What is Meritage Homes Corp's earnings per share (EPS)?

Meritage Homes Corp (MTH) reported diluted earnings per share of $6.35 for fiscal year 2025. This represents a -40.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Meritage Homes Corp Financials

MTH

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Meritage Homes Corp (MTH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MTH FY2025 2026-04-24

Meritage's dominant mechanic is profitability that only intermittently becomes cash, with the balance sheet absorbing much of the difference.

Across the last three annual periods, cumulative net income was $2.0B but cumulative free cash flow was only $153.7M, so much of reported profit stayed tied up inside the operating asset base rather than becoming flexible cash. The swing from -$256.2M of free cash flow in the prior year to $92.6M in the latest year, even as net income weakened, suggests cash pressure eased before reported profit did.

The balance sheet remains equity-funded: latest-period liabilities were $2.4B against equity of $5.2B. That cushion matters because return on assets fell to 5.9% from 11.6% two years earlier, meaning the larger asset base is generating less profit per dollar invested.

Cash deployment stayed aggressive relative to internally generated cash in the latest year: buybacks of $295.0M and dividends of $121.1M exceeded the year's free cash flow. Year-end cash of $775.2M gave room to do that without a visibly debt-led posture, but it also shows shareholder returns were funded partly from balance-sheet capacity, not just current-year cash creation.

Financial Health Signals

Financial Profile 22/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Meritage Homes Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Meritage Homes Corp carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Returns

Meritage Homes Corp's ROE of 8.7% shows moderate profitability relative to equity, earning a score of 38/100. This is down from 15.3% the prior year.

Piotroski F-Score Weak

3/9

Meritage Homes Corp passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.26x

For every $1 of reported earnings, Meritage Homes Corp generates $0.26 in operating cash flow ($118.3M OCF vs $453.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$453.0M

YoY-42.4%

5Y CAGR+1.4%

10Y CAGR+13.4%

Meritage Homes Corp reported $453.0M in net income in fiscal year 2025. This represents a decrease of 42.4% from the prior year.

EPS (Diluted)

$6.35

YoY-40.8%

5Y CAGR-10.4%

10Y CAGR+7.5%

Meritage Homes Corp earned $6.35 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 40.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$92.6M

YoY+136.1%

5Y CAGR-28.9%

Meritage Homes Corp generated $92.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 136.1% from the prior year.

Cash & Debt

$775.2M

YoY+19.0%

5Y CAGR+0.8%

10Y CAGR+11.4%

Meritage Homes Corp held $775.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.43

YoY+14.7%

Meritage Homes Corp paid $0.43 per share in dividends in fiscal year 2025. This represents an increase of 14.7% from the prior year.

Shares Outstanding

67M

YoY-6.9%

5Y CAGR+12.2%

Meritage Homes Corp had 67M shares outstanding in fiscal year 2025. This represents a decrease of 6.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

8.7%

YoY-6.6pp

5Y CAGR-9.3pp

10Y CAGR-1.5pp

Meritage Homes Corp's ROE was 8.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$295.0M

YoY+134.3%

5Y CAGR+33.5%

Meritage Homes Corp spent $295.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 134.3% from the prior year.

Capital Expenditures

$25.7M

YoY-10.2%

5Y CAGR+5.2%

10Y CAGR+4.8%

Meritage Homes Corp invested $25.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 10.2% from the prior year.

MTH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$211.8M-8.3%	$230.9M-0.4%	$231.7M+20.1%	$193.0M+6.4%	$181.4M+14.1%	$159.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$0	$0	$0-100.0%	$41K-87.1%	$318K-85.4%	$2.2M
Income Tax	$131.6M-39.3%	$216.7M+2.8%	$210.7M-29.1%	$297.1M+36.7%	$217.4M+97.5%	$110.1M
Net Income	$453.0M-42.4%	$786.2M+6.4%	$738.7M-25.5%	$992.2M+34.5%	$737.4M+74.1%	$423.5M
EPS (Diluted)	$6.35-40.8%	$10.72+7.6%	$9.96-25.5%	$13.37-30.7%	$19.29+75.4%	$11.00

