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Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. The company operates through two segments: Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee. The company also provides title and escrow, mortgage, insurance, title insurance, and closing/settlement services to its homebuyers. Meritage Homes Corporation was founded in 1985 and is based in Scottsdale, Arizona.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.9B | $610M | $453M | $93M | 8.7% | -8.3% | -42.4% |
| 2024 | $6.4B | $1.0B | $786M | $-256M | 15.3% | 4.2% | 6.4% |
| 2023 | $6.1B | $975M | $739M | $317M | 16.0% | -2.5% | -25.5% |
| 2022 | $6.3B | $1.3B | $992M | $378M | 25.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 6,298.15 | 6,137.61 | 6,392.94 | 5,860.62 |
| Operating Revenue | - | 6,292.20 | 6,138.26 | 6,395.04 | 5,857.64 |
| Cost Of Revenue | - | 4,495.26 | 4,618.58 | 4,794.67 | 4,703.99 |
| Gross Profit | - | 1,802.90 | 1,519.02 | 1,598.27 | 1,156.62 |
| Operating Expense | - | 516.25 | 616.63 | 639.92 | 616.17 |
| Selling General And Administration | - | 516.25 | 616.63 | 639.92 | 616.17 |
| Total Expenses | - | 5,011.51 | 5,235.22 | 5,434.59 | 5,320.16 |
| Operating Income | - | 1,286.64 | 902.39 | 958.34 | 540.46 |
| EBITDA | - | 1,314.11 | 974.76 | 1,028.83 | 609.88 |
| Normalized EBITDA | - | 1,314.11 | 975.67 | 1,029.46 | 609.88 |
| EBIT | - | 1,289.36 | 949.43 | 1,002.87 | 584.60 |
| Interest Expense | - | 0.04 | 0 | 0 | 0 |
| Net Interest Income | - | -0.04 | 0 | 0 | 0 |
| Other Non Operating Income Expenses | - | 2.71 | 47.95 | 45.16 | 44.14 |
| Other Income Expense | - | 2.71 | 47.04 | 44.52 | 44.14 |
| Interest Expense Non Operating | - | 0.04 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | - | -0.04 | 0 | 0 | 0 |
| Pretax Income | - | 1,289.32 | 949.43 | 1,002.87 | 584.60 |
| Tax Provision | - | 297.13 | 210.68 | 216.68 | 131.59 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -0.20 | -0.14 | 0 |
| Net Income Continuous Operations | - | 992.19 | 738.75 | 786.19 | 453.01 |
| Net Income From Continuing And Discontinued Operation | - | 992.19 | 738.75 | 786.19 | 453.01 |
| Net Income From Continuing Operation Net Minority Interest | - | 992.19 | 738.75 | 786.19 | 453.01 |
| Net Income | - | 992.19 | 738.75 | 786.19 | 453.01 |
| Net Income Common Stockholders | - | 992.19 | 738.75 | 786.19 | 453.01 |
| Net Income Including Noncontrolling Interests | - | 992.19 | 738.75 | 786.19 | 453.01 |
| Normalized Income | - | 992.19 | 739.45 | 786.68 | 453.01 |
| Diluted NI Availto Com Stockholders | - | 992.19 | 738.75 | 786.19 | 453.01 |
| Basic Average Shares | - | 73.39 | 73.24 | 72.48 | 70.82 |
| Diluted Average Shares | - | 74.20 | 74.14 | 73.33 | 71.35 |
| Reconciled Depreciation | - | 24.75 | 25.33 | 25.96 | 25.28 |
| Reconciled Cost Of Revenue | - | 4,495.26 | 4,618.58 | 4,794.67 | 4,703.99 |
| Total Unusual Items | - | 0 | -0.91 | -0.63 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | -0.91 | -0.63 | 0 |
| Special Income Charges | - | 0 | -0.91 | -0.63 | 0 |
| Other Special Charges | 18.19 | - | 0.91 | 0.63 | - |
| General And Administrative Expense | - | 192.98 | 231.72 | 230.86 | 211.76 |
| Other Gand A | - | 192.98 | 231.72 | 230.86 | 211.76 |
| Selling And Marketing Expense | - | 323.27 | 384.91 | 409.07 | 404.40 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Meritage Homes Corporationthis co. | MTH | $4.6B | 10.06↓ discount | 0.88 | 8.7% | 9.30 |
| Rush Enterprises, Inc. | RUSHA | $5.1B | 19.48 | 2.33 | 12.0% | 9.84 |
| Boot Barn Holdings, Inc. | BOOT | $5.1B | 22.73 | 3.89 | 17.1% | 15.14 |
| Reynolds Consumer Products Inc. | REYN | $4.6B | 15.18 | 2.03 | 13.4% | 9.69 |
| Frontdoor, Inc. | FTDR |
| - |
| - |
| - |
| - |
| - |
| - |
| $4.4B |
| 17.41 |
| 18.34 |
| 105.4% |
| 10.01 |
| Victoria's Secret & Co. | VSCO | $4.3B | 26.79 | 5.04 | 18.8% | 12.87 |
| Cavco Industries, Inc. | CVCO | $4.2B | 22.19 | 3.83 | 17.3% | 14.93 |
| Champion Homes, Inc. | SKY | $4.1B | 19.79 | 2.60 | 13.2% | 10.97 |
| Tri Pointe Homes, Inc. | TPH | $4.0B | 16.58 | 1.21 | 7.3% | 12.94 |
| Peer Median | - | 19.63 | 3.22 | 15.2% | 11.92 | |