On this page of StockholderLetter.com we present the latest annual shareholder letter from Meritage Homes CORP — ticker symbol MTH. Reading current and past MTH letters to shareholders can bring important insights into the investment thesis.

 •  4/7/2026 Letter Continued (Full PDF)
 •  3/24/2023 MTH Stockholder Letter
 •  3/29/2024 MTH Stockholder Letter
 •  4/8/2025 MTH Stockholder Letter
 •  More "General Contractors & Builders" Category Stockholder Letters
 •  MTH Benford's Law Stock Score = 48

MTH Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT

FINANCIAL HIGHLIGHTS
UNAUDITED (Dollars in millions except average price and per share amounts)
2025
2024
2023
2022
2021
INCOME STATEMENT DATA
Home closing revenue
Home closing gross profit
Home closing gross margin
Earnings before income taxes
Net earnings
Diluted earnings per common share



5,764
1,136
19.7%
585
453
6.35


6,342
1,580
24.9%
1,003
786
10.72





6,057
1,502
24.8%
949
739
9.96



6,207
1,773
28.6%
1,289
992
13.37



5,095
1,418
27.8%
955
737
9.64
OPERATING DATA
Average price of homes closed (thousands)
Homes closed
Homes ordered
Dollar value of homes ordered
Order backlog1
Dollar value of order backlog1
Actively selling communities1
Home sites controlled1
Employees1


384
15,026
14,650
5,727
1,168
441
336
77,625
1,860


406
15,611
14,606
5,951
1,544
630
292
85,613
1,898


433
13,976
13,193
5,676
2,549
1,088
270
64,313
1,838


440
14,106
11,759
5,256
3,332
1,525
271
63,182
1,921


398
12,801
13,808
5,797
5,679
2,516
259
75,049
1,773
BALANCE SHEET DATA
Cash, cash equivalents, investments
and securities and restricted cash1
Real estate1
Total assets1
Senior and convertible senior notes,
net and loans payable and other borrowings1
Stockholders    equity1
Shares outstanding (millions)1
Book value per share1


775
5,987
7,622


652
5,729
7,163


921
4,721
6,353


862
4,358
5,772


618
3,734
4,808


1,829
5,196
68.2
76.22


1,336
5,142
71.9
71.49


1,008
4,612
72.9
63.31


1,151
3,950
73.1
54.00


1,160
3,044
74.7
40.76

HOMES CLOSED


PRE-TAX EARNINGS


BOOK VALUE PER SHARE1
   21
4%
At period end.
1
   24
CAGR from
2021-2025
   25
   21
   22
   23
(12)%
   24
25
CAGR from
2021-2025
   21
   22
   23
17%
   24
CAGR from
2021-2025
$76.22
$71.49
$63.31
$54.00
$40.76
$585
$949
$1,003
$1,289
$955
   23
15,026
13,976
   22
15,611
14,106
12,801
($ in millions)
   25

4/7/2026 Letter Continued (Full PDF)

 

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