Sunday 11 October 2026
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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.
58.81
1.82
−3.00%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
4 | 3 | 9 | 8 | 9 | 5 | 8 | 5 | 3 | 4 |
P/E ratio |
9.48 | 14.75 | 6.48 | 9.37 | 7.37 | 6.22 | 3.45 | 8.46 | 7.09 | 10.31 |
Altman Z-Score |
2.26 | 2.39 | 2.40 | 2.98 | 3.66 | 4.13 | 3.92 | 4.69 | 4.04 | 3.21 |
P/S ratio |
0.47 | 0.65 | 0.42 | 0.64 | 0.69 | 0.89 | 0.54 | 1.02 | 0.87 | 0.80 |
P/FCF ratio |
0.00 | 0.00 | 6.43 | 7.21 | 6.11 | 0.00 | 9.04 | 19.68 | 0.00 | 50.21 |
Altman Z″-Score (non-manufacturers) |
2.35 | 2.39 | 3.03 | 3.58 | 4.83 | 5.31 | 6.37 | 6.54 | 6.23 | 5.51 |
P/Operating CF |
31.54 | 24.23 | 7.81 | 12.98 | 19.86 | 47.52 | 5.95 | (59.83) | (55.99) | 19.12 |
Beneish M-Score |
(1.79) | (2.03) | (2.57) | (2.47) | (2.59) | (1.24) | (1.59) | (1.87) | (1.85) | (1.98) |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 49 |
P/B ratio |
1.00 | 1.34 | 0.86 | 1.18 | 1.33 | 1.51 | 0.87 | 1.36 | 1.08 | 0.90 |
Price to Tangible BV |
1.03 | 1.38 | 0.88 | 1.21 | 1.36 | 1.53 | 0.88 | 1.37 | 1.09 | 0.90 |
EV/Sales |
0.79 | 1.00 | 0.70 | 0.83 | 0.76 | 1.00 | 0.59 | 1.03 | 0.98 | 0.98 |
EV/EBITDA |
10.48 | 12.44 | 8.24 | 9.03 | 6.07 | 5.16 | 2.83 | 6.83 | 6.36 | 10.10 |
EV/Operating CF |
(23.34) | (37.05) | 9.43 | 8.73 | 6.41 | (33.75) | 9.16 | 17.83 | (27.50) | 48.30 |
EV/FCF |
(20.13) | (30.78) | 10.80 | 9.38 | 6.65 | (28.96) | 9.80 | 19.95 | (24.45) | 61.56 |
Quick Ratio |
0.59 | 0.70 | 1.16 | 1.01 | 1.70 | 1.29 | 1.60 | 1.62 | 1.32 | 1.81 |
Current Ratio |
0.85 | 0.87 | 1.32 | 1.13 | 1.82 | 1.44 | 1.72 | 1.77 | 1.61 | 2.10 |
Net Debt/EBITDA |
4.33 | 4.29 | 3.33 | 2.09 | 0.49 | 0.54 | 0.22 | 0.09 | 0.70 | 1.86 |
Debt/Assets |
39.03% | 39.49% | 38.93% | 29.99% | 26.40% | 24.13% | 19.93% | 15.87% | 18.65% | 24.00% |
Debt/Equity |
0.79 | 0.81 | 0.76 | 0.52 | 0.43 | 0.38 | 0.29 | 0.22 | 0.26 | 0.35 |
Asset Turnover |
1.09 | 1.06 | 1.07 | 1.08 | 1.24 | 1.19 | 1.19 | 1.01 | 0.95 | 0.79 |
Operating CF/Net income |
(0.69) | (0.61) | 1.15 | 1.39 | 1.25 | (0.21) | 0.41 | 0.48 | (0.29) | 0.26 |
Capex/Depreciation |
(1.03) | (1.06) | (1.24) | (0.86) | (0.62) | (0.96) | (1.07) | (1.49) | (1.09) | (1.01) |
Interest Coverage |
41.42 | 63.03 | 347.54 | 36.72 | 243.03 | 3,045.52 | 31,381.59 | — | — | — |
| 11.16% | 9.56% | 13.79% | 13.51% | 19.60% | 27.35% | 28.37% | 17.26% | 16.12% | 8.76% | |
| 5.37% | 4.67% | 6.87% | 7.38% | 11.66% | 17.01% | 18.76% | 12.19% | 11.63% | 6.13% | |
ROIC |
5.54% | 5.64% | 6.27% | 7.19% | 12.61% | 16.88% | 18.97% | 12.00% | 10.28% | 5.40% |
Return on Tangible Assets |
(784.29%) | (1,192.60%) | 142.00% | 239.63% | 94.90% | 247.46% | 190.77% | 120.02% | 170.05% | 64.23% |
Average Days of Receivables |
8.44 | 8.93 | 7.99 | 8.81 | 7.99 | 10.47 | 12.47 | 15.88 | 14.63 | 19.13 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
11.14% | 10.67% | 10.78% | 10.71% | 9.93% | 9.08% | 8.20% | 10.05% | 10.01% | 10.52% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.45% | 0.37% | 0.49% | 0.53% | 0.44% | 0.39% | 0.35% | 0.37% | 0.40% | 0.34% |
Graham Net Nets |
