Independence Realty Trust, Inc. (IRT) vs Millrose Properties, Inc. (MRP)

Independence Realty Trust, Inc. and Millrose Properties, Inc. are both Reit Residential companies. Millrose Properties, Inc. is the larger, with a market value of $4.2B against $3.5B — 1.2× the size. Millrose Properties, Inc. trades at the lower P/E: 9.5× against 79.3×. Millrose Properties, Inc. has the higher net margin (62.6% vs 6.52%) and the higher return on invested capital (4.35% vs 1.21%). Across the 17 metrics below, Millrose Properties, Inc. leads on 11 and Independence Realty Trust, Inc. on 6.

Valuation

Metric IRT MRP Reit Residential median
P/E 79.30 9.48 28.48
P/S 5.16 5.94 5.52
P/B 0.99 0.77 1.89
Price to free cash flow 76.38 n/m 18.04
EV/EBITDA 15.71 11.87 15.74
EV/Sales 8.74 10.47 8.08
Earnings yield 1.26% 10.55% 2.37%
Free cash flow yield 1.31% (27.43%) 4.03%

Profitability

Metric IRT MRP Reit Residential median
Gross margin 58.73% 85.31% 58.73%
Operating margin 16.94% 85.11% 20.57%
Net margin 6.52% 62.60% 20.81%
Free cash flow margin 6.76% (162.90%) 20.24%
Return on equity 1.24% 8.12% 6.86%
Return on assets 0.72% 5.39% 3.17%
Return on invested capital 1.21% 4.35% 2.03%

Growth

Metric IRT MRP Reit Residential median
Revenue growth (TTM) 3.46% — 2.66%
EPS growth (last fiscal year) 41.18% — —
Revenue growth, 5-year CAGR 25.42% — 7.53%
Net income growth, 5-year CAGR 30.81% — 3.76%

Health

Metric IRT MRP Reit Residential median
Debt to equity 0.70 0.59 0.78
Current ratio 1.06 0.08 0.54
Net debt to EBITDA 5.82 5.93 4.27

Dividend

Metric IRT MRP Reit Residential median
Dividend yield 4.12% — 4.63%
Payout ratio 1.81 — 1.35

Size

Metric IRT MRP Reit Residential median
Market cap 3.53b 4.17b 4.17b

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