Meritage (MTH) financial statements
Net income was $453M.
Free cash flow was $93M, and the company returned $121M in dividends and $295M in net buybacks.
The diluted share count fell 16% over the period (buybacks).
Income statement
Fiscal years, from Meritage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | $531M | $566M | — | — | — | — | — | — | — | — |
| Selling, general and admin | $339M | $346M | $380M | $393M | $447M | $467M | $516M | $617M | $640M | $616M |
| Interest expense | $5M | $4M | $785,000 | $8M | $2M | $318,000 | $41,000 | $0 | $0 | $0 |
| Pre-tax income | $218M | $248M | $283M | $303M | $534M | $955M | $1.3B | $949M | $1.0B | $585M |
| Income tax | $69M | $104M | $56M | $53M | $110M | $217M | $297M | $211M | $217M | $132M |
| Net income | $150M | $143M | $227M | $250M | $423M | $737M | $992M | $739M | $786M | $453M |
| EPS (diluted) | $1.77 | $1.71 | $2.79 | $3.21 | $5.50 | $9.64 | $13.37 | $9.96 | $10.72 | $6.35 |
| Diluted shares | 85M | 84M | 81M | 78M | 77M | 76M | 74M | 74M | 73M | 71M |
Balance sheet
Fiscal years, from Meritage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $132M | $171M | $311M | $319M | $746M | $618M | $862M | $921M | $652M | $775M |
| Property, plant and equipment | $33M | $34M | $55M | $51M | $39M | $37M | $39M | $49M | $47M | $47M |
| Goodwill | $33M | $33M | $33M | $33M | $33M | $33M | $33M | $33M | $33M | $33M |
| Total assets | $2.9B | $3.3B | $3.4B | $3.4B | $3.9B | $4.8B | $5.8B | $6.4B | $7.2B | $7.6B |
| Total liabilities | $1.5B | $1.7B | $1.6B | $1.4B | $1.5B | $1.8B | $1.8B | $1.7B | $2.0B | $2.4B |
| Shareholders' equity | $1.4B | $1.6B | $1.7B | $2.0B | $2.3B | $3.0B | $3.9B | $4.6B | $5.1B | $5.2B |
| Net debt | -$132M | -$171M | -$311M | -$319M | -$746M | -$618M | -$862M | -$921M | -$652M | -$775M |
Cash flow
Fiscal years, from Meritage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$103M | -$87M | $262M | $347M | $530M | -$152M | $405M | $356M | -$228M | $118M |
| Capital spending | $17M | $18M | $33M | $24M | $20M | $26M | $27M | $38M | $29M | $26M |
| Free cash flow | -$120M | -$105M | $229M | $322M | $510M | -$178M | $378M | $317M | -$256M | $93M |
| Stock-based compensation | $14M | $12M | $17M | $20M | $20M | $20M | $22M | $23M | $26M | $20M |
| Dividends paid | — | — | — | — | — | $0 | $0 | $40M | $109M | $121M |
| Share buybacks (net) | $0 | $0 | -$100M | -$16M | -$70M | -$61M | -$109M | -$59M | -$126M | -$295M |
| Dividends per share | — | — | — | — | — | — | — | $0.53 | $1.48 | $1.70 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for MTH.
Open MTH in InvestinglyQuestions
How much free cash flow does Meritage generate?
$93M in fiscal 2025 (operating cash flow minus capital spending).
From Meritage's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.