Meritage Homes Corporation (MTH) Key Metrics
MTH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.86B
- Enterprise value
- $5.43B
- P/E (TTM)
- 12.4 10-yr median 5.6
- Forward P/E
- 12.5
- PEG ratio
- 0.54
- Price / sales
- 0.7 10-yr median 0.4
- Price / book
- 0.9 10-yr median 0.8
- EV / EBITDA
- 12.0 10-yr median 5.7
- Dividend yield
- 3.24% $1.92 a year
- Beta
- 1.34
MTH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMTH valuation Price multiples at each fiscal year-end price.
MTH returns How much profit the business earns on the capital it uses.
MTH per-share figures Results divided by the shares outstanding at year-end.
MTH financial health Debt, liquidity and how easily interest is covered.
MTH efficiency & capital use Working capital cycle and where the cash goes.
MTH valuation history
MTH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MTH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MTH cash returned to shareholders
MTH price vs earnings per share
MTH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.66B | $5.64B | $6.46B | $3.42B | $4.67B | $1.59B | $1.19B | $747.8M | $1.08B | $741.0M |
| Enterprise value | $5.77B | $6.38B | $6.60B | $3.73B | $5.23B | $1.90B | $1.92B | $1.75B | $2.38B | $1.75B |
| P/E ratio | 10.3 | 7.2 | 8.7 | 3.4 | 6.3 | 3.8 | 4.8 | 3.3 | 7.5 | 5.0 |
| Price / sales | 0.8 | 0.9 | 1.1 | 0.5 | 0.9 | 0.4 | 0.3 | 0.2 | 0.3 | 0.2 |
| Price / book | 0.9 | 1.1 | 1.4 | 0.9 | 1.5 | 0.7 | 0.6 | 0.4 | 0.7 | 0.5 |
| Price / free cash flow | 50.3 | — | 20.3 | 9.0 | — | 3.1 | 3.7 | 3.3 | — | — |
| Price / operating cash flow | 39.4 | — | 18.2 | 8.4 | — | 3.0 | 3.4 | 2.9 | — | — |
| EV / sales | 1.0 | 1.0 | 1.1 | 0.6 | 1.0 | 0.4 | 0.5 | 0.5 | 0.7 | 0.6 |
| EV / EBITDA | 9.5 | 6.2 | 5.2 | 2.8 | 5.3 | 3.2 | 5.6 | 5.7 | 9.0 | 7.5 |
| EV / free cash flow | 62.4 | — | 20.8 | 9.9 | — | 3.7 | 6.0 | 7.7 | — | — |
| Earnings yield | 9.7% | 13.9% | 11.4% | 29.0% | 15.8% | 26.6% | 21.0% | 30.4% | 13.3% | 20.2% |
| Free cash flow yield | 2.0% | −4.5% | 4.9% | 11.1% | −3.8% | 32.0% | 27.1% | 30.6% | −9.7% | −16.2% |
| Dividend yield | 2.6% | 1.9% | 0.6% | 0.0% | 0.0% | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 8.9% | 4.2% | 1.5% | 3.2% | 1.3% | 4.4% | 1.3% | 13.4% | 0.0% | 0.0% |
| Share price at fiscal year-end | $65.80 | $76.91 | $87.10 | $46.10 | $61.03 | $41.41 | $30.55 | $18.36 | $25.60 | $17.40 |
| Per share | ||||||||||
| Revenue per share | $82.71 | $87.21 | $82.45 | $84.80 | $67.24 | $116.96 | $94.29 | $86.64 | $76.75 | $71.43 |
| Earnings per share | $6.40 | $10.72 | $9.96 | $13.37 | $9.64 | $11.00 | $6.42 | $5.58 | $3.39 | $3.51 |
| Operating cash flow per share | $1.67 | −$3.10 | $4.80 | $5.46 | −$1.99 | $13.78 | $8.92 | $6.44 | −$2.06 | −$2.43 |
| Free cash flow per share | $1.31 | −$3.49 | $4.28 | $5.10 | −$2.32 | $13.26 | $8.29 | $5.62 | −$2.49 | −$2.82 |
| Cash per share | $10.95 | $8.89 | $12.43 | $11.61 | $8.09 | $19.37 | $8.21 | $7.65 | $4.04 | $3.09 |
| Book value per share | $73.37 | $70.11 | $62.21 | $53.23 | $39.81 | $61.01 | $50.76 | $42.25 | $37.34 | $33.38 |
| Tangible book value per share | $72.90 | $69.66 | $61.76 | $52.78 | $39.38 | $58.32 | $47.82 | $41.44 | $35.78 | $31.83 |
| Dividends per share | $1.71 | $1.48 | $0.53 | $0.00 | $0.00 | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.36 | $0.39 | $0.52 | $0.36 | $0.34 | $0.52 | $0.63 | $0.82 | $0.43 | $0.39 |
| Debt per share | $26.68 | $18.98 | $14.33 | $15.81 | $15.51 | $27.24 | $27.08 | $32.30 | $34.91 | $26.82 |
