MRPMillrose Properties, Inc.

Real Estate

Revenue: $600M
Operating margin: 80.9%
EBITDA: $486M; 297% YoY
Market cap: $4.3B
Employees: —
Net debt / EBITDA: 5.0×; $2.4B net debt
AI in 10-K: 2.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
967% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	—	$600M
Operating income	−$210M	−$246M	$486M	297%
Net income	−$210M	−$246M	$380M	254%
Operating cash flow	−$865M	−$917M	$3.7B	500%
Stock-based comp	$10M	$15M	$677K	95%
Dividends	—	—	$299M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 14, 2025	MILLER STUART A	SCHEDULE 13D	7.5%	Passive
Feb 14, 2025	MP Alpha Holdings LLLP	SCHEDULE 13D	6.5%	Passive

Insider trading

Open-market buys, 12 mo: $7M · 12
Open-market sells, 12 mo: $0 · 0
Net: $7M

Pay vs performance

No pay-versus-performance disclosure yet.