Equity Lifestyle Properties, Inc. (ELS) vs Millrose Properties, Inc. (MRP)

Equity Lifestyle Properties, Inc. and Millrose Properties, Inc. are both Reit Residential companies. Equity Lifestyle Properties, Inc. is the larger, with a market value of $11.9B against $4.2B — 2.9× the size. Millrose Properties, Inc. trades at the lower P/E: 9.5× against 28.5×. Millrose Properties, Inc. has the higher net margin (62.6% vs 25.7%) and the lower return on invested capital (4.35% vs 14.4%). Across the 17 metrics below, Millrose Properties, Inc. leads on 9 and Equity Lifestyle Properties, Inc. on 8.

Valuation

Metric ELS MRP Reit Residential median
P/E 28.48 9.48 28.48
P/S 7.34 5.94 5.52
P/B 6.32 0.77 1.89
Price to free cash flow 32.98 n/m 18.04
EV/EBITDA 15.78 11.87 15.74
EV/Sales 7.68 10.47 8.08
Earnings yield 3.51% 10.55% 2.37%
Free cash flow yield 3.03% (27.43%) 4.03%

Profitability

Metric ELS MRP Reit Residential median
Gross margin 53.49% 85.31% 58.73%
Operating margin 34.48% 85.11% 20.57%
Net margin 25.71% 62.60% 20.81%
Free cash flow margin 22.27% (162.90%) 20.24%
Return on equity 22.14% 8.12% 6.86%
Return on assets 6.97% 5.39% 3.17%
Return on invested capital 14.35% 4.35% 2.03%

Growth

Metric ELS MRP Reit Residential median
Revenue growth (TTM) 2.55% — 2.66%
EPS growth (last fiscal year) 2.55% — —
Revenue growth, 5-year CAGR 6.48% — 7.53%
Net income growth, 5-year CAGR 11.11% — 3.76%

Health

Metric ELS MRP Reit Residential median
Debt to equity 0.31 0.59 0.78
Current ratio 0.02 0.08 0.54
Net debt to EBITDA 0.70 5.93 4.27

Dividend

Metric ELS MRP Reit Residential median
Dividend yield 2.86% — 4.63%
Payout ratio 1.12 — 1.35

Size

Metric ELS MRP Reit Residential median
Market cap 11.94b 4.17b 4.17b

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