| Shares outstanding | 70.8M | 73.3M | 74.1M | 74.2M | 76.5M | 38.5M | 38.9M | 40.7M | 42.2M | 42.6M |
| Change in shares outstanding | −3.4% | −1.1% | −0.1% | −3.0% | +98.7% | −1.0% | −4.5% | −3.6% | −0.8% | +1.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 8.8% | 16.1% | 17.3% | 28.4% | 27.4% | 19.6% | 13.5% | 13.8% | 9.6% | 11.2% |
| Return on invested capital (ROIC) | 6.8% | 14.1% | 28.2% | 25.2% | 23.9% | 16.4% | 9.5% | 8.0% | 5.4% | 5.3% |
| Return on assets (ROA) | 6.1% | 11.6% | 12.2% | 18.7% | 17.0% | 11.7% | 7.4% | 6.9% | 4.7% | 5.4% |
| Return on tangible assets | 5.9% | 11.0% | 11.7% | 17.3% | 15.4% | 11.3% | 7.6% | 6.8% | 4.5% | 5.3% |
| Free cash flow margin | 1.6% | −4.0% | 5.2% | 6.0% | −3.5% | 11.3% | 8.8% | 6.5% | −3.2% | −3.9% |
| Income quality (OCF / net income) | 0.26 | −0.29 | 0.48 | 0.41 | −0.21 | 1.25 | 1.39 | 1.15 | −0.61 | −0.69 |
| Financial health | ||||||||||
| Total debt | $1.89B | $1.39B | $1.06B | $1.17B | $1.19B | $1.05B | $1.05B | $1.32B | $1.47B | $1.14B |
| Cash & short-term investments | $775.2M | $651.6M | $921.2M | $861.6M | $618.3M | $745.6M | $319.5M | $311.5M | $170.7M | $131.7M |
| Net debt | $1.11B | $740.1M | $141.0M | $311.9M | $567.9M | $302.7M | $733.7M | $1.00B | $1.30B | $1.01B |
| Debt / equity | 0.36 | 0.27 | 0.23 | 0.30 | 0.39 | 0.45 | 0.53 | 0.76 | 0.93 | 0.80 |
| Debt / assets | 0.25 | 0.19 | 0.17 | 0.20 | 0.25 | 0.27 | 0.31 | 0.39 | 0.45 | 0.40 |
| Net debt / EBITDA | 1.83 | 0.72 | 0.11 | 0.24 | 0.58 | 0.52 | 2.14 | 3.28 | 4.89 | 4.32 |
| Current ratio | 12.12 | 11.44 | 9.38 | 8.98 | 8.46 | 7.42 | 1.13 | 9.51 | 8.55 | 7.97 |
| Quick ratio | 2.10 | 1.84 | 2.03 | 1.88 | 1.41 | 1.82 | −5.64 | 1.32 | 0.87 | 0.85 |
| Interest coverage | 180.5 | 457.2 | — | — | — | 254.5 | 37.6 | 356.1 | 64.8 | 42.2 |
| Working capital | $6.65B | $6.23B | $5.38B | $4.90B | $4.06B | $3.19B | $53.6M | $2.85B | $2.69B | $2.37B |
| Invested capital | $6.31B | $5.88B | $4.75B | $4.26B | $3.61B | $2.65B | $2.71B | $2.72B | $2.88B | $2.43B |
| Tangible asset value | $5.16B | $5.11B | $4.58B | $3.92B | $3.02B | $2.24B | $1.86B | $1.69B | $1.51B | $1.36B |
| Net current asset value | $4.79B | $4.81B | $4.28B | $3.69B | $2.84B | $2.17B | −$965.4M | $1.54B | $1.37B | $1.24B |
| Graham number | $102.76 | $130.05 | $118.10 | $126.55 | $92.95 | $122.90 | $85.62 | $72.84 | $53.39 | $51.36 |
| Graham net-net per share | $21.77 | $23.01 | $23.48 | $18.59 | $11.54 | $17.98 | $8.58 | $2.36 | −$1.86 | −$1.68 |
| Capital allocation | ||||||||||
| Dividends paid | $121.1M | $108.6M | $39.5M | $0 | $0 | — | — | — | $0 | $0 |
| Share buybacks (net) | $295.0M | $125.9M | $59.1M | $109.3M | $61.0M | $69.6M | $16.0M | $100.0M | $0 | $0 |
| Dividend payout ratio | 26.7% | 13.8% | 5.4% | 0.0% | 0.0% | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 449.5% | — | 31.1% | 28.9% | — | 13.6% | 5.0% | 43.7% | — | — |
| Capex / revenue | 0.4% | 0.4% | 0.6% | 0.4% | 0.5% | 0.4% | 0.7% | 0.9% | 0.6% | 0.5% |
| Capex / operating cash flow | 21.7% | — | 10.7% | 6.7% | — | 3.8% | 7.0% | 12.7% | — | — |
| Capex / depreciation | 1.02 | 1.10 | 1.51 | 1.09 | 0.98 | 0.64 | 0.87 | 1.24 | 1.08 | 1.04 |
| Stock-based compensation / revenue | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.5% | 0.5% | 0.4% | 0.5% |
| SG&A / revenue | 3.6% | 10.0% | 3.8% | 8.2% | 9.1% | 9.9% | 10.7% | 10.8% | 10.7% | 11.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 17.5 | 14.9 | 14.4 | 10.5 | 8.7 | 7.6 | 8.3 | 8.1 | 8.4 | 7.7 |
| Days of inventory on hand | 456.1 | 397.6 | 359.4 | 333.0 | 325.7 | 287.9 | 338.4 | 348.2 | 355.5 | 332.0 |
| Days payables outstanding | 16.1 | 18.4 | 21.6 | 19.9 | 19.3 | 17.2 | 17.5 | 17.1 | 19.4 | 18.2 |
| Cash conversion cycle (days) | 457.5 | 394.1 | 352.2 | 323.6 | 315.2 | 278.3 | 329.2 | 339.3 | 344.5 | 321.5 |
| Receivables turnover | 20.80 | 24.44 | 25.37 | 34.71 | 41.78 | 48.12 | 44.24 | 45.06 | 43.31 | 47.66 |
| Payables turnover | 22.69 | 19.82 | 16.92 | 18.35 | 18.93 | 21.20 | 20.90 | 21.35 | 18.82 | 20.11 |
| Inventory turnover | 0.80 | 0.92 | 1.02 | 1.10 | 1.12 | 1.27 | 1.08 | 1.05 | 1.03 | 1.10 |
| Asset turnover | 0.79 | 0.95 | 1.01 | 1.19 | 1.18 | 1.24 | 1.08 | 1.07 | 1.06 | 1.09 |
| Average receivables | $281.6M | $261.6M | $241.0M | $181.3M | $123.1M | $93.5M | $82.9M | $78.3M | $74.8M | $63.8M |
| Average payables | $206.6M | $242.1M | $272.5M | $244.6M | $195.6M | $165.1M | $141.6M | $134.3M | $140.6M | $123.6M |
| Average inventory | $5.86B | $5.23B | $4.54B | $4.10B | $3.31B | $2.76B | $2.74B | $2.74B | $2.58B | $2.26B |
| Intangibles / total assets | 0.4% | 0.5% | 0.5% | 0.6% | 0.7% | 2.7% | 3.4% | 1.0% | 2.0% | 2.3% |
Computed from MTH's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MTH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Meritage Homes traded at 10.3 times earnings, against a 10-year median of 5.6. Based on the latest twelve months, the trailing P/E is 12.4 and the forward P/E is 12.5. Meritage Homes earned a return on equity of 8.8% and a return on invested capital of 6.8% in fiscal 2025. It ended the year with $1.9 billion of debt and $775.2 million in cash and short-term investments, net debt of $1.1 billion. It returned $416.1 million to shareholders: $121.1 million in dividends and $295.0 million in share buybacks, 449% of free cash flow. The share count rose 66.3% from 42.6M to 70.8M over 9 years.
See the MTH income statement, the MTH chart for price history, or the MTH stock overview for the latest quote and news.
MTH key metrics FAQ
What is Meritage Homes's P/E ratio?
Meritage Homes's trailing P/E ratio is 12.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.5. At the end of fiscal 2025 it was 10.3, compared with a 10-year median of 5.6.
What is Meritage Homes's EV/EBITDA?
Meritage Homes's enterprise value was 9.5 times EBITDA at the end of fiscal 2025 (enterprise value $5.8 billion, EBITDA $609.9 million); the current EV/EBITDA is 12.0.
What is Meritage Homes's return on equity?
Meritage Homes's return on equity (ROE) was 8.8% in fiscal 2025: net income of $453.0 million on average shareholders' equity of $5.2 billion.
What is Meritage Homes's ROIC?
Meritage Homes's return on invested capital was 6.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Meritage Homes have?
Meritage Homes had total debt of $1.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.36 and $1.1 billion of net debt (1.83 times EBITDA).
What is Meritage Homes's dividend yield?
Meritage Homes's forward dividend yield is 3.24%. Meritage Homes paid $121.1 million in dividends in fiscal 2025 ($1.71 per share), a payout ratio of 26.7%.
Does Meritage Homes buy back its shares?
Yes. Meritage Homes spent $295.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −3.4% over the year, to 70.8M..
What is Meritage Homes's free cash flow yield?
Meritage Homes generated $92.6 million of free cash flow in fiscal 2025, a free cash flow yield of 2.0% on its market value at year-end ($4.7 billion).
What is Meritage Homes's current ratio?
Meritage Homes's current ratio was 12.12 at the end of fiscal 2025: current assets were 12.12 times current liabilities.