MRP (Millrose Properties) Operating Income: $606.5 Mil (TTM As of Mar. 2026)

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MRP Millrose Properties Inc MRP
13 GF Score
Price $28.53
! 6 Warning Signs
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What is Millrose Properties Operating Income?

Millrose Properties MRP -0.21% 13 Operating Income is $606.5 Mil as of Mar. 2026. GuruFocus rates MRP with a GF Score™ of 13/100. The stock has 6 warning signs investors should review.

Millrose Properties's Operating Income for the three months ended in Mar. 2026 was $166.1 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $606.5 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Millrose Properties's Operating Income for the three months ended in Mar. 2026 was $166.1 Mil. Millrose Properties's Revenue for the three months ended in Mar. 2026 was $194.9 Mil. Therefore, Millrose Properties's Operating Margin % for the quarter that ended in Mar. 2026 was 85.20%.

Millrose Properties's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Millrose Properties's annualized ROC % for the quarter that ended in Mar. 2026 was 6.94%. Millrose Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was %.

Millrose Properties  (NYSE:MRP) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Millrose Properties's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=664.336 * ( 1 - 3.94% )/( (9037.615 + 9363.788)/ 2 )
=638.1611616/9200.7015
=6.94 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=9258.107 - 185.446 - ( 35.046 - max(0, 185.446 - 364.045+35.046))
=9037.615

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=9570.049 - 156.985 - ( 49.276 - max(0, 156.985 - 372.505+49.276))
=9363.788

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Millrose Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=668.532/( ( (0 + max(-185.446, 0)) + (0 + max(-156.985, 0)) )/ 2 )
=668.532/( ( 0 + 0 )/ 2 )
=668.532/0
= %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 0) - (185.446 + 0 + 0)
=-185.446

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 0) - (156.985 + 0 + 0)
=-156.985

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Millrose Properties's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=166.084/194.929
=85.20 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Millrose Properties Operating Income Related Terms

Millrose Properties Operating Income Historical Data

* Premium members only.

The historical data trend for Millrose Properties's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Millrose Properties Operating Income Chart

Millrose Properties Annual Data
Trend Dec23 Dec24 Dec25
Operating Income
-209.79 -246.22 486.07

Millrose Properties Quarterly Data
Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only 45.63 126.86 152.84 160.74 166.08
MRP
13GF Score
Millrose Properties Inc MRP
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Millrose Properties Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $606.5 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $606.5 Mil mean?
Millrose Properties (MRP) has a Operating Income of $606.5 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Millrose Properties and its competitors.
Is Millrose Properties' Operating Income too high?
Millrose Properties' current Operating Income is $606.5 Mil. Overall, Millrose Properties has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Millrose Properties' Operating Income compare to IRT and JAN?
Millrose Properties' Operating Income of $606.5 Mil can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a REITs company?
A good Operating Income depends on the REITs industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Millrose Properties and its competitors. Millrose Properties's current Operating Income is $606.5 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Millrose Properties stock overvalued right now?
Millrose Properties (MRP) has a current Operating Income of $606.5 Mil. The current Operating Income is $606.5 Mil. Millrose Properties' overall GF Score™ is 13/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Millrose Properties (MRP), the current Operating Income is $606.5 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Millrose Properties Business Description

Industry Real EstateREITs
Other Exchanges MRP:Mexico
Address 600 Brickell Avenue, Suite 1400, Miami, FL, USA, 33131
Millrose Properties Inc is a Holding Company. The company, along with its subsidiaries, engages in providing operational and capital solutions for home builders and land development companies to finance the acquisition and development of land assets through its Homesite Option Purchase Platform. The company generates a key portion of its revenue from Option fee revenues and a smaller portion of revenue from Development loan income.
13GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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