Bluerock Homes Trust, Inc. (BHM) vs Millrose Properties, Inc. (MRP)

Bluerock Homes Trust, Inc. and Millrose Properties, Inc. are both Reit Residential companies. Millrose Properties, Inc. is the larger, with a market value of $3.4B against $92.6M — 37.0× the size. Bluerock Homes Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; Millrose Properties, Inc. trades at 7.8×. Millrose Properties, Inc. has the higher net margin (62.6% vs −18.0%) and the higher return on invested capital (4.35% vs −3.99%). Both pay a dividend; Millrose Properties, Inc. yields more (13.6% vs 6.21%). Across the 16 metrics below, Bluerock Homes Trust, Inc. leads on 9 and Millrose Properties, Inc. on 7.

Valuation

Metric BHM MRP Reit Residential median
P/E n/m 7.84 29.43
P/S 0.43 4.91 5.21
P/B 0.06 0.64 1.83
Price to free cash flow 0.93 n/m 17.92
EV/EBITDA n/m 10.70 15.85
EV/Sales (1.89) 9.44 8.04
Earnings yield (82.04%) 12.76% 2.39%
Free cash flow yield 107.40% (33.16%) 4.10%

Profitability

Metric BHM MRP Reit Residential median
Gross margin 100.00% 85.31% 58.73%
Operating margin (29.32%) 85.11% 20.57%
Net margin (17.97%) 62.60% 20.81%
Free cash flow margin 45.71% (162.90%) 20.24%
Return on equity (2.61%) 8.12% 6.86%
Return on assets (1.25%) 5.39% 3.17%
Return on invested capital (3.99%) 4.35% 2.03%

Growth

Metric BHM MRP Reit Residential median
Revenue growth (TTM) 24.81% — 2.66%
EPS growth (last fiscal year) (174.55%) — 19.50%
Revenue growth, 5-year CAGR 56.30% — 7.53%
Net income growth, 5-year CAGR 0.00% — 3.76%

Health

Metric BHM MRP Reit Residential median
Debt to equity 0.00 0.59 0.78
Current ratio 0.49 0.08 0.54
Net debt to EBITDA (18.39) 5.93 4.27

Dividend

Metric BHM MRP Reit Residential median
Dividend yield 6.21% 13.64% 5.06%
Payout ratio — 1.07 1.22

Size

Metric BHM MRP Reit Residential median
Market cap 92.64m 3.43b 3.55b

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