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.
2024 ANNUAL REPORT
FINANCIAL HIGHLIGHTS UNAUDITED (Dollars in millions except average price and per share amounts) 2024 2023 2022 2021 2020 INCOME STATEMENT DATA Home closing revenue Home closing gross profit Home closing gross margin Earnings before income taxes Net earnings Diluted earnings per common share1 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 4,464 980 22.0% 534 423 5.50 OPERATING DATA Average price of homes closed (thousands) Homes closed Homes ordered Dollar value of homes ordered Order backlog Dollar value of order backlog Actively selling communities Home sites controlled Employees 406 15,611 14,606 5,951 1,544 630 292 85,613 1,898 652 5,729 7,163 1,336 5,142 71.9 71.49 433 13,976 13,193 5,676 2,549 1,088 270 64,313 1,838 921 4,721 6,353 1,008 4,612 72.9 63.31 440 14,106 11,759 5,256 3,332 1,525 271 63,182 1,921 862 4,358 5,772 1,151 3,950 73.1 54.00 398 12,801 13,808 5,797 5,679 2,516 259 75,049 1,773 618 3,734 4,808 746 2,778 3,864 1,160 3,044 74.7 40.76 1,020 2,348 75.0 31.29 377 11,834 13,724 5,175 4,672 1,813 195 55,502 1,570 BALANCE SHEET DATA Cash, cash equivalents, investments and securities and restricted cash Real estate Total assets Senior and convertible senior notes, net and loans payable and other borrowings Stockholders equity Shares outstanding at 12/31 (millions)1 Book value per share1 HOMES CLOSED PRE-TAX EARNINGS BOOK VALUE PER SHARE1 $534 20 21 7% CAGR from 2020-2024 24 20 21 22 17% 23 24 CAGR from 2020-2024 Share and per share amounts have been retroactively adjusted to reflect the 2-for-1 stock split that was effective on January 2, 2025. 1 20 21 22 23% 23 CAGR from 2020-2024 $71.49 $63.31 $54.00 $40.76 $31.29 $949 $1,003 $1,289 23 $955 13,976 22 15,611 14,106 12,801 11,834 ($ in millions) 24
 • shareholder letter icon 4/8/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/24/2023 MTH Stockholder Letter
 • stockholder letter icon 3/29/2024 MTH Stockholder Letter
 • stockholder letter icon More "General Contractors & Builders" Category Stockholder Letters
 • Benford's Law Stocks icon MTH Benford's Law Stock Score = 79


MTH Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT

FINANCIAL HIGHLIGHTS
UNAUDITED (Dollars in millions except average price and per share amounts)
2024
2023
2022
2021
2020
INCOME STATEMENT DATA
Home closing revenue
Home closing gross profit
Home closing gross margin
Earnings before income taxes
Net earnings
Diluted earnings per common share1



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



4,464
980
22.0%
534
423
5.50
OPERATING DATA
Average price of homes closed (thousands)
Homes closed
Homes ordered
Dollar value of homes ordered
Order backlog
Dollar value of order backlog
Actively selling communities
Home sites controlled
Employees

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



652
5,729
7,163


1,336
5,142
71.9
71.49


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



921
4,721
6,353


1,008
4,612
72.9
63.31


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



862
4,358
5,772


1,151
3,950
73.1
54.00


398
12,801
13,808
5,797
5,679
2,516
259
75,049
1,773



618
3,734
4,808


746
2,778
3,864


1,160
3,044
74.7
40.76


1,020
2,348
75.0
31.29



377
11,834
13,724
5,175
4,672
1,813
195
55,502
1,570
BALANCE SHEET DATA
Cash, cash equivalents, investments
and securities and restricted cash
Real estate
Total assets
Senior and convertible senior notes,
net and loans payable and other borrowings
Stockholders    equity
Shares outstanding at 12/31 (millions)1
Book value per share1

HOMES CLOSED


PRE-TAX EARNINGS


BOOK VALUE PER SHARE1
$534
   20
   21
7%
CAGR from
2020-2024
   24
   20
   21
   22
17%
   23
24
CAGR from
2020-2024
Share and per share amounts have been retroactively adjusted to reflect the 2-for-1 stock split that was effective on January 2, 2025.
1
   20
   21
   22
23%
   23
CAGR from
2020-2024
$71.49
$63.31
$54.00
$40.76
$31.29
$949
$1,003
$1,289
   23
$955
13,976
   22
15,611
14,106
12,801
11,834
($ in millions)
   24



shareholder letter icon 4/8/2025 Letter Continued (Full PDF)
 

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