Millrose Properties, Inc.
NYSE: MRP · REAL ESTATE · REIT - RESIDENTIAL
Updated 2026-06-05
Millrose Properties, Inc. (MRP) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total assets | $8.02B | $4.74B | $5.47B | $9.26B |
| Cash & equivalents | — | $100.00 | $100.00 | $35.05M |
| Current assets | $7.97B | $4.74B | $5.47B | $364.05M |
| Total liabilities | $393.57M | $285.16M | $306.92M | $3.40B |
| Current liabilities | $276.11M | $252.55M | $282.73M | $185.45M |
| Long-term debt | — | — | $24.19M | $2.11B |
| Shareholder equity | $7.63B | $4.46B | $5.16B | $5.86B |
| Retained earnings | — | — | $0.00 | $-18.48M |
| Accounts receivable | — | — | — | $329.00M |
| Inventory | $7.97B | $4.74B | $5.47B | $0.00 |
| Goodwill | — | — | — | — |
Frequently asked questions
What is Millrose Properties, Inc.'s revenue?
Millrose Properties, Inc.'s trailing twelve-month revenue is $712.69M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MRP?
In its most recent fiscal year, MRP ran a gross margin of 85.39%, an operating margin of 80.95%, and a net margin of 63.26%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MRP generate?
MRP produced $2.81B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MRP's balance sheet healthy?
MRP holds $35.05M in cash and equivalents against $2.11B in long-term debt, on $5.86B of shareholder equity. That debt is best read against the cash flow the business throws off each year.