Meritage Homes Corporation (MTH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.3	$1.42	+9.2%	—	—	—
Q4 26	$0.98	$0.86	-12.2%	—	—	—
Q3 26	$1.52	$1.2	-21.1%	—	—	—
Q2 26	$1.72	$1.55	-9.9%	—	—	—
Q1 26	$1.97	$2.04	+3.6%	—	—	—
Q4 25	$1.68	$1.69	+0.6%	—	—	—
Q3 25	$2.2	$4.72	+114.5%	—	—	—
Q2 25	$2.49	$2.67	+7.2%	—	—	—
Q1 25	$2.58	$3.16	+22.5%	—	—	—
Q4 24	$1.76	$2.53	+43.7%	—	—	—
Q3 24	$2.59	$2.69	+3.9%	—	—	—
Q2 24	$5.14	$6	+16.7%	—	—	—
Q1 24	$3.49	$5.02	+43.8%	—	—	—
Q4 23	$2.64	$3.54	+34.1%	—	—	—
Q3 23	$7	$7.09	+1.3%	—	—	—
Q2 23	$6.45	$7.1	+10.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.4	—	—	$5.9B	—
FY24	—	$10.8	—	—	$6.4B	—
FY23	—	$20.2	—	—	$6.1B	—
FY22	—	$27	—	—	$6.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.1B	$3.3B	$3.5B	$3.7B	$4.5B	$5.1B	$6.3B	$6.1B	$6.4B	$5.9B
YoY change	+17.9%	+6.48%	+8.88%	+3.78%	+22.5%	+14.2%	+22.4%	-2.55%	+4.16%	-8.33%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.1B	3.3B	3.5B	3.7B	4.5B	5.1B	6.3B	6.1B	6.4B	5.9B
Cost of revenue	2.5B	2.7B	2.9B	3B	3.5B	3.7B	4.5B	4.6B	4.8B	4.7B
Gross profit	553.1M	588.6M	653.2M	700.2M	976M	1.4B	1.8B	1.5B	1.6B	1.2B
Gross margin	18.1%	18.1%	18.4%	19%	21.7%	27.9%	28.6%	24.7%	25%	19.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	338.9M	345.7M	380.4M	392.8M	446.9M	466.9M	516.3M	616.6M	639.9M	616.2M
Operating expenses	338.9M	345.7M	380.4M	392.8M	446.9M	466.9M	516.3M	616.6M	639.9M	616.2M
Operating income	214.2M	242.9M	272.8M	307.4M	529.1M	968.5M	1.3B	902.4M	958.3M	540.5M
Operating margin	7.01%	7.46%	7.7%	8.36%	11.7%	18.8%	20.4%	14.7%	15%	9.22%
Non-operating income, net	9M	8.5M	11.2M	3.9M	6.7M	-13.3M	2.7M	47M	44.5M	44.1M
Pretax income	218.1M	247.5M	283.3M	302.9M	533.6M	954.8M	1.3B	949.4M	1B	584.6M
Income tax	68.5M	104.3M	55.9M	53.3M	110.1M	217.4M	297.1M	210.7M	216.7M	131.6M
Net income	149.5M	143.3M	227.3M	249.7M	423.5M	737.4M	992.2M	738.7M	786.2M	453M
Net margin	4.89%	4.4%	6.41%	6.79%	9.4%	14.3%	15.8%	12%	12.3%	7.73%
EBITDA	239.2M	268.4M	311M	344.9M	566.8M	999.6M	1.3B	975.7M	1B	609.9M
EPS	3.74	3.56	5.67	6.55	11.2	19.6	27	20.2	10.8	6.4
Diluted EPS	3.55	3.41	5.58	6.42	11	19.3	26.7	19.9	10.7	6.35

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.6B	1.7B	1.5B	1.7B	1.6B	1.6B	1.4B	1.6B	1.4B	1.4B	1.1B	1.4B
Cost of revenue	1.2B	1.2B	1.1B	1.3B	1.2B	1.2B	1.1B	1.3B	1.2B	1.2B	927.3M	1.2B
Gross profit	435.5M	422.1M	377.3M	444.3M	396.3M	380.3M	302.4M	346.2M	271.6M	236.4M	197M	259.5M
Gross margin	26.9%	25.4%	25.7%	26.1%	24.8%	23.4%	22.1%	21.2%	19.1%	16.5%	17.5%	18.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	162.2M	176.1M	152.3M	157.8M	157.1M	172.7M	151.7M	164M	151.5M	148.9M	130.9M	144.2M
Operating expenses	162.2M	176.1M	152.3M	157.8M	157.1M	172.7M	151.7M	164M	151.5M	148.9M	130.9M	144.2M
Operating income	273.3M	246M	225M	286.5M	239.3M	207.6M	150.7M	182.2M	120.1M	87.5M	66.1M	115.3M
Operating margin	16.9%	14.8%	15.3%	16.8%	15%	12.8%	11%	11.1%	8.43%	6.09%	5.88%	8.18%
Non-operating income, net	12.4M	12.9M	9M	10.9M	10.7M	14M	9.5M	10.9M	8.1M	15.7M	7M	7.5M
Pretax income	285.7M	258.9M	234M	297.4M	249.9M	221.6M	160.2M	193.1M	128.2M	103.1M	72.5M	120.6M
Income tax	64M	60M	48M	65.8M	54M	48.9M	37.4M	46.2M	29M	19.1M	17.2M	29.9M
Net income	221.8M	198.9M	186M	231.6M	196M	172.6M	122.8M	146.9M	99.3M	84M	55.3M	90.6M
Net margin	13.7%	12%	12.6%	13.6%	12.3%	10.6%	8.99%	8.99%	6.97%	5.85%	4.92%	6.43%
EBITDA	293M	266.6M	240.1M	304.8M	256.5M	228.2M	166.1M	199.7M	134.2M	109.8M	78.5M	128.8M
EPS	6.06	5.46	2.56	3.19	2.71	2.39	1.71	2.06	1.4	1.21	0.82	1.38
Diluted EPS	5.98	5.38	2.53	3.15	2.67	2.36	1.69	2.04	1.39	1.2	0.82	1.37

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	695.6M	1B	736.4M	1.2B	1.6B	2.3B	1.7B	3.2B	—	4.7B	4.2B
Enterprise value	1.7B	2.1B	1.7B	1.9B	1.9B	2.9B	2B	3.3B	—	5.8B	5.3B
Shares outstanding	40M	40.3M	40.1M	38.1M	37.7M	37.6M	36.7M	36.6M	72.5M	70.8M	70.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	4.65	7.2	3.24	4.66	3.69	3.11	1.7	4.32	—	10.3	13.5
P/S	0.23	0.32	0.21	0.32	0.35	0.45	0.27	0.52	—	0.8	0.79
P/B	0.49	0.65	0.43	0.59	0.67	0.75	0.43	0.69	—	0.9	0.84
EV/EBITDA	7.07	7.99	5.58	5.6	3.34	2.86	1.52	3.41	—	9.47	12.3
EV/Sales	0.55	0.66	0.49	0.53	0.42	0.56	0.32	0.54	—	0.99	0.99
Earnings yield	21.5%	13.9%	30.9%	21.4%	27.1%	32.2%	58.7%	23.2%	—	9.72%	7.39%
FCF yield	-17.3%	-10.2%	31.1%	27.7%	32.7%	-7.75%	22.4%	9.95%	—	1.99%	6.94%
PEG	—	—	—	—	—	—	—	—	—	—	-0.41

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18.1%	18.1%	18.4%	19%	21.7%	27.9%	28.6%	24.7%	25%	19.7%	18.4%
Operating margin	7.01%	7.46%	7.7%	8.36%	11.7%	18.8%	20.4%	14.7%	15%	9.22%	8.19%
Net margin	4.89%	4.4%	6.41%	6.79%	9.4%	14.3%	15.8%	12%	12.3%	7.73%	6.11%
ROE	10.5%	9.09%	13.2%	12.6%	18%	24.2%	25.1%	16%	15.3%	8.72%	6.38%
ROA	5.18%	4.41%	6.75%	7.35%	11%	15.3%	17.2%	11.6%	11%	5.94%	3.35%
ROIC	6.08%	5.23%	8.05%	9.24%	15.7%	20.7%	23.2%	14.8%	12.8%	6.64%	4.9%
Return on tangible assets	5.3%	4.5%	6.89%	7.35%	11%	15.3%	17.2%	11.6%	11%	5.94%	4.36%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	8.28	9.31	10.3	9.18	8.28	8.45	8.98	9.38	11.4	14.2	14.4
Quick ratio	0.99	1.09	1.42	1.31	2.03	1.58	1.88	2.03	1.84	2.46	2.59
Debt / equity	0.79	0.81	0.76	0.55	0.46	0.39	0.3	0.23	0.27	0.36	0.38
Debt / assets	0.39	0.39	0.39	0.32	0.28	0.25	0.2	0.17	0.19	0.25	0.25
Net debt / EBITDA	4.16	4.15	3.21	2.23	0.58	0.57	0.24	0.14	0.72	1.83	2.44
Interest coverage	43.2	65.2	361.8	37.2	246.1	3K	31.4K	—	—	—	154
Effective tax rate	31.4%	42.1%	19.7%	17.6%	20.6%	22.8%	23%	22.2%	21.6%	22.5%	22.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	76.5	80.8	88.4	96.5	119.5	137	171.6	167.6	88.2	82.8	79
EPS (basic)	3.74	3.56	5.67	6.55	11.2	19.6	27	20.2	10.8	6.4	6.4
EPS (diluted)	3.55	3.41	5.58	6.42	11	19.3	26.7	19.9	10.7	6.35	4.8
Book value per share	35.6	39.1	42.9	51.8	62.2	81	107.6	125.9	70.9	73.4	77.6
FCF per share	-3	-2.61	5.7	8.46	13.5	-4.73	10.3	8.67	-3.54	1.31	6.27
Cash per share	3.29	4.24	7.77	8.38	19.8	16.5	23.5	25.2	8.99	10.9	12.4
Capex per share	0.41	0.44	0.83	0.63	0.51	0.67	0.72	1.03	0.39	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.54%	0.55%	0.94%	0.65%	0.43%	0.49%	0.42%	0.62%	0.44%	—	—
Capex / operating cash flow	-3.58%	-4.25%	13.7%	7.97%	4.67%	-2.13%	-8.78%	10.2%	-32.6%	—	—
Payout ratio	—	—	—	—	—	0%	0%	5.35%	13.8%	26.7%	37.9%
Dividend yield	—	—	—	—	—	0%	0%	1.24%	—	2.6%	2.95%

