Meritage Homes Corp Financials

MTH

Source SEC Filings (10-K/10-Q) Updated Feb 13, 2026 Currency USD FYE February

Financial Health Signals

Financial Profile 84/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Meritage Homes Corp has an operating margin of 340.6%, meaning the company retains $341 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power.

Leverage

100

Meritage Homes Corp carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

Meritage Homes Corp converts 152.2% of revenue into free cash flow ($93K). This strong cash generation earns a score of 100/100.

Returns

Meritage Homes Corp's ROE of 8.7% shows moderate profitability relative to equity, earning a score of 35/100. This is down from 15.3% the prior year.

Piotroski F-Score Weak

3/9

Meritage Homes Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.26x

For every $1 of reported earnings, Meritage Homes Corp generates $0.26 in operating cash flow ($118K OCF vs $453K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Meritage Homes Corp (MTH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$61K

Meritage Homes Corp generated $61K in revenue in fiscal year 2025.

EBITDA

$232K

Meritage Homes Corp's EBITDA was $232K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Free Cash Flow

$93K

YoY+100.0%

5Y CAGR-82.1%

Meritage Homes Corp generated $93K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 100.0% from the prior year.

Net Income

$453K

YoY-99.9%

5Y CAGR-74.5%

10Y CAGR-43.2%

Meritage Homes Corp reported $453K in net income in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

EPS (Diluted)

$6.35

YoY-40.8%

5Y CAGR-10.4%

10Y CAGR+7.5%

Meritage Homes Corp earned $6.35 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 40.8% from the prior year.

Cash & Debt

$775K

YoY-99.9%

5Y CAGR-74.7%

10Y CAGR-44.1%

Meritage Homes Corp held $775K in cash against $24K in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.54

YoY+44.0%

Meritage Homes Corp paid $0.54 per share in dividends in fiscal year 2025. This represents an increase of 44.0% from the prior year.

Shares Outstanding

67M

YoY-6.9%

5Y CAGR+12.2%

Meritage Homes Corp had 67M shares outstanding in fiscal year 2025. This represents a decrease of 6.9% from the prior year.

Gross Margin

3.0%

Meritage Homes Corp's gross margin was 3.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin

340.6%

Meritage Homes Corp's operating margin was 340.6% in fiscal year 2025, reflecting core business profitability.

Net Margin

744.6%

Meritage Homes Corp's net profit margin was 744.6% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

8.7%

YoY-6.6pp

5Y CAGR-9.3pp

10Y CAGR-1.5pp

Meritage Homes Corp's ROE was 8.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.6 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$295K

YoY-99.8%

5Y CAGR-66.5%

Meritage Homes Corp spent $295K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.8% from the prior year.

Capital Expenditures

$26K

YoY-99.9%

5Y CAGR-73.6%

10Y CAGR-47.5%

Meritage Homes Corp invested $26K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.9% from the prior year.

MTH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$61K	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	$4.6M	N/A	N/A	N/A	N/A	N/A
Gross Profit	$2K	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$212K-99.9%	$230.9M-0.4%	$231.7M+20.1%	$193.0M+6.4%	$181.4M+14.1%	$159.0M
Operating Income	$207K	N/A	N/A	N/A	N/A	N/A
Interest Expense	$0	$0	$0-100.0%	$41K-87.1%	$318K-85.4%	$2.2M
Income Tax	$132K-99.9%	$216.7M+2.8%	$210.7M-29.1%	$297.1M+36.7%	$217.4M+97.5%	$110.1M
Net Income	$453K-99.9%	$786.2M+6.4%	$738.7M-25.5%	$992.2M+34.5%	$737.4M+74.1%	$423.5M
EPS (Diluted)	$6.35-40.8%	$10.72+7.6%	$9.96-25.5%	$13.37-30.7%	$19.29+75.4%	$11.00

Metric	Q4'25	Q3'25	Q4'24	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$51.8M	N/A	$59.2M	N/A	$63.1M	N/A	$48.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$0	N/A	$0	N/A	$0	N/A	$0
Income Tax	N/A	$29.0M	N/A	$54.0M	N/A	$64.0M	N/A	$67.0M
Net Income	N/A	$99.3M	N/A	$196.0M	N/A	$221.8M	N/A	$262.5M
EPS (Diluted)	N/A	$1.39	N/A	$2.67	N/A	$5.98	N/A	$7.10

MTH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$7.6M-99.9%	$7.2B+12.7%	$6.4B+10.1%	$5.8B+20.1%	$4.8B+24.4%	$3.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$775K-99.9%	$651.6M-29.3%	$921.2M+6.9%	$861.6M+39.3%	$618.3M-17.1%	$745.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$33-100.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M
Total Liabilities	$2.4M-99.9%	$2.0B+16.1%	$1.7B-4.5%	$1.8B+3.4%	$1.8B+16.3%	$1.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$24K	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.2M-99.9%	$5.1B+11.5%	$4.6B+16.8%	$3.9B+29.7%	$3.0B+29.7%	$2.3B
Retained Earnings	$5.2M-99.9%	$5.0B+15.7%	$4.3B+19.3%	$3.6B+37.7%	$2.6B+39.0%	$1.9B

Metric	Q4'25	Q3'25	Q4'24	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22
Total Assets	$7.6B-1.8%	$7.8B+8.3%	$7.2B+0.8%	$7.1B+11.8%	$6.4B+2.8%	$6.2B+7.1%	$5.8B+3.6%	$5.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$775.2M+6.3%	$728.9M+11.9%	$651.6M-21.6%	$831.6M-9.7%	$921.2M-12.2%	$1.0B+21.7%	$861.6M+187.8%	$299.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M
Total Liabilities	$2.4B-1.8%	$2.5B+22.3%	$2.0B-2.5%	$2.1B+19.1%	$1.7B-1.1%	$1.8B-3.4%	$1.8B-3.5%	$1.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.2B-1.7%	$5.3B+2.8%	$5.1B+2.2%	$5.0B+9.1%	$4.6B+4.3%	$4.4B+11.9%	$3.9B+7.3%	$3.7B
Retained Earnings	$5.2B-1.5%	$5.3B+5.5%	$5.0B+3.0%	$4.9B+12.3%	$4.3B+4.6%	$4.1B+14.1%	$3.6B+7.8%	$3.4B

MTH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$118K+100.1%	-$227.6M-164.0%	$355.6M-12.3%	$405.3M+366.5%	-$152.1M-128.7%	$530.4M
Capital Expenditures	$26K-99.9%	$28.7M-25.0%	$38.2M+41.6%	$27.0M+5.1%	$25.7M+28.8%	$19.9M
Free Cash Flow	$93K+100.0%	-$256.2M-180.7%	$317.4M-16.1%	$378.3M+312.8%	-$177.8M-134.8%	$510.4M
Investing Cash Flow	$58K+100.1%	-$44.1M-1.0%	-$43.6M-35.1%	-$32.3M-20.4%	-$26.8M-47.1%	-$18.2M
Financing Cash Flow	$63K-96.8%	$2.0M+100.8%	-$252.3M-94.4%	-$129.8M-351.3%	$51.6M+160.1%	-$86.0M
Dividends Paid	$121K-99.9%	$108.6M+174.7%	$39.5M	$0	$0	N/A
Share Buybacks	$295K-99.8%	$125.9M+113.2%	$59.1M-46.0%	$109.3M+79.2%	$61.0M-12.4%	$69.6M

Metric	Q4'25	Q3'25	Q4'24	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22
Operating Cash Flow	$243.7M+352.5%	-$96.5M+3.1%	-$99.6M-8.2%	-$92.0M+12.0%	-$104.5M-200.3%	$104.2M-81.9%	$575.1M+1453.5%	$37.0M
Capital Expenditures	$5.6M-28.4%	$7.8M+4.0%	$7.5M-6.6%	$8.0M+15.0%	$7.0M-30.9%	$10.1M+35.7%	$7.4M+11.2%	$6.7M
Free Cash Flow	$238.1M+328.3%	-$104.3M+2.6%	-$107.0M-7.0%	-$100.0M+10.3%	-$111.5M-218.5%	$94.1M-83.4%	$567.6M+1771.4%	$30.3M
Investing Cash Flow	-$16.7M+14.3%	-$19.4M-53.8%	-$12.6M-7.1%	-$11.8M-32.3%	-$8.9M+29.0%	-$12.6M-69.7%	-$7.4M-11.7%	-$6.6M
Financing Cash Flow	-$180.8M-111.2%	-$85.6M-26.2%	-$67.8M-17.8%	-$57.6M-308.6%	-$14.1M+93.2%	-$206.1M-3646.5%	-$5.5M-74.5%	-$3.2M
Dividends Paid	$29.3M-3.2%	$30.3M+12.3%	$27.0M-0.6%	$27.1M+175.8%	$9.8M0.0%	$9.8M	$0	$0
Share Buybacks	$150.0M+172.7%	$55.0M+37.5%	$40.0M+33.3%	$30.0M+637.6%	$4.1M-91.0%	$45.0M	$0	$0

MTH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	3.0%	N/A	N/A	N/A	N/A	N/A
Operating Margin	340.6%	N/A	N/A	N/A	N/A	N/A
Net Margin	744.6%	N/A	N/A	N/A	N/A	N/A
Return on Equity	8.7%-6.6pp	15.3%-0.7pp	16.0%-9.1pp	25.1%+0.9pp	24.2%+6.2pp	18.0%
Return on Assets	5.9%-5.0pp	11.0%-0.7pp	11.6%-5.6pp	17.2%+1.8pp	15.3%+4.4pp	11.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.00-0.4	0.39+0.0	0.38-0.1	0.46-0.1	0.58-0.1	0.65
FCF Margin	152.2%	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q4'24	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	1.9%	N/A	3.9%	N/A	5.0%	N/A	7.1%
Return on Assets	N/A	1.3%	N/A	2.8%	N/A	3.6%	N/A	4.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.470.0	0.47+0.1	0.39-0.0	0.41+0.0	0.38-0.0	0.40-0.1	0.46-0.1	0.51
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Meritage Homes Corp's annual revenue?

Meritage Homes Corp (MTH) reported $61K in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Meritage Homes Corp profitable?

Yes, Meritage Homes Corp (MTH) reported a net income of $453K in fiscal year 2025, with a net profit margin of 744.6%.

What is Meritage Homes Corp's earnings per share (EPS)?

Meritage Homes Corp (MTH) reported diluted earnings per share of $6.35 for fiscal year 2025. This represents a -40.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Meritage Homes Corp's EBITDA?

Meritage Homes Corp (MTH) had EBITDA of $232K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Meritage Homes Corp have?

As of fiscal year 2025, Meritage Homes Corp (MTH) had $775K in cash and equivalents against $24K in long-term debt.

What is Meritage Homes Corp's gross margin?

Meritage Homes Corp (MTH) had a gross margin of 3.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Meritage Homes Corp's operating margin?

Meritage Homes Corp (MTH) had an operating margin of 340.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Meritage Homes Corp's net profit margin?

Meritage Homes Corp (MTH) had a net profit margin of 744.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Meritage Homes Corp pay dividends?

Yes, Meritage Homes Corp (MTH) paid $0.54 per share in dividends during fiscal year 2025.

What is Meritage Homes Corp's return on equity (ROE)?

Meritage Homes Corp (MTH) has a return on equity of 8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Meritage Homes Corp's free cash flow?

Meritage Homes Corp (MTH) generated $93K in free cash flow during fiscal year 2025. This represents a 100.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Meritage Homes Corp's operating cash flow?

Meritage Homes Corp (MTH) generated $118K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Meritage Homes Corp's total assets?

Meritage Homes Corp (MTH) had $7.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Meritage Homes Corp's capital expenditures?

Meritage Homes Corp (MTH) invested $26K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Meritage Homes Corp buy back shares?

Yes, Meritage Homes Corp (MTH) spent $295K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Meritage Homes Corp have outstanding?

Meritage Homes Corp (MTH) had 67M shares outstanding as of fiscal year 2025.

What is Meritage Homes Corp's debt-to-equity ratio?

Meritage Homes Corp (MTH) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Meritage Homes Corp's return on assets (ROA)?

Meritage Homes Corp (MTH) had a return on assets of 5.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Meritage Homes Corp's Piotroski F-Score?

Meritage Homes Corp (MTH) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Meritage Homes Corp's earnings high quality?

Meritage Homes Corp (MTH) has an earnings quality ratio of 0.26x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Meritage Homes Corp?

Meritage Homes Corp (MTH) scores 84 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.