Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Millrose Properties, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
600
Selling, general and administrative
210
246
25
Operating expenses
210
246
114
Operating income
-210
-246
486
Interest expense
91.8
Interest income
7.7
Other non-operating income
-85.7
Pre-tax income
-210
-246
400
Income tax
20.5
Net income
-210
-246
380
EPS, basic
2.44
EPS, diluted
2.44
Shares, basic (weighted)
166
Shares, diluted (weighted)
166
Dividend per share
2.55
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
0
35
Inventory
5,465
Total assets
5,465
9,258
Total liabilities
307
3,402
Paid-in capital
5,873
Shareholders' equity
4,459
5,158
5,856
Total equity
4,459
5,158
5,856
Total liabilities and equity
5,465
9,258
Cash flow statement
FY2023
FY2025
FY2025
Net income
-210
-246
380
Stock-based compensation
10.1
14.9
0.68
Deferred income tax
20.5
Change in inventory
-642
-716
Change in payables
-23.6
30.2
Cash from operations
-865
-917
3,673
Cash from investing
-5,722
Debt issued
2,000
Dividends paid
-299
Cash from financing
865
917
2,084
Net change in cash
35
Interest paid
23.9
Income taxes paid
8.5
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $27.19 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
85.1%
Operating income / revenue.
Pre-tax margin
65.1%
Pre-tax income / revenue.
Net margin
62.6%
Net income / revenue.
Operating cash flow margin
492.6%
Cash from operations / revenue.
Effective tax rate
3.8%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
8.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
4.9%
Net income / average total assets.
Return on invested capital (ROIC)
10.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
0.2%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
13.5%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
69.4%
Total assets vs the same period a year earlier. Only from a positive base.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$4.58
Revenue / diluted weighted shares.
Operating cash flow per share
$22.56
Cash from operations / diluted weighted shares.
Book value per share
$35.24
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$4.51B
Share price x shares outstanding.
Enterprise value
$4.48B
Market cap + total debt - cash - short-term investments.
P/E
9.48x
Market cap / net income. Only when net income is positive.
P/S
5.94x
Market cap / revenue.
P/B
0.77x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.77x
Market cap / tangible book value, when positive.
P/OCF
1.21x
Market cap / cash from operations, when positive.
EV/Sales
5.89x
Enterprise value / revenue.
EV/EBIT
6.92x
Enterprise value / operating income, when both are positive.
Earnings yield
10.5%
Net income / market cap (the inverse of P/E).
Dividend yield
10.8%
Dividends paid over the period / market cap.
Shareholder yield
10.8%
(Dividends paid + share buybacks) / market cap.
What was Millrose Properties, Inc.'s revenue in fiscal 2025?
Millrose Properties, Inc. reported revenue of $600.5M for fiscal 2025.
Was Millrose Properties, Inc. profitable in fiscal 2025?
Yes. Net income was $379.9M, a net margin of 63.3%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.