MRP // Millrose Properties Inc.

Financials • Real Estate

$26.81 ▲ +1.19 (+4.64%)

MKT CAP: $4.25B • VOL: 2.60M

52W L $21 52W H $33

PIOTROSKI

9 / 9

MRP // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

MRP // Millrose Properties Inc.

GROSS MARGIN

—

OP MARGIN

75.0%

ROIC %

5.3%

MKT CAP

$4.25B

UPSTREAM INPUTS ──► MRP OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
MRP ★	Millrose Properties Inc.	$26.81	$4.25B	—	75.0%	5.3%	11.3x	+11.0%	SUBJECT ISSUER
BRK-A	Berkshire Hathaway Inc. (Class A)	$815,600.00	$1.20T	—	27.8%	11.5%	9.7x	+3.9%	MRP VS BRK-A <GO>
BRK-B	Berkshire Hathaway Inc.	$542.49	$1.20T	—	27.8%	11.5%	9.9x	+3.9%	MRP VS BRK-B <GO>
JPM	JPMorgan Chase & Co.	$337.04	$895.92B	—	42.1%	17.4%	9.8x	+13.5%	MRP VS JPM <GO>
V	Visa Inc.	$413.59	$738.98B	—	60.0%	32.3%	28.9x	+11.3%	MRP VS V <GO>
BAC	Bank of America Corporation	$50.01	$349.71B	—	32.9%	2.5%	30.2x	+6.8%	MRP VS BAC <GO>