MTHNYSEOperative BuildersUS GAAP · USD

Meritage Homes CORP

Meritage Homes builds and sells single-family attached and detached homes across the U.S., with a focus on affordable entry-level and first move-up buyers in long-term growth markets. It also layers in title, escrow, mortgage, and insurance services to support the homebuying process and capture additional revenue around each closing.

Nettotulos453milj. USD
−42,4 %v/v
Vapaa kassavirta92,6milj. USD
+136,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

01milj. USD202020212022202320242025
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Homebuilding92 %

Design, development, construction, and sale of new single-family homes in active communities.

Financial Services8 %

Mortgage, title, escrow, and insurance services sold to support home purchases and closings.

Asiakkaat

Meritage primarily sells to homebuyers seeking affordable new homes, especially entry-level and first move-up purchasers who value move-in ready inventory and predictable monthly payments. Real estate agents are a key channel partner and are treated as a primary customer in the company’s marketing model, while the company also serves buyers who want bundled financing, title, and insurance support.

Entry-level homebuyers

Buyers purchasing lower-priced new homes with included appliances, blinds, and financing incentives.

First move-up buyers

Households buying larger or newer homes after their starter home, often in growth markets.

Real estate agents

Referral partners that bring buyers into communities and are supported through loyalty and rewards programs.

Homebuyers using financial services

Customers who buy mortgage, title, escrow, and insurance products alongside the home purchase.

Strategia

Meritage is leaning into a value proposition built around affordable, move-in ready homes, quick closing readiness, and financing incentives that help it compete against resale inventory. Management is also focused on growing community count, improving construction efficiency, and preserving balance sheet flexibility while navigating higher mortgage rates and elevated land costs.

Affordable move-in ready productLyhyt aikaväli

Differentiates Meritage from resale homes and supports demand in a high-rate environment.

Community count growth in high-growth marketsKeskipitkä aikaväli

More active communities support order volume and long-term scale.

Construction and cost efficiencyKeskipitkä aikaväli

Better cycle times and vendor management help offset elevated land costs and protect margins.

Capital discipline and shareholder returnsLyhyt aikaväli

Supports liquidity, flexibility, and resilience through housing cycles.

Maantiede

Meritage operates in three reporting regions: West, Central, and East, across 12 U.S. states including Arizona, California, Texas, Florida, and the Carolinas. Its business is concentrated in long-term high-growth Sun Belt and Southeastern markets, which supports community expansion but also ties results to local land costs, affordability, and regional demand conditions.

Riskit

Meritage is exposed to housing-cycle risk, especially higher mortgage rates, weaker consumer confidence, and competition from resale inventory, all of which can slow orders and pressure pricing. It also faces land-cost inflation, cybersecurity and third-party service disruption risk, and regulatory or tax changes that could affect buyer affordability and closing activity.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Mortgage rate and affordability pressure1Competition from resale homes and rental alternatives2Elevated land costs3Regulatory and tax changes4Third-party cybersecurity or IT failures5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Mortgage rate and affordability pressureVaikutus: KorkeaTodennäköisyys: Korkea

    Higher rates reduce buyer purchasing power and can delay or cancel home purchases.

    Kohdistuu: New home demand and order pace

  2. Competition from resale homes and rental alternativesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Existing homes and rentals can be cheaper or more available, forcing incentives and pricing pressure.

    KohdistuuPricingIncentivesAbsorption
  3. Elevated land costsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Land acquired in a high-cost environment can reduce gross margin if pricing does not keep up.

    Kohdistuu: Gross margin and community economics

  4. Regulatory and tax changesVaikutus: KeskitasoTodennäköisyys: Korkea

    Changes to incentives, credits, or tax policy can reduce affordability or alter demand.

    Kohdistuu: Buyer demand and financial services

  5. Third-party cybersecurity or IT failuresVaikutus: KeskitasoTodennäköisyys: Matala

    Closings depend on title, escrow, mortgage, and other external service providers.

    Kohdistuu: Closing process and customer transactions

Kirjanpito

Harkinnanvaraiset erät
Real estate valuation and impairment

Land and inventory must be tested for recoverability; write-downs directly reduce gross profit.

Vaikutus: Can materially affect home closing margin and earnings volatility

Warranty reserves

Estimated future repair costs are accrued upfront and adjusted as claims emerge.

Vaikutus: Affects SG&A and operating profit

Home closing cost allocation

The timing and allocation of closing costs influence reported gross margin by period.

Vaikutus: Impacts home closing gross profit

Seasonality and closing timing

Quarterly results can swing with community openings, incentives, and closing cadence.

Vaikutus: Affects comparability across quarters

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.9.2026

Meritage Homes CORP (MTH) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo