Meritage Homes (MTH) Financials

$64.03 +0.35 (+0.54%)

As of 02:49 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	129	169	143	227	250	423	737	992	739	786	453
Consolidated Net Income / (Loss)	129	169	143	227	250	423	737	992	739	786	453
Net Income / (Loss) Continuing Operations	129	169	143	227	250	423	737	992	739	786	453
Total Pre-Tax Income	189	218	248	283	303	534	955	1,289	949	1,003	585
Total Operating Income	206	199	245	274	307	529	968	1,287	902	958	540
Total Gross Profit	489	553	591	654	700	976	1,435	1,803	1,519	1,598	1,157
Total Revenue	2,593	3,042	3,257	3,545	3,678	4,501	5,147	6,298	6,138	6,393	5,861
Operating Revenue	2,579	3,042	3,227	3,529	3,667	4,501	5,141	6,292	6,138	6,395	5,858
Other Revenue	13	-	30	16	11	5.09	6.01	5.95	-0.66	-2.10	2.98
Total Cost of Revenue	2,085	2,504	2,666	2,891	2,978	3,530	3,712	4,495	4,619	4,795	4,704
Operating Cost of Revenue	2,085	2,504	2,666	2,891	2,978	3,530	3,712	4,495	4,619	4,795	4,704
Total Operating Expenses	302	339	346	380	393	447	467	516	617	640	616
Selling, General & Admin Expense	113	124	124	138	146	159	181	193	232	231	212
Marketing Expense	188	215	222	242	247	288	285	323	385	409	404
Total Other Income / (Expense), net	-17	38	4.93	10	-4.43	4.49	-14	2.67	47	45	44
Interest Expense	16	5.17	3.85	0.79	14	2.18	19	0.04	0.91	0.63	0.00
Other Income / (Expense), net	-0.95	4.95	8.78	11	9.58	6.66	4.86	2.71	48	45	44
Income Tax Expense	61	69	104	56	53	110	217	297	211	217	132
Basic Earnings per Share	$3.25	$3.74	$3.56	$5.67	$6.55	$11.23	$19.61	$13.52	$10.09	$10.85	$6.40
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	70.82M
Diluted Earnings per Share	$3.09	$3.55	$3.41	$5.58	$6.42	$11.00	$19.29	$13.37	$9.96	$10.72	$6.35
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	71.35M
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	66.80M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	-	$0.43

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	222	199	186	232	196	173	123	147	99	84	55
Consolidated Net Income / (Loss)	222	199	186	232	196	173	123	147	99	84	55
Net Income / (Loss) Continuing Operations	222	199	186	232	196	173	123	147	99	84	55
Total Pre-Tax Income	286	259	234	297	250	222	160	193	128	103	73
Total Operating Income	273	246	225	286	239	208	151	182	120	87	66
Total Gross Profit	436	422	377	444	396	380	302	346	272	236	197
Total Revenue	1,622	1,663	1,471	1,702	1,595	1,624	1,365	1,634	1,424	1,437	1,124
Operating Revenue	1,619	1,660	1,475	1,702	1,597	1,622	1,365	1,633	1,424	1,436	1,123
Other Revenue	2.46	2.42	-4.04	0.45	-1.26	2.76	0.67	0.84	0.33	1.13	0.83
Total Cost of Revenue	1,186	1,241	1,093	1,258	1,199	1,244	1,063	1,288	1,153	1,200	927
Operating Cost of Revenue	1,186	1,241	1,093	1,258	1,199	1,244	1,063	1,288	1,153	1,200	927
Total Operating Expenses	162	176	152	158	157	173	152	164	152	149	131
Selling, General & Admin Expense	63	69	51	53	59	68	57	55	52	48	51
Marketing Expense	99	107	102	105	98	105	95	109	100	101	79
Total Other Income / (Expense), net	12	13	9.02	11	11	14	9.50	11	8.13	16	6.38
Interest Expense	0.91	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.59
Other Income / (Expense), net	13	13	9.02	11	11	14	9.50	11	8.13	16	6.96
Income Tax Expense	64	60	48	66	54	49	37	46	29	19	17
Basic Earnings per Share	$6.06	$2.72	$2.56	$3.19	$2.70	$2.38	$1.71	$2.06	$1.40	$1.19	$0.82
Weighted Average Basic Shares Outstanding	36.60M	73.24M	72.62M	72.64M	72.45M	72.48M	71.92M	71.46M	70.68M	70.82M	67.37M
Diluted Earnings per Share	$5.98	$2.72	$2.53	$3.15	$2.67	$2.38	$1.69	$2.04	$1.39	$1.19	$0.82
Weighted Average Diluted Shares Outstanding	37.08M	74.14M	73.56M	73.44M	73.34M	73.33M	72.65M	71.90M	71.19M	71.35M	67.81M
Weighted Average Basic & Diluted Shares Outstanding	36.45M	36.17M	36.32M	36.33M	36.18M	71.77M	71.83M	71.16M	70.41M	66.80M	66.70M
Cash Dividends to Common per Share	$0.27	$0.13	-	-	-	$0.37	$0.43	$0.43	$0.43	$0.41	$0.48

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	159	-131	39	141	8.00	426	-127	243	60	-270	124
Net Cash From Operating Activities	-3.34	-103	-87	262	347	530	-152	405	356	-228	118
Net Cash From Continuing Operating Activities	-3.34	-103	-87	262	347	530	-152	405	356	-228	118
Net Income / (Loss) Continuing Operations	129	150	143	227	250	423	737	992	739	786	453
Consolidated Net Income / (Loss)	129	150	143	227	250	423	737	992	739	786	453
Depreciation Expense	14	16	17	27	28	31	26	25	25	26	25
Non-Cash Adjustments To Reconcile Net Income	14	13	12	17	27	19	39	22	29	31	66
Changes in Operating Assets and Liabilities, net	-160	-282	-259	-9.08	42	57	-954	-634	-437	-1,071	-426
Net Cash From Investing Activities	-16	-20	-17	-34	-13	-18	-27	-32	-44	-44	-58
Net Cash From Continuing Investing Activities	-16	-20	-17	-34	-13	-18	-27	-32	-44	-44	-58
Purchase of Property, Plant & Equipment	-16	-17	-18	-33	-24	-20	-26	-27	-38	-29	-26
Acquisitions	-0.48	-7.24	-0.67	-0.81	-1.11	-0.01	-1.71	-5.80	-5.99	-19	-33
Purchase of Investments	-1.56	-0.75	-1.40	-1.18	-0.75	-2.49	-2.80	-1.03	-0.75	-0.75	-1.75
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	0.25
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	2.25
Net Cash From Financing Activities	179	-7.00	143	-88	-325	-86	52	-130	-252	1.98	63
Net Cash From Continuing Financing Activities	179	-7.00	143	-88	-325	-86	52	-130	-252	1.98	63
Repayment of Debt	-26	-6.27	-142	-194	-309	-16	-337	-20	-154	-277	-18
Repurchase of Common Equity	-	0.00	0.00	-100	-16	-70	-61	-109	-59	-126	-295
Payment of Dividends	-	-	-	-	-	-	0.00	0.00	-40	-109	-121
Issuance of Debt	200	0.00	285	206	0.00	0.00	450	0.00	0.00	575	497
Other Financing Activities, net	4.93	-0.72	-	-	-	-	-	0.00	0.00	-62	0.00

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-114	-128	-16	88	-161	-180	360	-81	-202	46	-8.53
Net Cash From Operating Activities	104	-105	82	-118	-92	-100	-43	14	-97	244	101
Net Cash From Continuing Operating Activities	104	-105	82	-118	-92	-100	-43	14	-97	244	101
Net Income / (Loss) Continuing Operations	222	199	186	232	196	173	123	147	99	84	55
Consolidated Net Income / (Loss)	222	199	186	232	196	173	123	147	99	84	55
Depreciation Expense	6.38	7.76	6.04	6.77	6.55	6.60	5.95	6.66	5.99	6.68	5.37
Non-Cash Adjustments To Reconcile Net Income	7.03	5.87	6.13	4.86	9.03	4.66	7.72	3.59	15	41	9.68
Changes in Operating Assets and Liabilities, net	-131	-317	-116	-361	-304	-283	-179	-143	-217	112	31
Net Cash From Investing Activities	-13	-8.92	-7.77	-12	-12	-13	-11	-10	-19	-17	-7.73
Net Cash From Continuing Investing Activities	-13	-8.92	-7.77	-12	-12	-13	-11	-10	-19	-17	-7.73
Purchase of Property, Plant & Equipment	-10	-6.97	-6.26	-6.90	-8.02	-7.48	-5.59	-6.77	-7.79	-5.58	-4.31
Acquisitions	-2.58	-2.13	-1.59	-5.03	-3.83	-8.10	-5.85	-3.53	-12	-12	-3.52
Sale of Property, Plant & Equipment	0.11	0.09	0.08	0.05	0.05	0.08	0.03	0.10	0.06	0.07	0.09
Net Cash From Financing Activities	-206	-14	-90	217	-58	-68	414	-85	-86	-181	-102
Net Cash From Continuing Financing Activities	-206	-14	-90	217	-58	-68	414	-85	-86	-181	-102
Repayment of Debt	-151	-0.18	-6.92	-269	-0.43	-0.83	-7.22	-9.10	-0.31	-1.48	-0.03
Repurchase of Common Equity	-45	-4.07	-56	-	-30	-40	-45	-45	-55	-150	-130
Payment of Dividends	-9.84	-9.84	-27	-27	-27	-27	-31	-31	-30	-29	-32
Issuance of Debt	-	-	0.00	-	-	-	497	-	-	-	0.00
Other Financing Activities, net	-	-	-	-	-	-	0.00	-	-	-	60

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	2025
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	12/31/2025
Total Assets	2,680	2,889	3,251	3,365	3,398	3,864	4,808	5,772	6,353	7,163	7,622
Total Current Assets	2,487	2,700	3,067	3,216	3,266	3,726	4,625	5,600	6,128	6,840	7,291
Cash & Equivalents	262	132	171	311	319	746	618	862	921	652	775
Accounts Receivable	57	70	79	77	88	99	148	215	267	256	307
Inventories, net	2,098	2,422	2,731	2,743	2,744	2,778	3,734	4,358	4,721	5,729	5,987
Prepaid Expenses	70	75	85	84	114	103	125	165	219	203	222
Plant, Property, & Equipment, net	34	33	72	55	51	39	37	39	49	47	47
Total Noncurrent Assets	158	156	112	95	81	100	137	134	176	276	285
Long-Term Investments	11	17	17	17	4.44	4.35	5.76	12	17	29	57
Noncurrent Deferred & Refundable Income Taxes	59	53	35	26	26	36	41	45	48	55	53
Other Noncurrent Operating Assets	88	86	60	51	51	60	91	77	111	192	174
Total Liabilities & Shareholders' Equity	2,680	2,889	3,251	3,365	3,398	3,864	4,808	5,772	6,353	7,163	7,622
Total Liabilities	1,421	1,467	1,674	1,645	1,424	1,517	1,763	1,822	1,741	2,021	2,427
Total Current Liabilities	304	340	356	335	405	496	553	672	733	685	598
Accounts Payable	106	141	141	128	155	175	216	273	272	212	201
Accrued Expenses	161	171	181	178	226	296	337	361	425	452	388
Other Current Liabilities	-	-	-	29	24	25	-	38	37	21	9.21
Total Noncurrent Liabilities	1,117	1,127	1,319	1,310	1,019	1,020	1,210	1,151	1,008	1,336	1,829
Long-Term Debt	1,093	1,095	1,266	1,295	996	997	1,142	1,144	995	1,307	1,805
Other Noncurrent Operating Liabilities	24	32	52	15	23	23	67	7.06	14	29	24
Total Equity & Noncontrolling Interests	1,259	1,421	1,577	1,721	1,974	2,348	3,044	3,950	4,612	5,142	5,196
Total Preferred & Common Equity	1,259	1,421	1,577	1,721	1,974	2,348	3,044	3,950	4,612	5,142	5,196
Preferred Stock	0.00	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	5,196
Common Stock	560	573	585	502	506	456	415	328	291	143	0.68
Retained Earnings	699	849	992	1,219	1,468	1,892	2,629	3,621	4,321	4,998	5,195

