American Homes 4 Rent (AMH) vs Millrose Properties, Inc. (MRP)

American Homes 4 Rent and Millrose Properties, Inc. are both Reit Residential companies. American Homes 4 Rent is the larger, with a market value of $11.0B against $4.2B — 2.6× the size. Millrose Properties, Inc. trades at the lower P/E: 9.5× against 24.3×. Millrose Properties, Inc. has the higher net margin (62.6% vs 24.8%) and the higher return on invested capital (4.35% vs 2.37%). Across the 17 metrics below, Millrose Properties, Inc. leads on 11 and American Homes 4 Rent on 6.

Valuation

Metric AMH MRP Reit Residential median
P/E 24.32 9.48 28.48
P/S 5.89 5.94 5.52
P/B 1.48 0.77 1.89
Price to free cash flow 7.39 n/m 18.04
EV/EBITDA 16.15 11.87 15.74
EV/Sales 8.49 10.47 8.08
Earnings yield 4.11% 10.55% 2.37%
Free cash flow yield 13.53% (27.43%) 4.03%

Profitability

Metric AMH MRP Reit Residential median
Gross margin 57.33% 85.31% 58.73%
Operating margin 24.99% 85.11% 20.57%
Net margin 24.79% 62.60% 20.81%
Free cash flow margin 79.69% (162.90%) 20.24%
Return on equity 6.07% 8.12% 6.86%
Return on assets 3.48% 5.39% 3.17%
Return on invested capital 2.37% 4.35% 2.03%

Growth

Metric AMH MRP Reit Residential median
Revenue growth (TTM) 4.29% — 2.66%
EPS growth (last fiscal year) 9.26% — —
Revenue growth, 5-year CAGR 9.55% — 7.53%
Net income growth, 5-year CAGR 38.79% — 3.76%

Health

Metric AMH MRP Reit Residential median
Debt to equity 0.69 0.59 0.78
Current ratio 0.59 0.08 0.54
Net debt to EBITDA 5.04 5.93 4.27

Dividend

Metric AMH MRP Reit Residential median
Dividend yield 2.51% — 4.63%
Payout ratio 0.82 — 1.35

Size

Metric AMH MRP Reit Residential median
Market cap 11.04b 4.17b 4.17b

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