Millrose Properties
MRP on NYSE. Millrose Properties sells developed home lots and land to homebuilders, mainly Lennar. Market value $3.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 9.6 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.
$22.51 a share, 3% above its 1-year low
Over the past year the price has ranged from $21.85 to $33.49.
Dividend: 8.0% a year
Paid in its latest year
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |
| Revenue | $600m |
| Operating margin | |
| Operating margin | 80.9% |
| Debt to equity | |
| Debt to equity | 0.36 |
| Shares outstanding | |
| Shares outstanding | 0.17bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- Debt0.36× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $197 million last quarter, up 32% on a year ago.
- Profit: $126 million, up 12% on a year ago.
- About the same number of shares as a year ago.
- Debt is $2.4 billion more than cash, up from $945 million a year ago.
| Quarter to | Amount |
|---|---|
| March 2025 | $83m |
| June 2025 | $149m |
| September 2025 | $179m |
| December 2025 | $190m |
| March 2026 | $195m |
| June 2026 | $197m |
| Quarter to | Amount |
|---|---|
| March 2025 | $40m |
| June 2025 | $113m |
| September 2025 | $105m |
| December 2025 | $122m |
| March 2026 | $123m |
| June 2026 | $126m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 522 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $11m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Brave Warrior AdvisorsGlenn Greenberg | $181m | 3.9% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $32m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $12m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $11m | <0.1% | |
| Miller Value PartnersBill Miller IV | $7m | 1.6% | Added |
| Saber Capital ManagementJohn Huber | $945,373 | 0.7% | Cut |
Largest holders overall
- BlackRock$668mAdded
- Vanguard Portfolio Management$468mAdded
- FMR$247mAdded
- Vanguard Capital Management$209m
- State Street$205mAdded
- Brave Warrior Advisors$181mCut
- Manufacturers Life Insurance Company, the$123mCut
- Permian Investment Partners, LP$120mAdded
- Norges Bank$118mNew
- Cannell & Spears$111m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor13.8%+1.9 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor10.1%+0.4 ptsSince 29 May 2026
- Stuart A. Miller7.5%Since 7 February 2025
What they said
Mr. Miller's becoming the beneficial owner of more than 5% of the Class A Common Stock resulted from the consummation of the Spin Off. Mr. Miller may occasionally elect to purchase shares of Class A Common Stock or Class B Common Stock on the open market or in a private…
Read the filing - LMM Family Corp.at least 6.5%(filed with 2 related holders)Since 7 February 2025
What they said
The Reporting Persons becoming the beneficial owner of more than 5% of the Class A Common Stock resulted from the consummation of the Spin-Off. The Reporting Persons may occasionally elect to purchase shares of Class A Common Stock or Class B Common Stock on the open market or…
Read the filing - FMR LLCPassive investorat least 5.3%(filed with 1 related holder)Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Brave Warrior AdvisorsPassive investorSold down below 5%Since 30 June 2026
- Greenhaven AssociatesPassive investorSold down below 5%Since 18 August 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Lennar CorporationStrategic holderSold down below 5%Since 26 November 2025
What they said
On November 26, 2025, Lennar announced the final results of its previously announced offer to exchange the approximately 20% it owned of the total outstanding Class A Common Stock of Millrose for outstanding shares of Lennar Class A Common Stock (the "Exchange Offer"), as more…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 13.8%+1.9 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 10.1%+0.4 pts | 29 May 2026 | |
Stuart A. Miller | 7.5% | 7 February 2025 | What they saidMr. Miller's becoming the beneficial owner of more than 5% of the Class A Common Stock resulted from the consummation of the Spin Off. Mr. Miller may occasionally elect to purchase shares of Class A Common Stock or Class B Common Stock on the open market or in a private… Read the filing |
LMM Family Corp. | at least 6.5% (filed with 2 related holders) | 7 February 2025 | What they saidThe Reporting Persons becoming the beneficial owner of more than 5% of the Class A Common Stock resulted from the consummation of the Spin-Off. The Reporting Persons may occasionally elect to purchase shares of Class A Common Stock or Class B Common Stock on the open market or… Read the filing |
FMR LLC Passive investor | at least 5.3% (filed with 1 related holder) | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Brave Warrior Advisors Passive investor | Sold down below 5% | 30 June 2026 | |
Greenhaven Associates Passive investor | Sold down below 5% | 18 August 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Lennar Corporation Strategic holder | Sold down below 5% | 26 November 2025 | What they saidOn November 26, 2025, Lennar announced the final results of its previously announced offer to exchange the approximately 20% it owned of the total outstanding Class A Common Stock of Millrose for outstanding shares of Lennar Class A Common Stock (the "Exchange Offer"), as more… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 7 insiders bought $7m of shares on the open market.
