Invitation Home (INVH) vs Millrose Properties, Inc. (MRP)

Invitation Home and Millrose Properties, Inc. are both Reit Residential companies. Invitation Home is the larger, with a market value of $15.7B against $4.2B — 3.8× the size. Millrose Properties, Inc. trades at the lower P/E: 9.5× against 24.4×. Millrose Properties, Inc. has the higher net margin (62.6% vs 23.1%) and the higher return on invested capital (4.35% vs 3.41%). Across the 17 metrics below, Millrose Properties, Inc. leads on 11 and Invitation Home on 6.

Valuation

Metric INVH MRP Reit Residential median
P/E 24.42 9.48 28.48
P/S 5.52 5.94 5.52
P/B 1.73 0.77 1.89
Price to free cash flow 9.78 n/m 18.04
EV/EBITDA 13.15 11.87 15.74
EV/Sales 7.01 10.47 8.08
Earnings yield 4.09% 10.55% 2.37%
Free cash flow yield 10.23% (27.43%) 4.03%

Profitability

Metric INVH MRP Reit Residential median
Gross margin 56.37% 85.31% 58.73%
Operating margin 25.48% 85.11% 20.57%
Net margin 23.07% 62.60% 20.81%
Free cash flow margin 56.48% (162.90%) 20.24%
Return on equity 7.01% 8.12% 6.86%
Return on assets 3.55% 5.39% 3.17%
Return on invested capital 3.41% 4.35% 2.03%

Growth

Metric INVH MRP Reit Residential median
Revenue growth (TTM) 6.72% — 2.66%
EPS growth (last fiscal year) 29.73% — —
Revenue growth, 5-year CAGR 8.41% — 7.53%
Net income growth, 5-year CAGR 24.56% — 3.76%

Health

Metric INVH MRP Reit Residential median
Debt to equity 0.47 0.59 0.78
Current ratio 0.02 0.08 0.54
Net debt to EBITDA 2.67 5.93 4.27

Dividend

Metric INVH MRP Reit Residential median
Dividend yield 3.19% — 4.63%
Payout ratio 1.33 — 1.35

Size

Metric INVH MRP Reit Residential median
Market cap 15.65b 4.17b 4.17b

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