Meritage Homes (MTH) Financials

$68.29 -0.39 (-0.57%)

Closing price 03:59 PM Eastern

Extended Trading

$68.26 -0.03 (-0.04%)

As of 06:19 PM Eastern

Annual Income Statements for Meritage Homes

This table shows Meritage Homes' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	129	169	143	227	250	423	737	992	739	786
Consolidated Net Income / (Loss)	129	169	143	227	250	423	737	992	739	786
Net Income / (Loss) Continuing Operations	129	169	143	227	250	423	737	992	739	786
Total Pre-Tax Income	189	218	248	283	303	534	955	1,289	949	1,003
Total Operating Income	206	199	245	274	307	529	968	1,287	902	958
Total Gross Profit	489	553	591	654	700	976	1,435	1,803	1,519	1,598
Total Revenue	2,593	3,042	3,257	3,545	3,678	4,501	5,147	6,298	6,138	6,393
Operating Revenue	2,579	3,042	3,227	3,529	3,667	4,501	5,141	6,292	6,138	6,395
Other Revenue	13	-	30	16	11	5.09	6.01	5.95	-0.66	-2.10
Total Cost of Revenue	2,085	2,504	2,666	2,891	2,978	3,530	3,712	4,495	4,619	4,795
Operating Cost of Revenue	2,085	2,504	2,666	2,891	2,978	3,530	3,712	4,495	4,619	4,795
Total Operating Expenses	302	339	346	380	393	447	467	516	617	640
Selling, General & Admin Expense	113	124	124	138	146	159	181	193	232	231
Marketing Expense	188	215	222	242	247	288	285	323	385	409
Total Other Income / (Expense), net	-17	38	4.93	10	-4.43	4.49	-14	2.67	47	45
Interest Expense	16	5.17	3.85	0.79	14	2.18	19	0.04	0.91	0.63
Other Income / (Expense), net	-0.95	4.95	8.78	11	9.58	6.66	4.86	2.71	48	45
Income Tax Expense	61	69	104	56	53	110	217	297	211	217
Basic Earnings per Share	$3.25	$3.74	$3.56	$5.67	$6.55	$11.23	$19.61	$13.52	$10.09	$10.85
Weighted Average Basic Shares Outstanding	39.59M	39.98M	40.29M	40.11M	38.10M	37.72M	37.61M	73.39M	73.24M	72.48M
Diluted Earnings per Share	$3.09	$3.55	$3.41	$5.58	$6.42	$11.00	$19.29	$13.37	$9.96	$10.72
Weighted Average Diluted Shares Outstanding	42.16M	42.59M	42.23M	40.73M	38.89M	38.48M	38.23M	74.20M	74.14M	73.33M
Weighted Average Basic & Diluted Shares Outstanding	39.60M	40M	40.20M	40.10M	38.13M	37.51M	36.94M	36.57M	36.17M	71.77M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	$1.50

This table shows Meritage Homes' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	262	262	131	187	222	199	186	232	196	173	123
Consolidated Net Income / (Loss)	262	262	131	187	222	199	186	232	196	173	123
Net Income / (Loss) Continuing Operations	262	262	131	187	222	199	186	232	196	173	123
Total Pre-Tax Income	329	342	165	240	286	259	234	297	250	222	160
Total Operating Income	330	339	156	227	273	246	225	286	239	208	151
Total Gross Profit	456	506	287	375	436	422	377	444	396	380	302
Total Revenue	1,586	2,001	1,285	1,568	1,622	1,663	1,471	1,702	1,595	1,624	1,365
Operating Revenue	1,584	1,999	1,285	1,574	1,619	1,660	1,475	1,702	1,597	1,622	1,365
Other Revenue	1.34	1.92	0.26	-5.80	2.46	2.42	-4.04	0.45	-1.26	2.76	0.67
Total Cost of Revenue	1,130	1,495	998	1,193	1,186	1,241	1,093	1,258	1,199	1,244	1,063
Operating Cost of Revenue	1,130	1,495	998	1,193	1,186	1,241	1,093	1,258	1,199	1,244	1,063
Total Operating Expenses	126	167	130	148	162	176	152	158	157	173	152
Selling, General & Admin Expense	48	57	48	52	63	69	51	53	59	68	57
Marketing Expense	78	110	83	96	99	107	102	105	98	105	95
Total Other Income / (Expense), net	-0.07	3.56	8.84	13	12	13	9.02	11	11	14	9.50
Interest Expense	0.00	-	0.00	0.00	0.91	-	0.00	0.63	0.00	-	0.00
Other Income / (Expense), net	-0.07	3.56	8.84	13	13	13	9.02	11	11	14	9.50
Income Tax Expense	67	80	34	53	64	60	48	66	54	49	37
Basic Earnings per Share	$7.18	$3.58	$3.58	$5.08	$6.06	$2.72	$5.12	$6.38	$5.41	$2.38	$1.71
Weighted Average Basic Shares Outstanding	36.57M	73.39M	36.66M	36.77M	36.60M	73.24M	36.31M	36.32M	36.23M	72.48M	71.92M
Diluted Earnings per Share	$7.10	$3.58	$3.54	$5.02	$5.98	$2.72	$5.06	$6.31	$5.34	$2.38	$1.69
Weighted Average Diluted Shares Outstanding	36.95M	74.20M	37.12M	37.19M	37.08M	74.14M	36.78M	36.72M	36.67M	73.33M	72.65M
Weighted Average Basic & Diluted Shares Outstanding	36.57M	36.57M	36.77M	36.77M	36.45M	36.17M	36.32M	36.33M	36.18M	71.77M	71.83M
Cash Dividends to Common per Share	$0.00	-	$0.27	$0.27	$0.27	$0.13	$0.75	$0.75	$0.75	$0.37	$0.43