- Gorson Matthew B.DirectorBought
- Date
- 10 August 2026
- Shares
- 3,000
- Price
- $28.80
- Value
- $86,400
- MIGOYA CARLOS A.DirectorBought
- Date
- 7 August 2026
- Shares
- 1,000
- Price
- $29.18
- Value
- $29,180
- Gorson Matthew B.DirectorBought
- Date
- 18 May 2026
- Shares
- 4,500
- Price
- $26.97
- Value
- $121,365
- Presa RachelGeneral Counsel and SecretaryBought
- Date
- 13 May 2026
- Shares
- 307
- Price
- $26.62
- Value
- $8,172
- Nitkin RobertChief Operating OfficerBought
- Date
- 12 May 2026
- Shares
- 1,840
- Price
- $26.60
- Value
- $48,944
- Presa RachelGeneral Counsel and SecretaryBought
- Date
- 11 May 2026
- Shares
- 725
- Price
- $27.18
- Value
- $19,706
- Richman DarrenSee RemarksBought
- Date
- 11 May 2026
- Shares
- 235,000
- Price
- $27.31
- Value
- $6m
- Gorson Matthew B.DirectorBought
- Date
- 5 March 2026
- Shares
- 1,000
- Price
- $30.67
- Value
- $30,670
- MIGOYA CARLOS A.DirectorBought
- Date
- 26 November 2025
- Shares
- 219
- Price
- n/a
- Value
- n/a
- Lynch Kathleen B.DirectorBought
- Date
- 24 November 2025
- Shares
- 1,860
- Price
- $31.74
- Value
- $59,036
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 August 2026 | Gorson Matthew B. Director | Bought | 3,000 | $28.80 | $86,400 |
| 7 August 2026 | MIGOYA CARLOS A. Director | Bought | 1,000 | $29.18 | $29,180 |
| 18 May 2026 | Gorson Matthew B. Director | Bought | 4,500 | $26.97 | $121,365 |
| 13 May 2026 | Presa Rachel General Counsel and Secretary | Bought | 307 | $26.62 | $8,172 |
| 12 May 2026 | Nitkin Robert Chief Operating Officer | Bought | 1,840 | $26.60 | $48,944 |
| 11 May 2026 | Presa Rachel General Counsel and Secretary | Bought | 725 | $27.18 | $19,706 |
| 11 May 2026 | Richman Darren See Remarks | Bought | 235,000 | $27.31 | $6m |
| 5 March 2026 | Gorson Matthew B. Director | Bought | 1,000 | $30.67 | $30,670 |
| 26 November 2025 | MIGOYA CARLOS A. Director | Bought | 219 | n/a | n/a |
| 24 November 2025 | Lynch Kathleen B. Director | Bought | 1,860 | $31.74 | $59,036 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 4 Aug 2026 and 12 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 84% last year. Losing that customer would hurt.
“For the year ended December 31, 2025, the Company derived from Lennar approximately 84% of the Company's total revenues and 88% of the Company's total option fee revenues.”
From the 10-K filed 2 March 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.