Millrose Properties
Through the investors’ lenses
1 of 1 cleared3 of 3 criteria
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 3/3
| Measure | MRP | Checked against | |
|---|---|---|---|
| Owner earnings | — | positive | — |
| Return on equity | 6.5% | US median 2.8% | ✓ |
| Debt to equity | 0.00x | US median 0.57x | ✓ |
| Operating margin | 80.9% | US median 3.1% | ✓ |
Passes 3 of 3. These are the measures Warren Buffett published, applied to Millrose Properties’s own figures — their criteria, not their view of this company. What he looks at, and why →
Funds from operations is not shown for this company. It cannot be computed from what this company files — the inputs are absent from its XBRL, not zero. The figure marked in the table is operating cash flow instead.
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 104.5% | whyDepressed by depreciation on buildings that are not losing value. |
| Operating cash flow | 8.1% | whyBefore capital spending. |
No free cash flow figure is shown. This company does not report the inputs for it in its XBRL filings — capital expenditure, in particular, is often folded into a single investing total rather than tagged on its own. The figure is absent from the filings, not zero, and inventing one from a balance-sheet movement would be a guess dressed as a measurement.
Spread between highest and lowest: 96.4 percentage points. Same filings, different denominators.
Coverage rating 50 / 100 — Tight. ? Peer standing · not rankedDirection 15/30Stability 10/20
The arithmetic
- GAAP earnings — dividends declared per share $2.55 ÷ diluted EPS $2.44
- Operating cash flow — dividends paid $299m ÷ operating cash flow $3,673m
Where the figures came from
- 10-K filed 2026-03-02 · accession 0002017206-26-000002
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Caveats on this company
- DPS $2.55 filed as declared, but dividends paid imply $1.80 — one of the two underlying facts is wrong. The filed per-share figure is used.
- FFO not derivable (missing net income or real-estate depreciation) — REIT page not publishable
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the operating cash flow payout ratio measures, and where every company here sits on it.
Also on: uncovered on earnings, covered on the basis that applies · rated tight · when it files.
Who else looks like this
Every figure above is computed from Millrose Properties’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules two investors published — free, and nothing you screen leaves your browser.
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