Meritage Homes Corp MTH

Consumer DiscretionaryHomebuilding & Construction SuppliesUnited States of America

Last close 64.47 USD on Nov 1, 2026, +0.1% year to date

Quant rating

Quant rating C Rank 233 of 344 in Consumer Discretionary

Growth C 237 of 344
Valuation B 82 of 344
Quality C 186 of 344
Revisions D 305 of 344
Momentum C 195 of 344

Wall Street consensus Hold (2.75)Average target 74.26 USD +15.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.2B
Enterprise value: 5.3B
52-week range: 56.70 – 85.38
3-year range: 56.70 – 106.84
Dividend yield: 2.98%
Beta (5 years): 1.32
Shares outstanding: 64.4M
Next earnings: Jan 29, 2027

About the company

Meritage Homes Corporation is a designer and builder of single-family attached and detached homes. The Company’s segments include homebuilding and financial services. The homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. It has operations in three regions: West, Central and East, which are comprised of 12 states: Arizona, California, Colorado, Utah, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee. These three regions are its principal homebuilding segments. The financial services segment offers title and escrow, mortgage, and insurance services. Its financial services operations also provide mortgage services to its homebuyers through an unconsolidated joint venture. The Company’s homebuilding activities are conducted under the name of Meritage Homes in each of its homebuilding markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,858	6,395	6,138	6,292	5,141	–
Revenue growth	−8.4%	4.2%	−2.4%	22.4%	14.2%	5.4%
EPS (basic, normalized)	6.35	10.72	9.96	13.37	9.64	–
EPS growth	−40.8%	7.6%	−25.5%	38.6%	–	–
Gross margin	12.8%	18.6%	18.5%	23.4%	22.2%	19.1%
Net margin	7.7%	12.3%	12.0%	15.8%	14.3%	12.4%
ROE	8.8%	16.1%	17.3%	28.4%	27.4%	19.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	677
Current ratio	–
Long-term debt (mil)	1,852
Net debt (mil)	1,174
Total equity (mil)	5,044
Net debt / equity	0.23x
Net debt / EBITDA	2.08x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,858	−8.4%	0.9x	566	−46.2%	9.4x	6.35	−40.8%	10.2x
2026	5,116	−12.7%	1.0x	471	−16.7%	11.3x	4.60	−27.5%	14.0x
2027	5,406	+5.7%	1.0x	515	+9.3%	10.3x	4.89	+6.3%	13.2x
2028	5,714	+5.7%	0.9x	579	+12.4%	9.2x	6.43	+31.5%	10.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,116	−5.3%	−6.1%	−6.9%	4.60	−7.4%	−8.0%	−8.4%
2027	5,406	−6.9%	−8.8%	−9.5%	4.89	−18.5%	−21.2%	−23.9%
2028	5,714	−8.0%	−9.7%	−11.0%	6.43	−16.8%	−19.3%	−19.2%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,468	1,694	1,597	1,622	1,365	1,633	1,424	1,436	1,123	1,408
Sales mean (mil)	1,288	1,571	1,579	1,578	1,337	1,584	1,476	1,495	1,196	1,423
Surprise	+14.0%	+7.8%	+1.1%	+2.8%	+2.1%	+3.1%	−3.5%	−3.9%	−6.0%	−1.0%
EPS reported	2.53	3.15	2.67	2.36	1.69	2.04	1.39	1.20	0.82	1.37
EPS mean	1.76	2.59	2.48	2.49	1.68	1.96	1.63	1.54	1.01	1.29
Surprise	+43.6%	+21.8%	+7.6%	−5.1%	+0.4%	+4.2%	−14.8%	−21.9%	−18.9%	+6.0%

Peer comparison Homebuilding & Construction Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MTH Meritage Homes Corp	4.2B	2.08x	7.7%	0.82x	14.0x	13.2x	11.3x	10.3x
DHI D.R. Horton, Inc.	39.6B	1.23x	10.5%	1.71x	14.0x	12.1x	11.4x	10.5x
PHM PulteGroup, Inc.	23.0B	0.25x	12.8%	1.76x	13.4x	13.1x	9.3x	9.2x
LEN Lennar Corporation	20.7B	1.48x	6.0%	0.96x	17.5x	16.4x	12.5x	12.4x
NVR NVR, Inc.	15.8B	−0.13x	12.8%	4.59x	17.6x	16.9x	12.0x	11.9x
MAS Masco Corporation	15.5B	2.04x	10.7%	−34.63x	17.1x	17.2x	11.7x	12.0x
Mean		1.16x	10.1%	−4.13x	15.6x	14.8x	11.4x	11.1x
Median		1.36x	10.6%	1.34x	15.6x	14.8x	11.6x	11.2x

Technical analysis

1M−0.8%
3M−11.3%
1Y−6.7%
3Y+23.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Meritage Homes Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,858	6,395	6,138	6,292	5,141	4,501
Cost of revenue	5,108	5,204	5,003	4,819	3,997	3,818
Gross profit	749	1,191	1,135	1,474	1,144	683
Selling, general & administrative expenses	212	231	232	193	181	159
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−3.0	2.1	0.7	−5.9	−5.7	−2.9
Unusual expense (income)	0	0.6	0.9	0	18.2	0
Other operating expenses	−44.1	−45.2	−47.9	−2.7	−4.9	−6.7
Operating income	585	1,003	949	1,289	955	534
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	585	1,003	949	1,289	955	534
Provision for taxes	132	217	211	297	217	110
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	453	786	739	992	737	423
Extraordinary items	–	–	–	–	–	–
Net income	453	786	739	992	737	423
EBIT, normalized	582	1,006	951	1,283	967	531
EBITDA, normalized	607	1,032	976	1,308	994	562
Basic EPS, normalized	6.35	10.72	9.96	13.37	9.64	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Meritage Homes Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	775	652	921	862	618	746
Receivables	307	256	267	215	148	98.6
Total inventory	5,987	5,729	4,721	4,358	3,734	2,778
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	104	100	100	57.8	58.4	38.9
Goodwill	33.0	33.0	33.0	33.0	33.0	–
Intangibles	–	–	–	–	–	–
Long-term investments	57.3	28.7	17.2	11.8	5.8	4.3
Note receivable	–	–	–	–	–	–
Other long-term assets	7,428	7,001	6,203	5,670	4,710	3,821
Total assets	7,622	7,163	6,353	5,772	4,808	3,864
Liabilities
Accounts payable	201	212	272	273	216	175
Payable/accrued	–	–	–	–	–	–
Accrued expenses	373	428	399	335	300	262
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1,829	1,336	1,008	1,151	1,160	1,020
Minority interest	–	–	–	–	–	–
Other liabilities	598	685	733	672	603	496
Total liabilities	2,427	2,021	1,741	1,822	1,763	1,517
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.7	0.4	0.4	0.4	0.4	0.4
Additional paid-in capital	0	143	291	328	415	456
Retained earnings (accumulated deficit)	5,195	4,998	4,321	3,621	2,629	1,892
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	5,196	5,142	4,612	3,950	3,044	2,348
Total liabilities & shareholders' equity	7,622	7,163	6,353	5,772	4,808	3,864

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Meritage Homes Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	453	786	739	992	737	423
Depreciation, depletion & amortization	25.3	26.0	25.3	24.7	26.2	31.1
Deferred taxes	–	–	–	–	–	0
Non-cash items	78.7	39.1	28.0	33.0	35.6	33.5
Changes in working capital	−439	−1,079	−436	−645	−951	42.3
Cash from operations	118	−228	356	405	−152	530
Investing activities
Capital expenditures	−25.7	−28.7	−38.2	−27.0	−25.7	−19.9
Other investing cash flows	−32.0	−15.4	−5.4	−5.3	−1.2	1.7
Cash from investing	−57.7	−44.1	−43.6	−32.3	−26.8	−18.2
Financing activities
Financing cash flow items	−5.1	−17.1	0	0	−6.1	0
Cash dividends paid	−121	−109	−39.5	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	189	128	−213	−130	57.7	−86.0
Cash from financing	63.0	2.0	−252	−130	51.6	−86.0
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	124	−270	59.7	243	−127	426
Free cash flow	92.6	−256	317	378	−178	510

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.