Latest Ratios: P/E Ratio 11.6x · EV/EBITDA 13.1x · ROE 6.9%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $4.4B | $5.0B | — | — | — |
| Enterprise Value | $6.4B | $7.0B | — | — | — |
| P/E Ratio → | 11.61 | 12.24 | — | — | — |
| P/S Ratio | 7.27 | 8.26 | — | — | — |
| P/B Ratio | 0.80 | 0.85 | — | — | — |
| P/FCF | 1.19 | 1.35 | — | — | — |
| P/OCF | 1.19 | 1.35 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 11.72 | — | — | — |
| EV / EBITDA | 13.09 | 14.30 | — | — | — |
| EV / EBIT | 13.26 | 14.30 | — | — | — |
| EV / FCF | — | 1.92 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 85.4% | 85.4% | — | — | — |
| Operating Margin | 80.9% | 80.9% | — | — | — |
| Net Profit Margin | 63.3% | 63.3% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 6.9% | 6.9% | -5.1% | -3.5% | -1.9% |
| ROA | 5.2% | 5.2% | -4.8% | -3.3% | -1.8% |
| ROIC | 5.6% | 5.6% | -3.8% | -2.6% | -1.9% |
| ROCE | 6.6% | 6.6% | -5.1% | -3.4% | -2.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.00 | 0.01 | 0.02 |
| Debt / EBITDA | 4.29 | 4.29 | — | — | — |
| Net Debt / Equity | — | 0.35 | 0.00 | 0.01 | 0.02 |
| Net Debt / EBITDA | 4.22 | 4.22 | — | — | — |
| Debt / FCF | — | 0.57 | — | — | — |
| Interest Coverage | 5.36 | 5.36 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | — | — | 19.33 | 18.78 | 28.88 |
| Quick Ratio | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — |
| Asset Turnover | — | 0.06 | — | — | — |
| Inventory Turnover | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | 6.4% | 6.0% | — | — | — |
| Payout Ratio | 78.7% | 78.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 8.2% | — | — | — |
| FCF Yield | 84.1% | 74.1% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 6.4% | 6.0% | — | — | — |
| Shares Outstanding | — | $166M | $166M | $135M | $135M |
Builder option abandonment risk
Based on the provided financial data, Millrose Properties maintains a P/FFO multiple of 35.26 as of 2026Q1, a valuation level that suggests investors are pricing the company as a high-growth financial platform rather than a traditional, asset-heavy residential REIT with cyclical land exposure.
The elevated P/FFO multiple relative to traditional REIT peers indicates that the market is assigning a premium to the HOPP'R platform's scalability. However, given the extreme volatility in FFO per share, this valuation appears highly sensitive to the timing of builder takedowns and may be prone to sharp corrections if option exercise rates decelerate.
As reported in the company's financial statements, Millrose Properties consistently achieved 100% NOI margins throughout the most recent quarters, a figure that suggests the firm's revenue is primarily derived from high-margin option fees rather than traditional property management or direct construction activities.
While these margins appear exceptionally strong, they may obscure the underlying costs of land carry and entitlement maintenance that are likely capitalized rather than expensed. Investors should monitor whether these margins remain sustainable if the company is forced to transition toward more capital-intensive finished lot development to maintain builder interest.
According to the 2025Q2 data, Millrose Properties reported an FFO payout ratio of 55.3%, which appears to provide a temporary buffer for distributions, though the lack of consistent historical AFFO reporting makes it difficult to assess the long-term sustainability of these dividend payments.
The reliance on FFO as a payout metric is problematic given the lumpy nature of land sales and the potential for significant non-cash adjustments. Until the company provides a more robust history of AFFO, which accounts for necessary maintenance capex and land inventory carrying costs, the dividend should be viewed as speculative.
Based on reported figures, Millrose Properties maintains a debt-to-equity ratio of 0.36 as of 2025Q4, a remarkably low level that suggests a conservative capital structure designed to insulate the firm from the cyclical volatility inherent in the residential land-banking business model.
This low leverage provides significant dry powder for land acquisitions during market downturns, yet it may also indicate that the company is not yet utilizing the debt capacity typical of a REIT to maximize shareholder returns. The interest coverage ratio of 4.63 suggests that the current debt load is well-supported by existing cash flows.
The most commonly misapplied metric for Millrose Properties is the standard P/E ratio, which, as indicated by the company's 12.68 TTM figure, fails to account for the significant non-cash depreciation and impairment charges that distort net income in a land-banking business model.
Using P/E obscures the true cash-generating capacity of the HOPP'R platform by including accounting charges that do not reflect the economic reality of land appreciation. Analysts should instead prioritize P/AFFO or implied cap rate analysis to better capture the recurring nature of option fees and the underlying value of the land inventory.
Includes 30+ ratios · 4 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MRP stock.
Millrose Properties, Inc.'s current P/E ratio is 11.6x. The historical average is 12.2x.
Millrose Properties, Inc.'s current EV/EBITDA is 13.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
Millrose Properties, Inc.'s return on equity (ROE) is 6.9%. The historical average is -0.9%.
Based on historical data, Millrose Properties, Inc. is trading at a P/E of 11.6x. Compare with industry peers and growth rates for a complete picture.
Millrose Properties, Inc.'s current dividend yield is 6.35% with a payout ratio of 78.7%.
Millrose Properties, Inc. has 85.4% gross margin and 80.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Millrose Properties, Inc.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.