Millrose Properties, Inc. (MRP) Stock

Millrose Properties, Inc. (MRP) is a Real Estate stock trading at $30.39 (as of 2026-08-21), with a market capitalization of $5.05B and a trailing P/E of 10.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Millrose Properties is a Homesite Option Purchase Platform (“HOPP'R”), an evolution of residential land banking, accelerating homebuilders' capital-efficient growth of controlled land positions. As a publicly traded Homesite Option Purchase Platform, Millrose provides investors with a unique residential real estate backed income-generating investment opportunity historically limited to institutional investors.

Understand Millrose Properties, Inc.: how it makes money

Millrose Properties operates a Homesite Option Purchase Platform, earning option fee revenues and other related income from residential land option agreements with homebuilders.

Millrose’s profit model is driven primarily by option fee revenues generated through homesite option agreements, where the level of activity and returns are reflected in portfolio yields and blended option rates on the invested capital deployed under those agreements.

Revenue by segment (latest quarter)
Option Fees$0.2B

Business quality (Solid): In the latest quarter, the company reports revenue of about 0.2B and a very high operating margin (85.2%), but the available segment disclosure in the provided facts is limited mainly to option-fee-related revenues.

Valuation: At 11× earnings, MRP trades 69% below the Real Estate average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Revenue is directly tied to option activity: The company’s segment revenue presented is Option fee revenues (0.18B), and the operating setup is reinforced by portfolio yield and blended option rate metrics.
  • Large and diversified builder footprint (within the disclosed portfolio): The portfolio metrics include 17 distinct builder counterparties and 904 communities across 30 states, which can help spread performance across counterparties and geographies.

Bear case

  • Dependence on option agreement performance: Because results hinge on option fee revenues, any slowdown in option activity or changes in realized outcomes under homesite option contracts could reduce revenues.
  • Sensitivity to changes in portfolio yield and option rates: The provided metrics include portfolio weighted average annualized yield (9.2%) and blended option rate (8.9%), so performance could be pressured if these measures decline.
Valuation — source: SEC EDGAR (first-party)
Price$30.39
Market Cap$5.05B
P/E Ratio10.9
EV / EBITDA8.2
Price / Book0.86
Price / Sales7.08
DCF Value (model)$67.95
DCF Upside vs Price123.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$600.46M
Net Margin63.3%
Revenue Growth (YoY)135.7%
EPS Growth (YoY)89.7%
Valuation vs Sector & Industry
Stock P/E10.9
Sector P/E (Real Estate)27.2
Industry P/E (Real Estate)29.6
vs Sector-59.9%
vs Industry-63.2%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($630.77M)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorReal Estate
IndustryReal Estate
CEODarren L. Richman
CountryUS
IPO Date2025-02-05

Related Companies (Real Estate; 8 comparable real estate companies)

  • Kennedy-Wilson Holdings, Inc. (KW)
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  • Terreno Realty Corporation (TRNO)
  • Urban Edge Properties (UE)
  • Hudson Pacific Properties, Inc. (HPP)
  • AH Realty Trust, Inc. (AHRT)
  • Innovative Industrial Properties, Inc. (IIPR)
  • Getty Realty Corp. (GTY)
MRP earnings history · MRP institutional & insider holders · MRP KPIs & operating metrics · MRP financials · MRP investor presentations & press releases · MRP SEC filings · MRP peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.