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Meritage Homes Corporation

MTH

Meritage Homes Corporation • NYSE
$73.08 ▼ -1.14% (-0.84)
Market Cap $5.23 B
52w High $96.17
52w Low $59.27
Dividend Yield 1.67%
P/E 9.76
Volume 336.46K
Outstanding Shares 71.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.415B ▼ $51.787M ▼ $99.297M ▼ 7.015% ▼ $1.4 ▼ $134.239M ▼
Q2-2025 $1.633B ▲ $164.013M ▲ $146.879M ▲ 8.992% ▼ $2.05 ▲ $188.87M ▲
Q1-2025 $1.365B ▼ $151.717M ▼ $122.806M ▼ 8.999% ▼ $1.71 ▼ $156.61M ▼
Q4-2024 $1.622B ▲ $172.698M ▲ $172.649M ▼ 10.646% ▼ $2.39 ▼ $214.209M ▼
Q3-2024 $1.597B $157.096M $195.966M 12.275% $2.705 $245.796M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $728.937M ▼ $7.759B ▲ $2.471B ▼ $5.288B ▲
Q2-2025 $930.463M ▼ $7.756B ▲ $2.487B ▼ $5.269B ▲
Q1-2025 $1.012B ▲ $7.7B ▲ $2.505B ▲ $5.195B ▲
Q4-2024 $651.555M ▼ $7.163B ▲ $2.021B ▼ $5.142B ▲
Q3-2024 $831.559M $7.103B $2.074B $5.03B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $99.297M ▼ $-96.51M ▼ $-19.431M ▼ $-85.585M ▼ $-201.526M ▼ $-104.296M ▼
Q2-2025 $146.879M ▲ $13.701M ▲ $-10.197M ▲ $-84.693M ▼ $-81.189M ▼ $6.934M ▲
Q1-2025 $122.806M ▼ $-42.576M ▲ $-11.413M ▲ $414.086M ▲ $360.097M ▲ $-48.168M ▲
Q4-2024 $172.649M ▼ $-99.563M ▼ $-12.637M ▼ $-67.804M ▼ $-180.004M ▼ $-107.047M ▼
Q3-2024 $195.966M $-91.996M $-11.798M $-57.568M $-161.362M $-100.012M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Financial Service
Financial Service
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Home Building
Home Building
 $1.60Bn ▲$1.34Bn ▼$1.62Bn ▲$1.40Bn ▼
Land
Land
 $20.00M ▲$20.00M ▲$10.00M ▼$20.00M ▲
Real Estate
Real Estate
 $1.61Bn ▲$1.36Bn ▼$1.62Bn ▲$1.42Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Meritage’s income statement shows a company that has grown meaningfully over the past five years and stayed solidly profitable, even as conditions in housing shifted. Revenue has trended upward overall, with only modest ups and downs, suggesting the business has been able to keep selling homes through different interest-rate environments. Profitability was especially strong a few years ago and has eased somewhat since that peak, which is typical as the housing market cools from very hot conditions. Still, operating and net income remain healthy by historical standards, and earnings per share are high relative to where they were at the start of the period. That points to a disciplined cost structure and good pricing power, not just growth for growth’s sake. The key nuance: results look more “normalized” now than in the boom years, but the company appears to be managing the transition without a severe hit to profits.

Balance Sheet

Balance Sheet The balance sheet has strengthened over time. Total assets have expanded steadily, reflecting growth in lots, land, and homes under development. Shareholders’ equity has risen significantly, which means the company has been consistently building up its net worth through retained earnings. Debt is present but has not ballooned relative to the size of the company, and equity clearly outweighs borrowings. Cash levels move around from year to year, but there is no sign of a cash crunch in the data provided. Overall, the picture is of a builder that has used the last several strong years to bulk up its financial base rather than over-leveraging. The main risk to note is that a lot of value is tied up in housing-related assets, which are sensitive to market cycles and local conditions.

