MRP · Millrose Properties, Inc.
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.”
Price & Indicators
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Metrics snapshot
Useful current figures from the complete screener profile.
AI Brief
Q2 FY26 earnings call · Aug 4, 2026TL;DR. Millrose reported Q2 net income of $125.9 million ($0.76/share) and AFFO of $0.77/share, with an exiting quarterly AFFO run rate of $0.80 at the high end of guidance, while redeploying approximately $1.1 billion into new investments and declaring its sixth consecutive quarterly dividend increase to $0.77/share. The platform added two new counterparties including its first multifamily expansion via JPI, and the company is signaling openness to a higher leverage target beyond its current ~30% debt-to-capitalization cap to support accelerated capital deployment.
- + Quarterly AFFO run rate exited at $0.80 per share, the high end of previously provided guidance
- + Expanded platform into multifamily via new JPI land banking relationship and added two new counterparties
- + Zero option terminations since inception, with no walkaways even amid public builder walkaway charges
- − Quarterly AFFO of $0.77/share was dampened by early-day $284 million development loan repayment, leaving reported AFFO below the $0.80 run rate
- − Cyclical headwinds persist, with mortgage rates above 6% for a fourth consecutive year and full-year 2026 delivery guidance moving lower at largest public builders
- − Other Agreement weighted average yield ticked down to 10.6% from 10.7% on a mix shift toward lower-risk assets
- − Management indicated openness to operating with leverage above the prior 33% debt cap, an increase in capital risk profile
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
REIT - Residential — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
MRP
this stock
Millrose Properties, Inc.
|
$4.51B | -15.6% | — | 9.5 | 4.7% |
|
VMRK
Vivmark Residential
|
$23.06B | -4.6% | +4.8% | 26.6 | 4.8% |
|
ESS
Essex Property Trust, Inc.
|
$17.46B | +3.0% | +6.4% | 42.3 | 3.4% |
|
INVH
Invitation Homes Inc.
|
$15.72B | -5.0% | +4.2% | 24.4 | 2.6% |
|
SUI
Sun Communities Inc
|
$13.83B | -11.2% | +2.0% | 9.9 | 4.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MRP | -6.9% | -18.3% | -17.6% | -3.0% | -15.6% |
| SPY | -0.4% | -0.2% | +12.4% | +0.2% | +12.0% |
| vs SPY | -6.5% | -18.2% | -30.0% | -3.1% | -27.7% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.