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	5,571	5,871	6,066	6,182	6,489	6,924	7,103	7,700	7,756	7,759	7,555
Total Current Assets	5,391	5,708	5,890	5,977	6,253	6,637	6,779	7,313	7,401	7,419	7,230
Cash & Equivalents	299	957	1,163	1,049	905	993	832	1,012	930	729	767
Accounts Receivable	193	209	210	229	243	258	287	262	271	322	281
Inventories, net	4,726	4,355	4,349	4,501	4,915	5,175	5,457	5,801	5,964	6,141	5,962
Prepaid Expenses	172	186	168	198	190	211	204	239	237	228	221
Plant, Property, & Equipment, net	39	42	47	51	48	47	47	47	46	48	46
Total Noncurrent Assets	141	122	128	154	189	240	277	340	308	291	278
Long-Term Investments	11	11	12	15	19	24	18	31	35	46	61
Noncurrent Deferred & Refundable Income Taxes	41	45	45	46	47	60	51	54	52	47	51
Other Noncurrent Operating Assets	88	66	71	94	123	157	207	255	221	198	166
Total Liabilities & Shareholders' Equity	5,571	5,871	6,066	6,182	6,489	6,924	7,103	7,700	7,756	7,759	7,555
Total Liabilities	1,889	1,804	1,817	1,761	1,769	2,041	2,074	2,505	2,487	2,471	2,461
Total Current Liabilities	734	605	612	755	767	728	759	670	659	642	620
Accounts Payable	322	264	276	294	306	300	287	230	242	218	200
Accrued Expenses	354	342	336	413	418	389	440	423	406	415	409
Other Current Liabilities	58	-	-	48	43	39	32	18	11	9.42	11
Total Noncurrent Liabilities	1,156	1,199	1,205	1,005	1,002	1,313	1,314	1,835	1,828	1,829	1,841
Long-Term Debt	1,143	1,144	1,144	994	995	1,304	1,305	1,800	1,802	1,803	1,806
Other Noncurrent Operating Liabilities	12	55	61	11	6.60	9.71	9.31	35	26	26	35
Total Equity & Noncontrolling Interests	3,682	4,067	4,248	4,421	4,721	4,883	5,030	5,195	5,269	5,288	5,094
Total Preferred & Common Equity	3,682	4,067	4,248	4,421	4,721	4,883	5,030	5,195	5,269	5,288	5,094
Preferred Stock	0.00	0.00	0.00	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	5,269	5,288	5,094
Common Stock	323	324	329	289	241	199	177	105	63	12	0.67
Retained Earnings	3,359	3,743	3,920	4,132	4,479	4,684	4,852	5,090	5,206	5,275	5,093

