Meritage Homes CORP

Listed Company

MTHCIK 0000833079NYSELarge AcceleratedOperative BuildersMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$453.01M

Total Assets

$7.62B

Equity

$5.20B

Shares Out

66.70M

Op. Cash Flow

$118.29M

Business

Meritage Homes Corporation is a designer and builder of single-family attached and detached homes focused on delivering energy-efficient, move-in ready housing. It offers entry-level and first move-up homes, home automation features and related financial services including title and escrow, mortgage facilitation and insurance through its subsidiaries and joint ventures. The company operates principal reporting segments for homebuilding (West, Central and East) and a financial services segment that includes Carefree Title and Meritage Insurance. It sells homes across twelve U.S. states through company sales teams, third-party real estate agents and digital marketing channels.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Commissions and other sales costs	−404	−409	−385	−323	−285
General and administrative expenses	−212	−231	−232	−193	−181
Interest expense	0	0	0	−41,000	−318,000
Other income, net	44	45	48	3	5
Loss on early extinguishment of debt	0	−631,000	−907,000	0	−18
Earnings before income taxes	585	1,003	949	1,289	955
Provision for income taxes	−132	−217	−211	−297	−217
Net earnings	453	786	739	992	737
Basic (in dollars per share)	6.4	10.85	10.09	13.52	19.61
Diluted (in dollars per share)	6.35	10.72	9.96	13.37	19.29
Basic (in shares)	71	72	73	73	38
Diluted (in shares)	71	73	74	74	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	775	652	921	862	618
Other receivables	307	256	267	215	148
Real estate	5,987	5,729	4,721	4,358	3,734
Real estate not owned	0	0	0	0	8
Deposits on real estate under option or contract	174	192	111	77	91
Investments in unconsolidated entities	57	29	17	12	6
Property and equipment, net	47	47	49	39	37
Deferred tax assets, net	53	55	48	45	41
Prepaids, other assets and goodwill	222	203	219	165	125
Total assets	7,622	7,163	6,353	5,772	4,808
Accounts payable	201	212	272	273	216
Accrued liabilities	388	452	425	361	337
Home sale deposits	9	21	37	38	43
Loans payable and other borrowings	24	29	14	7	18
Senior and convertible senior notes, net	1,805	1,307	995	1,144	1,142
Total liabilities	2,427	2,021	1,741	1,822	1,763
Preferred stock, par value $0.01. Authorized 10,000,000 shares; none issued and outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock, par value $0.01. Authorized 125,000,000 shares; 68,168,923 and 71,921,972 shares issued and outstanding at December 31, 2025 and 2024, respectively	682,000	360,000	364,000	366,000	373,000
Additional paid-in capital	0	143	291	328	415
Retained earnings	5,195	4,998	4,321	3,621	2,629
Total stockholders equity	5,196	5,142	4,612	3,950	3,044
Total liabilities and stockholders equity	7,622	7,163	6,353	5,772	4,808

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	25	26	25	25	26
Stock-based compensation	20	26	23	22	20
Equity in earnings from unconsolidated entities	−4	−9	−6	−6	−5
Distributions of earnings from unconsolidated entities	4	7	7	6	5
Other	1	8	−2	11	−3
Increase in real estate	−274	−979	−357	−625	−948
Increase in deposits on real estate under option or contract	−6	−81	−36	10	−32
(Increase)/decrease in receivables, prepaids and other assets	−55	40	−64	−103	−65
(Decrease)/increase in accounts payable and accrued liabilities	−92	−42	23	77	76
Decrease in home sale deposits	−11	−16	−1	−5	18
Net cash provided by/(used in) operating activities	118	−228	356	405	−152
Investments in unconsolidated entities	−33	−19	−6	−6	−2
Distributions of capital from unconsolidated entities	500,000	3	137,000	0	0
Purchases of property and equipment	−26	−29	−38	−27	−26
Proceeds from sales of property and equipment	251,000	262,000	423,000	481,000	551,000
Maturities/sales of investments and securities	2	750,000	750,000	1	3
Payments to purchase investments and securities	−2	−750,000	−750,000	−1	−3
Net cash used in investing activities	−58	−44	−44	−32	−27
Repayment of loans payable and other borrowings	−13	−9	−3	−20	−14
Repayment of senior notes	0	−251	−151	0	−318
Proceeds from issuance of senior and convertible senior notes	497	575	0	0	450
CashPaidForCappedCall	0	−62	0	0	—
Payments of Dividends	−121	−109	−40	0	0
Payment of debt issuance costs	−5	−17	0	0	−6
Repurchase of shares	−295	−126	−59	−109	−61
Net cash provided by/(used in) financing activities	63	2	−252	−130	52
Net increase/(decrease) in cash and cash equivalents	124	−270	60	243	−127
Impairment of real estate	18	0	964,000	—	—
Write Offs Of Non-Refundable Deposits And Pre-Aquisitions Costs	39	7	5	—	—

Filings

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