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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 |
| 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 |
| Operating Income | - | 1,286.64 | 902.39 | 958.34 | 540.46 |
| EBITDA | - | 1,314.11 | 974.76 | 1,028.83 | 609.88 |
| EBIT | - | 1,289.36 | 949.43 | 1,002.87 | 584.60 |
| Pretax Income | - | 1,289.32 | 949.43 | 1,002.87 | 584.60 |
| Tax Provision | - | 297.13 | 210.68 | 216.68 | 131.59 |
| Net Income | - | 992.19 | 738.75 | 786.19 | 453.01 |
| Net Income Common Stockholders | - | 992.19 | 738.75 | 786.19 | 453.01 |
| Total Expenses | - | 5,011.51 | 5,235.22 | 5,434.59 | 5,320.16 |
| Interest Expense | - | 0.04 | 0 | 0 | 0 |
| Selling General And Administration | - | 516.25 | 616.63 | 639.92 | 616.17 |
| Normalized EBITDA | - | 1,314.11 | 975.67 | 1,029.46 | 609.88 |
| Normalized Income | - | 992.19 | 739.45 | 786.68 | 453.01 |
| Market Cap | 4,613.92 | 4,613.92 | 4,613.92 | 4,613.92 | 4,613.92 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Meritage Homes Corporationthis co. | MTH | - | 10.18↓ discount | 0.89 | 8.7% | 9.39 |
| The Buckle, Inc. | BKE | $2.8B | 13.79 | 6.81 | 49.4% | 10.55 |
| Steven Madden, Ltd. | SHOO | $2.7B | 63.10 | 3.25 | 5.2% | 25.85 |
| OneSpaWorld Holdings Limited | OSW | $2.5B | 34.20 | 4.51 | 13.2% | 23.59 |
| Versigent PLC | VGNT | $2.5B |
| - |
| - |
| - |
| - |
| - |
| - |
| 5.04 |
| 1.50 |
| 29.8% |
| 2.76 |
| Sonic Automotive, Inc. | SAH | $2.4B | 20.32 | 2.26 | 11.1% | 12.63 |
| Mister Car Wash, Inc. | MCW | $2.3B | 22.53 | 2.05 | 9.1% | 14.11 |
| HNI Corporation | HNI | $1.8B | 50.08 | 1.48 | 3.0% | 17.55 |
| CarGurus, Inc. | CARG | $1.6B | 21.76 | 9.07 | 41.7% | 12.42 |
| Peer Median | - | 22.15 | 2.76 | 12.2% | 13.37 | |