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.35%	17.33%	7.07%	8.84%	3.75%	22.39%	14.35%	22.36%	-2.55%	4.16%	-8.33%
EBITDA Growth	-2.45%	0.23%	22.84%	15.36%	10.54%	64.35%	76.36%	31.47%	-25.75%	5.51%	-40.76%
EBIT Growth	-3.82%	-0.60%	24.27%	12.33%	11.20%	69.03%	81.68%	32.47%	-26.29%	5.59%	-41.74%
NOPAT Growth	-0.74%	-2.56%	3.77%	55.00%	15.27%	65.77%	78.13%	32.37%	-29.09%	7.00%	-44.25%
Net Income Growth	-9.49%	30.95%	-15.02%	58.69%	9.82%	69.62%	74.14%	34.54%	-25.54%	6.42%	-42.38%
EPS Growth	-10.69%	14.89%	-3.94%	63.64%	15.05%	71.34%	75.36%	34.54%	-25.54%	6.42%	-40.76%
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%	151.98%
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%	105.36%
Invested Capital Growth	9.40%	13.92%	12.15%	1.19%	-1.52%	-1.94%	36.99%	18.71%	10.62%	23.56%	6.94%
Revenue Q/Q Growth	3.31%	2.86%	2.63%	1.99%	3.47%	6.29%	1.80%	8.51%	-5.22%	-0.60%	-3.10%
EBITDA Q/Q Growth	6.59%	-9.15%	12.26%	5.49%	7.31%	14.74%	12.87%	2.46%	-7.82%	-3.60%	-16.25%
EBIT Q/Q Growth	6.81%	-10.02%	13.12%	4.92%	7.69%	15.68%	13.56%	2.44%	-8.07%	-3.58%	-16.85%
NOPAT Q/Q Growth	3.07%	-10.67%	-1.98%	25.16%	13.14%	10.31%	13.06%	2.40%	-9.16%	-3.49%	-17.71%
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%	-16.36%
EPS Q/Q Growth	1.98%	-1.11%	-9.79%	22.37%	14.23%	13.17%	13.47%	2.57%	-7.92%	-3.23%	-17.10%
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%	152.58%
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%	105.80%
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%	-2.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.85%	18.18%	18.14%	18.45%	19.04%	21.68%	27.88%	28.63%	24.75%	25.00%	19.74%
EBITDA Margin	8.47%	7.24%	8.30%	8.80%	9.38%	12.59%	19.42%	20.87%	15.90%	16.10%	10.41%
Operating Margin	7.96%	6.55%	7.52%	7.72%	8.36%	11.75%	18.82%	20.43%	14.70%	14.99%	9.22%
EBIT Margin	7.92%	6.71%	7.79%	8.04%	8.62%	11.90%	18.91%	20.47%	15.48%	15.70%	9.98%
Profit (Net Income) Margin	4.97%	5.54%	4.40%	6.41%	6.79%	9.41%	14.33%	15.75%	12.04%	12.30%	7.73%
Tax Burden Percent	67.95%	77.31%	57.88%	80.26%	82.41%	79.37%	77.23%	76.95%	77.81%	78.39%	77.49%
Interest Burden Percent	92.23%	106.79%	97.54%	99.37%	95.58%	99.59%	98.10%	100.00%	99.90%	99.94%	100.00%
Effective Tax Rate	32.05%	31.42%	42.12%	19.74%	17.59%	20.63%	22.77%	23.05%	22.19%	21.61%	22.51%
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%	7.02%
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%	11.30%
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%	1.75%
Return on Equity (ROE)	10.87%	12.58%	9.56%	13.79%	13.51%	19.60%	27.35%	28.37%	17.26%	16.12%	8.76%
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%	0.31%
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%	7.91%
Return on Assets (ROA)	5.15%	6.05%	4.67%	6.87%	7.38%	11.66%	17.01%	18.76%	12.19%	11.63%	6.13%
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%	8.76%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	140	137	142	220	253	420	748	990	702	751	419
NOPAT Margin	5.41%	4.49%	4.35%	6.20%	6.89%	9.33%	14.53%	15.72%	11.44%	11.75%	7.15%
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%	-4.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	19.44%	12.52%	11.65%	5.98%
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%	80.26%
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%	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%	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%	10.51%
Earnings before Interest and Taxes (EBIT)	205	204	254	285	317	536	973	1,289	950	1,004	585
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	220	220	270	312	345	567	1,000	1,314	976	1,029	610
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	0.89
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	0.89
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	0.79
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	10.23
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.26%	3.90%	2.61%
Earnings Yield	9.72%	12.32%	7.06%	15.76%	10.86%	13.83%	16.48%	30.19%	11.84%	14.13%	9.78%
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	0.91
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	0.96
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	9.19
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	9.59
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	13.38
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	47.38
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	300.08
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	0.35
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	0.35
Financial Leverage	0.68	0.66	0.68	0.62	0.44	0.21	0.14	0.11	0.04	0.07	0.15
Leverage Ratio	2.11	2.08	2.05	2.01	1.83	1.68	1.61	1.51	1.42	1.39	1.43
Compound Leverage Factor	1.95	2.22	2.00	1.99	1.75	1.67	1.58	1.51	1.41	1.38	1.43
Debt to Total Capital	46.48%	43.52%	44.54%	42.95%	33.54%	29.81%	27.29%	22.45%	17.74%	20.26%	25.78%
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	46.48%	43.52%	44.54%	42.95%	33.54%	29.81%	27.29%	22.45%	17.74%	20.26%	25.78%
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	53.52%	56.48%	55.46%	57.05%	66.46%	70.19%	72.71%	77.55%	82.26%	79.74%	74.22%
Debt to EBITDA	4.98	4.97	4.68	4.15	2.89	1.76	1.14	0.87	1.02	1.27	2.96
Net Debt to EBITDA	3.73	4.30	3.99	3.10	1.95	0.44	0.52	0.21	0.06	0.61	1.59
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	2.96
Debt to NOPAT	7.80	8.02	8.93	5.89	3.93	2.37	1.53	1.16	1.42	1.74	4.31
Net Debt to NOPAT	5.84	6.93	7.61	4.40	2.65	0.59	0.69	0.27	0.08	0.83	2.32
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	4.31
