NYSE : MTH
Meritage Homes Corporation — Financial statements
Consumer Discretionary · Residential Construction · United States
Last price 64.47 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.15B
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Financial statements
Meritage Homes Corporation (MTH) reported revenue of 5.14B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 5.11B | 5.82B | 6.36B | 6.11B | 6.27B | 5.12B |
| Other Revenue | 29.80M | 33.20M | 31.16M | 25.25M | 23.48M | 21.21M |
| Revenue | 5.14B | 5.86B | 6.40B | 6.14B | 6.29B | 5.14B |
| Cost of Revenue | 4.21B | 4.67B | 4.78B | 4.61B | 4.48B | 3.70B |
| Gross Profit | 921.20M | 1.18B | 1.60B | 1.52B | 1.80B | 1.44B |
| Selling, General & Admin | 551.60M | 616.17M | 639.92M | 616.63M | 516.25M | 466.85M |
| Operating Expenses | 551.60M | 616.17M | 639.92M | 616.63M | 516.25M | 466.85M |
| Operating Income | 369.60M | 561.28M | 958.35M | 903.35M | 1.29B | 970.58M |
| Interest Expense | -4.13M | -41.00K | -318.00K | |||
| Earnings From Equity Investments | 803.00K | 995.00K | 11.32M | 7.03M | 189.00K | -1.34M |
| Other Non Operating Income (Expenses) | 35.59M | 43.15M | 33.84M | 40.92M | 2.52M | 6.21M |
| EBT Excluding Unusual Items | 401.87M | 605.43M | 1.00B | 951.30M | 1.29B | 975.12M |
| Merger & Restructuring Charges | -4.30M | -4.30M | ||||
| Asset Writedown | -16.53M | -16.53M | -964.00K | -2.10M | ||
| Other Unusual Items | -631.00K | -907.00K | -18.19M | |||
| Pretax Income | 381.04M | 584.60M | 1.00B | 949.43M | 1.29B | 954.83M |
| Income Tax Expense | 83.28M | 131.59M | 216.68M | 210.68M | 297.13M | 217.39M |
| Net Income | 297.75M | 453.01M | 786.19M | 738.75M | 992.19M | 737.44M |
| Net Income to Common | 297.75M | 453.01M | 786.19M | 738.75M | 992.19M | 737.44M |
| Shares Outstanding (Basic) | 66.77M | 70.82M | 72.48M | 73.24M | 73.39M | 75.22M |
| Shares Outstanding (Diluted) | 67.17M | 71.35M | 73.33M | 74.14M | 74.20M | 76.47M |
| EPS (Basic) | 4.46 | 6.40 | 10.85 | 10.09 | 13.52 | 9.80 |
| EPS (Diluted) | 4.43 | 6.35 | 10.72 | 9.96 | 13.37 | 9.64 |
| Free Cash Flow | 483.70M | 92.57M | -256.23M | 317.38M | 378.30M | -177.76M |
| Free Cash Flow Per Share | 7.20 | 1.30 | -3.49 | 4.28 | 5.10 | -2.33 |
| Dividend Per Share | 1.87 | 1.72 | 1.50 | 0.54 | ||
| Gross Margin | 17.91% | 20.10% | 24.99% | 24.76% | 28.65% | 27.96% |
| Operating Margin | 7.19% | 9.58% | 14.99% | 14.72% | 20.45% | 18.88% |
| Profit Margin | 5.79% | 7.73% | 12.29% | 12.04% | 15.77% | 14.34% |
| Free Cash Flow Margin | 9.40% | 1.58% | -4.01% | 5.17% | 6.01% | -3.46% |
| EBITDA | 393.26M | 586.57M | 984.30M | 928.69M | 1.31B | 996.82M |
| EBITDA Margin | 7.65% | 10.01% | 15.39% | 15.13% | 20.84% | 19.39% |
| D&A For EBITDA | 23.66M | 25.29M | 25.96M | 25.33M | 24.75M | 26.25M |
