Millrose Properties, Inc.(MRP)Stock Analysis
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Rank #91 of 2,879 stocksTOP 5%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
MRP Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Millrose Properties, Inc. (MRP), a Real Estate sector company. 13F Pro's AI-powered ranking engine scores MRP at 77.2/100 on a 32-signal composite quality model, placing it at rank #91 of 2,879 stocks — the top 5% of the AI-ranked universe. MRP scores in the top quartile across free cash flow (97.0), profitability (95.7), earnings quality (89.3). Areas of concern include institutional flow (25.9), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), Millrose Properties, Inc. reports quarterly revenue of $194.9M, net income of $122.9M, an operating margin of 85.2%. Top institutional holders of MRP by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, Brave Warrior Advisors,, based on the most recent SEC filings. MRP trades on the NYSE exchange and files with the SEC under CIK 2017206. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MRP daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Millrose Properties, Inc. directly from SEC EDGAR. Millrose Properties, Inc.'s 13F Pro composite quality score has ranged between 45 and 78 since 2026, currently 77.2 — an improving long-term trajectory across 8 quarterly and live scoring snapshots.
What's Driving MRP's Business? Latest 10-Q Breakdown
AI-extracted from Millrose Properties, Inc.'s 10-Q filed 2026-05-06 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Millrose spun-off Q1 revenues more than doubled to $194.9M driven by full-quarter post-Spin-Off operations and 9.2% portfolio yield on $8.7B invested capital.
Largest Expense Items
Related to Credit Agreement and Senior Notes (6.375% 2030 Notes and 6.250% 2032 Notes); significantly higher versus $2.5M in prior year due to debt issuances.
RSUs granted to Board members under 2024 Omnibus Incentive Plan.
Margins: Operating income surged to $166.1M from $45.6M YoY due to substantially higher option fee revenues and lower operating expenses as a percentage of revenue post-Spin-Off. Interest expense increased materially to $39.2M from $2.5M due to issuance of $2.0B Senior Notes ($1.25B at 6.375% due 2030 and $750M at 6.250% due 2032) and drawdowns on the Revolving Credit Facility.
Watch Items from the Filing
- Lennar represented 72% of total revenues ($140.3M option fee revenue) for Q1 2026; customer concentration risk on single counterparty despite stated diversification strategy.
- Future development cost commitments of $7.2B as of March 31, 2026, with approximately 75% relating to Lennar option contracts, creating execution risk.
- Company intends to elect REIT status for fiscal year 2025 and must distribute at least 90% of REIT taxable income; failure to qualify would trigger corporate-level taxation and four-year disqualification.
- Development guarantee holdback liability of $100M owed to Rausch due within ten business days after later of Feb 2027 or 50% development completion on guaranteed assets.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$194.9M
Net Income
Q1 2026
$122.9M
Free Cash Flow
Q1 2026
$797.3M
Operating Margin
Q1 2026
85.2%
ROIC
Q1 2026
2.0%
D/E Ratio
Q1 2026
0.41
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Net Income
-17.4% YoYOperating Income
-17.4% YoYTotal Assets
Total Debt
Op. Cash Flow
-6.0% YoY| Metric | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|
| Net Income | $-246.2M -17.4% | $-209.8M | — |
| Operating Income | $-246.2M -17.4% | $-209.8M | — |
| Total Assets | $5.47B | — | — |
| Total Debt | $24.2M | — | — |
| Operating Cash Flow | $-917.2M -6.0% | $-865.1M | — |
AI Insight: MRP Financial Trends
Millrose Properties delivers steady revenue growth to $195M in Q1 2026, but total debt has surged nearly 7x from $350M to $2,417M in four quarters.
• Revenue grew consistently from $83M in Q1 2025 to $195M in Q1 2026, a 135% increase over four quarters.
• Operating income expanded from $46M in Q1 2025 to $166M in Q1 2026, reflecting improving operational scale.
• Total debt surged from $350M in Q1 2025 to $2,417M in Q1 2026, a nearly 7x increase in four quarters.
• Equity remained largely flat, declining marginally from $5,876M in Q1 2025 to $5,854M in Q1 2026.
⚠ Debt-to-equity ratio has risen sharply from 0.06x to 0.41x in four quarters — leverage trajectory warrants close monitoring.
⚠ Operating cash flow swung dramatically — $3,419M in Q4 2025 versus $797M in Q1 2026 — sustainability unclear.
⚠ Net income growth has flattened between Q3 2025 ($105M) and Q1 2026 ($123M) despite rising revenue.
AI Insight: MRP Ratio Trends
Millrose Properties stabilized at ~85% operating margins after Q1 2025 ramp-up, with ROE and ROIC holding near cycle highs in Q1 2026.
• Operating margin surged from 55.2% in Q1 2025 to 85.2% in Q1 2026, then held remarkably steady across Q2–Q4 2025 and Q1 2026.
• ROE improved from 2.7% in Q1 2025 to 8.4% in Q1 2026, the highest quarterly reading in the dataset.
• ROIC rose from 2.9% in Q1 2025 to 8.0% in Q1 2026, though it dipped slightly from the Q4 2025 peak of 8.1%.
• D/E leverage climbed steadily from 0.06 in Q1 2025 to 0.41 in Q1 2026, reflecting increasing debt usage over the year.
⚠ D/E ratio reached 0.41 in Q1 2026, up from near-zero in Q1 2025 — continued debt accumulation warrants monitoring.
⚠ Net profit margin dipped to 63.0% in Q1 2026 from 75.7% in Q2 2025, despite stable operating margins — compression in below-the-line items to watch.
⚠ ROIC and ROE appear to have plateaued near 8% — whether returns can expand further as leverage rises is a key inflection.
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Available Research
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Top Institutional Holders of MRP
BlackRock, Inc.
$577.2M20,613,499 shVANGUARD PORTFOLIO MANAGEMENT LLC
$415.8M14,849,462 shBrave Warrior Advisors, LLC
$238.4M8,515,897 shVANGUARD CAPITAL MANAGEMENT LLC
$194.0M6,929,031 shFMR LLC
$182.8M6,526,876 shSTATE STREET CORP
$147.8M5,280,012 shMANUFACTURERS LIFE INSURANCE COMPANY, THE
$120.5M4,302,950 shPermian Investment Partners, LP
$108.6M3,879,312 shSpears Abacus Advisors LLC
$102.7M3,677,754 shGEODE CAPITAL MANAGEMENT, LLC
$84.2M3,006,508 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $577.2M | 20,613,499 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $415.8M | 14,849,462 |
| Brave Warrior Advisors, LLC | $238.4M | 8,515,897 |
| VANGUARD CAPITAL MANAGEMENT LLC | $194.0M | 6,929,031 |
| FMR LLC | $182.8M | 6,526,876 |
| STATE STREET CORP | $147.8M | 5,280,012 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $120.5M | 4,302,950 |
| Permian Investment Partners, LP | $108.6M | 3,879,312 |
| Spears Abacus Advisors LLC | $102.7M | 3,677,754 |
| GEODE CAPITAL MANAGEMENT, LLC | $84.2M | 3,006,508 |
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Popular Research
Is MRP a good stock to buy?
13F Pro's AI-powered analysis of Millrose Properties, Inc. (MRP) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Real Estate sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for MRP are available on the MRP stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own MRP?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling MRP. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Millrose Properties, Inc.'s investment landscape.