MTH
Meritage Homes Corporation69.78
-1.32-1.86%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
4.97BP/E (TTM)
9.32Basic EPS (TTM)
7.49Dividend Yield
0.02%Recent Filings
8-K
Q3 revenue drops 12%
Meritage Homes reported Q3 2025 results with home closing revenue down 12% to $1.4 billion on 3,685 units closed, versus 3,942 last year, as incentives and impairments squeezed gross margins to 19.1% from 24.8%. Orders rose 4% to 3,636 units amid a 20% jump in community count to 334, yet backlog shrank 26% to 1,699 homes. Net earnings fell 49% to $99 million ($1.39 diluted EPS). Strong liquidity persists with $729 million cash.
10-Q
Q2 FY2025 results
Meritage Homes closed Q2 FY2025 with $1.62B in total revenue, down 4.1% y/y, as home closings edged up 1.3% to 4,170 units while average sales price fell 5.8% to $387.5K amid heavier incentives; home closing gross margin slipped to 21.1% from 25.9%, yielding $341.3M profit, pressured by elevated lot costs but eased by faster cycles. YTD revenue dipped 5.7% to $2.98B, with gross margin at 21.5% and net earnings of $269.7M, or $3.73 diluted EPS on 72.2M shares—consistent with calculations. Cash swelled to $930.5M, bolstered by $329.4M financing inflows from $500M 2035 notes issuance, while free cash flow turned negative at -$50.2M (derived) from $28.9M operating outflow minus $21.3M capex; total debt hit $1.83B with $815M revolver availability and no covenant breaches. East region drove 8.0% y/y revenue growth to $586.1M on 15.4% more closings. Yet rising interest rates could further squeeze affordability.
8-K
Q2 earnings down amid high rates
Meritage Homes reported Q2 2025 results, closing 4,170 homes for $1.6 billion in revenue, down 5% year-over-year due to a 6% drop in average sales price to $387,000 amid higher financing incentives and elevated mortgage rates. Orders rose 3% to 3,914 units, but backlog plunged 36% to 1,748 homes, signaling softer demand; net earnings fell 37% to $147 million, or $2.04 diluted EPS. Management slashed land spend to $509 million and boosted shareholder returns to $76 million via dividends and buybacks. Elevated rates challenge absorption.
8-K
Credit facility extended to 2030
Meritage Homes extended its revolving credit facility maturity from June 2029 to July 2030 via the Eleventh Amendment on July 9, 2025, maintaining a $910 million total commitment across 12 lenders. The deal boosts letter of credit capacity to $370 million while tightening the minimum consolidated tangible net worth covenant to $3.602 billion plus 50% of positive net income and equity proceeds since March 2025. Lenders reaffirmed support. No fees or rates disclosed.
8-K
Board declassification approved
Meritage Homes stockholders approved declassifying the board on May 22, 2025, shifting to annual elections for all directors and prompting conforming bylaw amendments. They elected six Class II directors and one Class I director with strong support, ratified Deloitte as auditors, and backed executive pay advisory. Yet a stockholder push for political spending transparency passed narrowly. This boosts governance accountability amid mixed investor views.
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