/MTHFinancial History
Annual Financials
| Fiscal Year | Revenue | Gross Profit | Gross Margin | Net Income | EPS (Diluted) | Total Assets | Total Equity |
|---|---|---|---|---|---|---|---|
| FY2025 | $5.8B | $1.1B | 19.7% | $453M | $6.35 | $7.6B | $5.2B |
| FY2024 | $6.3B | $1.6B | 24.9% | $786M | $10.72 | $7.2B | $5.1B |
| FY2023 | $6.1B | $1.5B | 24.8% | $739M | $9.96 | $6.4B | $4.6B |
| FY2022 | $6.2B | $1.8B | 28.6% | $992M | $13.37 | $5.8B | $3.9B |
| FY2021 | $5.1B | $1.4B | 27.8% | $737M | $19.29 | $4.8B | $3.0B |
| FY2020 | $4.5B | $1.0B | 23.0% | $423M | $11.00 | $3.9B | $2.3B |
| FY2019 | $3.6B | $681M | 18.9% | $250M | $6.42 | $3.4B | $2.0B |
| FY2018 | $3.5B | $632M | 18.0% | $227M | $5.58 | $3.4B | $1.7B |
| FY2017 | $3.2B | $566M | 17.6% | $143M | $3.41 | $3.3B | $1.6B |
| FY2016 | $3.0B | $531M | 17.5% | $150M | $3.55 | $2.9B | $1.4B |
| FY2015 | $2.6B | $489M | 19.0% | $129M | $3.09 | $2.7B | $1.3B |
| FY2014 | $2.2B | $453M | 20.9% | $142M | $3.46 | $2.3B | $1.1B |
Builder Operating KPIsExtracted from earnings releases
| Period | Orders | Closings | Cancel % | Backlog | Backlog $ | ASP | Communities | Lots Owned | Lots Ctrl | Inventory | Specs |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q4 FY2025 | 3,224 | 3,755 | 11.0% | 1,168 | $1.4B | $384K | 336 | — | 77,600 | — | — |
| Q3 FY2025 | 3,636 | 3,685 | 11.0% | 1,699 | $1.4B | $380K | 334 | — | 74,800 | — | — |
| Q2 FY2025 | 3,914 | 4,170 | 10.0% | 1,748 | $1.6B | $388K | 301 | — | 70,800 | — | — |
| Q1 FY2025 | 3,876 | 3,416 | 9.0% | 2,004 | $1.3B | $393K | 290 | — | 66,400 | — | — |
| Q4 FY2024 | 3,304 | 4,044 | 9.4% | 1,544 | $6.3B | $406K | 292 | — | 85,600 | — | — |
| Q3 FY2024 | 3,512 | 3,942 | 10.0% | 2,284 | $1.6B | $402K | 278 | — | 60,700 | — | — |
| Q2 FY2024 | 3,799 | 4,118 | 10.0% | 2,714 | $1.7B | $411K | 287 | — | 60,000 | — | — |
| Q1 FY2024 | 3,991 | 3,507 | 8.0% | 3,033 | $1.5B | $418K | 275 | — | 60,900 | — | — |
| Q4 FY2023 | 2,892 | 3,951 | 13.0% | 2,549 | $1.6B | $433K | 271 | — | 64,300 | — | — |
| Q3 FY2023 | 3,474 | 3,638 | 13.0% | 3,608 | $1.6B | $443K | 282 | — | 60,700 | — | — |
| Q2 FY2023 | 3,340 | 3,221 | 13.0% | 3,772 | $1.5B | $442K | 291 | — | 35,578 | — | — |
| Q1 FY2023 | 3,487 | 2,897 | 15.0% | 3,922 | $1.3B | $436K | 278 | — | 34,050 | — | — |
| Q4 FY2022 | 1,808 | 4,540 | 39.0% | 3,332 | $2.0B | $440K | 271 | — | 36,339 | — | — |
| Q3 FY2022 | 2,310 | 3,487 | 30.0% | 6,064 | $1.6B | $450K | 275 | — | 43,042 | — | — |
| Q2 FY2022 | 3,767 | 3,221 | 11.0% | 7,241 | $1.4B | $437K | 303 | — | 50,863 | — | — |
| Q1 FY2022 | 3,874 | 2,858 | 10.0% | 6,695 | $1.2B | $436K | 268 | — | 51,908 | — | — |
| Q4 FY2021 | 3,367 | 3,526 | 10.2% | 1,866 | $1.5B | $398K | 224 | — | 52,029 | — | — |
| Q3 FY2021 | 3,441 | 3,112 | 10.0% | 1,481 | $1.3B | $402K | 2,020 | — | 56,791 | — | — |
| Q2 FY2021 | 3,542 | 3,273 | 8.0% | 1,221 | $1.3B | $386K | 2,020 | — | 50,733 | — | — |
| Q1 FY2021 | 3,458 | 2,890 | 11.0% | 5,240 | $1.1B | $374K | 2,021 | — | 41,453 | — | — |
Source: SEC 8-K earnings releases, extracted via regex with provenance tracking. Showing most recent 20 quarters.
Management Sentiment Analysis
Scored from earnings release language using ML analysis. Range: -1.0 (negative) to +1.0 (positive).
Current Posture
Q4 FY2025
Score: -0.15
Orders and home closings declined year-over-year with absorption pace down 9-18%, partially offset by increased community count and broker engagement.
Gross margins compressed significantly due to non-recurring charges, higher incentives, lot cost inflation, and reduced fixed cost leverage despite some cost savings.
Severance costs and higher external commission rates indicate some labor cost pressures, though no explicit mention of shortages or wage inflation.
Land spend intentionally reduced with significant lot terminations and walk-away charges, reflecting a cautious approach amid elevated lot costs and portfolio top-grading.
Management maintains stable guidance for 2026 and highlights strategic community growth and share repurchases, but tone is cautious given market challenges.
Persistent affordability challenges, economic backdrop described as challenging, and inventory impairments highlight notable near-term risks and market uncertainties.
Recent Trend
Sentiment for Meritage Homes Corporation has trended cautiously negative through FY2025, with demand showing modest growth early in the year but declining by Q4 alongside weakening absorption rates. Margins consistently contracted due to elevated incentives, lot costs, and impairments, while labor conditions shifted from neutral to slight cost pressures in the final quarter. Despite ongoing risks from market headwinds and land portfolio adjustments, management has maintained a cautiously optimistic stance on liquidity and strategic growth, reflecting a tempered but steady confidence amid challenging industry dynamics.
Builder vs. Industry Sentiment
Orange = MTH · Gray = Industry average (Q1 FY2026)