Altman Z-Score	3.12	3.24	3.41	3.39	3.97	4.52	5.04	4.81	5.58	5.02	4.18
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	8.19	7.94	8.62	9.61	8.06	7.50	8.36	8.33	8.36	9.98	12.20
Quick Ratio	1.05	0.59	0.70	1.16	1.01	1.70	1.38	1.60	1.62	1.32	1.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-38	-153	-146	188	294	471	-212	325	254	-348	19
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%	464.40%
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	0.00
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	0.00
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	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.04	1.09	1.06	1.07	1.09	1.24	1.19	1.19	1.01	0.95	0.79
Accounts Receivable Turnover	45.46	47.66	43.52	45.27	44.37	48.12	41.83	34.74	25.47	24.44	20.81
Inventory Turnover	1.05	1.11	1.03	1.06	1.09	1.28	1.14	1.11	1.02	0.92	0.80
Fixed Asset Turnover	72.65	90.57	61.63	55.79	69.92	100.54	134.97	165.80	140.15	132.86	124.78
Accounts Payable Turnover	21.94	20.26	18.96	21.52	21.03	21.38	18.97	18.38	16.95	19.81	22.77
Days Sales Outstanding (DSO)	8.03	7.66	8.39	8.06	8.23	7.58	8.73	10.51	14.33	14.94	17.54
Days Inventory Outstanding (DIO)	348.09	329.51	352.74	345.59	336.30	285.48	320.18	328.55	358.77	397.76	454.54
Days Payable Outstanding (DPO)	16.64	18.01	19.25	16.96	17.36	17.07	19.24	19.86	21.53	18.43	16.03
Cash Conversion Cycle (CCC)	339.48	319.16	341.88	336.69	327.17	275.99	309.67	319.19	351.57	394.27	456.05
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	6,168
Invested Capital Turnover	1.30	1.37	1.30	1.33	1.38	1.72	1.67	1.62	1.38	1.23	0.98
Increase / (Decrease) in Invested Capital	179	289	288	32	-41	-51	960	665	448	1,100	400
Enterprise Value (EV)	2,144	2,315	3,107	2,408	2,972	3,308	4,993	3,557	6,297	6,191	5,605
Market Capitalization	1,325	1,369	2,029	1,442	2,300	3,061	4,475	3,286	6,240	5,565	4,633
Book Value per Share	$31.74	$35.52	$39.10	$43.06	$51.54	$62.42	$81.59	$108.00	$126.53	$142.11	$73.79
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	$73.79
Total Capital	2,352	2,517	2,843	3,016	2,970	3,345	4,187	5,093	5,607	6,448	7,000
Total Debt	1,093	1,095	1,266	1,295	996	997	1,142	1,144	995	1,307	1,805
Total Long-Term Debt	1,093	1,095	1,266	1,295	996	997	1,142	1,144	995	1,307	1,805
Net Debt	820	946	1,079	966	672	247	518	270	56	626	972
Capital Expenditures (CapEx)	16	16	18	33	24	19	25	26	38	28	25
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	5,918
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	6,693
Net Working Capital (NWC)	2,184	2,360	2,711	2,881	2,861	3,229	4,072	4,928	5,395	6,155	6,693
Net Nonoperating Expense (NNE)	11	-32	-1.48	-7.57	3.65	-3.56	11	-2.06	-37	-35	-34
Net Nonoperating Obligations (NNO)	820	946	1,079	966	672	247	510	270	56	626	972
Total Depreciation and Amortization (D&A)	14	16	17	27	28	31	26	25	25	26	25
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%	100.98%
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%	114.21%
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%	114.21%
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	$6.40
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	70.82M
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	$6.35
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	71.35M
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	$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	66.80M
Normalized Net Operating Profit after Tax (NOPAT)	140	137	142	220	253	420	748	990	702	751	419
Normalized NOPAT Margin	5.41%	4.49%	4.35%	6.20%	6.89%	9.33%	14.53%	15.72%	11.44%	11.75%	7.15%
Pre Tax Income Margin	7.31%	7.17%	7.60%	7.99%	8.24%	11.85%	18.55%	20.47%	15.47%	15.69%	9.98%
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	0.00
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	0.00
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	0.00
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	0.00
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%	26.73%
Augmented Payout Ratio	0.00%	0.00%	0.00%	43.99%	6.42%	16.43%	8.27%	11.02%	13.35%	29.83%	91.85%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	66,800,664.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	66,800,664.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.83
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.27%	-16.89%	14.43%	8.59%	-1.63%	-2.31%	-7.17%	-4.01%	-10.72%	-11.55%	-17.65%
EBITDA Growth	-12.61%	-23.70%	40.78%	24.13%	-12.47%	-14.43%	-30.80%	-34.47%	-47.66%	-51.87%	-52.75%
EBIT Growth	-13.00%	-24.36%	41.57%	24.41%	-12.81%	-14.41%	-31.56%	-35.21%	-48.69%	-53.45%	-54.35%
NOPAT Growth	-19.21%	-27.23%	43.91%	26.18%	-11.56%	-14.37%	-35.41%	-37.86%	-50.42%	-55.95%	-56.33%
Net Income Growth	-15.52%	-24.21%	41.67%	23.93%	-11.63%	-13.18%	-33.98%	-36.57%	-49.33%	-51.33%	-54.96%
EPS Growth	-15.77%	-24.21%	42.94%	25.70%	-10.70%	-13.18%	-33.20%	-35.24%	-47.94%	-50.00%	-51.48%
Operating Cash Flow Growth	181.50%	-118.17%	-34.18%	-150.97%	-188.28%	4.74%	-151.97%	111.62%	-4.91%	344.74%	337.95%
Free Cash Flow Firm Growth	144.07%	36.03%	-8.44%	-425.51%	-352.29%	-261.59%	-182.35%	-9.28%	21.96%	64.93%	93.27%
Invested Capital Growth	-3.61%	10.62%	12.94%	22.60%	26.04%	23.56%	24.22%	18.11%	15.15%	6.94%	2.03%
Revenue Q/Q Growth	3.44%	2.54%	-11.55%	15.76%	-6.30%	1.83%	-15.96%	19.70%	-12.85%	0.89%	-21.75%
EBITDA Q/Q Growth	19.35%	-9.01%	-9.97%	26.96%	-15.84%	-11.04%	-27.20%	20.24%	-32.79%	-18.19%	-28.53%
EBIT Q/Q Growth	19.67%	-9.69%	-9.60%	27.34%	-16.13%	-11.35%	-27.71%	20.54%	-33.57%	-19.58%	-29.11%
NOPAT Q/Q Growth	19.97%	-10.93%	-5.34%	24.74%	-15.91%	-13.76%	-28.59%	20.00%	-32.91%	-23.37%	-29.21%
Net Income Q/Q Growth	18.69%	-10.33%	-6.45%	24.48%	-15.37%	-11.90%	-28.87%	19.60%	-32.40%	-15.37%	-34.18%
EPS Q/Q Growth	19.12%	-10.33%	-6.12%	24.70%	-15.37%	-11.90%	-28.99%	20.71%	-31.86%	-14.39%	-31.09%
Operating Cash Flow Q/Q Growth	-54.97%	-200.30%	178.39%	-243.96%	22.00%	-8.23%	57.24%	132.18%	-804.40%	352.48%	-58.42%
Free Cash Flow Firm Q/Q Growth	67.21%	-169.19%	-42.68%	-97.19%	-29.60%	0.83%	-11.41%	23.68%	7.45%	55.44%	78.62%
Invested Capital Q/Q Growth	3.20%	7.27%	2.64%	7.89%	6.10%	5.16%	3.19%	2.58%	3.45%	-2.34%	-1.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.86%	25.38%	25.65%	26.10%	24.85%	23.41%	22.15%	21.19%	19.07%	16.45%	17.52%
EBITDA Margin	18.07%	16.03%	16.32%	17.90%	16.08%	14.05%	12.17%	12.22%	9.43%	7.64%	6.98%
Operating Margin	16.85%	14.79%	15.30%	16.83%	15.00%	12.78%	11.04%	11.15%	8.43%	6.09%	5.88%
EBIT Margin	17.68%	15.57%	15.91%	17.50%	15.67%	13.64%	11.73%	11.81%	9.01%	7.18%	6.50%
Profit (Net Income) Margin	13.67%	11.96%	12.65%	13.60%	12.28%	10.63%	8.99%	8.99%	6.97%	5.85%	4.92%
Tax Burden Percent	77.61%	76.82%	79.49%	77.87%	78.41%	77.92%	76.68%	76.08%	77.43%	81.48%	76.26%
Interest Burden Percent	99.68%	100.00%	100.00%	99.79%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.20%
Effective Tax Rate	22.39%	23.18%	20.51%	22.13%	21.59%	22.08%	23.32%	23.92%	22.57%	18.52%	23.74%
Return on Invested Capital (ROIC)	19.11%	15.69%	17.02%	18.03%	15.38%	12.20%	9.90%	9.36%	6.69%	4.87%	4.19%
ROIC Less NNEP Spread (ROIC-NNEP)	21.63%	21.77%	22.85%	24.65%	19.72%	15.39%	11.66%	10.83%	7.54%	6.47%	4.75%
Return on Net Nonoperating Assets (RNNOA)	2.04%	0.83%	0.64%	0.69%	0.80%	1.08%	0.97%	1.20%	1.08%	1.00%	0.80%
Return on Equity (ROE)	21.14%	16.52%	17.66%	18.72%	16.18%	13.28%	10.88%	10.56%	7.78%	5.87%	5.00%
Cash Return on Invested Capital (CROIC)	21.11%	5.71%	4.60%	-3.19%	-7.22%	-6.68%	-8.79%	-5.90%	-5.46%	0.31%	3.87%
Operating Return on Assets (OROA)	19.48%	15.76%	16.28%	17.40%	15.17%	12.90%	10.40%	10.01%	7.33%	5.69%	4.79%
Return on Assets (ROA)	15.07%	12.11%	12.94%	13.52%	11.89%	10.05%	7.97%	7.62%	5.67%	4.64%	3.62%
Return on Common Equity (ROCE)	21.14%	16.52%	17.66%	18.72%	16.18%	13.28%	10.88%	10.56%	7.78%	5.87%	5.00%
Return on Equity Simple (ROE_SIMPLE)	18.15%	0.00%	16.81%	17.17%	16.15%	0.00%	13.92%	12.11%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	212	189	179	223	188	162	116	139	93	71	50
NOPAT Margin	13.08%	11.36%	12.16%	13.10%	11.76%	9.96%	8.46%	8.48%	6.53%	4.96%	4.49%
Net Nonoperating Expense Percent (NNEP)	-2.53%	-6.07%	-5.82%	-6.62%	-4.34%	-3.19%	-1.76%	-1.47%	-0.85%	-1.60%	-0.56%
Return On Investment Capital (ROIC_SIMPLE)	-	3.37%	-	-	-	2.51%	1.65%	1.96%	1.31%	1.02%	0.73%
Cost of Revenue to Revenue	73.14%	74.62%	74.35%	73.90%	75.15%	76.59%	77.85%	78.81%	80.93%	83.55%	82.48%
SG&A Expenses to Revenue	3.89%	4.15%	3.45%	3.12%	3.71%	4.17%	4.17%	3.38%	3.64%	3.33%	4.57%
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	10.00%	10.59%	10.35%	9.27%	9.85%	10.63%	11.11%	10.04%	10.64%	10.36%	11.64%
Earnings before Interest and Taxes (EBIT)	287	259	234	298	250	222	160	193	128	103	73
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	293	267	240	305	256	228	166	200	134	110	78
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.00	1.35	1.35	1.20	1.48	1.08	0.98	0.91	0.97	0.89	0.81
Price to Tangible Book Value (P/TBV)	1.00	1.35	1.35	1.20	1.48	1.08	0.98	0.91	0.97	0.89	0.81
Price to Revenue (P/Rev)	0.68	1.02	1.01	0.91	1.16	0.87	0.81	0.77	0.85	0.79	0.74
Price to Earnings (P/E)	5.53	8.45	8.02	7.01	9.17	7.08	7.04	7.54	9.52	10.23	10.72
Dividend Yield	0.67%	1.26%	0.89%	1.26%	1.23%	3.90%	2.19%	2.40%	2.30%	2.61%	2.86%
Earnings Yield	18.09%	11.84%	12.46%	14.26%	10.91%	14.13%	14.21%	13.27%	10.51%	9.78%	9.33%
Enterprise Value to Invested Capital (EV/IC)	1.00	1.35	1.34	1.19	1.44	1.07	0.98	0.92	0.98	0.91	0.84
Enterprise Value to Revenue (EV/Rev)	0.67	1.03	1.02	0.95	1.23	0.97	0.93	0.91	1.02	0.96	0.91
Enterprise Value to EBITDA (EV/EBITDA)	4.12	6.45	6.16	5.58	7.40	6.01	6.12	6.64	8.49	9.19	9.78
Enterprise Value to EBIT (EV/EBIT)	4.22	6.63	6.32	5.72	7.59	6.17	6.29	6.85	8.79	9.59	10.27
Enterprise Value to NOPAT (EV/NOPAT)	5.65	8.97	8.51	7.68	10.15	8.24	8.49	9.36	12.15	13.38	14.45
Enterprise Value to Operating Cash Flow (EV/OCF)	4.22	17.71	20.57	0.00	0.00	0.00	0.00	0.00	0.00	47.38	19.49
Enterprise Value to Free Cash Flow (EV/FCFF)	4.67	24.81	30.99	0.00	0.00	0.00	0.00	0.00	0.00	300.08	21.94
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.22	0.22	0.21	0.27	0.26	0.25	0.35	0.34	0.34	0.35	0.35
Long-Term Debt to Equity	0.22	0.22	0.21	0.27	0.26	0.25	0.35	0.34	0.34	0.35	0.35
Financial Leverage	0.09	0.04	0.03	0.03	0.04	0.07	0.08	0.11	0.14	0.15	0.17
Leverage Ratio	1.45	1.42	1.41	1.42	1.41	1.39	1.43	1.45	1.44	1.43	1.48
Compound Leverage Factor	1.45	1.42	1.41	1.42	1.41	1.39	1.43	1.45	1.44	1.43	1.47
Debt to Total Capital	18.36%	17.74%	17.41%	21.07%	20.60%	20.26%	25.73%	25.48%	25.43%	25.78%	26.18%
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	18.36%	17.74%	17.41%	21.07%	20.60%	20.26%	25.73%	25.48%	25.43%	25.78%	26.18%
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	81.64%	82.26%	82.59%	78.93%	79.40%	79.74%	74.27%	74.52%	74.57%	74.22%	73.82%
Debt to EBITDA	0.94	1.02	0.95	1.18	1.22	1.27	1.88	2.12	2.48	2.96	3.46
Net Debt to EBITDA	-0.07	0.06	0.07	0.26	0.43	0.61	0.79	0.98	1.41	1.59	1.87
Long-Term Debt to EBITDA	0.94	1.02	0.95	1.18	1.22	1.27	1.88	2.12	2.48	2.96	3.46
Debt to NOPAT	1.29	1.42	1.31	1.62	1.68	1.74	2.62	2.99	3.54	4.31	5.11
