Millrose Properties, Inc.
MRPdata completeness 75%3 fiscal years on fileData notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'
Millrose Properties, Inc. earns about -0% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | — | — | $600.5M1 |
| Net income | −$209.8M2 | −$246.2M2 | $379.9M2 |
| Operating cash flow | −$865.1M3 | −$917.2M3 | $3.67B3 |
| Capital expenditure | — | — | — |
| Free cash flow (derived) | — | — | — |
| Total debt | — | — | — |
| Cash & equivalents | — | $04 | $35M4 |
| Diluted shares | — | — | 166.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $352.73 of net worth that earned you $22.88 last year.
It earned an average -0% on invested capital over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
- 10-K · period ending 2025-12-31 · accession 0002017206-26-000002 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0002017206-26-000002 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0002017206-26-000002 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0002017206-26-000002 (CashAndCashEquivalentsAtCarryingValue)