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$51.4M	N/A	$51.8M-6.2%	$55.2M-3.2%	$57.0M	N/A	$59.2M+11.3%	$53.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$587K	N/A	$0	$0	$0	N/A	$0	$0
Income Tax	$17.2M	N/A	$29.0M-37.3%	$46.2M+23.6%	$37.4M	N/A	$54.0M-18.0%	$65.8M
Net Income	$55.3M	N/A	$99.3M-32.4%	$146.9M+19.6%	$122.8M	N/A	$196.0M-15.4%	$231.6M
EPS (Diluted)	$0.82	N/A	$1.39-31.9%	$2.04+20.7%	$1.69	N/A	$2.67-15.2%	$3.15

MTH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$7.6B+6.4%	$7.2B+12.7%	$6.4B+10.1%	$5.8B+20.1%	$4.8B+24.4%	$3.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$775.2M+19.0%	$651.6M-29.3%	$921.2M+6.9%	$861.6M+39.3%	$618.3M-17.1%	$745.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M
Total Liabilities	$2.4B+20.1%	$2.0B+16.1%	$1.7B-4.5%	$1.8B+3.4%	$1.8B+16.3%	$1.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.2B+1.1%	$5.1B+11.5%	$4.6B+16.8%	$3.9B+29.7%	$3.0B+29.7%	$2.3B
Retained Earnings	$5.2B+3.9%	$5.0B+15.7%	$4.3B+19.3%	$3.6B+37.7%	$2.6B+39.0%	$1.9B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$7.6B-0.9%	$7.6B-1.8%	$7.8B0.0%	$7.8B+0.7%	$7.7B+7.5%	$7.2B+0.8%	$7.1B+2.6%	$6.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$766.6M-1.1%	$775.2M+6.3%	$728.9M-21.7%	$930.5M-8.0%	$1.0B+55.3%	$651.6M-21.6%	$831.6M-16.3%	$992.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M0.0%	$33.0M
Total Liabilities	$2.5B+1.4%	$2.4B-1.8%	$2.5B-0.7%	$2.5B-0.7%	$2.5B+24.0%	$2.0B-2.5%	$2.1B+1.6%	$2.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.1B-2.0%	$5.2B-1.7%	$5.3B+0.3%	$5.3B+1.4%	$5.2B+1.0%	$5.1B+2.2%	$5.0B+3.0%	$4.9B
Retained Earnings	$5.1B-2.0%	$5.2B-1.5%	$5.3B+1.3%	$5.2B+2.3%	$5.1B+1.8%	$5.0B+3.0%	$4.9B+3.6%	$4.7B

MTH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$118.3M+152.0%	-$227.6M-164.0%	$355.6M-12.3%	$405.3M+366.5%	-$152.1M-128.7%	$530.4M
Capital Expenditures	$25.7M-10.2%	$28.7M-25.0%	$38.2M+41.6%	$27.0M+5.1%	$25.7M+28.8%	$19.9M
Free Cash Flow	$92.6M+136.1%	-$256.2M-180.7%	$317.4M-16.1%	$378.3M+312.8%	-$177.8M-134.8%	$510.4M
Investing Cash Flow	-$57.7M-30.9%	-$44.1M-1.0%	-$43.6M-35.1%	-$32.3M-20.4%	-$26.8M-47.1%	-$18.2M
Financing Cash Flow	$63.0M+3085.7%	$2.0M+100.8%	-$252.3M-94.4%	-$129.8M-351.3%	$51.6M+160.1%	-$86.0M
Dividends Paid	$121.1M+11.5%	$108.6M+174.7%	$39.5M	$0	$0	N/A
Share Buybacks	$295.0M+134.3%	$125.9M+113.2%	$59.1M-46.0%	$109.3M+79.2%	$61.0M-12.4%	$69.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$101.3M-58.4%	$243.7M+352.5%	-$96.5M-804.4%	$13.7M+132.2%	-$42.6M+57.2%	-$99.6M-8.2%	-$92.0M+22.0%	-$117.9M
Capital Expenditures	$4.3M-22.8%	$5.6M-28.4%	$7.8M+15.1%	$6.8M+21.0%	$5.6M-25.3%	$7.5M-6.6%	$8.0M+16.2%	$6.9M
Free Cash Flow	$97.0M-59.3%	$238.1M+328.3%	-$104.3M-1604.1%	$6.9M+114.4%	-$48.2M+55.0%	-$107.0M-7.0%	-$100.0M+19.9%	-$124.8M
Investing Cash Flow	-$7.7M+53.6%	-$16.7M+14.3%	-$19.4M-90.6%	-$10.2M+10.7%	-$11.4M+9.7%	-$12.6M-7.1%	-$11.8M+0.6%	-$11.9M
Financing Cash Flow	-$102.1M+43.5%	-$180.8M-111.2%	-$85.6M-1.1%	-$84.7M-120.5%	$414.1M+710.7%	-$67.8M-17.8%	-$57.6M-126.5%	$217.4M
Dividends Paid	$32.0M+9.2%	$29.3M-3.2%	$30.3M-1.1%	$30.6M-0.9%	$30.9M+14.5%	$27.0M-0.6%	$27.1M-0.4%	$27.2M
Share Buybacks	$130.0M-13.3%	$150.0M+172.7%	$55.0M+22.2%	$45.0M0.0%	$45.0M+12.5%	$40.0M+33.3%	$30.0M	$0