This table details how cash moves in and out of Meritage Homes' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	159	-131	39	141	8.00	426	-127	243	60	-270
Net Cash From Operating Activities	-3.34	-103	-87	262	347	530	-152	405	356	-228
Net Cash From Continuing Operating Activities	-3.34	-103	-87	262	347	530	-152	405	356	-228
Net Income / (Loss) Continuing Operations	129	150	143	227	250	423	737	992	739	786
Consolidated Net Income / (Loss)	129	150	143	227	250	423	737	992	739	786
Depreciation Expense	14	16	17	27	28	31	26	25	25	26
Non-Cash Adjustments To Reconcile Net Income	14	13	12	17	27	19	39	22	24	25
Changes in Operating Assets and Liabilities, net	-160	-282	-259	-9.08	42	57	-954	-634	-432	-1,064
Net Cash From Investing Activities	-16	-20	-17	-34	-13	-18	-27	-32	-44	-44
Net Cash From Continuing Investing Activities	-16	-20	-17	-34	-13	-18	-27	-32	-44	-44
Purchase of Property, Plant & Equipment	-16	-17	-18	-33	-24	-20	-26	-27	-38	-29
Acquisitions	-0.48	-7.24	-0.67	-0.81	-1.11	-0.01	-1.71	-5.80	-5.99	-19
Purchase of Investments	-1.56	-0.75	-1.40	-1.18	-0.75	-2.49	-2.80	-1.03	-0.75	-0.75
Sale of Property, Plant & Equipment	0.09	0.20	0.36	0.10	0.46	0.70	0.55	0.48	0.42	0.26
Sale and/or Maturity of Investments	1.56	4.35	2.74	1.78	12	3.49	2.80	1.03	0.89	3.62
Net Cash From Financing Activities	179	-7.00	143	-88	-325	-86	52	-130	-252	1.98
Net Cash From Continuing Financing Activities	179	-7.00	143	-88	-325	-86	52	-130	-252	1.98
Repayment of Debt	-26	-6.27	-142	-194	-309	-16	-337	-20	-154	-277
Repurchase of Common Equity	-	0.00	0.00	-100	-16	-70	-61	-109	-59	-126
Payment of Dividends	-	-	-	-	-	-	0.00	0.00	-40	-109
Issuance of Debt	200	0.00	285	206	0.00	0.00	450	0.00	0.00	575
Other Financing Activities, net	4.93	-0.72	-	-	-	-	-	0.00	0.00	-62

This table details how cash moves in and out of Meritage Homes' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	27	562	96	206	-114	-128	-16	88	-161	-180	360
Net Cash From Operating Activities	37	575	124	231	104	-105	82	-118	-92	-100	-43
Net Cash From Continuing Operating Activities	37	575	124	231	104	-105	82	-118	-92	-100	-43
Net Income / (Loss) Continuing Operations	262	262	131	187	222	199	186	232	196	173	123
Consolidated Net Income / (Loss)	262	262	131	187	222	199	186	232	196	173	123
Depreciation Expense	5.82	7.20	5.21	5.99	6.38	7.76	6.04	6.77	6.55	6.60	5.95
Non-Cash Adjustments To Reconcile Net Income	6.74	5.16	17	-5.65	7.03	5.87	6.13	4.86	9.03	4.66	6.29
Changes in Operating Assets and Liabilities, net	-238	300	-29	44	-131	-317	-116	-361	-304	-283	-178
Net Cash From Investing Activities	-6.63	-7.40	-8.73	-13	-13	-8.92	-7.77	-12	-12	-13	-11
Net Cash From Continuing Investing Activities	-6.63	-7.40	-8.73	-13	-13	-8.92	-7.77	-12	-12	-13	-11
Purchase of Property, Plant & Equipment	-6.69	-7.43	-8.90	-12	-10	-6.97	-6.26	-6.90	-8.02	-7.48	-5.59
Acquisitions	-0.02	-0.12	0.00	-1.28	-2.58	-2.13	-1.59	-5.03	-3.83	-8.10	-5.85
Sale of Property, Plant & Equipment	0.08	0.15	0.13	0.10	0.11	0.09	0.08	0.05	0.05	0.08	0.03
Net Cash From Financing Activities	-3.15	-5.50	-20	-12	-206	-14	-90	217	-58	-68	414
Net Cash From Continuing Financing Activities	-3.15	-5.50	-20	-12	-206	-14	-90	217	-58	-68	414
Repayment of Debt	-3.15	-5.50	-0.17	-2.04	-151	-0.18	-6.92	-269	-0.43	-0.83	-7.22
Repurchase of Common Equity	-	-	-10	-	-45	-4.07	-56	-	-30	-40	-45
Payment of Dividends	-	-	-9.93	-9.93	-9.84	-9.84	-27	-27	-27	-27	-31
Issuance of Debt	-	-	-	-	-	-	-	-	-	-	497

This table presents Meritage Homes' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,680	2,889	3,251	3,365	3,398	3,864	4,808	5,772	6,353	7,163
Total Current Assets	2,487	2,700	3,067	3,216	3,266	3,726	4,625	5,600	6,128	6,840
Cash & Equivalents	262	132	171	311	319	746	618	862	921	652
Accounts Receivable	57	70	79	77	88	99	148	215	267	256
Inventories, net	2,098	2,422	2,731	2,743	2,744	2,778	3,734	4,358	4,721	5,729
Prepaid Expenses	70	75	85	84	114	103	125	165	219	203
Plant, Property, & Equipment, net	34	33	72	55	51	39	37	39	49	47
Total Noncurrent Assets	158	156	112	95	81	100	137	134	176	276
Long-Term Investments	11	17	17	17	4.44	4.35	5.76	12	17	29
Noncurrent Deferred & Refundable Income Taxes	59	53	35	26	26	36	41	45	48	55
Other Noncurrent Operating Assets	88	86	60	51	51	60	91	77	111	192
Total Liabilities & Shareholders' Equity	2,680	2,889	3,251	3,365	3,398	3,864	4,808	5,772	6,353	7,163
Total Liabilities	1,421	1,467	1,674	1,645	1,424	1,517	1,763	1,822	1,741	2,021
Total Current Liabilities	304	340	356	335	405	496	553	672	733	685
Accounts Payable	106	141	141	128	155	175	216	273	272	212
Accrued Expenses	161	171	181	178	226	296	337	361	425	452
Other Current Liabilities	-	-	-	29	24	25	-	38	37	21
Total Noncurrent Liabilities	1,117	1,127	1,319	1,310	1,019	1,020	1,210	1,151	1,008	1,336
Long-Term Debt	1,093	1,095	1,266	1,295	996	997	1,142	1,144	995	1,307
Other Noncurrent Operating Liabilities	24	32	52	15	23	23	67	7.06	14	29
Total Equity & Noncontrolling Interests	1,259	1,421	1,577	1,721	1,974	2,348	3,044	3,950	4,612	5,142
Total Preferred & Common Equity	1,259	1,421	1,577	1,721	1,974	2,348	3,044	3,950	4,612	5,142
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,259	1,421	1,577	1,721	1,974	2,348	3,044	3,950	4,612	5,142
Common Stock	560	573	585	502	506	456	415	328	291	143
Retained Earnings	699	849	992	1,219	1,468	1,892	2,629	3,621	4,321	4,998

This table presents Meritage Homes' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	5,571	5,871	6,066	6,182	6,489	6,924	7,103	7,700
Total Current Assets	5,391	5,708	5,890	5,977	6,253	6,637	6,779	7,313
Cash & Equivalents	299	957	1,163	1,049	905	993	832	1,012
Accounts Receivable	193	209	210	229	243	258	287	262
Inventories, net	4,726	4,355	4,349	4,501	4,915	5,175	5,457	5,801
Prepaid Expenses	172	186	168	198	190	211	204	239
Plant, Property, & Equipment, net	39	42	47	51	48	47	47	47
Total Noncurrent Assets	141	122	128	154	189	240	277	340
Long-Term Investments	11	11	12	15	19	24	18	31
Noncurrent Deferred & Refundable Income Taxes	41	45	45	46	47	60	51	54
Other Noncurrent Operating Assets	88	66	71	94	123	157	207	255
Total Liabilities & Shareholders' Equity	5,571	5,871	6,066	6,182	6,489	6,924	7,103	7,700
Total Liabilities	1,889	1,804	1,817	1,761	1,769	2,041	2,074	2,505
Total Current Liabilities	734	605	612	755	767	728	759	670
Accounts Payable	322	264	276	294	306	300	287	230
Accrued Expenses	354	342	336	413	418	389	440	423
Other Current Liabilities	58	-	-	48	43	39	32	18
Total Noncurrent Liabilities	1,156	1,199	1,205	1,005	1,002	1,313	1,314	1,835
Long-Term Debt	1,143	1,144	1,144	994	995	1,304	1,305	1,800
Other Noncurrent Operating Liabilities	12	55	61	11	6.60	9.71	9.31	35
Total Equity & Noncontrolling Interests	3,682	4,067	4,248	4,421	4,721	4,883	5,030	5,195
Total Preferred & Common Equity	3,682	4,067	4,248	4,421	4,721	4,883	5,030	5,195
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,682	4,067	4,248	4,421	4,721	4,883	5,030	5,195
Common Stock	323	324	329	289	241	199	177	105
Retained Earnings	3,359	3,743	3,920	4,132	4,479	4,684	4,852	5,090

This table displays calculated financial ratios and metrics derived from Meritage Homes' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.35%	17.33%	7.07%	8.84%	3.75%	22.39%	14.35%	22.36%	-2.55%	4.16%
EBITDA Growth	-2.45%	0.23%	22.84%	15.36%	10.54%	64.35%	76.36%	31.47%	-25.75%	5.51%
EBIT Growth	-3.82%	-0.60%	24.27%	12.33%	11.20%	69.03%	81.68%	32.47%	-26.29%	5.59%
NOPAT Growth	-0.74%	-2.56%	3.77%	55.00%	15.27%	65.77%	78.13%	32.37%	-29.09%	7.00%
Net Income Growth	-9.49%	30.95%	-15.02%	58.69%	9.82%	69.62%	74.14%	34.54%	-25.54%	6.42%
EPS Growth	-10.69%	14.89%	-3.94%	63.64%	15.05%	71.34%	75.36%	34.54%	-25.54%	6.42%
Operating Cash Flow Growth	98.42%	-3,000.51%	15.73%	400.92%	32.27%	52.92%	-128.68%	366.46%	-12.26%	-164.00%
Free Cash Flow Firm Growth	90.08%	-297.10%	4.44%	228.97%	56.39%	60.16%	-144.97%	253.38%	-21.90%	-237.23%
Invested Capital Growth	9.40%	13.92%	12.15%	1.19%	-1.52%	-1.94%	36.99%	18.71%	10.62%	23.56%
Revenue Q/Q Growth	3.31%	2.86%	2.63%	1.99%	3.47%	6.29%	1.80%	8.51%	-5.22%	-0.60%
EBITDA Q/Q Growth	6.59%	-9.15%	12.26%	5.49%	7.31%	14.74%	12.87%	2.46%	-7.82%	-3.60%
EBIT Q/Q Growth	6.81%	-10.02%	13.12%	4.92%	7.69%	15.68%	13.56%	2.44%	-8.07%	-3.58%
NOPAT Q/Q Growth	3.07%	-10.67%	-1.98%	25.16%	13.14%	10.31%	13.06%	2.40%	-9.16%	-3.49%
Net Income Q/Q Growth	2.95%	11.92%	-19.77%	19.64%	12.92%	13.72%	13.02%	2.57%	-7.92%	-3.23%
EPS Q/Q Growth	1.98%	-1.11%	-9.79%	22.37%	14.23%	13.17%	13.47%	2.57%	-7.92%	-3.23%
Operating Cash Flow Q/Q Growth	90.43%	-5.05%	32.71%	62.91%	-2.55%	-4.01%	-66.35%	653.69%	-65.65%	2.13%
Free Cash Flow Firm Q/Q Growth	42.99%	-18.90%	21.91%	194.77%	-2.79%	-6.61%	-35.06%	322.36%	-72.87%	1.85%
Invested Capital Q/Q Growth	0.85%	1.09%	-0.68%	-3.53%	-2.24%	0.47%	4.51%	-6.52%	7.27%	5.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.85%	18.18%	18.14%	18.45%	19.04%	21.68%	27.88%	28.63%	24.75%	25.00%
EBITDA Margin	8.47%	7.24%	8.30%	8.80%	9.38%	12.59%	19.42%	20.87%	15.90%	16.10%
Operating Margin	7.96%	6.55%	7.52%	7.72%	8.36%	11.75%	18.82%	20.43%	14.70%	14.99%
EBIT Margin	7.92%	6.71%	7.79%	8.04%	8.62%	11.90%	18.91%	20.47%	15.48%	15.70%
Profit (Net Income) Margin	4.97%	5.54%	4.40%	6.41%	6.79%	9.41%	14.33%	15.75%	12.04%	12.30%
Tax Burden Percent	67.95%	77.31%	57.88%	80.26%	82.41%	79.37%	77.23%	76.95%	77.81%	78.39%
Interest Burden Percent	92.23%	106.79%	97.54%	99.37%	95.58%	99.59%	98.10%	100.00%	99.90%	99.94%
Effective Tax Rate	32.05%	31.42%	42.12%	19.74%	17.59%	20.63%	22.77%	23.05%	22.19%	21.61%
Return on Invested Capital (ROIC)	7.05%	6.15%	5.64%	8.23%	9.50%	16.02%	24.33%	25.47%	15.80%	14.40%
ROIC Less NNEP Spread (ROIC-NNEP)	5.62%	9.76%	5.79%	8.97%	9.05%	16.80%	21.54%	26.00%	38.22%	24.63%
Return on Net Nonoperating Assets (RNNOA)	3.82%	6.43%	3.91%	5.56%	4.02%	3.57%	3.03%	2.90%	1.46%	1.72%
Return on Equity (ROE)	10.87%	12.58%	9.56%	13.79%	13.51%	19.60%	27.35%	28.37%	17.26%	16.12%
Cash Return on Invested Capital (CROIC)	-1.93%	-6.87%	-5.81%	7.04%	11.03%	17.98%	-6.89%	8.36%	5.71%	-6.68%
Operating Return on Assets (OROA)	8.22%	7.33%	8.27%	8.62%	9.37%	14.75%	22.45%	24.37%	15.68%	14.85%
Return on Assets (ROA)	5.15%	6.05%	4.67%	6.87%	7.38%	11.66%	17.01%	18.76%	12.19%	11.63%
Return on Common Equity (ROCE)	10.87%	12.58%	9.56%	13.79%	13.51%	19.60%	27.35%	28.37%	17.26%	16.12%
Return on Equity Simple (ROE_SIMPLE)	10.23%	11.86%	9.09%	13.21%	12.65%	18.04%	24.22%	25.12%	16.02%	15.29%
Net Operating Profit after Tax (NOPAT)	140	137	142	220	253	420	748	990	702	751
NOPAT Margin	5.41%	4.49%	4.35%	6.20%	6.89%	9.33%	14.53%	15.72%	11.44%	11.75%
Net Nonoperating Expense Percent (NNEP)	1.43%	-3.62%	-0.15%	-0.74%	0.45%	-0.77%	2.78%	-0.53%	-22.42%	-10.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	19.44%	12.52%	11.65%
Cost of Revenue to Revenue	80.41%	82.31%	81.86%	81.55%	80.96%	78.43%	72.12%	71.37%	75.25%	75.00%
SG&A Expenses to Revenue	4.35%	4.07%	3.81%	3.91%	3.97%	3.53%	3.53%	3.06%	3.78%	3.61%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.63%	11.14%	10.61%	10.73%	10.68%	9.93%	9.07%	8.20%	10.05%	10.01%
Earnings before Interest and Taxes (EBIT)	205	204	254	285	317	536	973	1,289	950	1,004
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	220	220	270	312	345	567	1,000	1,314	976	1,029
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.05	0.96	1.29	0.84	1.17	1.30	1.47	0.83	1.35	1.08
Price to Tangible Book Value (P/TBV)	1.05	0.96	1.29	0.84	1.17	1.30	1.47	0.83	1.35	1.08
Price to Revenue (P/Rev)	0.51	0.45	0.62	0.41	0.63	0.68	0.87	0.52	1.02	0.87
Price to Earnings (P/E)	10.29	8.12	14.16	6.34	9.21	7.23	6.07	3.31	8.45	7.08
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.26%	3.90%
Earnings Yield	9.72%	12.32%	7.06%	15.76%	10.86%	13.83%	16.48%	30.19%	11.84%	14.13%
Enterprise Value to Invested Capital (EV/IC)	1.03	0.98	1.17	0.90	1.12	1.27	1.40	0.84	1.35	1.07
Enterprise Value to Revenue (EV/Rev)	0.83	0.76	0.95	0.68	0.81	0.73	0.97	0.56	1.03	0.97
Enterprise Value to EBITDA (EV/EBITDA)	9.76	10.51	11.49	7.72	8.62	5.84	5.00	2.71	6.45	6.01
Enterprise Value to EBIT (EV/EBIT)	10.44	11.34	12.25	8.45	9.38	6.17	5.13	2.76	6.63	6.17
Enterprise Value to NOPAT (EV/NOPAT)	15.29	16.94	21.92	10.96	11.73	7.88	6.68	3.59	8.97	8.24
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	9.19	8.57	6.24	0.00	8.78	17.71	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	12.80	10.10	7.02	0.00	10.94	24.81	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.87	0.77	0.80	0.75	0.50	0.42	0.38	0.29	0.22	0.25
Long-Term Debt to Equity	0.87	0.77	0.80	0.75	0.50	0.42	0.38	0.29	0.22	0.25
Financial Leverage	0.68	0.66	0.68	0.62	0.44	0.21	0.14	0.11	0.04	0.07
Leverage Ratio	2.11	2.08	2.05	2.01	1.83	1.68	1.61	1.51	1.42	1.39
Compound Leverage Factor	1.95	2.22	2.00	1.99	1.75	1.67	1.58	1.51	1.41	1.38
Debt to Total Capital	46.48%	43.52%	44.54%	42.95%	33.54%	29.81%	27.29%	22.45%	17.74%	20.26%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	46.48%	43.52%	44.54%	42.95%	33.54%	29.81%	27.29%	22.45%	17.74%	20.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.52%	56.48%	55.46%	57.05%	66.46%	70.19%	72.71%	77.55%	82.26%	79.74%
Debt to EBITDA	4.98	4.97	4.68	4.15	2.89	1.76	1.14	0.87	1.02	1.27
Net Debt to EBITDA	3.73	4.30	3.99	3.10	1.95	0.44	0.52	0.21	0.06	0.61
Long-Term Debt to EBITDA	4.98	4.97	4.68	4.15	2.89	1.76	1.14	0.87	1.02	1.27
Debt to NOPAT	7.80	8.02	8.93	5.89	3.93	2.37	1.53	1.16	1.42	1.74
Net Debt to NOPAT	5.84	6.93	7.61	4.40	2.65	0.59	0.69	0.27	0.08	0.83
Long-Term Debt to NOPAT	7.80	8.02	8.93	5.89	3.93	2.37	1.53	1.16	1.42	1.74
Altman Z-Score	3.12	3.24	3.41	3.39	3.97	4.52	5.04	4.81	5.58	5.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.19	7.94	8.62	9.61	8.06	7.50	8.36	8.33	8.36	9.98
Quick Ratio	1.05	0.59	0.70	1.16	1.01	1.70	1.38	1.60	1.62	1.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-38	-153	-146	188	294	471	-212	325	254	-348
Operating Cash Flow to CapEx	-20.84%	-628.13%	-491.16%	787.01%	1,449.55%	2,758.13%	-605.63%	1,529.90%	941.44%	-801.44%
Free Cash Flow to Firm to Interest Expense	-2.41	-29.51	-37.86	239.65	21.01	216.45	-11.45	7,927.15	279.87	-552.05
Operating Cash Flow to Interest Expense	-0.21	-19.99	-22.61	334.01	24.76	243.62	-8.22	9,884.63	392.03	-360.66
Operating Cash Flow Less CapEx to Interest Expense	-1.21	-23.18	-27.22	291.57	23.06	234.79	-9.58	9,238.54	350.39	-405.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.04	1.09	1.06	1.07	1.09	1.24	1.19	1.19	1.01	0.95
Accounts Receivable Turnover	45.46	47.66	43.52	45.27	44.37	48.12	41.83	34.74	25.47	24.44
Inventory Turnover	1.05	1.11	1.03	1.06	1.09	1.28	1.14	1.11	1.02	0.92
Fixed Asset Turnover	72.65	90.57	61.63	55.79	69.92	100.54	134.97	165.80	140.15	132.86
Accounts Payable Turnover	21.94	20.26	18.96	21.52	21.03	21.38	18.97	18.38	16.95	19.81
Days Sales Outstanding (DSO)	8.03	7.66	8.39	8.06	8.23	7.58	8.73	10.51	14.33	14.94
Days Inventory Outstanding (DIO)	348.09	329.51	352.74	345.59	336.30	285.48	320.18	328.55	358.77	397.76
Days Payable Outstanding (DPO)	16.64	18.01	19.25	16.96	17.36	17.07	19.24	19.86	21.53	18.43
Cash Conversion Cycle (CCC)	339.48	319.16	341.88	336.69	327.17	275.99	309.67	319.19	351.57	394.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,079	2,368	2,655	2,687	2,646	2,595	3,555	4,220	4,668	5,768
Invested Capital Turnover	1.30	1.37	1.30	1.33	1.38	1.72	1.67	1.62	1.38	1.23
Increase / (Decrease) in Invested Capital	179	289	288	32	-41	-51	960	665	448	1,100
Enterprise Value (EV)	2,144	2,315	3,107	2,408	2,972	3,308	4,993	3,557	6,297	6,191
Market Capitalization	1,325	1,369	2,029	1,442	2,300	3,061	4,475	3,286	6,240	5,565
Book Value per Share	$31.74	$35.52	$39.10	$43.06	$51.54	$62.42	$81.59	$108.00	$126.53	$142.11
Tangible Book Value per Share	$31.74	$35.52	$39.10	$43.06	$51.54	$62.42	$81.59	$108.00	$126.53	$142.11
Total Capital	2,352	2,517	2,843	3,016	2,970	3,345	4,187	5,093	5,607	6,448
Total Debt	1,093	1,095	1,266	1,295	996	997	1,142	1,144	995	1,307
Total Long-Term Debt	1,093	1,095	1,266	1,295	996	997	1,142	1,144	995	1,307
Net Debt	820	946	1,079	966	672	247	518	270	56	626
Capital Expenditures (CapEx)	16	16	18	33	24	19	25	26	38	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,921	2,228	2,540	2,569	2,542	2,483	3,453	4,066	4,474	5,503
Debt-free Net Working Capital (DFNWC)	2,184	2,360	2,711	2,881	2,861	3,229	4,072	4,928	5,395	6,155
Net Working Capital (NWC)	2,184	2,360	2,711	2,881	2,861	3,229	4,072	4,928	5,395	6,155
Net Nonoperating Expense (NNE)	11	-32	-1.48	-7.57	3.65	-3.56	11	-2.06	-37	-35
Net Nonoperating Obligations (NNO)	820	946	1,079	966	672	247	510	270	56	626
Total Depreciation and Amortization (D&A)	14	16	17	27	28	31	26	25	25	26
Debt-free, Cash-free Net Working Capital to Revenue	74.11%	73.25%	77.99%	72.48%	69.11%	55.17%	67.09%	64.56%	72.89%	86.08%
Debt-free Net Working Capital to Revenue	84.23%	77.58%	83.24%	81.27%	77.79%	71.74%	79.10%	78.24%	87.90%	96.27%
Net Working Capital to Revenue	84.23%	77.58%	83.24%	81.27%	77.79%	71.74%	79.10%	78.24%	87.90%	96.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.25	$3.74	$3.56	$5.67	$6.55	$11.23	$19.61	$13.52	$10.09	$10.85
Adjusted Weighted Average Basic Shares Outstanding	39.59M	39.98M	40.29M	40.11M	38.10M	37.72M	37.61M	73.39M	73.24M	72.48M
Adjusted Diluted Earnings per Share	$3.09	$3.55	$3.41	$5.58	$6.42	$11.00	$19.29	$13.37	$9.97	$10.72
Adjusted Weighted Average Diluted Shares Outstanding	42.16M	42.59M	42.23M	40.73M	38.89M	38.48M	38.23M	74.20M	74.14M	73.33M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	39.79M	40.12M	40.33M	38.13M	38.13M	37.51M	36.94M	73.14M	72.34M	71.77M
Normalized Net Operating Profit after Tax (NOPAT)	140	137	142	220	253	420	748	990	702	751
Normalized NOPAT Margin	5.41%	4.49%	4.35%	6.20%	6.89%	9.33%	14.53%	15.72%	11.44%	11.75%
Pre Tax Income Margin	7.31%	7.17%	7.60%	7.99%	8.24%	11.85%	18.55%	20.47%	15.47%	15.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.87	39.48	65.86	363.10	22.63	246.09	52.60	31,447.78	1,047.78	1,590.33
NOPAT to Interest Expense	8.78	26.42	36.80	279.95	18.09	192.89	40.42	24,149.63	774.14	1,190.62
EBIT Less CapEx to Interest Expense	11.86	36.30	61.25	320.66	20.92	237.26	51.24	30,801.68	1,006.14	1,545.33
NOPAT Less CapEx to Interest Expense	7.78	23.23	32.19	237.51	16.38	184.05	39.06	23,503.54	732.50	1,145.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.35%	13.81%
Augmented Payout Ratio	0.00%	0.00%	0.00%	43.99%	6.42%	16.43%	8.27%	11.02%	13.35%	29.83%

This table displays calculated financial ratios and metrics derived from Meritage Homes' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.21%	32.79%	-0.58%	10.48%	2.27%	-16.89%	14.43%	8.59%	-1.63%	-2.31%	-7.17%
EBITDA Growth	24.99%	9.92%	-41.54%	-27.29%	-12.61%	-23.70%	40.78%	24.13%	-12.47%	-14.43%	-30.80%
EBIT Growth	25.86%	9.85%	-42.19%	-27.79%	-13.00%	-24.36%	41.57%	24.41%	-12.81%	-14.41%	-31.56%
NOPAT Growth	31.38%	9.81%	-42.87%	-29.40%	-19.21%	-27.23%	43.91%	26.18%	-11.56%	-14.37%	-35.41%
Net Income Growth	30.75%	10.49%	-39.56%	-25.29%	-15.52%	-24.21%	41.67%	23.93%	-11.63%	-13.18%	-33.98%
EPS Growth	35.24%	10.49%	-38.86%	-25.85%	-15.77%	-24.21%	42.94%	25.70%	-10.70%	-13.18%	-33.20%
Operating Cash Flow Growth	135.18%	495.23%	921.27%	205.66%	181.50%	-118.17%	-34.18%	-150.97%	-188.28%	4.74%	-151.97%
Free Cash Flow Firm Growth	-37.49%	43.95%	57.66%	124.06%	144.07%	36.03%	-8.44%	-425.51%	-352.29%	-261.59%	-182.35%
Invested Capital Growth	32.73%	18.71%	12.33%	-1.11%	-3.61%	10.62%	12.94%	22.60%	26.04%	23.56%	24.22%
Revenue Q/Q Growth	11.74%	26.17%	-35.76%	21.98%	3.44%	2.54%	-11.55%	15.76%	-6.30%	1.83%	-15.96%
EBITDA Q/Q Growth	-0.69%	4.22%	-51.21%	43.99%	19.35%	-9.01%	-9.97%	26.96%	-15.84%	-11.04%	-27.20%
EBIT Q/Q Growth	-0.66%	3.87%	-51.70%	44.90%	19.67%	-9.69%	-9.60%	27.34%	-16.13%	-11.35%	-27.71%
NOPAT Q/Q Growth	4.84%	-1.11%	-52.13%	42.27%	19.97%	-10.93%	-5.34%	24.74%	-15.91%	-13.76%	-28.59%
Net Income Q/Q Growth	4.96%	-0.05%	-49.95%	42.30%	18.69%	-10.33%	-6.45%	24.48%	-15.37%	-11.90%	-28.87%
EPS Q/Q Growth	4.87%	-0.05%	-50.00%	41.81%	19.12%	-10.33%	-6.12%	24.70%	-15.37%	-11.90%	-28.99%
Operating Cash Flow Q/Q Growth	116.90%	1,453.51%	-78.36%	85.92%	-54.97%	-200.30%	178.39%	-243.96%	22.00%	-8.23%	57.24%
Free Cash Flow Firm Q/Q Growth	8.73%	52.33%	15.84%	165.69%	67.21%	-169.19%	-42.68%	-97.19%	-29.60%	0.83%	-11.41%
Invested Capital Q/Q Growth	5.87%	-6.52%	0.54%	-0.61%	3.20%	7.27%	2.64%	7.89%	6.10%	5.16%	3.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.75%	25.28%	22.32%	23.89%	26.86%	25.38%	25.65%	26.10%	24.85%	23.41%	22.15%
EBITDA Margin	21.15%	17.47%	13.27%	15.66%	18.07%	16.03%	16.32%	17.90%	16.08%	14.05%	12.17%
Operating Margin	20.78%	16.93%	12.17%	14.46%	16.85%	14.79%	15.30%	16.83%	15.00%	12.78%	11.04%
EBIT Margin	20.78%	17.11%	12.86%	15.28%	17.68%	15.57%	15.91%	17.50%	15.67%	13.64%	11.73%
Profit (Net Income) Margin	16.55%	13.11%	10.22%	11.92%	13.67%	11.96%	12.65%	13.60%	12.28%	10.63%	8.99%
Tax Burden Percent	79.67%	76.66%	79.43%	78.00%	77.61%	76.82%	79.49%	77.87%	78.41%	77.92%	76.68%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	99.68%	100.00%	100.00%	99.79%	100.00%	100.00%	100.00%
Effective Tax Rate	20.34%	23.34%	20.57%	22.00%	22.39%	23.18%	20.51%	22.13%	21.59%	22.08%	23.32%
Return on Invested Capital (ROIC)	24.28%	21.03%	15.17%	17.13%	19.11%	15.69%	17.02%	18.03%	15.38%	12.20%	9.90%
ROIC Less NNEP Spread (ROIC-NNEP)	24.27%	21.73%	16.96%	19.57%	21.63%	21.77%	22.85%	24.65%	19.72%	15.39%	11.66%
Return on Net Nonoperating Assets (RNNOA)	5.25%	2.42%	1.84%	2.10%	2.04%	0.83%	0.64%	0.69%	0.80%	1.08%	0.97%
Return on Equity (ROE)	29.54%	23.45%	17.01%	19.22%	21.14%	16.52%	17.66%	18.72%	16.18%	13.28%	10.88%
Cash Return on Invested Capital (CROIC)	-3.69%	8.36%	10.76%	20.53%	21.11%	5.71%	4.60%	-3.19%	-7.22%	-6.68%	-8.79%
Operating Return on Assets (OROA)	23.80%	20.37%	14.81%	17.30%	19.48%	15.76%	16.28%	17.40%	15.17%	12.90%	10.40%
Return on Assets (ROA)	18.96%	15.61%	11.76%	13.49%	15.07%	12.11%	12.94%	13.52%	11.89%	10.05%	7.97%
Return on Common Equity (ROCE)	29.54%	23.45%	17.01%	19.22%	21.14%	16.52%	17.66%	18.72%	16.18%	13.28%	10.88%
Return on Equity Simple (ROE_SIMPLE)	26.27%	0.00%	22.28%	19.84%	18.15%	0.00%	16.81%	17.17%	16.15%	0.00%	13.92%
Net Operating Profit after Tax (NOPAT)	263	260	124	177	212	189	179	223	188	162	116
NOPAT Margin	16.56%	12.98%	9.67%	11.28%	13.08%	11.36%	12.16%	13.10%	11.76%	9.96%	8.46%
Net Nonoperating Expense Percent (NNEP)	0.01%	-0.70%	-1.79%	-2.45%	-2.53%	-6.07%	-5.82%	-6.62%	-4.34%	-3.19%	-1.76%
Return On Investment Capital (ROIC_SIMPLE)	-	5.10%	-	-	-	3.37%	-	-	-	2.51%	1.65%
Cost of Revenue to Revenue	71.25%	74.72%	77.68%	76.11%	73.14%	74.62%	74.35%	73.90%	75.15%	76.59%	77.85%
SG&A Expenses to Revenue	3.06%	2.83%	3.70%	3.33%	3.89%	4.15%	3.45%	3.12%	3.71%	4.17%	4.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.97%	8.35%	10.14%	9.44%	10.00%	10.59%	10.35%	9.27%	9.85%	10.63%	11.11%
Earnings before Interest and Taxes (EBIT)	329	342	165	240	287	259	234	298	250	222	160
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	335	349	171	246	293	267	240	305	256	228	166
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.69	0.83	1.03	1.22	1.00	1.35	1.35	1.20	1.48	1.08	0.98
Price to Tangible Book Value (P/TBV)	0.69	0.83	1.03	1.22	1.00	1.35	1.35	1.20	1.48	1.08	0.98
Price to Revenue (P/Rev)	0.44	0.52	0.67	0.80	0.68	1.02	1.01	0.91	1.16	0.87	0.81
Price to Earnings (P/E)	2.61	3.31	4.64	6.13	5.53	8.45	8.02	7.01	9.17	7.08	7.04
Dividend Yield	0.00%	0.00%	0.23%	0.38%	0.67%	1.26%	0.89%	1.26%	1.23%	3.90%	2.19%
Earnings Yield	38.31%	30.19%	21.54%	16.33%	18.09%	11.84%	12.46%	14.26%	10.91%	14.13%	14.21%
Enterprise Value to Invested Capital (EV/IC)	0.74	0.84	1.03	1.22	1.00	1.35	1.34	1.19	1.44	1.07	0.98
Enterprise Value to Revenue (EV/Rev)	0.58	0.56	0.70	0.80	0.67	1.03	1.02	0.95	1.23	0.97	0.93
Enterprise Value to EBITDA (EV/EBITDA)	2.62	2.71	3.67	4.66	4.12	6.45	6.16	5.58	7.40	6.01	6.12
Enterprise Value to EBIT (EV/EBIT)	2.67	2.76	3.75	4.77	4.22	6.63	6.32	5.72	7.59	6.17	6.29
Enterprise Value to NOPAT (EV/NOPAT)	3.47	3.59	4.89	6.23	5.65	8.97	8.51	7.68	10.15	8.24	8.49
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	8.78	8.47	5.30	4.22	17.71	20.57	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	10.94	10.16	5.89	4.67	24.81	30.99	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.31	0.29	0.28	0.27	0.22	0.22	0.21	0.27	0.26	0.25	0.35
Long-Term Debt to Equity	0.31	0.29	0.28	0.27	0.22	0.22	0.21	0.27	0.26	0.25	0.35
Financial Leverage	0.22	0.11	0.11	0.11	0.09	0.04	0.03	0.03	0.04	0.07	0.08
Leverage Ratio	1.56	1.51	1.51	1.48	1.45	1.42	1.41	1.42	1.41	1.39	1.43
Compound Leverage Factor	1.56	1.51	1.51	1.48	1.45	1.42	1.41	1.42	1.41	1.39	1.43
Debt to Total Capital	23.70%	22.45%	21.95%	21.22%	18.36%	17.74%	17.41%	21.07%	20.60%	20.26%	25.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	23.70%	22.45%	21.95%	21.22%	18.36%	17.74%	17.41%	21.07%	20.60%	20.26%	25.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	76.31%	77.55%	78.05%	78.78%	81.64%	82.26%	82.59%	78.93%	79.40%	79.74%	74.27%
Debt to EBITDA	0.89	0.87	0.96	1.04	0.94	1.02	0.95	1.18	1.22	1.27	1.88
Net Debt to EBITDA	0.65	0.21	0.15	-0.03	-0.07	0.06	0.07	0.26	0.43	0.61	0.79
Long-Term Debt to EBITDA	0.89	0.87	0.96	1.04	0.94	1.02	0.95	1.18	1.22	1.27	1.88
Debt to NOPAT	1.18	1.16	1.28	1.39	1.29	1.42	1.31	1.62	1.68	1.74	2.62
Net Debt to NOPAT	0.86	0.27	0.20	-0.04	-0.09	0.08	0.09	0.36	0.58	0.83	1.10
Long-Term Debt to NOPAT	1.18	1.16	1.28	1.39	1.29	1.42	1.31	1.62	1.68	1.74	2.62
Altman Z-Score	3.89	4.27	4.50	4.85	4.66	5.22	5.23	4.77	5.15	4.65	4.06
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.35	8.33	9.43	9.62	7.91	8.36	8.15	9.11	8.93	9.98	10.91
Quick Ratio	0.67	1.60	1.93	2.24	1.69	1.62	1.50	1.72	1.47	1.32	1.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-851	-405	-341	224	375	-259	-370	-730	-946	-938	-1,045
Operating Cash Flow to CapEx	560.54%	7,898.35%	1,419.13%	1,906.99%	1,044.05%	-1,518.74%	1,325.94%	-1,722.11%	-1,154.71%	-1,345.26%	-765.34%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	413.30	0.00	0.00	-1,156.49	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	114.89	0.00	0.00	-186.92	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	103.89	0.00	0.00	-197.78	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.15	1.19	1.15	1.13	1.10	1.01	1.02	0.99	0.97	0.95	0.89
Accounts Receivable Turnover	33.94	34.74	34.50	33.76	30.68	25.47	27.94	27.59	24.94	24.44	24.88
Inventory Turnover	0.98	1.11	1.10	1.09	1.06	1.02	1.02	1.00	0.96	0.92	0.89
Fixed Asset Turnover	152.67	165.80	157.26	149.16	143.49	140.15	141.19	137.55	131.18	132.86	132.53
Accounts Payable Turnover	15.16	18.38	16.89	15.59	15.81	16.95	16.54	16.59	16.48	19.81	17.78
Days Sales Outstanding (DSO)	10.76	10.51	10.58	10.81	11.90	14.33	13.06	13.23	14.64	14.94	14.67
Days Inventory Outstanding (DIO)	373.15	328.55	333.12	334.30	345.60	358.77	358.91	363.73	379.32	397.76	410.48
Days Payable Outstanding (DPO)	24.08	19.86	21.61	23.41	23.09	21.53	22.06	21.99	22.15	18.43	20.53
Cash Conversion Cycle (CCC)	359.82	319.19	322.09	321.71	334.42	351.57	349.91	354.97	371.80	394.27	404.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,514	4,220	4,243	4,217	4,352	4,668	4,791	5,170	5,485	5,768	5,952
Invested Capital Turnover	1.47	1.62	1.57	1.52	1.46	1.38	1.40	1.38	1.31	1.23	1.17
Increase / (Decrease) in Invested Capital	1,113	665	466	-47	-163	448	549	953	1,133	1,100	1,160
Enterprise Value (EV)	3,357	3,557	4,382	5,132	4,366	6,297	6,438	6,165	7,905	6,191	5,844
Market Capitalization	2,525	3,286	4,207	5,164	4,435	6,240	6,367	5,878	7,450	5,565	5,087
Book Value per Share	$100.69	$108.00	$111.21	$115.55	$120.25	$126.53	$130.00	$134.43	$138.46	$142.11	$72.38
Tangible Book Value per Share	$100.69	$108.00	$111.21	$115.55	$120.25	$126.53	$130.00	$134.43	$138.46	$142.11	$72.38
Total Capital	4,825	5,093	5,211	5,392	5,415	5,607	5,716	6,186	6,335	6,448	6,995
Total Debt	1,143	1,144	1,144	1,144	994	995	995	1,304	1,305	1,307	1,800
Total Long-Term Debt	1,143	1,144	1,144	1,144	994	995	995	1,304	1,305	1,307	1,800
Net Debt	833	270	175	-32	-69	56	71	287	455	626	757
Capital Expenditures (CapEx)	6.60	7.28	8.77	12	9.98	6.88	6.18	6.85	7.97	7.40	5.56
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,358	4,066	4,145	4,114	4,172	4,474	4,580	4,916	5,188	5,503	5,631
Debt-free Net Working Capital (DFNWC)	4,657	4,928	5,102	5,278	5,221	5,395	5,486	5,909	6,020	6,155	6,643
Net Working Capital (NWC)	4,657	4,928	5,102	5,278	5,221	5,395	5,486	5,909	6,020	6,155	6,643
Net Nonoperating Expense (NNE)	0.06	-2.73	-7.02	-10	-9.64	-9.92	-7.17	-8.46	-8.38	-11	-7.28
Net Nonoperating Obligations (NNO)	833	270	175	-32	-69	56	71	287	455	626	757
Total Depreciation and Amortization (D&A)	5.82	7.20	5.21	5.99	6.38	7.76	6.04	6.77	6.55	6.60	5.95
Debt-free, Cash-free Net Working Capital to Revenue	75.08%	64.56%	65.89%	63.89%	64.43%	72.89%	72.44%	76.12%	80.67%	86.08%	89.56%
Debt-free Net Working Capital to Revenue	80.24%	78.24%	81.11%	81.96%	80.63%	87.90%	86.76%	91.50%	93.60%	96.27%	105.65%
Net Working Capital to Revenue	80.24%	78.24%	81.11%	81.96%	80.63%	87.90%	86.76%	91.50%	93.60%	96.27%	105.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.18	$1.79	$3.58	$5.08	$6.06	$1.36	$5.12	$6.38	$5.41	$1.19	$1.71
Adjusted Weighted Average Basic Shares Outstanding	36.57M	146.78M	36.66M	36.77M	36.60M	146.48M	36.31M	36.32M	36.23M	144.95M	71.92M
Adjusted Diluted Earnings per Share	$7.10	$1.79	$3.54	$5.02	$5.98	$1.36	$5.06	$6.31	$5.34	$1.19	$1.69
Adjusted Weighted Average Diluted Shares Outstanding	36.95M	148.40M	37.12M	37.19M	37.08M	148.28M	36.78M	36.72M	36.67M	146.66M	72.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$1.79	$0.00	$0.00	$0.00	$1.36	$0.00	$0.00	$0.00	$1.19	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	36.57M	73.14M	36.77M	36.77M	36.45M	72.34M	36.32M	36.33M	36.18M	143.53M	71.83M
Normalized Net Operating Profit after Tax (NOPAT)	263	260	124	177	212	189	179	223	188	162	116
Normalized NOPAT Margin	16.56%	12.98%	9.67%	11.28%	13.08%	11.36%	12.16%	13.10%	11.76%	9.96%	8.46%
Pre Tax Income Margin	20.78%	17.11%	12.86%	15.28%	17.62%	15.57%	15.91%	17.47%	15.67%	13.64%	11.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	316.03	0.00	0.00	472.25	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	233.87	0.00	0.00	353.55	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	305.03	0.00	0.00	461.40	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	222.86	0.00	0.00	342.70	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	1.10%	2.36%	3.70%	5.35%	7.16%	8.85%	11.26%	13.81%	15.52%
Augmented Payout Ratio	13.78%	11.02%	3.30%	3.54%	10.56%	13.35%	20.40%	21.38%	22.34%	29.83%	31.43%

Frequently Asked Questions About Meritage Homes' Financials

When does Meritage Homes's fiscal year end?

According to the most recent income statement we have on file, Meritage Homes' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Meritage Homes' net income changed over the last 9 years?

Meritage Homes' net income appears to be on an upward trend, with a most recent value of $786.19 million in 2024, rising from $128.74 million in 2015. The previous period was $738.75 million in 2023. Find out what analysts predict for Meritage Homes in the coming months.

What is Meritage Homes's operating income?

Meritage Homes's total operating income in 2024 was $958.35 million, based on the following breakdown:

Total Gross Profit: $1.60 billion
Total Operating Expenses: $639.93 million

How has Meritage Homes revenue changed over the last 9 years?

Over the last 9 years, Meritage Homes' total revenue changed from $2.59 billion in 2015 to $6.39 billion in 2024, a change of 146.6%.

How much debt does Meritage Homes have?

Meritage Homes' total liabilities were at $2.02 billion at the end of 2024, a 16.1% increase from 2023, and a 42.2% increase since 2015.

How much cash does Meritage Homes have?

In the past 9 years, Meritage Homes' cash and equivalents has ranged from $131.70 million in 2016 to $921.23 million in 2023, and is currently $651.56 million as of their latest financial filing in 2024.

How has Meritage Homes' book value per share changed over the last 9 years?

Over the last 9 years, Meritage Homes' book value per share changed from 31.74 in 2015 to 142.11 in 2024, a change of 347.8%.

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This page (NYSE:MTH) was last updated on 5/5/2025 by MarketBeat.com Staff

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Meritage Homes (MTH) Financials

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