Net Debt to NOPAT	-0.09	0.08	0.09	0.36	0.58	0.83	1.10	1.39	2.02	2.32	2.77
Long-Term Debt to NOPAT	1.29	1.42	1.31	1.62	1.68	1.74	2.62	2.99	3.54	4.31	5.11
Altman Z-Score	4.66	5.22	5.23	4.77	5.15	4.65	4.06	4.03	4.09	3.97	3.78
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	7.91	8.36	8.15	9.11	8.93	9.98	10.91	11.22	11.56	12.20	11.67
Quick Ratio	1.69	1.62	1.50	1.72	1.47	1.32	1.90	1.82	1.64	1.81	1.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	375	-259	-370	-730	-946	-938	-1,045	-797	-738	-329	-70
Operating Cash Flow to CapEx	1,044.05%	-1,518.74%	1,325.94%	-1,722.11%	-1,154.71%	-1,345.26%	-765.34%	205.41%	-1,248.84%	4,422.38%	2,404.11%
Free Cash Flow to Firm to Interest Expense	413.30	0.00	0.00	-1,156.49	0.00	0.00	0.00	0.00	0.00	0.00	-119.80
Operating Cash Flow to Interest Expense	114.89	0.00	0.00	-186.92	0.00	0.00	0.00	0.00	0.00	0.00	172.59
Operating Cash Flow Less CapEx to Interest Expense	103.89	0.00	0.00	-197.78	0.00	0.00	0.00	0.00	0.00	0.00	165.41
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.10	1.01	1.02	0.99	0.97	0.95	0.89	0.85	0.81	0.79	0.74
Accounts Receivable Turnover	30.68	25.47	27.94	27.59	24.94	24.44	24.88	23.51	19.87	20.81	20.70
Inventory Turnover	1.06	1.02	1.02	1.00	0.96	0.92	0.89	0.86	0.82	0.80	0.78
Fixed Asset Turnover	143.49	140.15	141.19	137.55	131.18	132.86	132.53	133.70	127.05	124.78	120.75
Accounts Payable Turnover	15.81	16.95	16.54	16.59	16.48	19.81	17.78	17.69	18.79	22.77	21.26
Days Sales Outstanding (DSO)	11.90	14.33	13.06	13.23	14.64	14.94	14.67	15.52	18.37	17.54	17.64
Days Inventory Outstanding (DIO)	345.60	358.77	358.91	363.73	379.32	397.76	410.48	424.03	445.82	454.54	469.92
Days Payable Outstanding (DPO)	23.09	21.53	22.06	21.99	22.15	18.43	20.53	20.63	19.42	16.03	17.17
Cash Conversion Cycle (CCC)	334.42	351.57	349.91	354.97	371.80	394.27	404.62	418.93	444.76	456.05	470.38
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,352	4,668	4,791	5,170	5,485	5,768	5,952	6,106	6,316	6,168	6,073
Invested Capital Turnover	1.46	1.38	1.40	1.38	1.31	1.23	1.17	1.10	1.03	0.98	0.93
Increase / (Decrease) in Invested Capital	-163	448	549	953	1,133	1,100	1,160	936	831	400	121
Enterprise Value (EV)	4,366	6,297	6,438	6,165	7,905	6,191	5,844	5,647	6,182	5,605	5,110
Market Capitalization	4,435	6,240	6,367	5,878	7,450	5,565	5,087	4,810	5,154	4,633	4,131
Book Value per Share	$120.25	$126.53	$130.00	$134.43	$138.46	$142.11	$72.38	$73.36	$74.31	$73.79	$76.25
Tangible Book Value per Share	$120.25	$126.53	$130.00	$134.43	$138.46	$142.11	$72.38	$73.36	$74.31	$73.79	$76.25
Total Capital	5,415	5,607	5,716	6,186	6,335	6,448	6,995	7,071	7,091	7,000	6,900
Total Debt	994	995	995	1,304	1,305	1,307	1,800	1,802	1,803	1,805	1,806
Total Long-Term Debt	994	995	995	1,304	1,305	1,307	1,800	1,802	1,803	1,805	1,806
Net Debt	-69	56	71	287	455	626	757	836	1,029	972	979
Capital Expenditures (CapEx)	9.98	6.88	6.18	6.85	7.97	7.40	5.56	6.67	7.73	5.51	4.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,172	4,474	4,580	4,916	5,188	5,503	5,631	5,812	6,048	5,918	5,844
Debt-free Net Working Capital (DFNWC)	5,221	5,395	5,486	5,909	6,020	6,155	6,643	6,742	6,777	6,693	6,611
Net Working Capital (NWC)	5,221	5,395	5,486	5,909	6,020	6,155	6,643	6,742	6,777	6,693	6,611
Net Nonoperating Expense (NNE)	-9.64	-9.92	-7.17	-8.46	-8.38	-11	-7.28	-8.26	-6.29	-13	-4.86
Net Nonoperating Obligations (NNO)	-69	56	71	287	455	626	757	836	1,029	972	979
Total Depreciation and Amortization (D&A)	6.38	7.76	6.04	6.77	6.55	6.60	5.95	6.66	5.99	6.68	5.37
Debt-free, Cash-free Net Working Capital to Revenue	64.43%	72.89%	72.44%	76.12%	80.67%	86.08%	89.56%	93.44%	100.00%	100.98%	104.00%
Debt-free Net Working Capital to Revenue	80.63%	87.90%	86.76%	91.50%	93.60%	96.27%	105.65%	108.41%	112.06%	114.21%	117.64%
Net Working Capital to Revenue	80.63%	87.90%	86.76%	91.50%	93.60%	96.27%	105.65%	108.41%	112.06%	114.21%	117.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.06	$1.36	$5.12	$6.38	$5.41	$1.19	$1.71	$2.06	$1.40	$1.19	$0.82
Adjusted Weighted Average Basic Shares Outstanding	36.60M	146.48M	36.31M	36.32M	36.23M	144.95M	71.92M	71.46M	70.68M	70.82M	67.37M
Adjusted Diluted Earnings per Share	$5.98	$1.36	$5.06	$6.31	$5.34	$1.19	$1.69	$2.04	$1.39	$1.19	$0.82
Adjusted Weighted Average Diluted Shares Outstanding	37.08M	148.28M	36.78M	36.72M	36.67M	146.66M	72.65M	71.90M	71.19M	71.35M	67.81M
Adjusted Basic & Diluted Earnings per Share	$0.00	$1.36	$0.00	$0.00	$0.00	$1.19	$0.00	$0.00	$0.00	$1.19	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	36.45M	72.34M	36.32M	36.33M	36.18M	143.53M	71.83M	71.16M	70.41M	66.80M	66.70M
Normalized Net Operating Profit after Tax (NOPAT)	212	189	179	223	188	162	116	139	93	71	50
Normalized NOPAT Margin	13.08%	11.36%	12.16%	13.10%	11.76%	9.96%	8.46%	8.48%	6.53%	4.96%	4.49%
Pre Tax Income Margin	17.62%	15.57%	15.91%	17.47%	15.67%	13.64%	11.73%	11.81%	9.01%	7.18%	6.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	316.03	0.00	0.00	472.25	0.00	0.00	0.00	0.00	0.00	0.00	124.55
NOPAT to Interest Expense	233.87	0.00	0.00	353.55	0.00	0.00	0.00	0.00	0.00	0.00	85.94
EBIT Less CapEx to Interest Expense	305.03	0.00	0.00	461.40	0.00	0.00	0.00	0.00	0.00	0.00	117.37
NOPAT Less CapEx to Interest Expense	222.86	0.00	0.00	342.70	0.00	0.00	0.00	0.00	0.00	0.00	78.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.70%	5.35%	7.16%	8.85%	11.26%	13.81%	15.52%	18.11%	21.92%	26.73%	31.70%
Augmented Payout Ratio	10.56%	13.35%	20.40%	21.38%	22.34%	29.83%	31.43%	43.18%	56.08%	91.85%	130.27%

