Meritage Homes Corporation (MTH) Stock Analysis
Consumer Cyclical · Residential Construction · NYSE
Meritage Homes Corporation (MTH) posted $5.82B in revenue for fiscal 2025 (down 8.5% year over year), at a 7.8% net margin, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Meritage Homes Corporation
Meritage Homes Corporation has grown revenue from $0 to $5.82B over the last 10 fiscal years. The most recent year was down 8.5%.
Net margin sits at 7.8%, down 4.6 points year over year.
At today's valuation the market is pricing in roughly 20.4% annual free-cash-flow growth — versus the -28.9% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is reported earnings run ahead of cash.
Synthesised from Meritage Homes Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
Meritage Homes Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $6.27B | $6.11B | $6.36B | $5.82B |
| Gross profit | $531.21M | $566.50M | — | — | — | — | — | — | — | — |
| Net income | $149.54M | $143.25M | $227.33M | $249.66M | $423.48M | $737.44M | $992.19M | $738.75M | $786.19M | $453.01M |
| Net margin | — | — | — | — | — | — | 15.8% | 12.1% | 12.4% | 7.8% |
Source: Meritage Homes Corporation SEC filings (10-K). 17 years of history available in the interactive view.
Meritage Homes Corporation: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Reported earnings run ahead of cashOver 3 years net income totalled $1977.9M but operating cash flow only $246.3M — earnings aren't fully backed by cash, an accruals flag worth investigating.
- Net margin shrinkingNet margin fell from 15.8% to 7.8% over ~3 years — profitability is compressing.
What growth is priced into MTH stock?
At today's market cap of $4.71B, Meritage Homes Corporation is priced for free-cash-flow growth of about 20.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $92.57M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -28.9%/yr over the last five fiscal years, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Meritage Homes Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Meritage Homes Corporation financial history by metric
Compare Meritage Homes Corporation with peers
About Meritage Homes Corporation
Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. The company operates through two segments: Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee. The company also provides title and escrow, mortgage, insurance, title insurance, and closing/settlement services to its homebuyers. Meritage Homes Corporation was founded in 1985 and is based in Scottsdale, Arizona.
Meritage Homes Corporation — frequently asked questions
What is Meritage Homes Corporation's revenue?
Meritage Homes Corporation (MTH) reported revenue of $5.82B for fiscal year 2025, down 8.5% from the prior year, according to its SEC filings.
Is Meritage Homes Corporation profitable?
Yes. MTH earned net income of $453.01M in fiscal 2025, a net margin of 7.8%.
What is MTH's P/E ratio?
Meritage Homes Corporation trades at a price-to-earnings ratio of about 12.9 based on the latest data in our nightly-refreshed cache.
How much debt does Meritage Homes Corporation have?
As of fiscal year 2025, MTH carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Meritage Homes Corporation's market cap?
Meritage Homes Corporation (MTH) has a market capitalization of about $4.71B, based on the latest data in our nightly-refreshed cache.
When does Meritage Homes Corporation's fiscal year end?
MTH's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into MTH stock?
At today's market cap of $4.71B, Meritage Homes Corporation is priced for free-cash-flow growth of about 20.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $92.57M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -28.9%/yr over the last five fiscal years, computed from its SEC filings.
Where does this data come from?
All figures are computed from Meritage Homes Corporation's official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.