MTH
Meritage Homes Corporation69.78
-1.32-1.86%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Spring rebound optimism surfaces
Q&A tempered prepared remarks' caution with optimism for a spring rebound, citing stronger January traffic versus December's slump and moderating incentive costs, while sticking to 4 sales per community long-term but accepting temporary dips. Specs neared targets at 17 per community, with plans to trim finished inventory from 50% toward one-third; realtor co-broke hit 90%, 40% repeat. Management defended aggressive 2026 buybacks against policy risks, eyeing more off-balance-sheet lots. SG&A savings from cuts and tech should deliver leverage on flat guidance. Consumer confidence remains the wildcard.
Key Stats
Market Cap
4.97BP/E (TTM)
9.32Basic EPS (TTM)
7.49Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
Meritage Homes closed FY2025 with $5.8B revenue, down 9.1% y/y from $6.3B, as 15,026 homes fell 3.7% amid softer demand while ASP dropped 5.6% to $384K from financing incentives. Q4 saw portfolio cleanup with $39.4M land termination charges and $8.4M severance, dragging home closing gross margin to 19.7% (down 520bps y/y; adjusted 20.8%). East region grew closings 6.9% y/y, offsetting West's 15.6% drop, but orders pace slowed to 3.9/month across 313 avg communities. Cash swelled to $775M (up 19%), funding $295M buybacks and $121M dividends; debt-to-capital rose to 26%. Backlog shrank 24% to 1,168 units on faster cycles. Elevated rates threaten affordability.
8-K
Q4 revenue drops 12%
Meritage Homes reported Q4 2025 home closing revenue down 12% to $1.4B on 3,755 units, with gross margin at 16.5% but adjusted 19.3% excluding $38.9M non-recurring charges from land terminations, impairments, and severance. Full-year net earnings fell 42% to $453M amid affordability headwinds, yet community count rose 15% to 336. Backlog conversion crushed expectations. Expects flat 2026 closings.
10-Q
Q3 FY2025 results
Meritage Homes posted Q3 revenue of $1.4B, down 11.8% y/y on 6.5% fewer closings and 5.6% lower ASP, yet grew active communities 20% to 334. Homebuilding gross margin slipped to 19.1% from 24.8% y/y, hit by incentives, higher lot costs, and $9.3M impairments (derived from Note 2), while East region bore the brunt at 16.7%. Diluted EPS of $1.39 reconciles to 71.2M shares. Cash swelled to $729M with $826M revolver availability; total debt $1.8B after $500M 2035 notes issuance. Share repurchases hit $145M YTD. Competition from resales pressures orders pace.
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.
IPO
Employees
Sector
Industry
BZH
Beazer Homes USA, Inc.
22.04-0.31
DHI
D.R. Horton, Inc.
155.12-1.35
KBH
KB Home
63.91-1.09
LEGH
Legacy Housing Corporation
20.43+0.00
LEN
Lennar Corporation
117.57-2.16
LGIH
LGI Homes, Inc.
47.73-0.50
MHO
M/I Homes, Inc.
133.26-1.67
TMHC
Taylor Morrison Home Corporatio
61.14-1.09
TPH
Tri Pointe Homes, Inc.
32.91-0.79
UHG
United Homes Group, Inc
1.34+0.05