(0.83) | (0.65) | (0.82) | (0.41) | (0.20) | (0.20) | (0.20) | (0.07) | (0.17) | (0.25) |
Graham Number |
27.35 | 28.00 | 36.99 | 43.59 | 62.73 | 94.52 | 127.95 | 119.57 | 131.59 | 102.62 |
Earnings Yield |
10.55% | 6.78% | 15.44% | 10.67% | 13.57% | 16.07% | 28.98% | 11.82% | 14.11% | 9.70% |
Free Cash Flow Yield |
(8.46%) | (4.96%) | 15.54% | 13.87% | 16.36% | (3.86%) | 11.06% | 5.08% | (4.59%) | 1.99% |
Revenue per Share |
38.04 | 40.22 | 43.99 | 48.12 | 59.67 | 68.35 | 85.74 | 83.81 | 88.24 | 82.71 |
Operating CF per Share |
(1.29) | (1.08) | 3.27 | 4.55 | 7.03 | (2.02) | 5.52 | 4.86 | (3.14) | 1.67 |
Capex per Share |
(0.21) | (0.22) | (0.42) | (0.31) | (0.25) | (0.33) | (0.36) | (0.52) | (0.39) | (0.36) |
Free Cash Flow per Share |
(1.50) | (1.30) | 2.85 | 4.24 | 6.78 | (2.36) | 5.16 | 4.34 | (3.53) | 1.31 |
Cash per Share |
1.65 | 2.12 | 3.88 | 4.19 | 9.88 | 8.22 | 11.74 | 12.58 | 8.99 | 10.95 |
Shareholders Equity per Share |
17.78 | 19.57 | 21.45 | 25.91 | 31.12 | 40.47 | 53.82 | 62.97 | 70.94 | 73.37 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
17.78 | 19.57 | 21.45 | 25.91 | 31.12 | 40.47 | 53.82 | 62.97 | 70.94 | 73.37 |
Free Cash Flow |
(119.86) | (104.87) | 228.88 | 322.89 | 511.13 | (177.20) | 378.78 | 317.80 | (255.97) | 92.82 |
Working Capital |
(52.27) | (45.64) | 105.49 | 53.58 | 407.28 | 260.67 | 481.47 | 566.54 | 415.04 | 658.69 |
Capital Expenditures |
(16.46) | (17.74) | (33.32) | (23.93) | (19.23) | (25.11) | (26.49) | (37.77) | (28.40) | (25.47) |
Net Current Asset Value |
(1,179.58) | (1,364.42) | (1,204.56) | (965.40) | (612.80) | (906.58) | (669.18) | (441.67) | (920.84) | (1,170.36) |
EV/EBIT |
11.26 | 13.29 | 9.06 | 9.85 | 6.42 | 5.30 | 2.89 | 7.03 | 6.53 | 10.57 |
Capex to Sales |
0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
Price to Operating Income |
6.62 | 8.71 | 5.40 | 7.58 | 5.90 | 4.74 | 2.66 | 6.93 | 5.82 | 8.62 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.48 | 0.50 | 0.49 | 0.55 | 0.80 | 0.70 | 0.64 | 0.52 | 0.55 | 0.54 |
Cash ROIC |
(4.47%) | (3.46%) | 6.85% | 9.75% | 12.43% | (3.67%) | 6.35% | 4.86% | (3.59%) | 1.19% |
Accounts Receivable Turnover |
47.66 | 43.31 | 45.06 | 44.24 | 48.12 | 41.78 | 34.71 | 25.47 | 24.44 | 20.80 |
Accounts Payable Turnover |
20.22 | 18.92 | 21.47 | 20.98 | 21.33 | 18.93 | 18.33 | 16.91 | 19.75 | 22.69 |
Inventory Turnover |
0.97 | 1.03 | 1.05 | 1.08 | 1.28 | 1.14 | 1.11 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
20.56 | 19.28 | 16.22 | 19.05 | 18.16 | 21.29 | 22.24 | 21.52 | 16.22 | 15.63 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
63.83 | 74.84 | 78.30 | 82.89 | 93.53 | 123.06 | 181.28 | 241.00 | 261.63 | 281.62 |
Average Payables |
123.56 | 140.60 | 134.34 | 141.60 | 165.14 | 195.63 | 244.64 | 272.46 | 242.06 | 206.58 |
Average Inventory |
2,576.50 | 2,576.50 | 2,737.00 | 2,743.50 | 2,761.00 | 3,260.00 | 4,050.00 | — | — | — |
Average Assets |
2,784.23 | 3,069.97 | 3,308.37 | 3,381.86 | 3,631.32 | 4,335.97 | 5,289.82 | 6,062.62 | 6,757.89 | 7,392.47 |
Average Common Equity |
1,340.22 | 1,499.16 | 1,648.79 | 1,847.37 | 2,160.93 | 2,696.13 | 3,497.00 | 4,280.76 | 4,876.74 | 5,168.61 |
Columns are period end dates