Cash Flow

Cash Flow Cash flow is more volatile than the income statement, which is common for homebuilders. In some years, operating and free cash flow were strongly positive; in others, they dipped into negative territory. The recent negative operating and free cash flows likely reflect heavy investment in land and inventory rather than operating losses, given profits remained solid. Capital spending on equipment and similar items is relatively modest, so the big swings in cash are mostly about how aggressively the company is buying and building lots and homes. When demand is strong or expected to stay strong, management tends to tie up more cash in land and construction, and that can temporarily pull reported cash flow into the red. This pattern is not unusual for the industry, but it does mean investors should pay attention to how well inventory levels are matched to actual sales trends over time.

Competitive Edge

Competitive Edge Meritage occupies a focused and attractive niche: entry-level and first move‑up buyers. This segment is large and tends to have relatively steady demand compared with luxury tiers. By standardizing floor plans and features for this audience, Meritage can build more efficiently and keep costs in check. Its emphasis on energy-efficient construction and smart home features as standard, not optional upgrades, is a clear differentiator. The partnership history with ENERGY STAR and the use of spray foam insulation, efficient HVAC systems, and water‑saving fixtures gives the brand a reputation for lower utility bills and more comfortable homes. The M.Connected Home suite adds a built‑in technology angle that many resale homes and some competitors lack. Strategically, the company’s spec‑building approach and quick‑close promise help it compete directly with existing homes by offering certainty and speed. Geographic expansion into high‑growth regions also broadens its footprint. The main competitive risks remain the cyclical nature of housing, local oversupply, and the possibility that larger peers further copy its energy‑efficient and smart‑home positioning over time.

Innovation and R&D

Innovation and R&D Innovation is a central part of Meritage’s story. The company has been early and consistent in pushing energy‑efficient building practices, treating the home as an integrated system rather than just adding a few “green” features. Standard spray foam insulation, efficient HVAC, low‑emissivity windows, and water‑saving fixtures are all examples of this practical innovation. On the technology side, the M.Connected Home platform brings integrated smart locks, thermostats, and security features directly into the base product, not as afterthought add‑ons. Meritage has also invested in a digital homebuying journey, allowing customers to search, tour, and complete much of the transaction online. Formal research and development spending is relatively small in absolute terms, but it is clearly targeted at new building methods, sustainability improvements, and enhanced smart‑home capabilities. The company is also exploring the use of artificial intelligence to streamline operations and improve margins. The opportunity is to stay ahead of consumer preferences and building‑code trends; the risk is that technology and sustainability standards evolve quickly, requiring ongoing investment just to maintain differentiation.

Summary

Meritage Homes shows the profile of a disciplined, profitable homebuilder that used a favorable housing cycle to strengthen its finances and refine its strategy. Revenue and profits have grown meaningfully over the past five years, with current results looking more normalized than the peak boom years but still quite robust. The balance sheet appears sound, with rising equity and manageable debt, while cash flows are choppy in a way that is typical for a builder actively investing in lots and inventory. What stands out most is the company’s clear strategic positioning: focused on entry‑level and first move‑up buyers, with energy efficiency, smart‑home technology, and a streamlined buying experience as core differentiators. Key things to watch going forward include how well inventory and land investments track actual demand, the impact of interest‑rate and affordability trends on its target customer, and whether its innovation in energy‑efficient and connected homes remains ahead of competitors. Overall, the combination of healthy profitability, a reinforced balance sheet, and a distinct product proposition makes Meritage an interesting name within a cyclical, competitive industry.

NEWS

November 20, 2025 · 5:18 PM UTC

Meritage Homes Announces Quarterly Cash Dividend and Enhances Programmatic Share Repurchase Strategy

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October 28, 2025 · 4:30 PM UTC

Meritage Homes reports third quarter 2025 results

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September 16, 2025 · 9:00 AM UTC

Meritage Homes Third Quarter 2025 Earnings Conference Call and Webcast Scheduled for October 29, 2025

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September 10, 2025 · 9:00 AM UTC

Operation Homefront Selects Two Military Families to Receive Mortgage-Free Meritage Homes in Colorado and North Carolina

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