Millrose Properties, Inc. (MRP) Balance Sheet
MRP balance sheet, 2025
December 31, 2025 · U.S. dollars$9.26B assets = $3.40B liabilities + $5.86B equity
Both columns are drawn to the same scale: what MRP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MRP financial health
Descriptive bands, not a rating. Fiscal 2025.
MRP balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $8.02B2022 | $9.26B2025 | +4.9%/yr | |
| Total liabilities | $393.6M2022 | $3.40B2025 | +105.2%/yr | |
| Shareholders’ equity | $7.63B2022 | $5.86B2025 | −8.4%/yr | |
| Cash & short-term investments | $1002023 | $35.0M2025 | +59,099.7%/yr | |
| Total debt | $117.5M2022 | $2.11B2025 | +162.0%/yr | |
| Net cash (debt) | −$117.5M2022 | −$2.08B2025 | −$2.0B | |
| Working capital | $7.70B2022 | $178.6M2025 | −$7.5B | |
| Book value per share | $56.512022 | $35.272025 | −14.5%/yr | |
| Current ratio | 28.882022 | 1.962025 | −26.91 | |
| Debt / equity | 0.022022 | 0.362025 | +0.35 | |
| Shares outstanding | 135.0M2022 | 166.0M2025 | +7.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MRP assets
MRP liabilities and equity
MRP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MRP balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $35.0M | $100 | $100 | — |
| Cash & equivalents | $35.0M | $100 | $100 | — |
| Receivables | $329.0M | $0 | $0 | $0 |
| Inventory | $0 | $5.47B | $4.74B | $7.97B |
| Other current assets | $0 | $0 | $0 | $0 |
| Total current assets | $364.0M | $5.47B | $4.74B | $7.97B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 |
| Other non-current assets | $8.89B | $0 | $0 | $48.9M |
| Total assets | $9.26B | $5.47B | $4.74B | $8.02B |
| Liabilities | ||||
| Accounts payable | — | $282.7M | $252.6M | $276.1M |
| Short-term debt | $13.0M | $24.2M | $32.6M | $84.7M |
| Total current liabilities | $185.4M | $282.7M | $252.6M | $276.1M |
| Long-term debt | $2.08B | $0 | $0 | $0 |
| Other long-term liabilities | $1.13B | $24.2M | $32.6M | $117.5M |
| Total liabilities | $3.40B | $306.9M | $285.2M | $393.6M |
| Shareholders' equity | ||||
| Common stock & paid-in capital | $1.7M | $5.16B | $4.46B | $7.63B |
| Retained earnings (deficit) | −$18.5M | $0 | — | — |
| Total shareholders' equity | $5.86B | $5.16B | $4.46B | $7.63B |
| Key figures | ||||
| Total debt | $2.11B | $24.2M | $32.6M | $117.5M |
| Net cash (debt) | −$2.08B | −$24.2M | −$32.6M | −$117.5M |
| Working capital | $178.6M | $5.18B | $4.49B | $7.70B |
| Tangible book value | $5.86B | $5.16B | $4.46B | $7.63B |
| Book value per share | $35.27 | $31.07 | $33.03 | $56.51 |
| Shares outstanding | 166.0M | 166.0M | 135.0M | 135.0M |
| Current ratio | 1.96 | 19.33 | 18.78 | 28.88 |
| Quick ratio | 1.96 | 0.00 | 0.00 | 0.00 |
| Debt / equity | 0.36 | 0.00 | 0.01 | 0.02 |
| Equity / assets | 63.3% | 94.4% | 94.0% | 95.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $34.2M | $49.3M | $35.0M | $242.6M | $66.6M | $89.5M | $100 | $510.9M | $772.9M | — |
| Cash & equivalents | $34.2M | $49.3M | $35.0M | $242.6M | $66.6M | $89.5M | $100 | $510.9M | $772.9M | — |
| Receivables | $49.8M | $323.2M | $329.0M | $398.6M | $46.6M | $47.2M | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $8.36B | $7.85B | $7.00B | $5.47B | $5.27B | $5.86B | $4.74B |
| Other current assets | $0 | $0 | $0 | $0 | $2.6M | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $84.0M | $372.5M | $364.0M | $9.00B | $7.96B | $7.14B | $5.47B | $5.27B | $5.86B | $4.74B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $9.62B | $9.20B | $8.89B | $22.1M | $12.7M | $16.7M | $0 | $0 | $82.6M | $0 |
| Total assets | $9.71B | $9.57B | $9.26B | $9.02B | $7.97B | $7.15B | $5.47B | $5.27B | $5.95B | $4.74B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | — | $0 | $0 | $282.7M | $254.7M | $250.7M | $252.6M |
| Short-term debt | — | $13.0M | $13.0M | $13.0M | $13.0M | $363.0M | $24.2M | $43.4M | — | — |
| Deferred revenue | $999.8M | — | — | — | — | $684.6M | — | $668.0M | $583.9M | — |
| Total current liabilities | $192.4M | $13.0M | $185.4M | $1.03B | $131.8M | $769.6M | $282.7M | $254.7M | $250.7M | $252.6M |
| Long-term debt | $2.48B | $2.42B | $2.11B | $1.97B | $1.01B | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.18B | $1.29B | $1.10B | $0 | $956.5M | $506.9M | $24.2M | $43.4M | $30.7M | $32.6M |
| Total liabilities | $3.86B | $3.72B | $3.40B | $3.17B | $2.10B | $1.28B | $306.9M | $298.1M | $281.3M | $285.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $5.16B | $4.97B | $5.66B | $4.46B |
| Retained earnings (deficit) | −$23.7M | −$21.8M | −$18.5M | −$16.2M | −$98,000 | $1.7M | $0 | — | — | — |
| Total shareholders' equity | $5.85B | $5.85B | $5.86B | $5.86B | $5.87B | $5.88B | $5.16B | $4.97B | $5.66B | $4.46B |
| Key figures | ||||||||||
| Total debt | $2.48B | $2.43B | $2.11B | $1.98B | $1.01B | $350.0M | $24.2M | $43.4M | $30.7M | $32.6M |
| Net cash (debt) | −$2.44B | −$2.38B | −$2.08B | −$1.74B | −$944.6M | −$260.5M | −$24.2M | $467.5M | $742.2M | −$32.6M |
| Working capital | −$108.4M | $359.5M | $178.6M | $7.97B | $7.83B | $6.37B | $5.18B | $5.01B | $5.61B | $4.49B |
| Tangible book value | $5.85B | $5.85B | $5.86B | $5.86B | $5.87B | $5.88B | $5.16B | $4.97B | $5.66B | $4.46B |
| Book value per share | $35.25 | $35.26 | $35.27 | $35.28 | $35.38 | $35.40 | $31.07 | $37.06 | $41.96 | $33.03 |
| Shares outstanding | 166.0M | 166.0M | 166.0M | 166.0M | 166.0M | 166.0M | 166.0M | 134.1M | 135.0M | 135.0M |
| Current ratio | 0.44 | 28.65 | 1.96 | 8.76 | 60.42 | 9.27 | 19.33 | 20.68 | 23.39 | 18.78 |
| Quick ratio | 0.44 | 28.65 | 1.96 | 0.62 | 0.86 | 0.18 | 0.00 | 2.01 | 3.08 | 0.00 |
| Debt / equity | 0.42 | 0.42 | 0.36 | 0.34 | 0.17 | 0.06 | 0.00 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 60.3% | 61.2% | 63.3% | 64.9% | 73.7% | 82.2% | 94.4% | 94.3% | 95.3% | 94.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
MRP financial position
At the end of fiscal 2025 (December 31, 2025), Millrose Properties had total assets of $9.3 billion (up 69.4% from a year earlier), total liabilities of $3.4 billion and shareholders' equity of $5.9 billion. It held $35.0 million in cash and short-term investments against $2.1 billion of debt, net debt of $2.1 billion. Its current ratio was 1.96. In the latest quarter (ended June 30, 2026) total assets were $9.7 billion and equity $5.9 billion.
Related: MRP income statement, MRP cash flow statement, MRP key metrics. See the MRP stock overview for the latest quote and news.
MRP balance sheet FAQ
What are Millrose Properties's total assets?
Millrose Properties reported total assets of $9.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.5 billion a year earlier.
How much debt does Millrose Properties have?
Millrose Properties had $2.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.36.
How much cash does Millrose Properties have?
Millrose Properties held $35.0 million in cash and short-term investments at the end of fiscal 2025; with $2.1 billion of debt that is net debt of $2.1 billion.
What is Millrose Properties's book value?
Millrose Properties's shareholders' equity (book value) was $5.9 billion at the end of fiscal 2025, or $35.27 per share.
What is Millrose Properties's current ratio?
Millrose Properties had current assets of $364.0 million and current liabilities of $185.4 million, a current ratio of 1.96 (it can cover its short-term obligations).