Yield

2.95%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.48

ex-dividend Sep 15, 2026

Payout ratio

38%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.48
Jun 16, 2026	$0.48
Mar 17, 2026	$0.48
Dec 17, 2025	$0.43
Sep 16, 2025	$0.43
Jun 16, 2025	$0.43
Mar 17, 2025	$0.43
Dec 17, 2024	$0.375

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.6B	$1.7B	$1.5B	$1.7B	$1.6B	$1.6B	$1.4B	$1.6B	$1.4B	$1.4B	$1.1B	$1.4B
YoY change	+2.27%	-16.9%	+14.4%	+8.59%	-1.63%	-2.31%	-7.17%	-4.01%	-10.7%	-11.5%	-17.7%	-13.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	131.7M	170.7M	311.5M	319.5M	745.6M	618.3M	861.6M	921.2M	651.6M	775.2M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	2.4B	2.7B	2.7B	2.7B	2.8B	3.7B	4.4B	4.7B	5.7B	6B
Total current assets	2.8B	3.1B	3.2B	3.2B	3.7B	4.6B	5.5B	6B	6.8B	7.2B
Property, plant & equipment	33.2M	33.6M	54.6M	50.6M	38.9M	37.3M	38.6M	49M	47.3M	46.6M
Goodwill & intangibles	65.9M	65.9M	65.9M	—	—	—	—	—	—	—
Total assets	2.9B	3.3B	3.4B	3.4B	3.9B	4.8B	5.8B	6.4B	7.2B	7.6B
Accounts payable	140.7M	140.5M	128.2M	155M	175.3M	216M	273.3M	271.6M	212.5M	200.7M
Short-term debt	15M	—	—	34.2M	28.3M	—	—	—	—	—
Total current liabilities	332.2M	332.3M	310.1M	349M	444.4M	543.5M	613.5M	641.6M	596.7M	510.4M
Long-term debt	1.1B	1.3B	1.3B	1.1B	1B	1.2B	1.2B	1.1B	1.4B	1.9B
Total liabilities	1.5B	1.7B	1.6B	1.4B	1.5B	1.8B	1.8B	1.7B	2B	2.4B
Shareholders' equity	1.4B	1.6B	1.7B	2B	2.3B	3B	3.9B	4.6B	5.1B	5.2B
Total debt	1.1B	1.3B	1.3B	1.1B	1.1B	1.2B	1.2B	1.1B	1.4B	1.9B
Net debt	995.6M	1.1B	998.6M	768M	331M	567.9M	311.9M	141M	740.1M	1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1B	921.2M	905.3M	992.9M	831.6M	651.6M	1B	930.5M	728.9M	775.2M	766.6M	807.3M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	4.5B	4.7B	4.9B	5.2B	5.5B	5.7B	5.8B	6B	6.1B	6B	6B	5.9B
Total current assets	5.9B	6B	6.2B	6.6B	6.8B	6.8B	7.3B	7.4B	7.4B	7.2B	7.2B	7.2B
Property, plant & equipment	—	49M	—	—	—	47.3M	—	—	—	46.6M	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	6.2B	6.4B	6.5B	6.9B	7.1B	7.2B	7.7B	7.8B	7.8B	7.6B	7.6B	7.6B
Accounts payable	294.2M	271.6M	306.1M	299.8M	287.4M	212.5M	229.8M	242.1M	217.9M	200.7M	199.9M	215.7M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	663.9M	641.6M	678.7M	638.3M	666.8M	596.7M	577.2M	567.8M	547.7M	510.4M	472.8M	493.9M
Long-term debt	1.1B	1.1B	1.1B	1.4B	1.4B	1.4B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B
Total liabilities	1.8B	1.7B	1.8B	2B	2.1B	2B	2.5B	2.5B	2.5B	2.4B	2.5B	2.5B
Shareholders' equity	4.4B	4.6B	4.7B	4.9B	5B	5.1B	5.2B	5.3B	5.3B	5.2B	5.1B	5.1B
Total debt	1.1B	1.1B	1.1B	1.4B	1.4B	1.4B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B
Net debt	9M	141M	148.4M	375.4M	540M	740.1M	881.2M	953.4M	1.2B	1.1B	1.1B	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	149.5M	143.3M	227.3M	249.7M	423.5M	737.4M	992.2M	738.7M	786.2M	453M
Depreciation & amortization	16M	16.7M	27M	27.9M	31.1M	26.2M	24.7M	25.3M	26M	25.3M
Stock-based compensation	13.7M	12.1M	17.2M	19.6M	20M	20.1M	22.3M	22.5M	25.8M	19.7M
Change in working capital	-648.2M	-615M	-41.2M	-6.3M	-77.2M	-2B	-1.4B	-421.6M	-939.5M	-329.3M
Operating cash flow	-459.4M	-417.7M	243.3M	300.2M	411.7M	-1.2B	-301.9M	369.1M	-87.1M	118.3M
Capital expenditure	-16.5M	-17.7M	-33.3M	-23.9M	-19.2M	-25.1M	-26.5M	-37.8M	-28.4M	—
Investing cash flow	-23.7M	-18.4M	-34.1M	-25M	-19.2M	-26.8M	-32.3M	-43.8M	-46.9M	-32.7M
Dividends paid	—	—	—	—	—	0	0	-39.5M	-108.6M	-121.1M
Share repurchases	0	0	-100M	-16M	-69.6M	-61M	-109.3M	-59.1M	-125.9M	-295M
Financing cash flow	-7.2M	143.2M	-88M	-325.3M	-86M	51.6M	-129.8M	-252.3M	2M	63M
Net change in cash	-490.4M	-292.9M	121.3M	-50.2M	306.5M	-1.2B	-463.9M	73.1M	-132M	148.6M
Free cash flow	-120.1M	-105.2M	228.8M	322.4M	510.4M	-177.8M	378.3M	317.4M	-256.2M	92.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	221.8M	198.9M	186M	231.6M	196M	172.6M	122.8M	146.9M	99.3M	84M	55.3M	90.6M
Depreciation & amortization	6.4M	7.8M	6M	6.8M	6.5M	6.6M	5.9M	6.7M	6M	6.7M	5.4M	6.1M
Stock-based compensation	6.2M	6M	6.1M	4.7M	8.5M	6.5M	6.3M	3.6M	4.9M	4.9M	5.9M	5.8M
Change in working capital	-170.9M	-274.6M	-139.7M	-286.7M	-290.2M	-222.9M	-98.5M	-169.4M	-223.2M	161.7M	63.1M	66.2M
Operating cash flow	62.7M	-59.3M	59.5M	-39.9M	-68.8M	-37.8M	38.5M	-4.9M	-96.5M	243.7M	101.3M	189.5M
Capital expenditure	-10M	-6.9M	-6.2M	-6.8M	-8M	-7.4M	-5.6M	-6.7M	—	—	—	—
Investing cash flow	-12.6M	-9M	-7.8M	-11.9M	-11.8M	-15.5M	-11.4M	-10.2M	-11.7M	-11.6M	-3.5M	-12.1M
Dividends paid	-9.8M	-9.8M	-27.2M	-27.2M	-27.1M	-27M	-30.9M	-30.6M	-30.3M	-29.3M	-32M	-31.3M
Share repurchases	-45M	-4.1M	-55.9M	0	-30M	-40M	-45M	-45M	-55M	-150M	-130M	-100M
Financing cash flow	-206.1M	-14.1M	-90.1M	234.7M	-57.6M	-67.8M	414.1M	-84.7M	-85.6M	-180.8M	-102.1M	-131.3M
Net change in cash	-156M	-82.4M	-38.4M	183M	-138.2M	-121.1M	441.2M	-99.8M	-193.8M	51.2M	-4.3M	46.1M
Free cash flow	94.1M	-111.5M	75.7M	-124.8M	-100M	-107M	-48.2M	6.9M	-104.3M	238.1M	97M	183.9M

Jan 3, 2025	2:1
Jan 10, 2005	2:1
Apr 29, 2002	2:1
Jan 2, 1997	1:3

Meritage Homes Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement