Meritage Homes
Builds move-in-ready homes for entry-level and first move-up buyers across U.S. growth markets.
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Profile
Builds and sells move-in-ready, attached and detached single-family homes for entry-level and first move-up buyers across U.S. growth markets. Revenue comes primarily from home closings, while an all-spec model uses standardized plans and preselected features; title, escrow, mortgage, and insurance services support buyers.
Designs and builds attached and detached single-family homes for entry-level and first move-up buyers across growth markets in the West, Central, and East. Homebuilding revenue comes mainly from closing homes and, to a much smaller extent, selling land. A financial services segment provides title and escrow through Carefree Title, insurance brokerage through Meritage Insurance, and mortgage services through an unconsolidated joint venture.
Runs an all-spec production model: homes are started with standardized plans and preselected features, then marketed as move-in-ready inventory. Repetition supports shorter construction cycles, while energy-efficiency and home-automation features help distinguish new homes from resales. Results depend on suitable land and lots, subcontractor and material availability, permitting, construction costs, mortgage availability, interest rates, and buyer demand.
Company facts
Key statistics
Year to date +7.4% · Average volume (30d) 725.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | UBS | Reiterate | Buy | $86 | $88 | |
| Jul 10, 2026 | Goldman Sachs | Reiterate | Buy | $90 | $93 | |
| Jul 7, 2026 | Zelman | Downgrade | Outperform | Neutral | ||
| Jul 7, 2026 | Zelman & Assoc | Downgrade | Outperform | Neutral | ||
| Apr 24, 2026 | UBS | Reiterate | Buy | $95 | $86 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $1.29 | $1.42 | +10.1% | $1.43B | $1.40B | −2.0% | −1.12% |
| Apr 22, 2026Q1 FY26 | $0.98 | $0.86 | −11.9% | $1.18B | $1.12B | −5.1% | +1.73% |
| Jan 28, 2026Q4 FY25 | $1.55 | $1.67 | +7.7% | $1.51B | $1.43B | −5.5% | +1.13% |
| Oct 28, 2025Q3 FY25 | $1.63 | $1.39 | −14.7% | $1.48B | $1.42B | −4.1% | −5.57% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.36B | $1.63B | $1.42B | $1.44B | $1.12B | $1.47B | |
| Gross profit | $302.4M | $346.2M | $271.6M | $235.3M | $196.2M | $328.2M | |
| Operating income | $150.7M | $182.2M | $120.1M | $86.3M | $65.3M | $184.0M | |
| Net income | $122.8M | $146.9M | $99.3M | $84.0M | $55.3M | $90.6M | |
| Diluted EPS | $1.69 | $2.04 | $1.39 | $1.20 | $0.82 | $1.37 | |
| Gross margin | 22.2% | 21.2% | 19.1% | 16.4% | 17.5% | 22.3% | |
| Operating margin | 11.0% | 11.2% | 8.4% | 6.0% | 5.8% | 12.5% |
Fiscal years (4-quarter sums)FY21 $5.14B · FY22 $6.29B · FY23 $6.14B · FY24 $6.40B · FY25 $5.86B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $807.3M · Total debt $1.85B · Total assets $7.55B · Shareholders' equity $5.06B
Dividends
Raised for 2 straight years — most recently to $0.48 from $0.43 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 16, 2026 | Jun 16 | Jun 30 | $0.48 | |
| Mar 17, 2026 | Mar 17 | Mar 31 | $0.48 | raised from $0.43 |
| Dec 17, 2025 | Dec 17 | Dec 31 | $0.43 | |
| Sep 16, 2025 | Sep 16 | Sep 30 | $0.43 | |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.43 | |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.43 | raised from $0.375 split-adjusted |
| Dec 17, 2024 | Dec 17 | Dec 31 | $0.75 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.75 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 66.70M · Float 64.62M · 96.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 12.23M | 18.33% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 4.05M | 6.07% | 13F | Aug 13, 2026 |
| FMR LLC | 3.92M | 5.87% | 13F | Aug 13, 2026 |
| State Street Corp | 3.59M | 5.39% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 2.90M | 4.34% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 12, 2026 | Alison Sasser | officer: SVP - Chief Accounting Officer | −1,273 | $62.11 |
| Feb 24, 2026 | Austin M. Woffinden | officer: EVP, Corp. Ops & Strategy | −143 | $76.80 |
| Feb 23, 2026 | Phillippe Lord | director, officer: Chief Executive Officer | −32,820 | $76.49 |
| Feb 24, 2026 | Alison Sasser | officer: SVP - Chief Accounting Officer | −151 | $76.80 |
| Feb 23, 2026 | Hilla Sferruzza | officer: EVP- Chief Financial Officer | −10,928 | $76.35 |
Peers
- D.R. Horton
Largest scale rival in affordable production housing
- Lennar
National first-time and move-up production-home rival
- PulteGroup
Broad-brand U.S. builder across first-time and move-up demand
- KB Home
Direct first-time and first move-up homebuilding rival
- Century Communities
Entry-level and move-up rival with Century Complete
- M/I Homes
Regional public builder in overlapping affordable-to-move-up bands
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Meritage Homes | $71.02 | −0.14% | $4.74B | 14.9 | 12.9 | 0.9 | −14.3% |
| D.R. Horton | $147.39 | 0.00% | $41.23B | 14.1 | 13.1 | 1.2 | +0.0% |
| Lennar | $86.50 | +0.19% | $21.44B | 13.5 | 15.2 | 0.7 | −5.0% |
| PulteGroup | $128.55 | +0.02% | $24.81B | 13.2 | 12.0 | 1.5 | −9.6% |
| KB Home | $54.96 | +0.18% | $3.36B | 13.3 | 13.6 | 0.6 | −27.3% |
| Century Communities | $69.16 | −0.06% | $1.97B | 15.2 | 15.0 | 0.5 | −7.3% |
| M/I Homes | $151.40 | −0.01% | $3.83B | 12.7 | 11.3 | 0.9 | −8.5% |
| Median | 13.4 | 13.4 | 0.8 | −7.9% |