Consumer Cyclical · Residential Construction
Price
$84.25
Market Cap
$5.6B
Employees
1,898
Beta
1.41
Avg Volume
903,209
CEO
Phillippe Lord
Business Description
Meritage Homes Corporation, alongside its associated companies, focuses on the design and construction of single-family residences throughout the United States. The enterprise operates primarily through two distinct divisions: home construction and financial services. Its core business involves acquiring and developing land, followed by the building, marketing, and selling of homes, predominantly targeting first-time buyers and those seeking their initial upgrade. Furthermore, the company provides its homebuyers with crucial services such as title insurance and support for closing and settlement processes. Meritage Homes constructs and sells properties under its own brand name across a wide geographic footprint, including Texas, Arizona, California, Colorado, Florida, North Carolina, South Carolina, Georgia, and Tennessee. The company was established in 1985 and has its corporate headquarters situated in Scottsdale, Arizona.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
13.16
Stock Price: $84.25
EPS (Diluted): 6.40
EPS (Diluted): 6.40
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.90
Stock Price: $84.25
Total Equity: $5.20B
Shares: 70,819,000
Total Equity: $5.20B
Shares: 70,819,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
9.47
Market Cap: $5.63B
Total Debt: $1.89B
Cash: $775.16M
EBITDA: $609.89M
Total Debt: $1.89B
Cash: $775.16M
EBITDA: $609.89M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$5.8B
Market Cap: $5.63B
Total Debt: $1.89B
Cash: $775.16M
Total Debt: $1.89B
Cash: $775.16M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
19.7%
Gross Profit: $1.15B
Revenue: $5.86B
Revenue: $5.86B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
9.2%
Operating Income: $537.48M
Revenue: $5.86B
Revenue: $5.86B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
7.7%
Net Income: $453.01M
Revenue: $5.86B
Revenue: $5.86B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
8.7%
Net Income: $453.01M
Total Equity: $5.20B
Total Equity: $5.20B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
6.6%
Operating Income: $537.48M
Tax Rate: 22.5%
Equity: $5.20B
Total Debt: $1.89B
Cash: $775.16M
Tax Rate: 22.5%
Equity: $5.20B
Total Debt: $1.89B
Cash: $775.16M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
12.12
Current Assets: $7.24B
Current Liabilities: $597.59M
Current Liabilities: $597.59M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.36
Short-Term Debt: $60.47M
Long-Term Debt: $1.83B
Total Debt: $1.89B
Total Equity: $5.20B
Long-Term Debt: $1.83B
Total Debt: $1.89B
Total Equity: $5.20B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$82.71
Revenue: $5.86B
Shares: 70,819,000
Shares: 70,819,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$73.37
Total Equity: $5.20B
Shares: 70,819,000
Shares: 70,819,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.31
Operating CF: $118.29M
CapEx: -$25.72M
Shares: 70,819,000
CapEx: -$25.72M
Shares: 70,819,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
2.6%
Last Dividend: N/A
Stock Price: $84.25
Stock Price: $84.25
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $453.01M
Net Income: $453.01M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares MTH against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 6:44pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.1B | $6.3B | $6.1B | $6.4B | $5.9B |
