residential land through long-term, capital-efficient structures. The company also provides homebuilders with a predictable, just-in-time supply of finished homesites – the scarcest and mission-critical resource in the homebuilding industry. Millrose utilizes a proprietary technology platform that provides real-time feedback and data analytics to drive acquisition decisions.

Country: United StatesPrice: $25.87Market Cap: $4.3B

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

5 / 8

NEUTRAL / FAIL

Median fair value

$36.60

+41.5% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

Models split on MRP at $25.87 — fair values range $0.48–$44.01

Key risk

All 8 investors flag MRP's growth

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictPASSFAILFAILNot rankedPASSNEUTRALPASSNEUTRALFAILFAILFAILNEUTRALFAILNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety+41.2%N/AN/A-5289.6%N/A+29.3%N/A-50.9%N/A+29.3%N/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-02-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-02

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-02-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-02

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-02-01–2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Where It Passes

  • Valuation models60% pass✓ 3✗ 2▾

    Models split on MRP at $25.87 — fair values range $0.48–$44.01

    Graham fair value$44.01
    ✓Graham+41.2% margin vs $25.87
    Greenblatt fair value$0.48
    ✗Greenblatt-5289.6% margin vs $25.87
    Dreman fair value$36.60
    ✓Dreman+29.3% margin vs $25.87
    Pabrai fair value$17.14
    ✗Pabrai-50.9% margin vs $25.87
    Marks fair value$36.60
    ✓Marks+29.3% margin vs $25.87
  • Valuation54% pass✓ 19✗ 9▾

    7 of 13 pass — Lynch, Greenblatt, Ackman +3 more object

    Price / 3-yr avg EPS10.6x
    ✓Graham<= 15x
    Price-to-Book Ratio0.7x
    ✓Graham<= 1.5x
    P/E x P/B7.80
    ✓Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 10.6x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value7.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=7.6%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS10.6x
    ✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)1.2x
    ✓Dreman< 8x
    Price / Book Value per Share0.7x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=10.6x
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=10.6x
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=10.6x, P/B=0.7x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value29.3% (IV=$36.60 vs Price=$25.87)
    ✓Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low113% of trailing low ($22.86)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+11.66%; #521/6340 (top 8.2%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.3621; #1035/6449 (top 16.0%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS10.6x
    ✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.73x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1844; #3852/5247 (top 73.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-15.37%; #3746/6202 (top 60.4%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Growth0% pass✗ 13▾

    All 8 investors flag MRP's growth

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 10.6x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue Growth
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✗ 11▾

    All 8 investors flag MRP's efficiency

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)0.5%
    ✗Buffett> 10%
    ROIC - WACC-9.5%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital5.9%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-3.8%; FY2025: ROIC=4.8%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC0.0% (RR=0% x ROIC=5.9%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/2 years above 12% (latest 4.8%)
    ✗SleepROIC > 12% in a majority of years
  • Profitability13% pass✓ 9✗ 26▾

    14 of 16 flag MRP's profitability — Graham, Buffett, Lynch +11 more

    Positive EPS (10 years)1/4 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/4 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-1.0%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)P/E 10.6x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE8.6%
    ✗Lynch> 15%
    EBIT / Enterprise Value7.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=7.6%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets4.10%
    ✓PiotroskiROA > 0
    ROA Change YoY-4.51% -> 4.10% (delta: +8.61%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=39.67%, ROA=4.10%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue65.5%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity8.6%
    ✗Dreman> 12%
    Margin of SafetyP/E=10.6x, P/B=0.7x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-1.0% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value29.3% (IV=$36.60 vs Price=$25.87)
    ✓Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue85.2%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity8.6%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+11.66%; #521/6340 (top 8.2%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+8.56%; #2022/5226 (top 38.7%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Debt & Leverage25% pass✓ 5✗ 10▾

    9 of 12 flag MRP's debt & leverage — Graham, Buffett, Lynch +6 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.53, IC: 4.2x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.53
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.53
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.53
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=20.3x, D/EBITDA=N/A (D&A unavailable)
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.53
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.5345; #2538/4210 (top 60.3%)
    ✗AsnessTop 30% of eligible cross-section
  • Verdicts27% pass✓ 3✗ 8▾

