Saturday 31 October 2026 Export MTH’s income statement to Excel — free account

Meritage Homes Corporation

MTH Consumer Cyclical Residential Construction

Meritage Homes Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.9 billion, down 8.40% from fiscal 2024. In the quarter to June 2026, revenue fell 13.8%, EPS fell 33.0%, free cash flow grew 2,517.0% and total debt rose 1.07%, each against the same quarter a year earlier. Dividend growth for three consecutive years.

64.47 0.02 −0.03%

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Market cap: $4.2B
P/E: 13.4×
Fwd P/E: 14.9×
Dividend yield: 2.90%
F-score: 4/9
Altman Z: 3.21
Beneish M: −1.98
Dividend safety: 49/100

Overview Business Profile Financial Analysis

Insider Decisions trades per month

Total sells 5.02

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	12	—	—	1	—	—	—	—	—

Insider Ownership 4.43%

Capital & Financial Ratios $m

Market Cap 4,200.00

Revenue 5,391.50

Net Income 329.27

Free Cash Flow 415.02

Net Debt 1,040.11

Current Ratio 1.97

Debt/Equity 0.37

P/E ratio 13.40

Fwd P/E 14.90

P/S ratio 0.79

P/B ratio 0.84

Past 5Y EPS Growth 2.92%

This Y EPS Growth (27.46%)

Next Y EPS Growth 11.81%

Next Y revenue growth (15.53%)

Next 5Y EPS Growth 2.61%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 96.44%

10-year low 10-year high

P/S against its own 10 years 68.09%

10-year low 10-year high

P/B against its own 10 years 5.62%

10-year low 10-year high

EV/Sales against its own 10 years 77.30%

10-year low 10-year high

EV/FCF against its own 10 years 64.91%

10-year low 10-year high

Dividends

Payout Ratio 0.39

Annual Dividend Rate 1.87

Annual Dividend Yield 2.90%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.92	0.48 0.48 0.48
2025	1.72	0.43 0.43 0.43 0.43
2024	1.50	0.38 0.38 0.38 0.38
2023	0.54	0.14 0.14 0.14 0.14
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	921	652	775	807
Receivables	267	256	307	304
Inventory	—	—	—	—
Other	111	192	174	169
	1,300	1,100	1,256	1,280

	2023	2024	2025	Q'26
Payables	272	212	201	216
ST’ Debt	—	—	—	—
Other	37	21	9	10
	733	685	598	650

Compound Annual Growth %

	10y	5y	3y
Sales	8.55%	5.41%	(2.36%)
Cash Flow	0.00%	(25.92%)	(33.67%)
Earnings	13.41%	1.36%	(23.00%)
Book Value	15.23%	17.22%	9.57%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.18 Actual 1.11

0.74 1.00 1.27 1.53 1.79

Q4 FY25 Beat +0.12

Q1 FY26 Miss −0.15

Q2 FY26 Beat +0.12

Q3 FY26 Miss −0.07

Q4 FY26 — Jan 27

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	1.55	1.67	Beat by 0.12
Q1 FY26	1.01	0.86	Miss by 0.15
Q2 FY26	1.30	1.42	Beat by 0.12
Q3 FY26	1.18	1.11	Miss by 0.07
Q4 FY26	1.47	—	Reports 27 January 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.82	1.37	—	—	—
’25	1.69	2.04	1.39	1.20	6.35
’24	2.53	3.16	2.67	2.37	10.72
’23	1.77	2.51	2.99	2.69	9.97
’22	2.90	3.39	3.55	3.55	13.37
’21	1.72	2.18	2.63	3.13	9.65
’20	0.92	1.19	1.42	1.99	5.50

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,123	1,408	—	—	—
’25	1,365	1,633	1,424	1,436	5,858
’24	1,475	1,702	1,597	1,622	6,395
’23	1,285	1,574	1,619	1,660	6,138
’22	1,292	1,418	1,584	1,999	6,292
’21	1,089	1,283	1,265	1,504	5,141
’20	905	1,038	1,143	1,416	4,501

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	101	189	—	—	—
’25	(43)	14	(97)	244	118
’24	82	(118)	(92)	(100)	(228)
’23	124	231	104	(105)	356
’22	12	(219)	37	575	405
’21	(14)	(130)	(105)	97	(152)
’20	44	194	136	157	530

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	97	184	—	—	—
’25	(48)	7	(104)	238	93
’24	76	(125)	(100)	(107)	(256)
’23	116	219	94	(111)	318
’22	6	(225)	30	568	379
’21	(19)	(135)	(112)	89	(177)
’20	39	189	131	152	511