| Cost of Revenue | $3.7B | $4.5B | $4.6B | $4.8B | $4.7B |
| Gross Profit | $1.4B | $1.8B | $1.5B | $1.6B | $1.2B |
| Operating Expenses | $466.9M | $516.3M | $616.6M | $639.9M | $616.2M |
| Operating Income | $970.6M | $1.3B | $902.4M | $958.3M | $537.5M |
| Net Income | $737.4M | $992.2M | $738.7M | $786.2M | $453.0M |
| EBITDA | $981.4M | $1.3B | $974.8M | $1.0B | $609.9M |
| EPS | $9.81 | $13.52 | $10.09 | $10.85 | $6.40 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 6:44pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $618.3M | $861.6M | $921.2M | $651.6M | $775.2M |
| Total Current Assets | $4.6B | $5.5B | $6.0B | $6.8B | $7.2B |
| Total Assets | $4.8B | $5.8B | $6.4B | $7.2B | $7.7B |
| Current Liabilities | $543.5M | $613.5M | $641.6M | $596.7M | $597.6M |
| Long-Term Debt | $1.2B | $1.2B | $1.0B | $1.3B | $1.8B |
| Total Liabilities | $1.8B | $1.8B | $1.7B | $2.0B | $2.5B |
| Total Equity | $3.0B | $3.9B | $4.6B | $5.1B | $5.2B |
| Retained Earnings | $2.6B | $3.6B | $4.3B | $5.0B | $5.2B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 6:44pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$152.1M | $405.3M | $355.6M | -$227.6M | $118.3M |
| Capital Expenditure | -$25.7M | -$27.0M | -$38.2M | -$28.7M | -$25.7M |
| Free Cash Flow | -$177.8M | $378.3M | $317.4M | -$256.2M | $92.6M |
| Acquisitions (net) | -$1.7M | -$5.8M | -$6.0M | -$18.5M | -$32.7M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$61.0M | -$109.3M | -$59.1M | -$125.9M | -$295.0M |
| Net Change in Cash | -$127.3M | $243.2M | $59.7M | -$269.7M | $123.6M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:13am (23h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$5.9B $5.9B – $6.0B
|
$5.5B $5.2B – $5.6B
|
$5.9B $5.7B – $6.3B
|
$6.4B $6.4B – $6.4B
|
| EBITDA |
$975.7M $974.1M – $980.7M
|
$901.8M $857.4M – $929.8M
|
$979.1M $933.0M – $1.0B
|
$1.1B $1.1B – $1.1B
|
| Net Income |
$474.6M $468.9M – $480.3M
|
$351.4M $334.3M – $368.5M
|
$402.1M $379.1M – $494.7M
|
$564.8M $545.3M – $584.3M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 6:44pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +22.4% | -2.4% | +4.2% | -8.4% |
| Gross Profit Growth | +25.4% | -15.7% | +5.2% | -27.8% |
| Operating Income Growth | +32.6% | -29.9% | +6.2% | -43.9% |
| Net Income Growth | +34.5% | -25.5% | +6.4% | -42.4% |
| EBITDA Growth | +33.9% | -25.8% | +5.5% | -40.7% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:44pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-16 | $0.48 | 2026-05-21 | 2026-06-16 | 2026-06-30 |
| 2026-03-17 | $0.48 | 2026-02-19 | 2026-03-17 | 2026-03-31 |
| 2025-12-17 | $0.43 | 2025-11-20 | 2025-12-17 | 2025-12-31 |
| 2025-09-16 | $0.43 | 2025-08-21 | 2025-09-16 | 2025-09-30 |
| 2025-06-16 | $0.43 | 2025-05-22 | 2025-06-16 | 2025-06-30 |
| 2025-03-17 | $0.43 | 2025-02-20 | 2025-03-17 | 2025-03-31 |
| 2024-12-17 | $0.75 | 2024-11-21 | 2024-12-17 | 2024-12-31 |
| 2024-09-16 | $0.75 | 2024-08-29 | 2024-09-16 | 2024-09-30 |
| 2024-06-14 | $0.75 | 2024-05-16 | 2024-06-14 | 2024-06-28 |
| 2024-03-14 | $0.75 | 2024-02-22 | 2024-03-15 | 2024-03-29 |
| 2023-12-14 | $0.14 | 2023-11-16 | 2023-12-15 | 2023-12-29 |
| 2023-09-14 | $0.14 | 2023-08-23 | 2023-09-15 | 2023-09-29 |
| 2023-06-14 | $0.14 | 2023-05-18 | 2023-06-15 | 2023-06-30 |
| 2023-03-14 | $0.27 | 2023-02-16 | 2023-03-15 | 2023-03-31 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for MTH — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30