The business behind the dividend
| Measure | MRP | Median | Formula |
|---|---|---|---|
| Return on equity | 6.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 8.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 80.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 63.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.00x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 5.30x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 9.67x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -35.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Free cash flow, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | Median |
|---|---|---|---|---|
| Return on equity | 6.5% | -4.8% | -4.7% | -4.7% |
| Return on capital employed | 8.3% | -4.8% | — | -4.8% |
| Operating margin | 80.9% | — | — | 80.9% |
| Net margin | 63.3% | — | — | 63.3% |
| Debt to equity | 0.00x | 0.00x | — | 0.00x |
| Cash conversion | 9.67x | — | — | 9.67x |
How it compares in real estate
Among the 20 real estate companies here measured on operating cash flow, Millrose Properties pays out less than 19 of them. The median for that group is 152.3%, against this company’s 8.1%.
Closest on operating cash flow
- Ready Capital (RC) 26.2%
- Cherry Hill Mortgage Investment (CHMI) 31.0%
- Orion Properties (ONL) 38.1%
- Alexandria Real Estate Equities (ARE) 64.5%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →