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.

Meritage Homes Corp Financials

MTH

FY2025 annual

Revenue Not reported for FY2025

Net Income $453.0M -42.4% YoY

EPS (Diluted) $6.35 -40.8% YoY

Free Cash Flow $92.6M +136.1% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 31, 2026 Currency USD FYE December

This page shows Meritage Homes Corp (MTH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI MTH FY2025 2026-08-29

Positive accounting profit coexists with volatile cash conversion, making capital allocation the dominant business mechanic visible in the data.

In FY2025, net income of $453M produced operating cash flow of only $118M, showing partial cash conversion. The same earnings stream produced negative operating cash flow in FY2024 despite positive net income, making accounting profit an unreliable proxy for internally generated cash across periods.

Assets expanded from $4.8B in FY2021 to $7.6B in FY2025, yet leverage remained broadly contained rather than rising in step with the asset base. Debt-to-equity moved from 0.6x to 0.5x over that span, indicating an equity-heavy funding structure even though leverage had increased from its FY2023 low.

By FY2025, return on assets was 5.9% and return on equity was 8.7%, so the larger asset and equity base was producing less return than earlier periods. The company returned $416M through buybacks and dividends against $92.6M of free cash flow, meaning distributions exceeded that year's internally generated cash.

Financial Health Signals

Financial health score not available

Meritage Homes Corp does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/5

Meritage Homes Corp passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 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 ($118.3M OCF vs $453.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Net Income

$453.0M

YoY-42.4%

5Y CAGR+1.4%

10Y CAGR+13.4%

Meritage Homes Corp reported $453.0M in net income in fiscal year 2025. This represents a decrease of 42.4% from the prior year.

EPS (Diluted)

$6.35

YoY-40.8%

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.

Revenue

Not reported for fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$92.6M

YoY+136.1%

5Y CAGR-28.9%

Meritage Homes Corp generated $92.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 136.1% from the prior year.

Cash & Debt

$775.2M

YoY+19.0%

5Y CAGR+0.8%

10Y CAGR+11.4%

Meritage Homes Corp held $775.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Dividends Per Share

$0.43

YoY+14.7%

Meritage Homes Corp paid $0.43 per share in dividends in fiscal year 2025. This represents an increase of 14.7% from the prior year.

Shares Outstanding

67M

YoY-6.9%

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

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$295.0M

YoY+134.3%

5Y CAGR+33.5%

Meritage Homes Corp spent $295.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 134.3% from the prior year.

Capital Expenditures

$25.7M

YoY-10.2%

5Y CAGR+5.2%

10Y CAGR+4.8%

Meritage Homes Corp invested $25.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 10.2% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

MTH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MTH quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$566.5M+6.6%	$531.2M+8.7%	$488.7M+8.0%	$452.6M+14.2%	$396.4M+81.7%	$218.2M+54.6%	$141.1M
SG&A Expenses	N/A	$211.8M-8.3%	$230.9M-0.4%	$231.7M+20.1%	$193.0M+6.4%	$181.4M+14.1%	$159.0M+8.8%	$146.1M+5.5%	$138.5M+11.6%	$124.0M+0.2%	$123.8M+9.7%	$112.8M+7.9%	$104.6M+14.3%	$91.5M+34.2%	$68.2M+6.2%	$64.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$224.5M+7.2%	$209.4M+169.2%	$77.8M+239.2%	$22.9M
Interest Expense	N/A	$0	$0	$0-100.0%	$41K-87.1%	$318K-85.4%	$2.2M-74.0%	$8.4M+966.2%	$785K-79.6%	$3.9M-25.5%	$5.2M-67.6%	$16.0M+209.2%	$5.2M-65.8%	$15.1M-37.7%	$24.2M-20.2%	$30.4M
Income Tax	N/A	$131.6M-39.3%	$216.7M+2.8%	$210.7M-29.1%	$297.1M+36.7%	$217.4M+97.5%	$110.1M+106.6%	$53.3M-4.7%	$55.9M-46.4%	$104.3M+52.2%	$68.5M+12.8%	$60.7M-8.2%	$66.2M+24.4%	$53.2M+169.7%	-$76.3M-10553.3%	$730K
Net Income	N/A	$453.0M-42.4%	$786.2M+6.4%	$738.7M-25.5%	$992.2M+34.5%	$737.4M+74.1%	$423.5M+69.6%	$249.7M+9.8%	$227.3M+58.7%	$143.3M-4.2%	$149.5M+16.2%	$128.7M-9.5%	$142.2M+14.3%	$124.5M+18.4%	$105.2M+598.3%	-$21.1M
EPS (Diluted)	$4.80	$6.35-40.8%	$10.72	$9.96-25.5%	$13.37	$19.29+75.4%	$11.00+71.3%	$6.42+15.1%	$5.58+63.6%	$3.41-3.9%	$3.55+14.9%	$3.09-10.7%	$3.46+6.5%	$3.25+8.3%	$3.00+561.5%	-$0.65

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
SG&A Expenses	$52.4M+1.9%	$51.4M	N/A	$51.8M-6.2%	$55.2M-3.2%	$57.0M	N/A	$59.2M
Interest Expense	$2.2M+272.6%	$587K	N/A	$0	$0	$0	N/A	$0
Income Tax	$29.9M+73.9%	$17.2M	N/A	$29.0M-37.3%	$46.2M+23.6%	$37.4M	N/A	$54.0M
Net Income	$90.6M+63.9%	$55.3M	N/A	$99.3M-32.4%	$146.9M+19.6%	$122.8M	N/A	$196.0M
EPS (Diluted)	$1.37+67.1%	$0.82-32.8%	$1.22-12.2%	$1.39-31.9%	$2.04+20.7%	$1.69-28.4%	$2.36	$2.67

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

MTH Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MTH quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$7.6B+6.4%	$7.2B+12.7%	$6.4B+10.1%	$5.8B+20.1%	$4.8B+24.4%	$3.9B+13.7%	$3.4B+1.0%	$3.4B+3.5%	$3.3B+12.6%	$2.9B+7.8%	$2.7B+15.7%	$2.3B+15.6%	$2.0B+27.2%	$1.6B+29.0%	$1.2B
Cash & Equivalents	$775.2M+19.0%	$651.6M-29.3%	$921.2M+6.9%	$861.6M+39.3%	$618.3M-17.1%	$745.6M+133.4%	$319.5M+2.6%	$311.5M+82.4%	$170.7M+29.6%	$131.7M-49.8%	$262.2M+153.8%	$103.3M-62.3%	$274.1M+60.8%	$170.5M-1.8%	$173.6M
Goodwill	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M+221.7%	$10.2M	$0	N/A
Total Liabilities	$2.4B+20.1%	$2.0B+16.1%	$1.7B-4.5%	$1.8B+3.4%	$1.8B+16.3%	$1.5B+6.5%	$1.4B-13.4%	$1.6B-1.8%	$1.7B+14.1%	$1.5B+3.3%	$1.4B+17.8%	$1.2B+3.8%	$1.2B+31.8%	$881.4M+20.3%	$732.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$905.1M+24.6%	$726.3M	N/A
Total Equity	$5.2B+1.1%	$5.1B+11.5%	$4.6B+16.8%	$3.9B+29.7%	$3.0B+29.7%	$2.3B+18.9%	$2.0B+14.7%	$1.7B+9.1%	$1.6B+10.9%	$1.4B+12.9%	$1.3B+13.5%	$1.1B+31.9%	$841.4M+21.2%	$694.2M+42.0%	$488.9M
Retained Earnings	$5.2B+3.9%	$5.0B+15.7%	$4.3B+19.3%	$3.6B+37.7%	$2.6B+39.0%	$1.9B+28.8%	$1.5B+20.5%	$1.2B+22.9%	$991.8M+16.9%	$848.6M+21.4%	$699.0M+22.6%	$570.3M+33.2%	$428.1M+41.0%	$303.6M+53.0%	$198.4M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$7.6B0.0%	$7.6B-0.9%	$7.6B-1.8%	$7.8B0.0%	$7.8B+0.7%	$7.7B+7.5%	$7.2B+0.8%	$7.1B
Cash & Equivalents	$807.3M+5.3%	$766.6M-1.1%	$775.2M+6.3%	$728.9M-21.7%	$930.5M-8.0%	$1.0B+55.3%	$651.6M-21.6%	$831.6M
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	$2.5B+1.5%	$2.5B+1.4%	$2.4B-1.8%	$2.5B-0.7%	$2.5B-0.7%	$2.5B+24.0%	$2.0B-2.5%	$2.1B
Total Equity	$5.1B-0.7%	$5.1B-2.0%	$5.2B-1.7%	$5.3B+0.3%	$5.3B+1.4%	$5.2B+1.0%	$5.1B+2.2%	$5.0B
Retained Earnings	$5.1B-0.7%	$5.1B-2.0%	$5.2B-1.5%	$5.3B+1.3%	$5.2B+2.3%	$5.1B+1.8%	$5.0B+3.0%	$4.9B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.

MTH Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MTH quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$437.9M	$118.3M+152.0%	-$227.6M-164.0%	$355.6M-12.3%	$405.3M+366.5%	-$152.1M-128.7%	$530.4M+52.9%	$346.8M+32.3%	$262.2M+400.9%	-$87.1M+15.7%	-$103.4M-3000.5%	-$3.3M+98.4%	-$211.2M-144.9%	-$86.3M+60.9%	-$220.5M-197.4%	-$74.1M
Capital Expenditures	$23.2M	$25.7M-10.2%	$28.7M-25.0%	$38.2M+41.6%	$27.0M+5.1%	$25.7M+28.8%	$19.9M-18.3%	$24.4M-27.0%	$33.4M+84.7%	$18.1M+8.6%	$16.7M+3.5%	$16.1M-22.6%	$20.8M+31.7%	$15.8M+45.3%	$10.9M+53.4%	$7.1M
Free Cash Flow	$414.7M	$92.6M+136.1%	-$256.2M-180.7%	$317.4M-16.1%	$378.3M+312.8%	-$177.8M-134.8%	$510.4M+58.3%	$322.4M+40.9%	$228.8M+317.4%	-$105.2M+12.4%	-$120.1M-518.0%	-$19.4M+91.6%	-$232.0M-127.4%	-$102.1M+55.9%	-$231.3M-184.9%	-$81.2M
Investing Cash Flow	-$61.4M	-$57.7M-30.9%	-$44.1M-1.0%	-$43.6M-35.1%	-$32.3M-20.4%	-$26.8M-47.1%	-$18.2M-35.2%	-$13.5M+59.8%	-$33.5M-96.4%	-$17.1M+15.1%	-$20.1M-22.0%	-$16.5M+73.8%	-$62.9M-6197.7%	$1.0M-95.7%	$23.8M-83.1%	$141.2M
Financing Cash Flow	-$499.8M	$63.0M+3085.7%	$2.0M+100.8%	-$252.3M-94.4%	-$129.8M-351.3%	$51.6M+160.1%	-$86.0M+73.6%	-$325.3M-269.9%	-$88.0M-161.4%	$143.2M+2147.0%	-$7.0M-103.9%	$178.7M+73.0%	$103.3M-45.3%	$188.9M-2.4%	$193.5M+7304.8%	$2.6M
Dividends Paid	$122.9M	$121.1M+11.5%	$108.6M+174.7%	$39.5M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$435.0M	$295.0M+134.3%	$125.9M+113.2%	$59.1M-46.0%	$109.3M+79.2%	$61.0M-12.4%	$69.6M+334.0%	$16.0M-84.0%	$100.0M	$0	$0	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$189.5M+87.0%	$101.3M-58.4%	$243.7M+352.5%	-$96.5M-804.4%	$13.7M+132.2%	-$42.6M+57.2%	-$99.6M-8.2%	-$92.0M
Capital Expenditures	$5.6M+29.2%	$4.3M-22.8%	$5.6M-28.4%	$7.8M+15.1%	$6.8M+21.0%	$5.6M-25.3%	$7.5M-6.6%	$8.0M
Free Cash Flow	$183.9M+89.6%	$97.0M-59.3%	$238.1M+328.3%	-$104.3M-1604.1%	$6.9M+114.4%	-$48.2M+55.0%	-$107.0M-7.0%	-$100.0M
Investing Cash Flow	-$17.5M-126.9%	-$7.7M+53.6%	-$16.7M+14.3%	-$19.4M-90.6%	-$10.2M+10.7%	-$11.4M+9.7%	-$12.6M-7.1%	-$11.8M
Financing Cash Flow	-$131.3M-28.6%	-$102.1M+43.5%	-$180.8M-111.2%	-$85.6M-1.1%	-$84.7M-120.5%	$414.1M+710.7%	-$67.8M-17.8%	-$57.6M
Dividends Paid	$31.3M-2.3%	$32.0M+9.2%	$29.3M-3.2%	$30.3M-1.1%	$30.6M-0.9%	$30.9M+14.5%	$27.0M-0.6%	$27.1M
Share Buybacks	$100.0M-23.1%	$130.0M-13.3%	$150.0M+172.7%	$55.0M+22.2%	$45.0M0.0%	$45.0M+12.5%	$40.0M+33.3%	$30.0M

MTH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

MTH quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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%+5.4pp	12.7%-0.6pp	13.2%+4.1pp	9.1%-1.4pp	10.5%+0.3pp	10.2%-2.6pp	12.8%-2.0pp	14.8%-0.4pp	15.2%+19.5pp	-4.3%
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%+3.6pp	7.3%+0.6pp	6.8%+2.3pp	4.4%-0.8pp	5.2%+0.4pp	4.8%-1.3pp	6.1%-0.1pp	6.2%-0.5pp	6.7%+8.4pp	-1.7%
Debt-to-Equity	0.47+0.1x	0.390.0x	0.38-0.1x	0.46-0.1x	0.58-0.1x	0.65-0.1x	0.72-0.2x	0.96-0.1x	1.060.0x	1.03-0.1x	1.130.0x	1.090.0x	1.080.0x	1.05-0.5x	1.50

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	1.8%+0.7pp	1.1%	N/A	1.9%-0.9pp	2.8%+0.4pp	2.4%	N/A	3.9%
Return on Assets	1.2%+0.5pp	0.7%	N/A	1.3%-0.6pp	1.9%+0.3pp	1.6%	N/A	2.8%
Debt-to-Equity	0.490.0x	0.480.0x	0.470.0x	0.470.0x	0.470.0x	0.48+0.1x	0.390.0x	0.41

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.

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Where Meritage Homes Corp Ranks

Frequently Asked Questions

Is Meritage Homes Corp profitable?

Yes, Meritage Homes Corp (MTH) reported a net income of $453.0M in fiscal year 2025.

Does Meritage Homes Corp pay dividends?

Yes, Meritage Homes Corp (MTH) paid $0.43 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 $92.6M in free cash flow during fiscal year 2025. This represents a 136.1% 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 $118.3M 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 $7.6B 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 $25.7M 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 $295.0M 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 0.47 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 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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.