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National US homebuilder focused on entry-level and first move-up homes with energy-efficient designs.
National US homebuilder focused on entry-level and first move-up homes with energy-efficient designs.
Earns when it sells finished houses, building mostly in advance of buyers so it can sell ready or nearly ready homes quickly, often with mortgage-rate incentives. It buys land and lots across the Sun Belt and West, so profit depends on lot costs against local house prices. Energy efficiency is a selling point.
Moat: none (scale). Homebuilding is largely commoditized locally; scale in land/building costs is the main edge.
Headquarters: Scottsdale, Arizona, US · Founded: 1985 · Employees: 1,860
Size Meritage Homes (MTH) is a United States Real Estate company (Real Estate Development) with a market value of $4.38B, the 1286th largest of 3,117 United States companies the cockpit tracks. Shares closed at $68.05 on 6 Nov 2026.
Performance Over six months the shares gained 4.4%, against -11.1% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 14.9% over the last twelve months (peer median +6.2%); the operating margin is 6.7% (peer median 21.7%).
Valuation It trades at 16.2× forward earnings against a peer median of 13.8× (5th most expensive of 16).
Credit Meritage Homes has 4 bonds outstanding ($1.82B), rated BBB- by the agencies and trading like BB+ at a weighted spread of 135 bp.
Short interest Short interest is 7.9% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.14B | $5.86B | $6.40B | $6.14B | $6.29B |
| Revenue growth | — | -8% | +4% | -2% | — |
| Gross profit | $906M | $1.17B | $1.62B | $1.54B | $1.82B |
| EBITDA | $368M | $559M | $984M | $927M | $1.31B |
| Net income | $298M | $453M | $786M | $739M | $992M |
| Free cash flow | $485M | $93.1M | -$253M | $318M | $378M |
| Capital expenditure | $19.5M | $25.7M | $28.7M | $38.2M | $27.0M |
| Total debt | $1.91B | $1.89B | $1.39B | $1.06B | $1.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Meritage Homes MTH | $4.38B | +4% | -15% | 7% | 16.2× | n/a |
| D. R. Horton DHI | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% |
| Lennar LEN | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% |
| PulteGroup PHM | $24.4B | +13% | -9% | 15% | 14.3× | 4.7% |
| KB Home KBH | $3.08B | +2% | -21% | 5% | 14.9× | 15.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MTH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | +2.3% | 3rd highest of 21 |
| 6-month return | +4.4% | -11.1% | 5th highest of 21 |
| Distance from 52-week high | -20.3% | -28.0% | 5th highest of 21 |
| Revenue growth (TTM) | -14.9% | +6.2% | 8th lowest of 21 |
| Operating margin | 6.7% | 21.7% | 5th lowest of 21 |
| Forward P/E | 16.2× | 13.8× | 5th most expensive of 16 |
| Bond spread | 135 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Meritage Homes MTH | United States | $4.38B | +4% | -15% | 7% | 16.2× | n/a | n/a |
| LEG Immobilien LEG.DE | Germany | $4.39B | -11% | +1% | 34% | 8.1× | n/a | n/a |
| Hang Lung Ppt 0101.HK | Hong Kong | $4.40B | -29% | +10% | 53% | 11.8× | n/a | n/a |
| Tokyo Tatemono 8804.T | Japan | $4.37B | -6% | +17% | 22% | 10.3× | n/a | n/a |
| Hangzhou Binjiang Real Estate 002244.SZ | China | $4.27B | -2% | -35% | 6% | 12.8× | n/a | n/a |
| Seazen 601155.SS | China | $4.23B | -15% | -39% | 14% | 31.9× | n/a | n/a |
| Shanghai Vital Deeptech 600641.SS | China | $4.20B | +14% | +94% | -27% | n/a | n/a | n/a |
| Howard Hughes HHH | United States | $4.64B | +18% | +32% | 15% | 29.6× | n/a | n/a |
| C&D International Investment 1908.HK | Hong Kong | $4.11B | -15% | -15% | 7% | 8.2× | n/a | n/a |
| Longfor 0960.HK | Hong Kong | $4.05B | -47% | -42% | 1% | n/a | n/a | n/a |
| Millrose Properties MRP | United States | $4.00B | -4% | +93% | 85% | 7.9× | n/a | n/a |
| Shanghai Lujiazui Finance & Trade Zone Development 600663.SS | China | $4.81B | -10% | -21% | 21% | 14.0× | n/a | n/a |
| St. Joe JOE | United States | $3.96B | +6% | +11% | 32% | n/a | n/a | n/a |
| Allreal ALLN.SW | Switzerland | $3.89B | -8% | +3% | 41% | 24.0× | n/a | n/a |
| City Developments C09.SI | Singapore | $5.13B | -11% | +36% | 14% | 14.1× | n/a | n/a |
| Nomura Real Estate 3231.T | Japan | $5.17B | -12% | +19% | 14% | 8.8× | n/a | n/a |
| UOL U14.SI | Singapore | $5.23B | -23% | +2% | 25% | 13.8× | n/a | n/a |
| Tsim Sha Tsui Properties 0247.HK | Hong Kong | $5.24B | -20% | +15% | 34% | n/a | n/a | n/a |
| China Vanke 2202.HK | Hong Kong | $5.28B | -30% | -35% | -27% | n/a | n/a | n/a |
| Corporacion Inmobiliaria Vesta S.A.B. de C.V. Sponsored ADR VTMX | United States | $3.62B | +6% | +18% | 76% | 19.5× | n/a | n/a |
| Kerry Properties 0683.HK | Hong Kong | $3.47B | -26% | -22% | 24% | 14.2× | n/a | n/a |
Meritage Homes has 4 bonds outstanding with $1.82B face value. The agencies rate it BBB-; its bonds trade like BB+. Weighted yield 5.99%, a spread of 135 bp over government bonds.