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Real estate services · Real Estate · Fiscal year ends Dec 31
Millrose Properties reported revenue of $600M in the fiscal year ended Dec 2025. Operating income was $486M, an operating margin of 80.9%, and net income was $380M. Net debt was $2.1B.
Ranks among the 16 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | – | – | 600 |
| Selling, general & admin | 210 | 246 | 25.0 |
| Operating income | −210 | −246 | 486 |
| Interest expense | – | – | 91.8 |
| Pre-tax income | −210 | −246 | 400 |
| Income tax | – | – | 20.5 |
| Net income | −210 | −246 | 380 |
| Diluted EPS | – | – | 2.44 |
| Diluted shares | – | – | 166 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | – | 0.0 | 35.0 |
| Inventory | – | 5,465 | – |
| Total assets | – | 5,465 | 9,258 |
| Long-term debt | – | 24.2 | 2,112 |
| Total liabilities | – | 307 | 3,402 |
| Shareholders' equity | 4,459 | 5,158 | 5,856 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −865 | −917 | 3,673 |
| Stock-based compensation | 10.1 | 14.9 | 0.7 |
| Dividends paid | – | – | 299 |
| Dividend per share | – | – | 2.55 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating margin | – | – | 80.9% |
| Net margin | – | – | 63.3% |
| Return on equityBlank when equity is negative | −4.7% | −4.8% | 6.5% |
| Cash conversion (CFO ÷ net income) | 4.12x | 3.73x | 9.67x |
| Interest cover | – | – | 5.30x |
| Debt ÷ equity | – | 0.00x | 0.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 24.2 | 2,077 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.