Meritage Homes Corporation (MTH) Balance Sheet
MTH balance sheet, 2025
December 31, 2025 · U.S. dollars$7.65B assets = $2.46B liabilities + $5.20B equity
Both columns are drawn to the same scale: what MTH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MTH financial health
Descriptive bands, not a rating. Fiscal 2025.
MTH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.89B2016 | $7.65B2025 | +11.4%/yr | |
| Total liabilities | $1.47B2016 | $2.46B2025 | +5.9%/yr | |
| Shareholders’ equity | $1.42B2016 | $5.20B2025 | +15.5%/yr | |
| Cash & short-term investments | $131.7M2016 | $775.2M2025 | +21.8%/yr | |
| Total debt | $1.14B2016 | $1.89B2025 | +5.8%/yr | |
| Net cash (debt) | −$1.01B2016 | −$1.11B2025 | −$103.8M | |
| Working capital | $2.37B2016 | $6.65B2025 | +$4.3B | |
| Book value per share | $33.382016 | $73.372025 | +9.1%/yr | |
| Debt / equity | 0.802016 | 0.362025 | −0.44 | |
| Shares outstanding | 42.6M2016 | 70.8M2025 | +5.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MTH assets
MTH liabilities and equity
MTH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MTH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $775.2M | $651.6M | $921.2M | $861.6M | $618.3M | $745.6M | $319.5M | $311.5M | $170.7M | $131.7M |
| Cash & equivalents | $775.2M | $651.6M | $921.2M | $861.6M | $618.3M | $745.6M | $319.5M | $311.5M | $170.7M | $131.7M |
| Short-term investments | — | — | — | $11.8M | $5.8M | — | — | — | $0 | $0 |
| Receivables | $307.0M | $256.3M | $267.0M | $215.0M | $147.5M | $98.6M | $88.5M | $77.3M | $79.3M | $70.4M |
| Inventory | $5.99B | $5.73B | $4.72B | $4.36B | $3.83B | $2.78B | $2.74B | $2.74B | $2.73B | $2.42B |
| Other current assets | $174.2M | $192.4M | $111.4M | $76.7M | $0 | $59.5M | $0 | $51.4M | $59.9M | $85.6M |
| Total current assets | $7.24B | $6.83B | $6.02B | $5.51B | $4.60B | $3.68B | $458.9M | $3.18B | $3.04B | $2.71B |
| Property, plant & equipment (net) | $103.6M | $47.3M | $49.0M | $38.6M | $58.4M | $38.9M | $50.6M | $54.6M | $33.6M | $33.2M |
| Goodwill & intangible assets | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M | $103.3M | $114.1M | $33.0M | $65.9M | $65.9M |
| Long-term investments | $57.3M | $28.7M | $17.2M | $11.8M | $5.8M | $4.3M | $4.4M | $17.5M | $17.1M | $17.1M |
| Other non-current assets | $215.3M | $224.7M | $233.2M | $177.2M | $122.3M | $36.0M | $2.77B | $77.7M | $93.2M | $62.8M |
| Total assets | $7.65B | $7.16B | $6.35B | $5.77B | $4.82B | $3.86B | $3.40B | $3.37B | $3.25B | $2.89B |
| Liabilities | ||||||||||
| Accounts payable | $200.7M | $212.5M | $271.6M | $273.3M | $216.0M | $175.2M | $155.0M | $128.2M | $140.5M | $140.7M |
| Short-term debt | $60.5M | $9.5M | $9.5M | $0 | $26.2M | $28.3M | $34.2M | $5.4M | $190.2M | $15.0M |
| Deferred revenue | — | $20.5M | $36.6M | $38.0M | $42.6M | $25.1M | $24.2M | $28.6M | $34.1M | $28.3M |
| Total current liabilities | $597.6M | $596.7M | $641.6M | $613.5M | $543.5M | $496.4M | $405.3M | $334.7M | $355.7M | $339.9M |
| Long-term debt | $1.83B | $1.34B | $1.01B | $1.15B | $1.16B | $1.02B | $1.02B | $1.31B | $1.28B | $1.13B |
| Lease obligations | $60.5M | $55.8M | $54.0M | $22.8M | $26.2M | $28.3M | $34.2M | — | — | — |
| Other long-term liabilities | $30.3M | $88.5M | $91.4M | $58.4M | $59.6M | $0 | $0 | $0 | $35.0M | $0 |
| Total liabilities | $2.46B | $2.02B | $1.74B | $1.82B | $1.76B | $1.52B | $1.42B | $1.64B | $1.67B | $1.47B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $682,000 | $360,000 | $364,000 | $366,000 | $373,000 | $375,000 | $382,000 | $381,000 | $403,000 | $400,000 |
| Retained earnings (deficit) | $5.19B | $5.00B | $4.32B | $3.62B | $2.63B | $1.89B | $1.47B | $1.22B | $991.8M | $848.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | $0 | — | $0 | — | −$96.9M | $0 | −$83.4M | −$57.2M | −$47.9M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $5.20B | $5.14B | $4.61B | $3.95B | $3.04B | $2.35B | $1.97B | $1.72B | $1.58B | $1.42B |
| Key figures | ||||||||||
| Total debt | $1.89B | $1.39B | $1.06B | $1.17B | $1.19B | $1.05B | $1.05B | $1.32B | $1.47B | $1.14B |
| Net cash (debt) | −$1.11B | −$740.1M | −$141.0M | −$311.9M | −$567.9M | −$302.7M | −$733.7M | −$1.00B | −$1.30B | −$1.01B |
| Working capital | $6.65B | $6.23B | $5.38B | $4.90B | $4.06B | $3.19B | $53.6M | $2.85B | $2.69B | $2.37B |
| Tangible book value | $5.16B | $5.11B | $4.58B | $3.92B | $3.01B | $2.24B | $1.86B | $1.69B | $1.51B | $1.36B |
| Book value per share | $73.37 | $70.11 | $62.21 | $53.23 | $39.81 | $61.01 | $50.76 | $42.25 | $37.34 | $33.38 |
| Shares outstanding | 70.8M | 73.3M | 74.1M | 74.2M | 76.5M | 38.5M | 38.9M | 40.7M | 42.2M | 42.6M |
| Current ratio | 12.12 | 11.44 | 9.38 | 8.98 | 8.46 | 7.42 | 1.13 | 9.51 | 8.55 | 7.97 |
| Quick ratio | 1.81 | 1.52 | 1.85 | 1.75 | 1.41 | 1.70 | 1.01 | 1.16 | 0.70 | 0.59 |
| Debt / equity | 0.36 | 0.27 | 0.23 | 0.30 | 0.39 | 0.45 | 0.53 | 0.76 | 0.93 | 0.80 |
| Equity / assets | 67.9% | 71.8% | 72.6% | 68.4% | 63.2% | 60.8% | 58.1% | 51.1% | 48.5% | 49.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $807.3M | $766.6M | $775.2M | $728.9M | $930.5M | $1.01B | $651.6M | $831.6M | $992.9M | $905.3M | $921.2M | $1.05B |
| Cash & equivalents | $807.3M | $766.6M | $775.2M | $728.9M | $930.5M | $1.01B | $651.6M | $831.6M | $992.9M | $905.3M | $921.2M | $1.05B |
| Receivables | $304.1M | $280.9M | $307.0M | $321.8M | $270.8M | $262.1M | $256.3M | $286.9M | $258.1M | $243.3M | $267.0M | $228.9M |
| Inventory | $6.06B | $6.13B | $5.99B | $6.14B | $5.96B | $5.80B | $5.73B | $5.46B | $5.18B | $4.91B | $4.72B | $4.50B |
| Other current assets | $0 | $0 | $174.2M | $198.2M | $221.4M | $254.5M | $192.4M | $207.5M | $156.7M | $122.8M | $111.4M | $0 |
| Total current assets | $7.17B | $7.18B | $7.24B | $7.39B | $7.39B | $7.33B | $6.83B | $6.78B | $6.58B | $6.19B | $6.02B | $1.37B |
| Property, plant & equipment (net) | $46.1M | $103.2M | $103.6M | $48.0M | $46.4M | $47.0M | $47.3M | $47.2M | $46.6M | $47.9M | $49.0M | $50.8M |
| Goodwill & intangible assets | $230.0M | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M | $33.0M | $210.8M | $33.0M | $218.6M | $197.6M |
| Long-term investments | $59.4M | $60.8M | $57.3M | $45.7M | $34.7M | $31.3M | $28.7M | $18.2M | $23.6M | $18.7M | $17.2M | $15.1M |
| Other non-current assets | $47.1M | $181.8M | $215.3M | $242.3M | $255.9M | $259.7M | $224.7M | $222.0M | $60.2M | $203.8M | $47.6M | $4.55B |
| Total assets | $7.55B | $7.55B | $7.65B | $7.76B | $7.76B | $7.70B | $7.16B | $7.10B | $6.92B | $6.49B | $6.35B | $6.18B |
| Liabilities | ||||||||||||
| Accounts payable | $215.7M | $199.9M | $200.7M | $217.9M | $242.1M | $229.8M | $212.5M | $287.4M | $299.8M | $306.1M | $271.6M | $294.2M |
| Short-term debt | — | $60.8M | $60.5M | $62.0M | $56.1M | $0 | $9.5M | $57.3M | $55.1M | $52.1M | $54.0M | $52.3M |
| Deferred revenue | — | — | — | $9.4M | $10.9M | $17.6M | $20.5M | $32.1M | $39.4M | $42.8M | $36.6M | $48.1M |
| Total current liabilities | $649.6M | $619.6M | $597.6M | $547.7M | $567.8M | $577.2M | $596.7M | $666.8M | $638.3M | $678.7M | $641.6M | $755.4M |
| Long-term debt | $1.85B | $1.84B | $1.83B | $1.83B | $1.83B | $1.84B | $1.34B | $1.31B | $1.31B | $1.00B | $1.01B | $1.01B |
| Lease obligations | $59.8M | $60.8M | $60.5M | $62.0M | $56.1M | $57.6M | $55.8M | $57.3M | $55.1M | $52.1M | $54.0M | $52.3M |
