MRP · Millrose Properties, Inc. · Financials
One customer — 88% of revenue (the year ended December 31, 2025)
“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.”
One customer — 85% of revenue (the year ended December 31, 2025)
“Revenues earned under the Master Program Agreement with Lennar represented 85% of the Company's total option fee revenues.”
One customer — 84% of revenue (the year ended December 31, 2025)
“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.”
Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | TTM | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| $760.54M | $600.46M | — | — | |
| — | $25M | $246.2M | $209.8M | |
| $113.25M | $114.39M | $246.22M | $209.79M | |
| $647.29M | $486.07M | -$246.22M | -$209.79M | |
| — | 80.95% | — | — | |
| $158.2M | $91.79M | — | — | |
| $7.03M | $7.7M | — | — | |
| -$152.37M | -$85.7M | — | — | |
| $494.92M | $400.37M | -$246.22M | -$209.79M | |
| $18.85M | $20.51M | — | — | |
| $476.06M | $379.86M | -$246.22M | -$209.79M | |
| — | 63.26% | — | — | |
| $476.06M | $404.82M | -$246.22M | -$209.79M | |
| USD/shares | $2.87 | $2.44 | — | — |
| USD/shares | $2.87 | $2.44 | — | — |
| shares | — | 166M | — | — |
| shares | — | 166.03M | — | — |
Debt Profile
Annual debt figures are established from 10-K filings and updated by subsequent 10-Q and 8-K disclosures. Instrument balances are not summed into a company total unless the filing itself reports that total.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Peer medians compare against the 14 similar-size REIT - Residential companies (of 21 listed).