12 Cheap New Stocks to Buy Now

10. Millrose (NYSE:MRP)

Millrose (NYSE:MRP) is one of the cheap new stocks to buy now. On February 26, Millrose Properties reported results for its inaugural year, achieving a full-year net income of $2.44 per share and an Adjusted Funds From Operations/AFFO of $2.58 per share. The company exceeded its financial targets, finishing Q4 with an AFFO run rate of $0.77 per share, surpassing original guidance. This performance was underpinned by a portfolio of $9.2 billion in homesite option contracts across 30 states.

Notably, despite macroeconomic uncertainty, the company maintained high portfolio stability with zero option terminations across its 142,000 homesites during the year. Millrose (NYSE:MRP) successfully executed a diversification strategy to grow its platform beyond its foundational Lennar Master Program Agreement. Invested capital outside of the Lennar relationship reached $2.4 billion by year-end, beating the company’s stretch target of $2.2 billion.

These newer investments achieved a weighted average yield of approximately 11.0%, driving the total portfolio yield up to 9.2%. By the end of 2025, Millrose had expanded its reach to 15 distinct builder counterparties, including nine of the top 25 national homebuilders, effectively broadening its recurring revenue base. Looking ahead to 2026, Millrose expects to deploy up to $2 billion in net new capital, supported by a robust investment pipeline and $1.3 billion in available liquidity. The company targets a 10% year-over-year growth in AFFO per share and an exit run rate of $0.78 to $0.80 by Q2.

Millrose (NYSE:MRP) purchases and develops residential land and sells finished homesites to homebuilders by way of option contracts with predetermined costs and takedown schedules.