| Other long-term liabilities | $0 | $0 | $30.3M | $94.4M | $91.7M | $93.0M | $88.5M | $92.6M | $89.8M | $88.5M | $91.4M | $0 |
| Total liabilities | $2.50B | $2.46B | $2.46B | $2.47B | $2.49B | $2.51B | $2.02B | $2.07B | $2.04B | $1.77B | $1.74B | $1.76B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $652,000 | $667,000 | $682,000 | $704,000 | $712,000 | $718,000 | $360,000 | $362,000 | $363,000 | $363,000 | $364,000 | $364,000 |
| Retained earnings (deficit) | $5.06B | $5.09B | $5.19B | $5.28B | $5.21B | $5.09B | $5.00B | $4.85B | $4.68B | $4.48B | $4.32B | $4.13B |
| Accumulated other comprehensive income | — | — | — | — | — | — | $0 | — | — | — | — | — |
| Total shareholders' equity | $5.06B | $5.09B | $5.20B | $5.29B | $5.27B | $5.19B | $5.14B | $5.03B | $4.88B | $4.72B | $4.61B | $4.42B |
| Key figures | ||||||||||||
| Total debt | $1.85B | $1.90B | $1.89B | $1.89B | $1.88B | $1.89B | $1.39B | $1.37B | $1.37B | $1.05B | $1.06B | $1.06B |
| Net cash (debt) | −$1.04B | −$1.14B | −$1.11B | −$1.16B | −$953.4M | −$881.2M | −$740.1M | −$540.0M | −$375.4M | −$148.4M | −$141.0M | −$9.0M |
| Working capital | $6.52B | $6.56B | $6.65B | $6.84B | $6.82B | $6.75B | $6.23B | $6.12B | $5.94B | $5.51B | $5.38B | $615.7M |
| Tangible book value | $4.83B | $5.06B | $5.16B | $5.25B | $5.24B | $5.16B | $5.11B | $5.00B | $4.67B | $4.69B | $4.39B | $4.22B |
| Book value per share | $75.98 | $75.61 | $74.44 | $74.81 | $73.51 | $71.50 | $70.11 | $68.58 | $66.49 | $64.17 | $62.41 | $119.24 |
| Shares outstanding | 66.6M | 67.4M | 69.8M | 70.7M | 71.7M | 72.7M | 73.3M | 73.3M | 73.4M | 73.6M | 73.9M | 37.1M |
| Current ratio | 11.04 | 11.58 | 12.12 | 13.49 | 13.01 | 12.70 | 11.44 | 10.17 | 10.31 | 9.11 | 9.38 | 1.82 |
| Quick ratio | 1.71 | 1.69 | 1.81 | 1.92 | 2.12 | 2.21 | 1.52 | 1.68 | 1.96 | 1.69 | 1.85 | 1.69 |
| Debt / equity | 0.37 | 0.37 | 0.36 | 0.36 | 0.36 | 0.36 | 0.27 | 0.27 | 0.28 | 0.22 | 0.23 | 0.24 |
| Equity / assets | 66.9% | 67.4% | 67.9% | 68.2% | 67.9% | 67.5% | 71.8% | 70.8% | 70.5% | 72.7% | 72.6% | 71.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
MTH financial position
At the end of fiscal 2025 (December 31, 2025), Meritage Homes had total assets of $7.7 billion (up 6.8% from a year earlier), total liabilities of $2.5 billion and shareholders' equity of $5.2 billion. It held $775.2 million in cash and short-term investments against $1.9 billion of debt, net debt of $1.1 billion. Its current ratio was 12.12. In the latest quarter (ended June 30, 2026) total assets were $7.6 billion and equity $5.1 billion.
Related: MTH income statement, MTH cash flow statement, MTH key metrics. See the MTH stock overview for the latest quote and news.
MTH balance sheet FAQ
What are Meritage Homes's total assets?
Meritage Homes reported total assets of $7.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.2 billion a year earlier.
How much debt does Meritage Homes have?
Meritage Homes had $1.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.36.
How much cash does Meritage Homes have?
Meritage Homes held $775.2 million in cash and short-term investments at the end of fiscal 2025; with $1.9 billion of debt that is net debt of $1.1 billion.
What is Meritage Homes's book value?
Meritage Homes's shareholders' equity (book value) was $5.2 billion at the end of fiscal 2025, or $73.37 per share.
What is Meritage Homes's current ratio?
Meritage Homes had current assets of $7.2 billion and current liabilities of $597.6 million, a current ratio of 12.12 (it can cover its short-term obligations).
How much goodwill does Meritage Homes have?
Meritage Homes carried $33.0 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.