Who are Millrose Properties's main competitors?

Named competitors: Lennar (LEN), Forestar Group (FOR). The cockpit's measured peer set (industry) also includes St. Joe (JOE), Longfor (0960.HK), C&D International Investment (1908.HK), Allreal (ALLN.SW), Shanghai Vital Deeptech (600641.SS), Seazen (601155.SS).

Is Millrose Properties expensive compared with its peers?

On forward p/e it trades at 7.9× against a peer median of 14.0×, cheapest of 18 in its peer set.

How has Millrose Properties stock performed?

Over six months to 6 Nov 2026 the shares returned -3.8% against -4.0% for the median peer; over one year -16.9%.

← CockpitCompetitor Analysis › MRP Millrose Properties Inc Class AOpen in the cockpit ↗

Millrose Properties Inc Class AMRPCompetitor analysis, valuation and peers

United States · USD·Real Estate›Real Estate Development

Land-banking REIT spun off from Lennar that buys land/lots and options them back to homebuilders over time.

Momentum neutral 53

Competitor Analysis ▸ Charts Open in the cockpit Bonds & Credit

Mkt cap

$4.00B

US dollars, full cap

Free float

99%

of shares outstanding

$/day

$68.7M

20-day average traded

Fwd P/E

7.9×

forward earnings

ROIC−WACC

n/a

WACC 6.4%

Hurdle

n/a

no reverse DCF

Official | Implied

BB / —

agencies · bond market

Next earnings

118 days

4 Mar 2027

Close · USD$25.92

1D-2.2%

1W+1.2%

1M+14.5%

3M-10.0%

6M-3.8%

YTD-13.2%

1Y-16.9%

ATR %3.8%

Beta0.74

52w lowhigh20.5% off high

What Millrose Properties does

Land-banking REIT spun off from Lennar that buys land/lots and options them back to homebuilders over time.

Buys finished or partly developed lots from Lennar and others and gives homebuilders options to buy them at pre-agreed prices as they build; in the meantime builders pay a fee for holding the lots, which is the main income. It lets builders keep land off their balance sheets.

Products and services

Land banking/land-development finance
Lot option agreements

Customers

Homebuilders (primarily Lennar)

Where it sits in the supply chain

Real estate/land banking
Land acquisition & entitlement
Option agreements with homebuilders…

What could go right

Housing/land demand growth
New homebuilder customer relationships

What could go wrong

Heavy revenue concentration in Lennar
Housing-market downturn risk

Moat: narrow (scale, distribution). A large, seeded land portfolio and an anchor relationship with Lennar give scale few land-banking peers match.

Headquarters: Miami, Florida, US · Founded: 2025 · Employees: 0

Named competitors

Lennar LEN
Forestar Group FOR

Millrose Properties at a glance

Size Millrose Properties (MRP) is a United States Real Estate company (Real Estate Development) with a market value of $4.00B, the 1343rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $25.92 on 6 Nov 2026.

Performance Over six months the shares fell 3.8%, against -4.0% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.

Growth Revenue grew 92.8% over the last twelve months (peer median +6.2%); the operating margin is 85.2% (peer median 21.7%).

Valuation It trades at 7.9× forward earnings against a peer median of 14.0× (cheapest of 18).

Credit Millrose Properties has 1 bond outstanding ($1.25B), rated BB by the agencies.

Short interest Short interest is 7.5% of the free float (15 Oct 2026).

Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Millrose Properties against the median of its 20 peers (local-currency closes).

Millrose Properties financials

Reported figures in USD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023
Revenue	$792M	$600M	$0	$584M
Revenue growth	—	—	-100%	—
Gross profit	n/a	n/a	$0	n/a
EBITDA	n/a	$486M	-$246M	$494M
Net income	$501M	$405M	-$246M	$469M
Free cash flow	n/a	$2.81B	-$917M	n/a
Capital expenditure	n/a	$859M	$0	n/a
Total debt	$3.34B	$2.13B	$24.2M	$0

Quarterly statements and history in the cockpit →

Millrose Properties competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Millrose Properties is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Millrose Properties is the large dot.

