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Meritage Homes Corporation

Meritage Homes Corporation

NYSE•MTH
CEO: Mr. Steven J. Hilton
Sector: Consumer Cyclical
Industry: Residential Construction
Listing Date: 1988-07-26
Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee. The company also offers title and escrow, mortgage, insurance, and closing/settlement services to its homebuyers. Meritage Homes Corporation was founded in 1985 and is based in Scottsdale, Arizona.
Contact Information
18655 North Claret Drive, Suite 400, Scottsdale, AZ, 85255, United States
480-515-8100
www.meritagehomes.com
Market Cap
$4.80B
P/E (TTM)
8.7
12.2
Dividend Yield
2.5%
52W High
$98.74
52W Low
$59.27
52W Range
20%
5.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$1.42B-10.89%
4-Quarter Trend

EPS

$1.40-48.24%
4-Quarter Trend

FCF

-$104.30M+4.28%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Community Count Expansion Active communities reached 334 units ending Q3 2025, increasing from 278 units year prior, supporting strategic growth initiatives.
Q3 Home Order Growth Home orders totaled 3,636 units for the quarter, marking a 3.5% increase despite challenging macroeconomic conditions and lower ASP.
Financial Services Profit Rises Financial services profit for the quarter was $4.5M USD, improving from $3.1M USD due to fewer charges related to expired forward commitments.

Risk Factors

Home Closing Margin Decline Home closing gross margin fell 480 basis points to 20.7% for nine months due to higher lot costs and increased incentive utilization.
Net Earnings Significantly Down Nine-month net earnings dropped 40.0% to $369.0M USD, reflecting lower gross profit and increased cost pressures across operations.
Leverage Ratio Increased Net debt-to-capital ratio rose to 17.2% by September 30, 2025, up from 11.7% at year-end 2024, indicating higher leverage.

Outlook

Focus on 60-Day Closings Strategy emphasizes affordable, move-in ready homes with 60-day closing commitment to capture market share effectively.
Liquidity Position Adequate Expect cash and Credit Facility availability ($1.6B total capacity) to cover short-term construction and acquisition funding needs.
Tax Rate Expected Higher Effective tax rate expected to increase due to fewer homes qualifying for §45L energy tax credits beginning in 2025 due to new thresholds.

Peer Comparison

Revenue (TTM)

Macy's, Inc.M
$22.70B
-3.4%
Asbury Automotive Group, Inc.ABG
$17.83B
+8.1%
Graphic Packaging Holding CompanyGPK
$8.61B
-3.9%

Gross Margin (Latest Quarter)

Macy's, Inc.M
42.0%
-0.4 pp
Green Brick Partners, Inc.GRBK
31.1%
-1.6 pp
Champion Homes, Inc.SKY
27.5%
+0.5 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
TMHC$5.82B6.914.2%23.5%
M$5.52B11.411.2%35.2%
MTH$4.80B8.710.4%23.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-4.5%
Flat Growth
4Q Net Income CAGR
-16.8%
Declining Profitability
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 31, 2025|
    Revenue: $1.42B-10.9%
    |
    EPS: $1.40-48.2%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 25, 2025|
    Revenue: $1.63B-4.0%
    |
    EPS: $2.05-35.7%
    Beat

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 25, 2025|
    Revenue: $1.37B-7.4%
    |
    EPS: $1.71-33.2%
    Meet

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 20, 2025|
    Revenue: $6.40B+4.2%
    |
    EPS: $10.85+7.6%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 31, 2024|
    Revenue: $1.59B-2.0%
    |
    EPS: $2.71-10.7%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 26, 2024|
    Revenue: $1.70B+8.6%
    |
    EPS: $3.19+25.6%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 26, 2024|
    Revenue: $1.47B+14.7%
    |
    EPS: $2.56+43.0%
    Beat

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 14, 2024|
    Revenue: $6.14B-2.5%
    |
    EPS: $10.09-25.4%
    Beat