| EBIT | 369.60M | 561.28M | 958.35M | 903.35M | 1.29B | 970.58M |
| EBIT Margin | 7.19% | 9.58% | 14.99% | 14.72% | 20.45% | 18.88% |
| Effective Tax Rate | 21.86% | 22.51% | 21.61% | 22.19% | 23.04% | 22.77% |
| Revenue as Reported | 5.11B | 5.82B | 6.36B | 6.11B | 6.27B | 5.12B |
| Advertising Expenses | 17.50M | 17.10M | 15.10M | 12.10M | 8.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 677.50M | 775.16M | 651.55M | 921.23M | 861.56M | 618.34M |
| Cash & Short-Term Investments | 677.50M | 775.16M | 651.55M | 921.23M | 861.56M | 618.34M |
| Other Receivables | 345.54M | 306.96M | 256.28M | 266.97M | 215.02M | 147.55M |
| Receivables | 345.54M | 306.96M | 256.28M | 266.97M | 215.02M | 147.55M |
| Inventory | 6.01B | 5.99B | 5.73B | 4.72B | 4.36B | 3.73B |
| Prepaid Expenses | 141.02M | 126.33M | 111.69M | 129.05M | 108.80M | 67.18M |
| Other Current Assets | 170.78M | 174.17M | 192.41M | 111.36M | 76.73M | 90.68M |
| Total Current Assets | 7.35B | 7.37B | 6.94B | 6.15B | 5.62B | 4.66B |
| Property, Plant & Equipment | 98.69M | 103.63M | 100.23M | 100.23M | 57.76M | 58.38M |
| Long-Term Investments | 64.22M | 57.27M | 28.73M | 17.17M | 11.75M | 5.76M |
| Goodwill | 32.96M | 32.96M | 32.96M | 32.96M | 32.96M | 32.96M |
| Long-Term Deferred Tax Assets | 44.43M | 53.29M | 54.52M | 47.57M | 45.45M | 40.67M |
| Long-Term Deferred Charges | 5.40M | 5.50M | 5.30M | 3.80M | 3.60M | |
| Other Long-Term Assets | 8.01M | |||||
| Total Assets | 7.59B | 7.62B | 7.16B | 6.35B | 5.77B | 4.81B |
| Accounts Payable | 209.25M | 200.68M | 212.48M | 271.65M | 273.27M | 216.01M |
| Accrued Expenses | 266.02M | 286.35M | 339.22M | 307.80M | 277.08M | 247.54M |
| Current Portion of Leases | 10.52M | |||||
| Current Income Taxes Payable | 14.46M | 14.21M | 24.48M | 25.57M | 25.18M | 37.30M |
| Other Current Liabilities | 23.28M | 26.68M | 32.69M | 37.36M | 35.58M | 26.26M |
| Total Current Liabilities | 513.02M | 538.42M | 608.87M | 642.37M | 611.10M | 527.12M |
| Long-Term Debt | 1.85B | 1.83B | 1.34B | 1.01B | 1.15B | 1.16B |
| Long-Term Leases | 57.67M | 49.95M | 55.83M | 54.04M | 22.78M | 26.17M |
| Long-Term Unearned Revenue | 7.63M | 9.21M | 20.51M | 36.60M | 37.96M | 42.61M |
| Other Long-Term Liabilities | 115.22M | 7.21M | ||||
| Total Liabilities | 2.55B | 2.43B | 2.02B | 1.74B | 1.82B | 1.76B |
| Common Stock | 644.00K | 682.00K | 360.00K | 364.00K | 366.00K | 373.00K |
| Additional Paid-In Capital | 143.04M | 290.95M | 327.88M | 414.84M | ||
| Retained Earnings | 5.04B | 5.19B | 5.00B | 4.32B | 3.62B | 2.63B |
| Shareholders' Equity | 5.04B | 5.20B | 5.14B | 4.61B | 3.95B | 3.04B |
| Total Liabilities & Equity | 7.59B | 7.62B | 7.16B | 6.35B | 5.77B | 4.81B |
| Total Debt | 1.91B | 1.89B | 1.39B | 1.06B | 1.17B | 1.19B |
