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Millrose Properties

MRP
56
REIT - Residential · Real Estate
Price
$30.39
-0.19 (-0.62%)
Market Cap
$4.69B
Exchange
New York Stock Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Exceptional
Stability
Data not available
Valuation
Strong
Dividends
Good
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Share count rising — dilution

+23.0% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 135.0M (2022) → 166.0M (2025)

Winston Score History

The full picture

Millrose Properties is a real estate investment trust (REIT) that buys and holds land, then sells finished home lots to homebuilders. The company acts as a middleman between raw land and the builders who construct houses on it. It was spun off from Lennar Corporation in early 2025 and operates primarily as a "land bank," with Lennar as its anchor customer.

Millrose makes money by purchasing land, preparing it for development, and selling entitled lots to homebuilders under option agreements — collecting fees and margins along the way. It operates mainly in the United States and its unusually high margins reflect the asset-light, fee-driven nature of land banking. Because Lennar is both its primary customer and a major source of deal flow, the company's growth depends heavily on that relationship, and any slowdown in U.S. housing demand or a shift in Lennar's strategy could meaningfully impact its business.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+32.1% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+11.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

22.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$34M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Millrose Properties is growing revenue at 32% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
-99.0%
Thin — -99.0% gross margin
Profit after running costs
Operating Margin
85.2%
Excellent — 85.2% operating margin
Return on the money invested
ROCE
11.1%
Below par — 11.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
>+1,000%
Fast-growing sales (>+1,000% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
935%
Turns 935% of profit into real cash
Spare cash per sale
FCF Margin
585.0%
Converts sales into free cash efficiently (585.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
10.6x
Attractive valuation — P/E 10.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+1.9
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
10.76%
Healthy income — 10.76% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
N/A
Data not available

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