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	12.74	16.70	16.01	18.02	12.62	39.00	31.26	46.15	73.89	59.27		+18.6%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	20.61	27.75	27.45	38.42	58.53	62.51	61.65	89.41	106.99	84.74		+17.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	1,485	1,605	1,615	1,510	1,570	1,773	995	910	1,898	1,860		+2.5%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	2.05	2.02	2.18	2.43	2.87	2.90	6.32	6.75	3.37	3.15		+4.9%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	3,042	3,241	3,529	3,667	4,501	5,141	6,292	6,138	6,395	5,858		+7.6%	4,948	5,344	5,762	(0.5%)
	Gross margin, %	17.88	17.92	18.26	18.98	21.74	27.98	28.74	24.96	25.25	19.99		+2.1 pt	Powerpack Meritage Homes Corporation’s next three years, line by line Analysts expect revenue to shrink 0.5% a year to 2028 — slower than the 7.6% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	218	248	283	303	534	955	1,289	949	1,003	585		+11.6%
	EBT margin, %	7.17	7.64	8.03	8.26	11.85	18.57	20.49	15.47	15.68	9.98		+2.8 pt
	Net income	150	143	227	250	423	737	992	739	786	453		+13.1%
	Depreciation	16	17	27	28	31	26	25	25	26	25		+5.2%
Per share, $
Per share, $	Revenue	38.04	40.22	43.99	48.12	59.67	68.35	85.74	83.81	88.24	82.71		+9.0%
	Earnings	1.87	1.78	2.84	3.28	5.62	9.81	13.52	10.09	10.85	6.40		+14.6%
	Cash flow	(1.29)	(1.08)	3.27	4.55	7.03	(2.02)	5.52	4.86	(3.14)	1.67		n/m
	Capex	(0.21)	(0.22)	(0.42)	(0.31)	(0.25)	(0.33)	(0.36)	(0.52)	(0.39)	(0.36)		+6.4%
	Free cash flow	(1.50)	(1.30)	2.85	4.24	6.78	(2.36)	5.16	4.34	(3.53)	1.31		n/m
	Book value	17.78	19.57	21.45	25.91	31.12	40.47	53.82	62.97	70.94	73.37		+17.1%
	Shares, m	80	81	80	76	75	75	73	73	72	71		(1.3%)
Valuation, ×
Valuation, ×	P/E	9.48	14.75	6.48	9.37	7.37	6.22	3.45	8.46	7.09	10.31		8.3
	P/S	0.47	0.65	0.42	0.64	0.69	0.89	0.54	1.02	0.87	0.80		0.7
	P/B	1.00	1.34	0.86	1.18	1.33	1.51	0.87	1.36	1.08	0.90		1.1
	EV/Sales	0.79	1.00	0.70	0.83	0.76	1.00	0.59	1.03	0.98	0.98		0.9
	EV/FCF	(20.13)	(30.78)	10.80	9.38	6.65	(28.96)	9.80	19.95	(24.45)	61.56		1.4
Cash, $m
Cash, $m	Operating cash flow	(103)	(87)	262	347	530	(152)	405	356	(228)	118		n/m
	Capex	(16)	(18)	(33)	(24)	(19)	(25)	(26)	(38)	(28)	(25)		+5.0%
	Free cash flow	(120)	(105)	229	323	511	(177)	379	318	(256)	93		n/m
Balance, $m
Balance, $m	Working capital	(52)	(46)	105	54	407	261	481	567	415	659		n/m
	Total debt	1,127	1,284	1,310	1,019	1,020	1,160	1,151	1,008	1,336	1,829		+5.5%
	Net debt	996	1,113	999	700	274	542	289	87	684	1,054		+0.6%
	Shareholders’ equity	1,421	1,577	1,721	1,974	2,348	3,044	3,950	4,612	5,142	5,196		+15.5%
Returns, %
Returns, %	ROA	5.37	4.67	6.87	7.38	11.66	17.01	18.76	12.19	11.63	6.13		+0.8 pt
	ROIC	5.54	5.64	6.27	7.19	12.61	16.88	18.97	12.00	10.28	5.40		(0.1) pt
	ROE	11.16	9.56	13.79	13.51	19.60	27.35	28.37	17.26	16.12	8.76		(2.4) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NVR NVR, Inc.	$16.0B	14.7×	17.6×	−10.48% (below 0%: shrinking)	−23.46% (below 0%: shrinking)	−682.68% (below 0%: shrinking)	20.85%	14.17%	Compare
TOL Toll Brothers Inc.	$13.3B	11.7×	11.5×	−9.72% (below 0%: shrinking)	−20.74% (below 0%: shrinking)	−36.31% (below 0%: shrinking)	23.52%	13.51%	Compare
IBP Installed Building Products, Inc.	$5.6B	22.9×	24.3×	+2.30% (above 0%: growing)	−3.56% (below 0%: shrinking)	−30.95% (below 0%: shrinking)	33.29%	12.16%	Compare
SKY Champion Homes, Inc.	$4.4B	24.8×	24.4×	+1.27% (above 0%: growing)	−21.24% (below 0%: shrinking)	−4.47% (below 0%: shrinking)	25.24%	8.49%	Compare
CVCO Cavco Industries, Inc.	$4.2B	26.8×	27.5×	+9.54% (above 0%: growing)	−15.56% (below 0%: shrinking)	+5.65% (above 0%: growing)	22.07%	8.65%	Compare
MTH Meritage Homes Corporation	$4.2B	13.4×	14.9×	−13.77% (below 0%: shrinking)	−33.01% (below 0%: shrinking)	+2,516.98% (above 0%: growing)	18.60%	8.19%
MHO M/I Homes, Inc.	$3.2B	10.6×	12.0×	−8.54% (below 0%: shrinking)	−31.86% (below 0%: shrinking)	−11.50% (below 0%: shrinking)	22.15%	9.53%	Compare
KBH KB Home	$2.9B	13.2×	14.9×	−19.96% (below 0%: shrinking)	−35.34% (below 0%: shrinking)	−178.04% (below 0%: shrinking)	5.54%	5.54%	Compare
GRBK Green Brick Partners, Inc.	$2.7B	9.2×	10.6×	−8.70% (below 0%: shrinking)	−8.06% (below 0%: shrinking)	−113.25% (below 0%: shrinking)	31.90%	19.54%	Compare
Median of peers	$4.3B	14.0×	16.3×	−8.62%	−20.99%	−33.63%	22.84%	10.84%

All 19 Residential Construction stocks →

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	8.11m	4.22m	163.05
2024	11.97m	10.22m	256.62
2023	10.84m	21.89m	286.83
2022	8.02m	5.12m	150.88
2021	7.92m	13.52m	199.74

Ownership

Directors and executive officers, together 2.50%

BlackRock, Inc. 16.30%

The Vanguard Group 12.40%

FMR LLC 5.70%

State Street Corporation 5.60%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement