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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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Market cap: $4.0B
P/E: 12.2×
Fwd P/E: 13.6×
Dividend yield: 3.18%
F-score: 4/9
Altman Z: 3.21
Beneish M: −1.98
Dividend safety: 49/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

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 3,950.00

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 12.23

Fwd P/E 13.60

P/S ratio 0.72

P/B ratio 0.76

Past 5Y EPS Growth 2.92%

This Y EPS Growth (23.57%)

Next Y EPS Growth 16.37%

Next Y revenue growth (8.65%)

Next 5Y EPS Growth 4.62%

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 90.47%

10-year low 10-year high

P/S against its own 10 years 52.36%

10-year low 10-year high

P/B against its own 10 years 1.85%

10-year low 10-year high

EV/Sales against its own 10 years 58.71%

10-year low 10-year high

EV/FCF against its own 10 years 60.20%

10-year low 10-year high

Dividends

Payout Ratio 0.39

Annual Dividend Rate 1.87

Annual Dividend Yield 3.18%

	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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	12.74	16.70	16.01	18.02	12.62	39.00	31.26	46.15	73.89	59.27	Analyst estimates 2026–2028 Powerpack
	High	20.61	27.75	27.45	38.42	58.53	62.51	61.65	89.41	106.99	84.74
People
People	Employees	1,485	1,605	1,615	1,510	1,570	1,773	995	910	1,898	1,860
	Revenue/emp, $m	2.05	2.02	2.18	2.43	2.87	2.90	6.32	6.75	3.37	3.15
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
	Gross margin, %	17.88	17.92	18.26	18.98	21.74	27.98	28.74	24.96	25.25	19.99
	EBT	218	248	283	303	534	955	1,289	949	1,003	585
	EBT margin, %	7.17	7.64	8.03	8.26	11.85	18.57	20.49	15.47	15.68	9.98
	Net income	150	143	227	250	423	737	992	739	786	453
	Depreciation	16	17	27	28	31	26	25	25	26	25
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
	Earnings	1.87	1.78	2.84	3.28	5.62	9.81	13.52	10.09	10.85	6.40
	Cash flow	(1.29)	(1.08)	3.27	4.55	7.03	(2.02)	5.52	4.86	(3.14)	1.67
	Capex	(0.21)	(0.22)	(0.42)	(0.31)	(0.25)	(0.33)	(0.36)	(0.52)	(0.39)	(0.36)
	Free cash flow	(1.50)	(1.30)	2.85	4.24	6.78	(2.36)	5.16	4.34	(3.53)	1.31
	Book value	17.78	19.57	21.45	25.91	31.12	40.47	53.82	62.97	70.94	73.37
	Shares, m	80	81	80	76	75	75	73	73	72	71
Valuation, ×
Valuation, ×	P/E	9.48	14.75	6.48	9.37	7.37	6.22	3.45	8.46	7.09	10.31
	P/S	0.47	0.65	0.42	0.64	0.69	0.89	0.54	1.02	0.87	0.80
	P/B	1.00	1.34	0.86	1.18	1.33	1.51	0.87	1.36	1.08	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/FCF	(20.13)	(30.78)	10.80	9.38	6.65	(28.96)	9.80	19.95	(24.45)	61.56
Cash, $m
Cash, $m	Operating cash flow	(103)	(87)	262	347	530	(152)	405	356	(228)	118
	Capex	(16)	(18)	(33)	(24)	(19)	(25)	(26)	(38)	(28)	(25)
	Free cash flow	(120)	(105)	229	323	511	(177)	379	318	(256)	93
Balance, $m
Balance, $m	Working capital	(52)	(46)	105	54	407	261	481	567	415	659
	Total debt	1,127	1,284	1,310	1,019	1,020	1,160	1,151	1,008	1,336	1,829
	Net debt	996	1,113	999	700	274	542	289	87	684	1,054
	Shareholders’ equity	1,421	1,577	1,721	1,974	2,348	3,044	3,950	4,612	5,142	5,196
Returns, %
Returns, %	ROA	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
	ROE	11.16	9.56	13.79	13.51	19.60	27.35	28.37	17.26	16.12	8.76

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
TOL Toll Brothers Inc.	$12.4B	10.6×	10.8×	−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.	$5.0B	19.8×	23.8×	+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	23.3×	22.0×	+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	22.9×	22.8×	+9.54% (above 0%: growing)	−15.56% (below 0%: shrinking)	+5.65% (above 0%: growing)	22.07%	8.65%	Compare
MTH Meritage Homes Corporation	$4.0B	12.2×	13.6×	−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.	$3.3B	10.5×	10.9×	−8.54% (below 0%: shrinking)	−31.86% (below 0%: shrinking)	−11.50% (below 0%: shrinking)	22.15%	9.53%	Compare
GRBK Green Brick Partners, Inc.	$2.7B	9.4×	12.0×	−8.70% (below 0%: shrinking)	−8.06% (below 0%: shrinking)	−113.25% (below 0%: shrinking)	31.90%	19.54%	Compare
KBH KB Home	$2.7B	11.9×	16.2×	−19.96% (below 0%: shrinking)	−35.34% (below 0%: shrinking)	−85.83% (below 0%: shrinking)	5.54%	5.54%	Compare
LGIH LGI Homes, Inc.	$1.1B	15.4×	17.3×	+5.70% (above 0%: growing)	−14.71% (below 0%: shrinking)	+254.15% (above 0%: growing)	19.71%	5.61%	Compare
Median of peers	$3.8B	13.6×	16.8×	−3.63%	−18.15%	−21.22%	22.84%	9.09%

All 19 Residential Construction stocks →