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.
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Meritage Homes Corporation (MTH) Piotroski F-score
Meritage Homes Corporation's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 1.00 |
| FY2024 | 3 | (2.00) |
| FY2023 | 5 | (3.00) |
| FY2022 | 8 | 3.00 |
| FY2021 | 5 | (4.00) |
| FY2020 | 9 | 1.00 |
| FY2019 | 8 | (1.00) |
| FY2018 | 9 | 6.00 |
| FY2017 | 3 | (1.00) |
| FY2016 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 6.13% | 11.63% | Pass | 1 |
| Positive operating cash flow | 118.29m | (227.58m) | Pass | 1 |
| Rising return on assets | 6.13% | 11.63% | Fail | 0 |
| Cash flow above net income | (334.72m) | (1.01b) | Fail | 0 |
| Falling long-term leverage | 0.25 | 0.20 | Fail | 0 |
| Rising current ratio | 2.10 | 1.61 | Pass | 1 |
| No new shares issued | 70,819,000 | 72,476,000 | Pass | 1 |
| Rising gross margin | 19.99% | 25.25% | Fail | 0 |
| Rising asset turnover | 0.79 | 0.95 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| IBP Installed Building Products, Inc. compare | 8 |
| CVCO Cavco Industries, Inc. compare | 8 |
| SKY Champion Homes, Inc. compare | 7 |
| MHO M/I Homes, Inc. compare | 5 |
| KBH KB Home compare | 5 |
| MTH Meritage Homes Corporation | 4 |
| TOL Toll Brothers Inc. compare | 4 |
| GRBK Green Brick Partners, Inc. compare | 4 |
| LGIH LGI Homes, Inc. compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover