Meritage Homes (MTH) Financials

$63.66 -0.02 (-0.03%)

As of 01:05 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	786	739	992	737	423	250	227	143	169	129
Consolidated Net Income / (Loss)	786	739	992	737	423	250	227	143	169	129
Net Income / (Loss) Continuing Operations	786	739	992	737	423	250	227	143	169	129
Total Pre-Tax Income	1,003	949	1,289	955	534	303	283	248	218	189
Total Operating Income	958	902	1,287	968	529	307	274	245	199	206
Total Gross Profit	1,598	1,519	1,803	1,435	976	700	654	591	553	489
Total Revenue	6,393	6,138	6,298	5,147	4,501	3,678	3,545	3,257	3,042	2,593
Operating Revenue	6,395	6,138	6,292	5,141	4,501	3,667	3,529	3,227	3,042	2,579
Other Revenue	-2.10	-0.66	5.95	6.01	5.09	11	16	30	-	13
Total Cost of Revenue	4,795	4,619	4,495	3,712	3,530	2,978	2,891	2,666	2,504	2,085
Operating Cost of Revenue	4,795	4,619	4,495	3,712	3,530	2,978	2,891	2,666	2,504	2,085
Total Operating Expenses	640	617	516	467	447	393	380	346	339	302
Selling, General & Admin Expense	231	232	193	181	159	146	138	124	124	113
Marketing Expense	409	385	323	285	288	247	242	222	215	188
Total Other Income / (Expense), net	45	47	2.67	-14	4.49	-4.43	10	4.93	38	-17
Interest Expense	0.63	0.91	0.04	19	2.18	14	0.79	3.85	5.17	16
Other Income / (Expense), net	45	48	2.71	4.86	6.66	9.58	11	8.78	4.95	-0.95
Income Tax Expense	217	211	297	217	110	53	56	104	69	61
Basic Earnings per Share	$10.85	$10.09	$13.52	$19.61	$11.23	$6.55	$5.67	$3.56	$3.74	$3.25
Weighted Average Basic Shares Outstanding	72.48M	73.24M	73.39M	37.61M	37.72M	38.10M	40.11M	40.29M	39.98M	39.59M
Diluted Earnings per Share	$10.72	$9.96	$13.37	$19.29	$11.00	$6.42	$5.58	$3.41	$3.55	$3.09
Weighted Average Diluted Shares Outstanding	73.33M	74.14M	74.20M	38.23M	38.48M	38.89M	40.73M	42.23M	42.59M	42.16M
Weighted Average Basic & Diluted Shares Outstanding	71.77M	36.17M	36.57M	36.94M	37.51M	38.13M	40.10M	40.20M	40M	39.60M
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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	123	173	196	232	186	199	222	187	131	262	262
Consolidated Net Income / (Loss)	123	173	196	232	186	199	222	187	131	262	262
Net Income / (Loss) Continuing Operations	123	173	196	232	186	199	222	187	131	262	262
Total Pre-Tax Income	160	222	250	297	234	259	286	240	165	342	329
Total Operating Income	151	208	239	286	225	246	273	227	156	339	330
Total Gross Profit	302	380	396	444	377	422	436	375	287	506	456
Total Revenue	1,365	1,624	1,595	1,702	1,471	1,663	1,622	1,568	1,285	2,001	1,586
Operating Revenue	1,365	1,622	1,597	1,702	1,475	1,660	1,619	1,574	1,285	1,999	1,584
Other Revenue	0.67	2.76	-1.26	0.45	-4.04	2.42	2.46	-5.80	0.26	1.92	1.34
Total Cost of Revenue	1,063	1,244	1,199	1,258	1,093	1,241	1,186	1,193	998	1,495	1,130
Operating Cost of Revenue	1,063	1,244	1,199	1,258	1,093	1,241	1,186	1,193	998	1,495	1,130
Total Operating Expenses	152	173	157	158	152	176	162	148	130	167	126
Selling, General & Admin Expense	57	68	59	53	51	69	63	52	48	57	48
Marketing Expense	95	105	98	105	102	107	99	96	83	110	78
Total Other Income / (Expense), net	9.50	14	11	11	9.02	13	12	13	8.84	3.56	-0.07
Interest Expense	0.00	-	0.00	0.63	0.00	-	0.91	0.00	0.00	-	0.00
Other Income / (Expense), net	9.50	14	11	11	9.02	13	13	13	8.84	3.56	-0.07
Income Tax Expense	37	49	54	66	48	60	64	53	34	80	67
Basic Earnings per Share	$1.71	$2.38	$5.41	$6.38	$5.12	$2.72	$6.06	$5.08	$3.58	$3.58	$7.18
Weighted Average Basic Shares Outstanding	71.92M	72.48M	36.23M	36.32M	36.31M	73.24M	36.60M	36.77M	36.66M	73.39M	36.57M
Diluted Earnings per Share	$1.69	$2.38	$5.34	$6.31	$5.06	$2.72	$5.98	$5.02	$3.54	$3.58	$7.10
Weighted Average Diluted Shares Outstanding	72.65M	73.33M	36.67M	36.72M	36.78M	74.14M	37.08M	37.19M	37.12M	74.20M	36.95M
Weighted Average Basic & Diluted Shares Outstanding	71.83M	71.77M	36.18M	36.33M	36.32M	36.17M	36.45M	36.77M	36.77M	36.57M	36.57M
Cash Dividends to Common per Share	$0.43	$0.37	$0.75	$0.75	$0.75	$0.13	$0.27	$0.27	$0.27	-	$0.00

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	360	-180	-161	88	-16	-128	-114	206	96	562	27
Net Cash From Operating Activities	-43	-100	-92	-118	82	-105	104	231	124	575	37
Net Cash From Continuing Operating Activities	-43	-100	-92	-118	82	-105	104	231	124	575	37
Net Income / (Loss) Continuing Operations	123	173	196	232	186	199	222	187	131	262	262
Consolidated Net Income / (Loss)	123	173	196	232	186	199	222	187	131	262	262
Depreciation Expense	5.95	6.60	6.55	6.77	6.04	7.76	6.38	5.99	5.21	7.20	5.82
Non-Cash Adjustments To Reconcile Net Income	6.29	4.66	9.03	4.86	6.13	5.87	7.03	-5.65	17	5.16	6.74
Changes in Operating Assets and Liabilities, net	-178	-283	-304	-361	-116	-317	-131	44	-29	300	-238
Net Cash From Investing Activities	-11	-13	-12	-12	-7.77	-8.92	-13	-13	-8.73	-7.40	-6.63
Net Cash From Continuing Investing Activities	-11	-13	-12	-12	-7.77	-8.92	-13	-13	-8.73	-7.40	-6.63
Purchase of Property, Plant & Equipment	-5.59	-7.48	-8.02	-6.90	-6.26	-6.97	-10	-12	-8.90	-7.43	-6.69
Acquisitions	-5.85	-8.10	-3.83	-5.03	-1.59	-2.13	-2.58	-1.28	0.00	-0.12	-0.02
Sale of Property, Plant & Equipment	0.03	0.08	0.05	0.05	0.08	0.09	0.11	0.10	0.13	0.15	0.08
Net Cash From Financing Activities	414	-68	-58	217	-90	-14	-206	-12	-20	-5.50	-3.15
Net Cash From Continuing Financing Activities	414	-68	-58	217	-90	-14	-206	-12	-20	-5.50	-3.15
Repayment of Debt	-7.22	-0.83	-0.43	-269	-6.92	-0.18	-151	-2.04	-0.17	-5.50	-3.15
Repurchase of Common Equity	-45	-40	-30	-	-56	-4.07	-45	-	-10	-	-
Payment of Dividends	-31	-27	-27	-27	-27	-9.84	-9.84	-9.93	-9.93	-	-
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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	7,163	6,353	5,772	4,808	3,864	3,398	3,365	3,251	2,889	2,680
Total Current Assets	6,840	6,128	5,600	4,625	3,726	3,266	3,216	3,067	2,700	2,487
Cash & Equivalents	652	921	862	618	746	319	311	171	132	262
Accounts Receivable	256	267	215	148	99	88	77	79	70	57
Inventories, net	5,729	4,721	4,358	3,734	2,778	2,744	2,743	2,731	2,422	2,098
Prepaid Expenses	203	219	165	125	103	114	84	85	75	70
Plant, Property, & Equipment, net	47	49	39	37	39	51	55	72	33	34
Total Noncurrent Assets	276	176	134	137	100	81	95	112	156	158
Long-Term Investments	29	17	12	5.76	4.35	4.44	17	17	17	11
Noncurrent Deferred & Refundable Income Taxes	55	48	45	41	36	26	26	35	53	59
Other Noncurrent Operating Assets	192	111	77	91	60	51	51	60	86	88
Total Liabilities & Shareholders' Equity	7,163	6,353	5,772	4,808	3,864	3,398	3,365	3,251	2,889	2,680
Total Liabilities	2,021	1,741	1,822	1,763	1,517	1,424	1,645	1,674	1,467	1,421
Total Current Liabilities	685	733	672	553	496	405	335	356	340	304
Accounts Payable	212	272	273	216	175	155	128	141	141	106
Accrued Expenses	452	425	361	337	296	226	178	181	171	161
Other Current Liabilities	21	37	38	-	25	24	29	-	-	-
Total Noncurrent Liabilities	1,336	1,008	1,151	1,210	1,020	1,019	1,310	1,319	1,127	1,117
Long-Term Debt	1,307	995	1,144	1,142	997	996	1,295	1,266	1,095	1,093
Other Noncurrent Operating Liabilities	29	14	7.06	67	23	23	15	52	32	24
Total Equity & Noncontrolling Interests	5,142	4,612	3,950	3,044	2,348	1,974	1,721	1,577	1,421	1,259
Total Preferred & Common Equity	5,142	4,612	3,950	3,044	2,348	1,974	1,721	1,577	1,421	1,259
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	5,142	4,612	3,950	3,044	2,348	1,974	1,721	1,577	1,421	1,259
Common Stock	143	291	328	415	456	506	502	585	573	560
Retained Earnings	4,998	4,321	3,621	2,629	1,892	1,468	1,219	992	849	699

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

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

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

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

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

Frequently Asked Questions About Meritage Homes' Financials

When does Meritage Homes's financial year end?

According to the most recent income statement we have on file, Meritage Homes' fiscal year ends in December. Their fiscal 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. Check out Meritage Homes' forecast to explore projected trends and price targets.

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 5/29/2025 by MarketBeat.com Staff

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Meritage Homes (MTH) Financials

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