Millrose Properties competitors and peer comparison

Head to head with its named competitors (MRP vs LEN vs FOR)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Millrose Properties MRP	$4.00B	-4%	+93%	85%	7.9×	n/a
Lennar LEN	$21.1B	0%	-8%	5%	18.9×	11.4%
Forestar FOR	$1.21B	-14%	-2%	13%	10.4×	n/a

How Millrose Properties compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Millrose Properties against its 20 peers (data as of 6 Nov 2026)
Measure	MRP	Peer median	Rank in peer set
1-month return	+14.5%	+6.0%	6th highest of 21
6-month return	-3.8%	-4.0%	11th highest of 21
Distance from 52-week high	-20.5%	-21.7%	10th highest of 21
Revenue growth (TTM)	+92.8%	+6.2%	2nd highest of 21
Operating margin	85.2%	21.7%	highest of 21
Forward P/E	7.9×	14.0×	cheapest of 18

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Millrose Properties MRP	United States	$4.00B	-4%	+93%	85%	7.9×	n/a	n/a
St. Joe JOE	United States	$3.96B	+6%	+11%	32%	n/a	n/a	n/a
Longfor 0960.HK	Hong Kong	$4.05B	-47%	-42%	1%	n/a	n/a	n/a
C&D International Investment 1908.HK	Hong Kong	$4.11B	-15%	-15%	7%	8.2×	n/a	n/a
Allreal ALLN.SW	Switzerland	$3.89B	-8%	+3%	41%	24.0×	n/a	n/a
Shanghai Vital Deeptech 600641.SS	China	$4.20B	+14%	+94%	-27%	n/a	n/a	n/a
Seazen 601155.SS	China	$4.23B	-15%	-39%	14%	31.9×	n/a	n/a
Hangzhou Binjiang Real Estate 002244.SZ	China	$4.27B	-2%	-35%	6%	12.8×	n/a	n/a
Tokyo Tatemono 8804.T	Japan	$4.37B	-6%	+17%	22%	10.3×	n/a	n/a
Meritage Homes MTH	United States	$4.38B	+4%	-15%	7%	16.2×	n/a	n/a
LEG Immobilien LEG.DE	Germany	$4.39B	-11%	+1%	34%	8.1×	n/a	n/a
Hang Lung Ppt 0101.HK	Hong Kong	$4.40B	-29%	+10%	53%	11.8×	n/a	n/a
Corporacion Inmobiliaria Vesta S.A.B. de C.V. Sponsored ADR VTMX	United States	$3.62B	+6%	+18%	76%	19.5×	n/a	n/a
Kerry Properties 0683.HK	Hong Kong	$3.47B	-26%	-22%	24%	14.2×	n/a	n/a
Howard Hughes HHH	United States	$4.64B	+18%	+32%	15%	29.6×	n/a	n/a
Pandox PNDX-B.ST	Sweden	$3.43B	-1%	+15%	58%	14.6×	n/a	n/a
UNITE UTG.L	United Kingdom	$3.41B	+5%	+12%	46%	11.9×	n/a	n/a
Hilton Grand Vacations HGV	United States	$3.33B	-10%	+19%	17%	9.4×	n/a	n/a
Shanghai Lujiazui Finance & Trade Zone Development 600663.SS	China	$4.81B	-10%	-21%	21%	14.0×	n/a	n/a
China World Trade Center 600007.SS	China	$3.31B	+4%	-4%	42%	18.6×	n/a	n/a
Cushman & Wakefield CWK	United States	$3.28B	-2%	+10%	4%	8.8×	n/a	n/a

Millrose Properties bonds and credit

Millrose Properties has 1 bond outstanding with $1.25B face value. The agencies rate it BB.

Every bond, yield and spread in the cockpit →

Questions

Who are Millrose Properties's main competitors?: Named competitors: Lennar (LEN), Forestar Group (FOR). The cockpit's measured peer set (industry) also includes St. Joe (JOE), Longfor (0960.HK), C&D International Investment (1908.HK), Allreal (ALLN.SW), Shanghai Vital Deeptech (600641.SS), Seazen (601155.SS).
Is Millrose Properties expensive compared with its peers?: On forward p/e it trades at 7.9× against a peer median of 14.0×, cheapest of 18 in its peer set.
How has Millrose Properties stock performed?: Over six months to 6 Nov 2026 the shares returned -3.8% against -4.0% for the median peer; over one year -16.9%.