Meritage Homes CORP
MTH NYSE Operative Builders Financials FY2016–FY2025
Last close · Oct 23, 2026
$64.19
0.9%
Revenue
Total sales reported in the income statement.
—
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$453M
42.4%
Free cash flow
Cash from operations minus capital spending.
$92.6M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$4.2B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
13.3x
On $4.81 EPS (TTM)
What Meritage Homes CORP does
No business description yet.
- Legal name
- Meritage Homes CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Accession · CIK
- 0000833079-26-000010
0000833079
Revenue and margins
Meritage Homes CORP had — of revenue in fiscal 2025.
FY16
Revenue —
FY17
Revenue —
FY18
Revenue —
FY19
Revenue —
FY20
Revenue —
FY21
Revenue —
FY22
Revenue —
FY23
Revenue —
FY24
Revenue —
FY25
Revenue —
FY16
Gross —
Operating —
Net —
FCF —
FY17
Gross —
Operating —
Net —
FCF —
FY18
Gross —
Operating —
Net —
FCF —
FY19
Gross —
Operating —
Net —
FCF —
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 6.7% a year. Loss periods are shown in red.
FY16
Net income $150M
FY17
Net income $143M
FY18
Net income $227M
FY19
Net income $250M
FY20
Net income $423M
FY21
Net income $737M
FY22
Net income $992M
FY23
Net income $739M
FY24
Net income $786M
FY25
Net income $453M
Q3 '23
Net income $222M
Q4 '23
Net income $199M
Q1 '24
Net income $186M
Q2 '24
Net income $232M
Q3 '24
Net income $196M
Q4 '24
Net income $173M
Q1 '25
Net income $123M
Q2 '25
Net income $147M
Q3 '25
Net income $99.3M
Q4 '25
Net income $84.0M
Q1 '26
Net income $55.3M
Q2 '26
Net income $90.6M
FY16
Diluted EPS $3.55
FY17
Diluted EPS $3.41
FY18
Diluted EPS $5.58
FY19
Diluted EPS $6.42
FY20
Diluted EPS $11.00
FY21
Diluted EPS $19.29
FY22
Diluted EPS $13.37
FY23
Diluted EPS $9.96
FY24
Diluted EPS $10.72
FY25
Diluted EPS $6.35
Q3 '23
Diluted EPS $5.98
Q4 '23
Diluted EPS −$4.58
Q1 '24
Diluted EPS $2.53
Q2 '24
Diluted EPS $3.15
Q3 '24
Diluted EPS $2.67
Q4 '24
Diluted EPS $2.37
Q1 '25
Diluted EPS $1.69
Q2 '25
Diluted EPS $2.04
Q3 '25
Diluted EPS $1.39
Q4 '25
Diluted EPS $1.23
Q1 '26
Diluted EPS $0.82
Q2 '26
Diluted EPS $1.37
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 10.5%
Return on assets 5.2%
FY17
Return on capital —
Return on equity 9.6%
Return on assets 4.7%
FY18
Return on capital —
Return on equity 13.8%
Return on assets 6.9%
FY19
Return on capital —
Return on equity 13.5%
Return on assets 7.4%
FY20
Return on capital —
Return on equity 19.6%
Return on assets 11.7%
FY21
Return on capital —
Return on equity 27.4%
Return on assets 17.0%
FY22
Return on capital —
Return on equity 28.4%
Return on assets 18.8%
FY23
Return on capital —
Return on equity 17.3%
Return on assets 12.2%
FY24
Return on capital —
Return on equity 16.1%
Return on assets 11.6%
FY25
Return on capital —
Return on equity 8.8%
Return on assets 6.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $92.6M in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$120M
FY17
Free cash flow −$105M
FY18
Free cash flow $229M
FY19
Free cash flow $322M
FY20
Free cash flow $510M
FY21
Free cash flow −$178M
FY22
Free cash flow $378M
FY23
Free cash flow $317M
FY24
Free cash flow −$256M
FY25
Free cash flow $92.6M
Q3 '23
Free cash flow $94.1M
Q4 '23
Free cash flow −$111M
Q1 '24
Free cash flow $75.7M
Q2 '24
Free cash flow −$125M
Q3 '24
Free cash flow −$100M
Q4 '24
Free cash flow −$107M
Q1 '25
Free cash flow −$48.2M
Q2 '25
Free cash flow $6.9M
Q3 '25
Free cash flow −$104M
Q4 '25
Free cash flow $238M
Q1 '26
Free cash flow $97.0M
Q2 '26
Free cash flow $184M
FY16
Cash from operations −$103M
Capital spending $16.7M
FY17
Cash from operations −$87.1M
Capital spending $18.1M
FY18
Cash from operations $262M
Capital spending $33.4M
FY19
Cash from operations $347M
Capital spending $24.4M
FY20
Cash from operations $530M
Capital spending $19.9M
FY21
Cash from operations −$152M
Capital spending $25.7M
FY22
Cash from operations $405M
Capital spending $27.0M
FY23
Cash from operations $356M
Capital spending $38.2M
FY24
Cash from operations −$228M
Capital spending $28.7M
FY25
Cash from operations $118M
Capital spending $25.7M
Cash from operations
Capital spending
Q3 '23
Cash from operations $104M
Capital spending $10.1M
Q4 '23
Cash from operations −$105M
Capital spending $7.0M
Q1 '24
Cash from operations $81.9M
Capital spending $6.3M
Q2 '24
Cash from operations −$118M
Capital spending $6.9M
Q3 '24
Cash from operations −$92.0M
Capital spending $8.0M
Q4 '24
Cash from operations −$99.6M
Capital spending $7.5M
Q1 '25
Cash from operations −$42.6M
Capital spending $5.6M
Q2 '25
Cash from operations $13.7M
Capital spending $6.8M
Q3 '25
Cash from operations −$96.5M
Capital spending $7.8M
Q4 '25
Cash from operations $244M
Capital spending $5.6M
Q1 '26
Cash from operations $101M
Capital spending $4.3M
Q2 '26
Cash from operations $189M
Capital spending $5.6M
Cash from operations
Capital spending
Dividends, buybacks and share count
Meritage Homes CORP returned $416M to shareholders in fiscal 2025, 449% of free cash flow. The diluted share count fell 2.7%.
FY16
Dividends —
Buybacks $0.0M
FY17
Dividends —
Buybacks $0.0M
FY18
Dividends —
Buybacks $100M
FY19
Dividends —
Buybacks $16.0M
FY20
Dividends —
Buybacks $69.6M
FY21
Dividends $0.0M
Buybacks $61.0M
FY22
Dividends $0.0M
Buybacks $109M
FY23
Dividends $39.5M
Buybacks $59.1M
FY24
Dividends $109M
Buybacks $126M
FY25
Dividends $121M
Buybacks $295M
Dividends
Buybacks
Q3 '23
Dividends $9.8M
Buybacks $45.0M
Q4 '23
Dividends $9.8M
Buybacks $4.1M
Q1 '24
Dividends $27.2M
Buybacks $55.9M
Q2 '24
Dividends $27.2M
Buybacks $0.0M
Q3 '24
Dividends $27.1M
Buybacks $30.0M
Q4 '24
Dividends $27.0M
Buybacks $40.0M
Q1 '25
Dividends $30.9M
Buybacks $45.0M
Q2 '25
Dividends $30.6M
Buybacks $45.0M
Q3 '25
Dividends $30.3M
Buybacks $55.0M
Q4 '25
Dividends $29.3M
Buybacks $150M
Q1 '26
Dividends $32.0M
Buybacks $130M
Q2 '26
Dividends $31.3M
Buybacks $100M
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.04B
FY18
Diluted shares 0.04B
FY19
Diluted shares 0.04B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably Meritage Homes CORP can carry it.
FY16
Cash $132M
Debt —
FY17
Cash $171M
Debt —
FY18
Cash $311M
Debt —
FY19
Cash $319M
Debt —
FY20
Cash $746M
Debt —
FY21
Cash $618M
Debt —
FY22
Cash $862M
Debt —
FY23
Cash $921M
Debt —
FY24
Cash $652M
Debt —
FY25
Cash $775M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $618M | $862M | $921M | $652M | $775M |
| Total assets | $4.8B | $5.8B | $6.4B | $7.2B | $7.6B |
| Total liabilities | $1.8B | $1.8B | $1.7B | $2.0B | $2.4B |
| Shareholders' equity | $3.0B | $3.9B | $4.6B | $5.1B | $5.2B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | — | — | — | — | — | — | — | — |
| F-score | — / 3 | — / 5 | — / 5 | — / 5 | — / 5 | — / 5 | — / 5 | — / 5 | — / 5 | — / 5 |
| Accruals ratio | 8.8% | 7.5% | −1.1% | −2.9% | −2.9% | 20.5% | 11.1% | 6.3% | 15.0% | 4.5% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Gross profit | $531M | $566M | — | — | — | — | — | — | — | — |
| Interest expense | $5.2M | $3.9M | $0.8M | $8.4M | $2.2M | $0.3M | $0.0M | $0.0M | $0.0M | $0.0M |
| Pretax income | $218M | $248M | $283M | $303M | $534M | $955M | $1.3B | $949M | $1.0B | $585M |
| Income tax | $68.5M | $104M | $55.9M | $53.3M | $110M | $217M | $297M | $211M | $217M | $132M |
| Net income | $150M | $143M | $227M | $250M | $423M | $737M | $992M | $739M | $786M | $453M |
| Diluted EPS | $3.55 | $3.41 | $5.58 | $6.42 | $11.00 | $19.29 | $13.37 | $9.96 | $10.72 | $6.35 |
| Diluted shares | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.07B | 0.07B | 0.07B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | −$103M | −$87.1M | $262M | $347M | $530M | −$152M | $405M | $356M | −$228M | $118M |
| Capital expenditure | $16.7M | $18.1M | $33.4M | $24.4M | $19.9M | $25.7M | $27.0M | $38.2M | $28.7M | $25.7M |
| Free cash flow | −$120M | −$105M | $229M | $322M | $510M | −$178M | $378M | $317M | −$256M | $92.6M |
| Depreciation and amortization | $16.0M | $16.7M | $27.0M | $27.9M | $31.1M | $26.2M | $24.7M | $25.3M | $26.0M | $25.3M |
| Stock-based compensation | $13.7M | $12.1M | $17.2M | $19.6M | $20.0M | $20.1M | $22.3M | $22.5M | $25.8M | $19.7M |
| Acquisitions | $0.0M | — | — | — | — | — | — | — | — | — |
| Share buybacks | $0.0M | $0.0M | $100M | $16.0M | $69.6M | $61.0M | $109M | $59.1M | $126M | $295M |
| Dividends paid | — | — | — | — | — | $0.0M | $0.0M | $39.5M | $109M | $121M |
| Dividends and buybacks | $0.0M | $0.0M | $100M | $16.0M | $69.6M | $61.0M | $109M | $98.6M | $235M | $416M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $132M | $171M | $311M | $319M | $746M | $618M | $862M | $921M | $652M | $775M |
| Property and equipment, net | $33.2M | $33.6M | $54.6M | $50.6M | $38.9M | $37.3M | $38.6M | $49.0M | $47.3M | $46.6M |
| Goodwill | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M |
| Total assets | $2.9B | $3.3B | $3.4B | $3.4B | $3.9B | $4.8B | $5.8B | $6.4B | $7.2B | $7.6B |
| Total liabilities | $1.5B | $1.7B | $1.6B | $1.4B | $1.5B | $1.8B | $1.8B | $1.7B | $2.0B | $2.4B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $1.4B | $1.6B | $1.7B | $2.0B | $2.3B | $3.0B | $3.9B | $4.6B | $5.1B | $5.2B |
| Returns | ||||||||||
| Return on equity | 10.5% | 9.6% | 13.8% | 13.5% | 19.6% | 27.4% | 28.4% | 17.3% | 16.1% | 8.8% |
| Return on assets | 5.2% | 4.7% | 6.9% | 7.4% | 11.7% | 17.0% | 18.8% | 12.2% | 11.6% | 6.1% |
| Return on tangible equity | 10.8% | 9.3% | 13.5% | 12.9% | 18.3% | 24.5% | 25.3% | 16.1% | 15.4% | 8.8% |
| Growth | ||||||||||
| Net income growth | — | −4.2% | 58.7% | 9.8% | 69.6% | 74.1% | 34.5% | −25.5% | 6.4% | −42.4% |
| EPS growth | — | −3.9% | 63.6% | 15.1% | 71.3% | 75.4% | −30.7% | −25.5% | 7.6% | −40.8% |
| FCF growth | — | — | — | 40.9% | 58.3% | −134.8% | — | −16.1% | −180.7% | — |
| Share count change | — | −0.8% | −3.6% | −4.5% | −1.0% | −0.7% | 94.1% | −0.1% | −1.1% | −2.7% |
| Capital allocation | ||||||||||
| Payouts / FCF | — | — | 43.7% | 5.0% | 13.6% | — | 28.9% | 31.1% | — | 449.5% |
| Quality scores | ||||||||||
| Accruals ratio | 8.8% | 7.5% | −1.1% | −2.9% | −2.9% | 20.5% | 11.1% | 6.3% | 15.0% | 4.5% |
Source: SEC EDGAR XBRL filings (CIK 0000833079). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.