Centerspace (CSR) vs Millrose Properties, Inc. (MRP)

Centerspace and Millrose Properties, Inc. are both Reit Residential companies. Millrose Properties, Inc. is the larger, with a market value of $4.2B against $975.4M — 4.3× the size. Millrose Properties, Inc. trades at the lower P/E: 9.5× against 42.9×. Millrose Properties, Inc. has the higher net margin (62.6% vs 7.97%) and the higher return on invested capital (4.35% vs 2.47%). Across the 17 metrics below, Millrose Properties, Inc. leads on 10 and Centerspace on 7.

Valuation

Metric CSR MRP Reit Residential median
P/E 42.86 9.48 28.48
P/S 3.46 5.94 5.52
P/B 1.17 0.77 1.89
Price to free cash flow 3.79 n/m 18.04
EV/EBITDA 10.41 11.87 15.74
EV/Sales 7.10 10.47 8.08
Earnings yield 2.33% 10.55% 2.37%
Free cash flow yield 26.37% (27.43%) 4.03%

Profitability

Metric CSR MRP Reit Residential median
Gross margin 86.26% 85.31% 58.73%
Operating margin 26.03% 85.11% 20.57%
Net margin 7.97% 62.60% 20.81%
Free cash flow margin 91.17% (162.90%) 20.24%
Return on equity 2.64% 8.12% 6.86%
Return on assets 1.11% 5.39% 3.17%
Return on invested capital 2.47% 4.35% 2.03%

Growth

Metric CSR MRP Reit Residential median
Revenue growth (TTM) 0.67% — 2.66%
EPS growth (last fiscal year) 180.31% — —
Revenue growth, 5-year CAGR 8.98% — 7.53%
Net income growth, 5-year CAGR 0.00% — 3.76%

Health

Metric CSR MRP Reit Residential median
Debt to equity 1.25 0.59 0.78
Current ratio 0.03 0.08 0.54
Net debt to EBITDA 5.55 5.93 4.27

Dividend

Metric CSR MRP Reit Residential median
Dividend yield 5.43% — 4.63%
Payout ratio 1.35 — 1.35

Size

Metric CSR MRP Reit Residential median
Market cap 975.38m 4.17b 4.17b

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