Stock MTH MERITAGE HOMES CORPORATION
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Financials Meritage Homes Corporation

Equities

MTH

US59001A1025

Homebuilding

Market Closed - Nyse
Other stock markets
 04:00:01 2024-04-26 pm EDT 		5-day change 1st Jan Change
169.5 USD +2.67% Intraday chart for Meritage Homes Corporation +12.66% -2.71%
Apr. 26 UBS Adjusts Meritage Homes Price Target to $232 From $219, Maintains Buy Rating MT
Apr. 25 Transcript : Meritage Homes Corporation, Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,340 3,115 4,554 3,372 6,350 6,130 - -
Enterprise Value (EV) 1 3,040 3,390 5,096 3,661 6,437 5,863 5,809 5,715
P/E ratio 9.52 x 7.53 x 6.33 x 3.45 x 8.74 x 8.91 x 8.33 x 8.56 x
Yield - - - - 0.62% 1.77% 1.4% 1.97%
Capitalization / Revenue 0.64 x 0.69 x 0.89 x 0.54 x 1.04 x 1 x 0.93 x 0.95 x
EV / Revenue 0.83 x 0.76 x 1 x 0.58 x 1.05 x 0.95 x 0.88 x 0.88 x
EV / EBITDA 9.66 x 6.23 x 5.22 x 2.83 x 7.03 x 5.78 x 5.81 x 5.64 x
EV / FCF 9.43 x 6.64 x -28.7 x 9.68 x 20.3 x 9.03 x 13.7 x 68 x
FCF Yield 10.6% 15.1% -3.49% 10.3% 4.93% 11.1% 7.3% 1.47%
Price to Book 1.18 x 1.32 x 1.5 x 0.85 x - 1.19 x 1.06 x 0.97 x
Nbr of stocks (in thousands) 38,299 37,612 37,311 36,571 36,450 36,169 - -
Reference price 2 61.11 82.82 122.1 92.20 174.2 169.5 169.5 169.5
Announcement Date 1/29/20 1/27/21 1/26/22 2/1/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,650 4,482 5,120 6,269 6,113 6,142 6,616 6,458
EBITDA 1 314.7 543.7 976.7 1,293 915.3 1,015 1,000 1,014
EBIT 1 286.8 512.7 950.4 1,268 889.9 936 942.3 967.3
Operating Margin 7.86% 11.44% 18.56% 20.23% 14.56% 15.24% 14.24% 14.98%
Earnings before Tax (EBT) 1 302.9 533.6 954.8 1,289 949.4 945.4 935.6 924.2
Net income 1 249.7 423.5 737.4 992.2 738.7 683.5 725.1 711.8
Net margin 6.84% 9.45% 14.4% 15.83% 12.08% 11.13% 10.96% 11.02%
EPS 2 6.420 11.00 19.29 26.74 19.93 19.03 20.35 19.81
Free Cash Flow 1 322.4 510.4 -177.8 378.3 317.4 649.5 424 84
FCF margin 8.83% 11.39% -3.47% 6.03% 5.19% 10.57% 6.41% 1.3%
FCF Conversion (EBITDA) 102.45% 93.87% - 29.26% 34.68% 64.01% 42.4% 8.28%
FCF Conversion (Net income) 129.15% 120.53% - 38.13% 42.96% 95.03% 58.48% 11.8%
Dividend per Share 2 - - - - 1.080 3.000 2.368 3.343
Announcement Date 1/29/20 1/27/21 1/26/22 2/1/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 1,260 1,499 1,287 1,412 1,578 1,991 1,279 1,567 1,613 1,653 1,468 1,558 1,489 1,646 1,400
EBITDA 1 262.8 311.1 288.7 334 330.5 339.8 158.7 235.2 274 247.3 231.7 261.8 265.7 250.5 212.9
EBIT 1 256.3 304.7 282.9 328.1 324.7 332.6 153.5 229.2 267.6 239.6 225.7 244.3 239.9 218.4 204.8
Operating Margin 20.34% 20.33% 21.98% 23.23% 20.58% 16.7% 12% 14.62% 16.59% 14.49% 15.37% 15.69% 16.11% 13.27% 14.63%
Earnings before Tax (EBT) 1 261.7 311.5 285.9 331.7 329.5 342.2 165.3 239.5 285.7 258.9 234 222.2 233.3 237.8 191
Net income 1 200.8 237.5 217.3 250.1 262.5 262.4 131.3 186.8 221.8 198.9 186 170.4 178.7 184.2 146.9
Net margin 15.93% 15.84% 16.88% 17.71% 16.63% 13.17% 10.26% 11.92% 13.75% 12.03% 12.67% 10.94% 12% 11.19% 10.5%
EPS 2 5.250 6.250 5.790 6.770 7.100 7.090 3.540 5.020 5.980 5.380 5.060 4.780 4.974 4.999 4.085
Dividend per Share 2 - - - - - - 0.2700 0.2700 0.2700 0.2700 0.7500 0.7500 0.7500 0.7500 0.7500
Announcement Date 10/27/21 1/26/22 4/27/22 7/27/22 10/26/22 2/1/23 4/26/23 7/27/23 10/31/23 1/31/24 4/24/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 700 274 542 289 87 - - -
Net Cash position 1 - - - - - 267 321 415
Leverage (Debt/EBITDA) 2.223 x 0.5048 x 0.5546 x 0.2236 x 0.095 x - - -
Free Cash Flow 1 322 510 -178 378 317 650 424 84
ROE (net income / shareholders' equity) 13.8% 19.6% 27.4% 28.4% 17.3% 15% 13.7% 12.5%
ROA (Net income/ Total Assets) 7.52% 11.7% 17% 18.8% 12.2% 10.9% 10.8% -
Assets 1 3,320 3,631 4,336 5,290 6,063 6,271 6,745 -
Book Value Per Share 2 51.70 62.60 81.50 108.0 - 142.0 160.0 174.0
Cash Flow per Share 8.920 13.80 - 10.90 9.590 - - -
Capex 1 24.4 19.9 25.7 27 38.2 27.1 27.8 36.5
Capex / Sales 0.67% 0.44% 0.5% 0.43% 0.62% 0.44% 0.42% 0.57%
Announcement Date 1/29/20 1/27/21 1/26/22 2/1/23 1/31/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Meritage Homes Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
10
Last Close Price
169.5 USD
Average target price
184.7 USD
Spread / Average Target
+9.01%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Builders - Single Homes

1st Jan change Capi.
MERITAGE HOMES CORPORATION Stock Meritage Homes Corporation
-2.71% 6.13B
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M/I HOMES, INC. Stock M/I Homes, Inc.
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PT GOWA MAKASSAR TOURISM DEVELOPMENT TBK Stock PT Gowa Makassar Tourism Development Tbk
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INVERSIONES CENTENARIO S.A.A. Stock Inversiones Centenario S.A.A.
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SMITH DOUGLAS HOMES CORP. Stock Smith Douglas Homes Corp.
0.00% 241M
HUSCOMPAGNIET A/S Stock HusCompagniet A/S
+19.57% 171M
HEXAOM Stock HEXAOM
+20.51% 172M
Residential Builders - Single Homes
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