| Net Cash (Debt) | -1.23B | -1.11B | -740.15M | -141.03M | -311.87M | -567.87M |
| Net Cash Per Share | -18.34 | -15.62 | -10.09 | -1.90 | -4.20 | -7.43 |
| Filing Date Shares Outstanding | 64.42M | 66.80M | 71.77M | 72.34M | 73.14M | 73.88M |
| Total Common Shares Outstanding | 64.42M | 68.17M | 71.92M | 72.85M | 73.14M | 74.68M |
| Working Capital | 6.84B | 6.83B | 6.33B | 5.51B | 5.01B | 4.13B |
| Book Value Per Share | 78.30 | 76.22 | 71.49 | 63.31 | 54.00 | 40.76 |
| Tangible Book Value | 5.01B | 5.16B | 5.11B | 4.58B | 3.92B | 3.01B |
| Tangible Book Value Per Share | 77.79 | 75.73 | 71.03 | 62.85 | 53.55 | 40.32 |
| Machinery | 122.80M | 116.58M | 122.72M | 123.26M | 123.92M | |
| Order Backlog | 440.56M | 629.55M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 297.75M | 453.01M | 786.19M | 738.75M | 992.19M | 737.44M |
| Depreciation & Amortization | 23.66M | 25.29M | 25.96M | 25.33M | 24.75M | 26.25M |
| Loss (Gain) on Equity Investments | -45.00K | 170.00K | -1.76M | 421.00K | -193.00K | 294.00K |
| Stock-Based Compensation | 21.69M | 19.68M | 25.81M | 22.51M | 22.33M | 20.07M |
| Other Operating Activities | 53.31M | 58.83M | 15.09M | 5.02M | 10.86M | 15.28M |
| Change in Accounts Receivable | -20.20M | -55.27M | 39.78M | -64.17M | -102.95M | -65.11M |
| Change in Inventory | 197.85M | -274.05M | -979.25M | -357.41M | -624.52M | -948.05M |
| Change in Accounts Payable | -70.90M | -92.37M | -41.93M | 22.61M | 76.98M | 76.16M |
| Change in Unearned Revenue | -1.79M | -11.30M | -16.09M | -1.36M | -4.65M | 17.54M |
| Change in Other Net Operating Assets | 1.87M | -5.71M | -81.35M | -36.14M | 10.46M | -31.95M |
| Operating Cash Flow | 503.20M | 118.29M | -227.58M | 355.57M | 405.27M | -152.09M |
| Capital Expenditures | -19.49M | -25.72M | -28.66M | -38.19M | -26.97M | -25.66M |
| Sale of Property, Plant & Equipment | 301.00K | 251.00K | 262.00K | 423.00K | 481.00K | 551.00K |
| Investment in Securities | -32.07M | -32.23M | -15.68M | -5.85M | -5.80M | -1.71M |
| Investing Cash Flow | -51.26M | -57.70M | -44.07M | -43.62M | -32.29M | -26.82M |
| Long-Term Debt Issued | 497.19M | 575.00M | 450.00M | |||
| Long-Term Debt Repaid | -13.01M | -321.42M | -153.68M | -20.45M | -331.28M | |
| Net Debt Issued (Repaid) | -4.79M | 484.19M | 253.58M | -153.68M | -20.45M | 118.72M |
| Repurchase of Common Stock | -435.00M | -295.00M | -125.93M | -59.07M | -109.30M | -60.99M |
| Common Dividends Paid | -123.54M | -121.07M | -108.59M | -39.53M | ||
| Other Financing Activities | 59.95M | -5.11M | -17.08M | -6.10M | ||
| Financing Cash Flow | -503.37M | 63.01M | 1.98M | -252.28M | -129.76M | 51.63M |
| Net Cash Flow | -51.44M | 123.60M | -269.67M | 59.67M | 243.23M | -127.29M |
| Free Cash Flow | 483.70M | 92.57M | -256.23M | 317.38M | 378.30M | -177.76M |