MTH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	8.7%-6.6pp	15.3%-0.7pp	16.0%-9.1pp	25.1%+0.9pp	24.2%+6.2pp	18.0%
Return on Assets	5.9%-5.0pp	11.0%-0.7pp	11.6%-5.6pp	17.2%+1.8pp	15.3%+4.4pp	11.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.47+0.1	0.39+0.0	0.38-0.1	0.46-0.1	0.58-0.1	0.65
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	1.1%	N/A	1.9%-0.9pp	2.8%+0.4pp	2.4%	N/A	3.9%-0.8pp	4.7%
Return on Assets	0.7%	N/A	1.3%-0.6pp	1.9%+0.3pp	1.6%	N/A	2.8%-0.6pp	3.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.48+0.0	0.470.0	0.470.0	0.47-0.0	0.48+0.1	0.39-0.0	0.410.0	0.42
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Taylor Morrison Home Corp TMHC

$6.0B

Cavco Industries CVCO

$4.2B

M/I HOMES INC MHO

$3.4B

KB Home KBH

$3.5B

Champion Homes SKY

$4.5B

Frequently Asked Questions

Is Meritage Homes Corp profitable?

Yes, Meritage Homes Corp (MTH) reported a net income of $453.0M in fiscal year 2025.

Does Meritage Homes Corp pay dividends?

Yes, Meritage Homes Corp (MTH) paid $0.43 per share in dividends during fiscal year 2025.

What is Meritage Homes Corp's return on equity (ROE)?

Meritage Homes Corp (MTH) has a return on equity of 8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Meritage Homes Corp's free cash flow?

Meritage Homes Corp (MTH) generated $92.6M in free cash flow during fiscal year 2025. This represents a 136.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Meritage Homes Corp's operating cash flow?

Meritage Homes Corp (MTH) generated $118.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Meritage Homes Corp's total assets?

Meritage Homes Corp (MTH) had $7.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Meritage Homes Corp's capital expenditures?

Meritage Homes Corp (MTH) invested $25.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Meritage Homes Corp buy back shares?

Yes, Meritage Homes Corp (MTH) spent $295.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Meritage Homes Corp have outstanding?

Meritage Homes Corp (MTH) had 67M shares outstanding as of fiscal year 2025.

What is Meritage Homes Corp's debt-to-equity ratio?

Meritage Homes Corp (MTH) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Meritage Homes Corp's return on assets (ROA)?

Meritage Homes Corp (MTH) had a return on assets of 5.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Meritage Homes Corp's Piotroski F-Score?

Meritage Homes Corp (MTH) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Meritage Homes Corp's earnings high quality?

Meritage Homes Corp (MTH) has an earnings quality ratio of 0.26x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Meritage Homes Corp?

Meritage Homes Corp (MTH) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.