Millrose Properties, Inc. (MRP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+430.4%

$140.74

vs $26.54 price

Levered DCF

$82.09

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.82

Distress zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022
P/E	12.24×	-14.82×	-14.15×	-20.53×
P/B	0.85×	0.71×	0.66×	0.39×
P/S	8.26×	0×	0×	0×
EV / EBITDA	14.3×	-14.89×	-14.27×	-15.95×
Gross margin	85.4%	0.0%	0.0%	0.0%
Operating margin	80.9%	0.0%	0.0%	0.0%
Net margin	63.3%	0.0%	0.0%	0.0%
Current ratio	1.96×	19.33×	18.78×	28.88×
Debt / equity	0.36×	0×	0.01×	0.02×
Interest coverage	5.3×	0×	0×	0×
Dividend yield	6.0%	0.0%	0.0%	0.0%
Payout ratio	78.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	6.5%	-4.8%	-4.7%	-1.9%
Return on invested capital	5.1%	-4.8%	-4.7%	-1.9%
Return on assets	4.1%	-4.5%	-4.4%	-1.8%
Free cash flow yield	74.1%	-25.2%	-29.2%	-11.1%
Earnings yield	7.7%	-6.8%	-7.1%	-4.9%
Enterprise value	$7B	$3.7B	$3B	$3.1B
Net debt / EBITDA	4.22×	-0.1×	-0.16×	-0.61×
Cash conversion cycle (days)	200	0	0	0