| Free Cash Flow Margin | 9.40% | 1.58% | -4.01% | 5.17% | 6.01% | -3.46% |
| Free Cash Flow Per Share | 7.20 | 1.30 | -3.49 | 4.28 | 5.10 | -2.33 |
| Levered Free Cash Flow | 321.74M | -16.33M | -471.91M | 135.66M | 189.22M | -348.58M |
| Unlevered Free Cash Flow | 324.32M | -16.33M | -471.91M | 135.66M | 189.25M | -348.38M |
| Cash Income Tax Paid | 81.72M | 154.23M | 208.52M | 212.09M | 311.73M | 221.10M |
| Change in Working Capital | 106.83M | -438.69M | -1.08B | -436.46M | -644.67M | -951.42M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.15B | 4.63B | 5.57B | 6.35B | 3.37B | 4.55B |
| Enterprise Value | 5.39B | 5.79B | 6.11B | 6.36B | 4.25B | 5.18B |
| Last Close Price | 64.47 | 64.40 | 73.44 | 81.74 | 42.90 | 56.80 |
| PE Ratio | 14.54 | 10.23 | 7.08 | 8.60 | 3.40 | 6.18 |
| Forward PE | 14.98 | 9.91 | 7.63 | 9.45 | 5.66 | 5.30 |
| PS Ratio | 0.81 | 0.79 | 0.87 | 1.03 | 0.54 | 0.89 |
| PB Ratio | 0.82 | 0.89 | 1.08 | 1.38 | 0.85 | 1.50 |
| P/TBV Ratio | 0.83 | 0.90 | 1.09 | 1.39 | 0.86 | 1.51 |
| P/FCF Ratio | 8.59 | 50.05 | 20.01 | 8.91 | ||
| P/OCF Ratio | 8.25 | 39.16 | 17.86 | 8.32 | ||
| PEG Ratio | 1.05 | 1.05 | 0.55 | 0.23 | 0.10 | |
| EV/Sales Ratio | 1.05 | 0.99 | 0.95 | 1.04 | 0.68 | 1.01 |
| EV/EBITDA Ratio | 13.69 | 9.88 | 6.20 | 6.85 | 3.24 | 5.19 |
| EV/EBIT Ratio | 14.57 | 10.32 | 6.37 | 7.04 | 3.31 | 5.33 |
| EV/FCF Ratio | 11.13 | 62.60 | 20.04 | 11.24 | ||
| Debt / Equity Ratio | 0.38 | 0.36 | 0.27 | 0.23 | 0.30 | 0.39 |
| Debt / EBITDA Ratio | 4.65 | 3.13 | 1.39 | 1.12 | 0.89 | 1.17 |
| Debt / FCF Ratio | 3.95 | 20.41 | 3.35 | 3.10 | ||
| Net Debt / Equity Ratio | 0.24 | 0.21 | 0.14 | 0.03 | 0.08 | 0.19 |
| Net Debt / EBITDA Ratio | 3.13 | 1.90 | 0.75 | 0.15 | 0.24 | 0.57 |
| Net Debt / FCF Ratio | 2.55 | 12.04 | -2.89 | 0.44 | 0.82 | -3.19 |
| Asset Turnover | 0.67 | 0.79 | 0.95 | 1.01 | 1.19 | 1.19 |
| Inventory Turnover | 0.69 | 0.80 | 0.92 | 1.01 | 1.11 | 1.14 |
| Quick Ratio | 1.99 | 2.01 | 1.49 | 1.85 | 1.76 | 1.45 |
| Current Ratio | 14.33 | 13.69 | 11.40 | 9.57 | 9.20 | 8.84 |
| Return on Equity (ROE) | 5.76% | 8.77% | 16.12% | 17.26% | 28.37% | 27.35% |
| Return on Assets (ROA) | 3.01% | 4.75% | 8.86% | 9.31% | 15.20% | 13.99% |
| Return on Invested Capital (ROIC) | 4.65% | 7.13% | 14.13% | 15.60% | 25.15% | 23.94% |
| Return on Capital Employed (ROCE) | 5.20% | 7.90% | 14.60% | 15.80% | 24.90% | 22.70% |
| Earnings Yield | 6.88% | 9.78% | 14.13% | 11.63% | 29.43% | 16.19% |
| FCF Yield | 11.65% | 2.00% | -4.60% | 5.00% | 11.22% | -3.90% |
| Dividend Yield | 2.98% | 2.53% | 1.94% | 0.62% | ||
| Payout Ratio | 43.30% | 26.73% | 13.81% | 5.35% | ||
| Buyback Yield / Dilution | 6.95% | 2.71% | 1.09% | 0.09% | 2.96% | 0.65% |
| Total Shareholder Return | 9.93% | 5.24% | 3.03% | 0.71% | 2.96% | 0.65% |