NYSE · Financial Statements

Meritage Homes Corporation (MTH) Financial Statements

$64.19 NYSE: MTH Market Cap $4.18B

Meritage Homes Corporation most recently reported annual revenue of $5.9B, net profit of $453.0M. Revenue grew at an average annual rate of 5.4% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Meritage Homes Corporation: Revenue rose from $3.0B in 2016 to $5.9B in 2025, a change of +92.6% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 7.2% to 9.2%, a shift of +2.0 percentage points; the most recent year shows net profit of $453.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$3.0B$3.2B$3.5B$3.7B$4.5B$5.1B$6.3B$6.1B$6.4B$5.9B
Operating Expenses$2.8B$3.0B$3.2B$3.4B$3.9B$4.2B$5.0B$5.2B$5.4B$5.3B
Operating Profit$218.0M$250.0M$280.0M$315.0M$554.0M$971.0M$1.3B$902.0M$958.0M$537.0M
Operating Margin7.2%7.7%7.9%8.6%12.3%18.9%20.4%14.7%15.0%9.2%
Other Income$0$-2.0M$4.0M$-12.0M$-20.0M$-16.0M$3.0M$47.0M$45.0M$47.0M
Interest$5.0M$4.0M$1.0M$8.0M$2.0M$0$0$0$0$0
Depreciation$16.0M$17.0M$27.0M$28.0M$31.0M$26.0M$25.0M$25.0M$26.0M$25.0M
Profit Before Tax$218.0M$248.0M$283.0M$303.0M$534.0M$955.0M$1.3B$949.0M$1.0B$585.0M
Tax$31.4M$42.1M$19.7M$17.6M$20.6M$22.8M$23.1M$22.2M$21.6M$22.5M
Net Profit$150.0M$143.0M$227.0M$250.0M$423.0M$737.0M$992.0M$739.0M$786.0M$453.0M
EPS$1.78$1.71$2.79$3.21$5.50$9.65$13.37$9.97$10.72$6.40
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$1.6B$1.7B$1.5B$1.7B$1.6B$1.6B$1.4B$1.6B$1.4B$1.4B$1.1B$1.5B
Operating Expenses$1.3B$1.4B$1.3B$1.4B$1.4B$1.4B$1.2B$1.5B$1.3B$1.3B$1.1B$1.3B
Operating Profit$273.0M$246.0M$225.0M$286.0M$239.0M$208.0M$151.0M$182.0M$120.0M$86.0M$65.0M$184.0M
Operating Margin16.9%14.8%15.3%16.8%15.0%12.8%11.0%11.2%8.4%6.0%5.8%12.5%
Interest$0$0$0$0$0$0$0$0$0$0$1.0M$2.0M
Profit Before Tax$286.0M$259.0M$234.0M$297.0M$250.0M$222.0M$160.0M$193.0M$128.0M$103.0M$73.0M$121.0M
Tax$22.4M$23.2M$20.5M$22.1M$21.6M$22.1M$23.3M$23.9M$22.6M$18.5M$23.7M$24.8M
Net Profit$222.0M$199.0M$186.0M$232.0M$196.0M$173.0M$123.0M$147.0M$99.0M$84.0M$55.0M$91.0M
EPS$2.99$2.69$2.53$3.16$2.67$2.36$1.69$2.04$1.39$1.20$0.82$1.37

Over the 10 years reported for Meritage Homes Corporation, borrowings increased from $1.1B in 2016 to $1.9B in 2025, cash stood at $775.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 12.11 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$2.9B$3.3B$3.4B$3.4B$3.9B$4.8B$5.8B$6.4B$7.2B$7.7B
Current Assets$2.7B$3.0B$3.2B$459.0M$3.7B$4.6B$5.5B$6.0B$6.8B$7.2B
Cash$132.0M$171.0M$311.0M$319.0M$746.0M$618.0M$862.0M$921.0M$652.0M$775.0M
Inventory$2.4B$2.7B$2.7B$2.7B$2.8B$3.8B$4.4B$4.7B$5.7B$6.0B
Receivables$70.0M$79.0M$77.0M$88.0M$99.0M$148.0M$215.0M$267.0M$256.0M$307.0M
Fixed Assets$33.0M$34.0M$55.0M$51.0M$39.0M$58.0M$39.0M$49.0M$47.0M$104.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$17.0M$17.0M$17.0M$4.0M$4.0M$6.0M$12.0M$17.0M$29.0M$57.0M
Other Assets$33.0M$33.0M$33.0M$0$0$33.0M$33.0M$33.0M$33.0M$33.0M
Total Liabilities$1.5B$1.7B$1.6B$1.4B$1.5B$1.8B$1.8B$1.7B$2.0B$2.5B
Current Liabilities$340.0M$356.0M$335.0M$349.0M$444.0M$543.0M$613.0M$642.0M$597.0M$598.0M
Borrowings$1.1B$1.3B$1.3B$1.1B$1.1B$1.2B$1.2B$1.1B$1.4B$1.9B
Other Liabilities$340.0M$391.0M$335.0M$337.0M$440.0M$577.0M$649.0M$679.0M$629.0M$567.0M
Equity$0$0$0$0$0$0$0$0$0$1.0M
Reserves$1.4B$1.6B$1.7B$2.0B$2.3B$3.0B$4.0B$4.6B$5.1B$5.2B

For Meritage Homes Corporation, operating cash flow was positive in 6 of 10 reported years; free cash flow in the latest year was $93.0M; free cash flow was positive in 6 of 10 years; financing activities used $295.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-103.0M$-87.0M$262.0M$347.0M$530.0M$-152.0M$405.0M$356.0M$-228.0M$118.0M
Investing Cash Flow$-37.0M$-35.0M$-67.0M$-38.0M$-38.0M$-52.0M$-59.0M$-82.0M$-73.0M$-83.0M
Financing Cash Flow$-1.0M$-4.0M$-100.0M$-16.0M$-70.0M$-67.0M$-109.0M$-59.0M$-205.0M$-295.0M
Net Cash Flow$-131.0M$39.0M$141.0M$8.0M$426.0M$-127.0M$243.0M$60.0M$-270.0M$124.0M
Free Cash Flow$-120.0M$-105.0M$229.0M$322.0M$510.0M$-178.0M$378.0M$317.0M$-256.0M$93.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.29
EV / EBITDA10.50
FCF Yield9.74%
Quick Ratio1.71
Interest Coverage164.31
Return 1Y-6.29%
Return 3Y10.92%
Return 5Y34.57%

Meritage Homes Corporation (MTH) financials — frequently asked questions

What is Meritage Homes Corporation's annual revenue?

Meritage Homes Corporation (MTH) reported annual revenue of $5.9B in its most recent fiscal year.

What is Meritage Homes Corporation's net profit?

Meritage Homes Corporation (MTH) reported net profit of $453.0M in its most recent fiscal year.

What is MTH EV/EBITDA?

Meritage Homes Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 10.50.

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