Meritage Homes CORP (MTH) FY2025 10-K Annual Report
Meritage Homes CORP (MTH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Meritage Homes CORP FY2025 10-K Analysis
Business Overview
- • Core business: Designer and builder of single-family homes with financial services (title, escrow, mortgage, insurance) across 12 states in West, Central, East US regions
- • New strategic shift: Launched 60-day closing ready guarantee in 2025 with move-in ready homes and external realtor engagement to better compete with resale market
- • Notable metric: Home closing revenue $5.8B in 2025, down 9.1% YoY; closed 15,026 homes; invested $1.9B in land acquisition and development, securing 5,500 lots vs 37,000 in 2024
- • Operational change: Shortened construction cycle below 110 days from 120, supported by all-spec home building, improved supply chain, and cost efficiencies
- • Unique fact: Declared two-for-one stock split effective January 2, 2025; recognized $39.4M charges for terminated land contracts and $8.4M severance in 2025 due to portfolio optimization
Management Discussion & Analysis
- • Revenue $5.76B, down 9.1% YoY from $6.34B; closings fell 3.7% to 15,026 units with 5.6% decrease in ASP to $383.6K
- • Home closing gross margin 19.7% vs 24.9% in 2024; adjusted margin 20.8% vs 25.0% excluding land termination and impairments
- • West segment worst performer: revenue $1.83B down 17.7%, closings down 15.6%, ASP down 2.6%; East segment best performer: revenue flat (-0.2%) at $2.10B, closings up 6.9%
- • Cash allocation includes $39.4M land termination charges, $8.4M severance costs; G&A costs down $19.1M to $211.8M; liquidity strong with 26.0% debt-to-capital and $500M senior notes issued
- • Management outlook: focus on affordable move-in ready homes, cycle time reduction; risks include affordability pressures, rising land costs, higher cancellation rates at 11% vs 9% prior year
Risk Factors
- • Cybersecurity risk oversight led by CIO with 30+ years experience, reporting biannually to Audit Committee on controls and benchmarks
- • No specific regulatory or legal risk, competitive threat, supply chain vulnerability, geopolitical exposure, or financial risk detailed in text
Meritage Homes CORP FY2025 Key Financial MetricsXBRL
Net Income
$453M
▼ -42.4% YoY
ROE
8.7%
▼ -657bp YoY
Total Assets
$7.6B
▲ +6.4% YoY
EPS (Diluted)
$6.35
▼ -40.8% YoY
Operating Cash Flow
$118M
▲ +152.0% YoY
Source: XBRL data from Meritage Homes CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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