Millrose Properties
Funds residential land development and supplies finished homesites through scheduled option contracts.
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Profile
Funds residential land acquisition and horizontal development, then delivers finished homesites to builders through HOPP'R option contracts. The externally managed holding company was created in Lennar's taxable spin-off and operates through subsidiaries.
Funds the acquisition and horizontal development of residential land, then supplies finished homesites to homebuilders through its Homesite Option Purchase Platform, HOPP'R. The platform uses option contracts with predetermined costs and scheduled takedowns.
Created through Lennar's taxable spin-off, it operates as a holding company through subsidiaries and is listed on the NYSE. It is externally managed by Kennedy Lewis Land and Residential Advisors, which supplies personnel and operational functions.
The model is tied to agreements with Lennar, including a Master Program Agreement executed at the spin-off. Those agreements were not negotiated at arm's length.
Company facts
Key statistics
Year to date +2.6% · Average volume (30d) 1.0M
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.75 | $0.76 | +0.9% | $202.0M | $196.9M | −2.5% | +2.69% |
| May 6, 2026Q1 FY26 | $0.77 | $0.74 | −3.5% | $200.9M | $194.9M | −3.0% | −4.58% |
| Feb 26, 2026Q4 FY25 | $0.74 | $0.74 | 0.0% | $190.1M | $189.5M | −0.3% | +0.80% |
| Oct 23, 2025Q3 FY25 | $0.74 | $0.63 | −14.9% | $190.1M | $179.3M | −5.7% | −1.19% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $82.7M | $149.0M | $179.3M | $189.5M | $194.9M | $196.9M | |
| Gross profit | $70.6M | $127.0M | $179.3M | $189.5M | $194.9M | $166.9M | |
| Operating income | $45.6M | $126.9M | $152.8M | $160.7M | $166.1M | $167.6M | |
| Net income | $39.8M | $112.8M | $105.1M | $122.2M | $122.9M | $125.9M | |
| Diluted EPS | $0.39 | $0.68 | $0.63 | $0.74 | $0.74 | $0.76 | |
| Gross margin | 85.4% | 85.3% | 100.0% | 100.0% | 100.0% | 84.8% | |
| Operating margin | 55.2% | 85.1% | 85.3% | 84.8% | 85.2% | 85.2% |
Fiscal years (4-quarter sums)FY24 $0 · FY25 $600.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $34.2M · Total debt $2.48B · Total assets $9.71B · Shareholders' equity $5.85B
Dividends
Last raised to $0.77 from $0.76 in Jul 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 6, 2026 | Jul 6 | Jul 15 | $0.77 | raised from $0.76 |
| Apr 2, 2026 | Apr 3 | Apr 15 | $0.76 | raised from $0.75 |
| Jan 5, 2026 | Jan 5 | Jan 15 | $0.75 | raised from $0.73 |
| Oct 3, 2025 | Oct 3 | Oct 15 | $0.73 | raised from $0.69 |
| Jul 3, 2025 | Jul 3 | Jul 15 | $0.69 | raised from $0.38 |
| Apr 4, 2025 | Apr 4 | Apr 15 | $0.38 |
Ownership
Shares outstanding 154.23M · Float 120.34M · 78.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 22.24M | 14.42% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 15.56M | 10.09% | 13F | Aug 13, 2026 |
| FMR LLC | 8.23M | 5.34% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 6.94M | 4.50% | 13F | Aug 13, 2026 |
| State Street Corp | 6.82M | 4.42% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Carlos A. Migoya | director | +1,000 | $29.18 |
| Aug 10, 2026 | Matthew B. Gorson | director | +3,000 | $28.80 |
| May 18, 2026 | Matthew B. Gorson | director | +4,500 | $26.97 |
| May 11, 2026 | Darren Richman | officer: See Remarks | +235,000 | $27.31 |
| May 12, 2026 | Robert Nitkin | officer: Chief Operating Officer | +1,840 | $26.60 |
Peers
- Five Point
Residential land banking and homesite sales
- Forestar Group
Finished-lot development and short-term lot banking
- NVR
Option-controlled residential lots for homebuilding
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Millrose Properties | $30.62 | +0.07% | $4.72B | 10.7 | 9.5 | 6.2 | +32.1% |
| Five Point | $5.11 | −0.10% | $363.3M | 14.7 | — | 3.1 | +86.0% |
| Forestar Group | $28.63 | +0.17% | $1.46B | 8.6 | 10.1 | 0.8 | +4.2% |
| NVR | $6,396.27 | −0.21% | $17.27B | 16.6 | 16.6 | 1.8 | −10.6% |
| Median | 14.7 | 13.3 | 1.8 | +4.2% |