    Split decision: 8 FAIL · 5 NEUTRAL · 3 PASS

    Overall verdict
    ✓GrahamPASS (4/9)✗BuffettFAIL (0/9)✗LynchFAIL (0/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)•DremanNEUTRAL (7/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✗AckmanFAIL (3/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Cash Flow30% pass✓ 4✗ 8▾

    7 of 10 flag MRP's cash flow — Buffett, Lynch, Marks +4 more

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    FCF Positive and Growing
    ✗LynchPositive and growing
    Operating Cash Flow$3.7B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=39.67%, ROA=4.10%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)1.2x
    ✓Dreman< 8x
    P/E or FCF YieldP/E=10.6x
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency1/3 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Real Estate
Size: Mid Cap($4.3B)
Revenue: $600.5M
Net Income: $379.9M+254.3% YoY

Financial Snapshot

Operating Margin80.9%
Return on Equity6.5%
Debt / Equity0.36
Current Ratio--
EPS (Diluted)$2.44

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JLLJONES LANG LASALLE INC
$16.8B
FSVFirstService Corp
$6.5B
JOEST JOE Co
$4.0B
GTYGETTY REALTY CORP /MD/
$1.9B

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
—
Dividends
$298.8M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, interest expense, operating cash flow, dividends paid.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, dividends paid.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, dividends paid.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-02
FY 2024
Sources
  • 10-K · 2026-03-02
FY 2023
Sources
  • 10-K · 2026-03-02
FY 2022
Sources
  • 10-K · 2026-03-02
Market Cap$4.3Bcurrent------$4.7Best.------
Revenue$792.3M$211.0M↑18%$196.9M↑32%$194.9M↑136%$600.5M------
Operating Income$674.9M$180.5M↑18%$167.6M↑32%$166.1M↑264%$486.1M↑297%-$246.2M↓17%-$209.8M--
Net Income$501.0M$130.0M↑24%$125.9M↑12%$122.9M↑209%$379.9M↑254%-$246.2M↓17%-$209.8M--
EPS (Diluted)--$0.78↑24%$0.76↑12%$0.74↑90%$2.44------
Gross Margin————————
Operating Margin85.2%85.5%85.2%85.2%↑54%80.9%———
ROE8.6%———6.5%↑236%-4.8%↓1%-4.7%—
Total Debt$3.1B$3.1B↑59%$2.5B↑145%$2.4B↑591%$2.1B↑8632%$24.2M----
Shareholders' Equity$5.9B$5.9B$5.9B$5.9B$5.9B↑14%$5.2B↑16%$4.5B↑18%$3.8B
Current Ratio————————
Debt / Equity0.530.53↑59%0.42↑146%0.41↑593%0.36↑7591%0.00——
Operating Cash Flow$6.0B$875.1M↑611%$886.0M↑712%$797.3M↑3645%$3.7B↑500%-$917.2M↓6%-$865.1M--
Free Cash Flow----------------

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Real Estate

MRP vs Peers — Financial Grading

Revenue$600.5MMedian
Net Income$379.9MTop 25%
ROE6.5%Median
D/E0.36Top 25%
Op. Margin80.9%Top 25%
Curr. Ratio—
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
JONES LANG LASALLE INCJLL$16.8B$366.83$26.1B$792.1M10.6%0.124.2%1.112/92/93/71/3F-Score 83/11
FirstService CorpFSV$6.5B$154.42$5.5B$190.7M13.9%0.796.1%1.702/94/93/71/3F-Score 66/11
ST JOE CoJOE$4.0B$70.36$513.2M$115.6M15.1%0.5128.5%—1/92/94/70/3F-Score 84/11
GETTY REALTY CORP /MD/GTY$1.9B$28.66$221.7M$79.2M7.4%0.9357.2%—2/93/91/70/3F-Score 52/11
Ellington Financial Inc.EFC$1.5B$11.11—$118.7M6.5%———4/90/93/71/3F-Score 24/11
Piedmont Realty Trust, Inc.PDM$1.2B$10.00$565.0M$83.6M-5.6%1.4914.1%—2/92/91/70/3F-Score 32/11
IRSA INVESTMENTS & REPRESENTATIONS INCIRS$1.1B$12.54$394.6M$164.4M12.4%0.4136.8%1.661/90/91/71/3F-Score 55/11
CRESUD INCCRESY$690.8M$9.74$770.0M$81.0M4.3%0.61—1.241/90/91/73/3F-Score 43/11