Meritage Homes CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Meritage Homes CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,029	3,227
Gross profit	531	566
Selling and marketing	215	222	242	247	288	285	323	385	409	404
General and administrative	124	124	138	146	159	181	193	232	231	212
Interest expense	5.17	3.85	0.79	8.37	2.18	0.32	0.04	0	0	0
Other non-operating income	4.95	8.78	11.2	9.58	6.66	4.86	2.71	47.9	45.2	44.1
Pre-tax income	218	248	283	303	534	955	1,289	949	1,003	585
Income tax	68.5	104	55.9	53.3	110	217	297	211	217	132
Net income	150	143	227	250	423	737	992	739	786	453
EPS, basic	1.87	1.78	2.84	3.28	5.62	9.81	13.52	10.09	10.85	6.40
EPS, diluted	1.78	1.71	2.79	3.21	5.50	9.65	13.37	9.96	10.72	6.35
Shares, basic (weighted)	80	80.6	80.2	76.2	75.4	75.2	73.4	73.2	72.5	70.8
Shares, diluted (weighted)	85.2	84.5	81.5	77.8	77	76.5	74.2	74.1	73.3	71.3
Dividend per share								0.14	0.38	0.43

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	132	171	311	319	746	618	862	921	652	775
Property, plant and equipment	33.2	33.6	54.6	50.6	38.9	37.3	38.6	49	47.3	46.6
Lease right-of-use assets				26.3	21.6	21	19.1	51.3	52.9	57
Goodwill	33	33	33	33	33	33	33	33	33	33
Total assets	2,889	3,251	3,365	3,398	3,864	4,808	5,772	6,353	7,163	7,622
Total liabilities	1,467	1,674	1,645	1,424	1,517	1,763	1,822	1,741	2,021	2,427
Paid-in capital	573	585	502	505	456	415	328	291	143	0
Retained earnings	849	992	1,219	1,468	1,892	2,629	3,621	4,321	4,998	5,195
Shareholders' equity	1,421	1,577	1,721	1,974	2,348	3,044	3,950	4,612	5,142	5,196
Total equity	1,421	1,577	1,721	1,974	2,348	3,044	3,950	4,612	5,142	5,196
Total liabilities and equity	2,889	3,251	3,365	3,398	3,864	4,808	5,772	6,353	7,163	7,622
Shares outstanding		80.7	76.1	76.4	75	74.7	36.6	72.9	71.9	68.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	150	143	227	250	423	737	992	739	786	453
Depreciation and amortization	16	16.7	27	27.9	31.1	26.2	24.7	25.3	26	25.3
Stock-based compensation	13.7	12.1	17.2	19.6	20	20.1	22.3	22.5	25.8	19.7
Deferred income tax	5.9	19.3	8.83	0.62	-10.1	-3.01	-3.53	-1.46	9.56	0.97
Change in inventory	-311	-301	-19.4	3.62	-40.1	-948	-625	-357	-979	-274
Change in payables	43.4	8.13	-12.8	42.7	88.9	76.2	77	22.6	-41.9	-92.4
Cash from operations	-103	-87.1	262	347	530	-152	405	356	-228	118
Capital expenditures	-16.7	-18.1	-33.4	-24.4	-19.9	-25.7	-27	-38.2	-28.7	-25.7
Acquisitions	0
Cash from investing	-20.1	-17.1	-33.5	-13.5	-18.2	-26.8	-32.3	-43.6	-44.1	-57.7
Debt issued	0	300	206	0	0	450	0	0	575	497
Stock issued	0	0	0
Share buybacks	0	0	-100	-16	-69.6	-61	-109	-59.1	-126	-295
Dividends paid						0	0	-39.5	-109	-121
Cash from financing	-7	143	-88	-325	-86	51.6	-130	-252	1.98	63
Net change in cash	-131	39	141	8	426	-127	243	59.7	-270	124
Free cash flow	-120	-105	229	322	510	-178	378	317	-256	92.6
Interest paid	1.76	0.57	4.23	10.8	0.36	-0.25	-2.28	-1.45
Income taxes paid	65	85.8	56.4	64.7	84.7	221	312	212	209	154

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $64.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	22.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.4%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-42.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-23.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-40.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-22.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-33.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-25.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-37.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-28.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	14.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	1.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	33.1%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.02B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	125.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$6.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.62	Cash from operations / diluted weighted shares.
Book value per share	$77.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$77.10	Tangible book value / shares outstanding.
Cash per share	$12.39	(Cash + short-term investments) / shares outstanding.
Payout ratio	37.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	29.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	104.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.24B	Share price x shares outstanding.
Enterprise value	$3.43B	Market cap + total debt - cash - short-term investments.
P/E	12.9x	Market cap / net income. Only when net income is positive.
P/B	0.84x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.84x	Market cap / tangible book value, when positive.
P/FCF	10.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.67x	Market cap / cash from operations, when positive.
EV/FCF	8.27x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.8%	Free cash flow / market cap.
Earnings yield	7.8%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	13.2%	(Dividends paid + share buybacks) / market cap.

Was Meritage Homes CORP profitable in fiscal 2025?

Yes. Net income was $453.0M, a net margin of -.

How much free cash flow did Meritage Homes CORP generate in fiscal 2025?

Cash from operations of $118.3M minus capital expenditures of $25.7M left free cash flow of $92.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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