Financials Breakdown Chart

Key Financial Trends

Meritage Homes (NYSE: MTH) shows a mix of margin pressure and revenue variability in 2025, but it also preserves a solid balance sheet and meaningful cash generation in several quarters. Looking at the last four years, the company has maintained a sizeable asset base, generally positive net income, and a healthy liquidity cushion, even as gross margins and quarterly revenue have fluctuated with housing-market cycles.

Strong liquidity throughout 2025: cash and cash equivalents ranged roughly from $0.73B (Q3 2025) to about $1.01B (Q1 2025), providing substantial liquidity headroom.
Positive operating cash flow in multiple quarters: 2025 saw several periods of positive net cash from continuing operating activities (e.g., +$81.9M in Q1 2025, +$13.7M in Q2 2025, +$243.7M in Q4 2025), indicating ongoing cash-generation from core operations.
Manageable leverage vs. equity: total liabilities around $2.0B–$2.6B with total equity around $4.8B–$5.3B across 2025, yielding a conservative debt-to-equity profile (roughly 0.4–0.5x in recent quarters).
Net income remains positive across 2025 quarters: continuing operations produced positive earnings in Q1 (about $122.8M), Q2 (about $146.9M), Q3 (about $99.3M), and Q4 (about $84.0M), supporting cash generation and shareholder value.
Shareholder returns continued via dividends: cash dividends per share were typically around $0.41–$0.43, signaling ongoing per-share returns while financials remain constructive.
2025 gross margin compression vs 2024: gross margin weakened from roughly the mid-20s percent in 2023–2024 to the mid-teens in 2025 (e.g., Q4 2025 gross profit of $236.4M on $1.436B revenue, or about 16.5%), suggesting margin pressure tied to input costs and mix.
Revenue variability tied to housing cycle: quarterly revenue fluctuated in the $1.4B–$1.63B range in 2025, reflecting cyclicality in homebuilding demand rather than a sustained growth trajectory.
Financing activity modestly impacting cash: occasional equity repurchases and modest debt-related moves show liquidity is being used for capital management, not just operations (e.g., selective share repurchases in some quarters).
Profits pressured in late-2025 vs prior-year: Q4 2025 net income attributable to common shareholders was about $84.0M versus $172.6M in Q4 2024, signaling year-over-year profit softness.
Occasional cash-flow volatility from operations: Q3 2025 shows a negative net cash from continuing operating activities, highlighting quarterly cash-flow volatility tied to working capital and cyclicality.

05/21/26 01:00 PM ETAI Generated. May Contain Errors.

Meritage Homes Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Meritage Homes' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Meritage Homes' net income appears to be on an upward trend, with a most recent value of $453.01 million in 2025, rising from $128.74 million in 2015. The previous period was $786.19 million in 2024. See Meritage Homes' forecast for analyst expectations on what's next for the company.

Meritage Homes' total operating income in 2025 was $540.46 million, based on the following breakdown:

Total Gross Profit: $1.16 billion
Total Operating Expenses: $616.17 million

Over the last 10 years, Meritage Homes' total revenue changed from $2.59 billion in 2015 to $5.86 billion in 2025, a change of 126.1%.

Meritage Homes' total liabilities were at $2.43 billion at the end of 2025, a 20.1% increase from 2024, and a 70.8% increase since 2015.

In the past 10 years, Meritage Homes' cash and equivalents has ranged from $131.70 million in 2016 to $921.23 million in 2023, and is currently $775.16 million as of their latest financial filing in 2025.

Over the last 10 years, Meritage Homes' book value per share changed from 31.74 in 2015 to 73.79 in 2025, a change of 132.5%.

Related Companies

Financial statements for NYSE:MTH last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Meritage Homes (MTH) Financials

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Meritage Homes (MTH) Financials

Annual Income Statements for Meritage Homes

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Quarterly Cash Flow Statements for Meritage Homes

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When does Meritage Homes' fiscal year end?

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What is Meritage Homes' operating income?

How has Meritage Homes' revenue changed over the last 10 years?

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How has Meritage Homes' book value per share changed over the last 10 years?

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