Pulling SEC filings + quote and writing the call…

Meritage Homes CORP
Next earnings Jul 21, 2026 (after close) · consensus $1.32 EPS, $1.44B rev
Last earnings -1.1% on 2026-04-22
Cheap (11.9x P/E), well-capitalized affordable homebuilder at a cyclical earnings trough, buying back stock hard.
Sources: SEC EDGAR (CIK 0000833079, latest 10-Q filed 2026-04-24) · EODHD · analysis by claude-code · as of 6/21/2026, 8:47:03 PM.
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The fundamentals carry the rating, but the price is rich (~34% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
Meritage Homes is a financially conservative, affordability-focused homebuilder going through a clear cyclical earnings trough, and the valuation already reflects the downturn. FY2025 net income fell 42.4% to $453M and diluted EPS dropped 40.8% to $6.35, yet at $75.73 the stock trades at just 11.9x earnings. The decline is cyclical, not structural: home closing revenue of $5.8 billion was down 9.1% from $6.3 billion on 3.7% fewer closings (15,026 vs 15,611) and a 5.6% lower ASP, while home closing gross margin compressed to 19.7% from 24.9% on heavier financing incentives, higher lot costs and weaker fixed-cost leverage. Management also absorbed one-time hits — $39.4 million of terminated land-contract charges, $16.5 million of real-estate impairments and severance — so adjusted gross margin was a firmer 20.8%.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $737M | $992M | $739M | $786M | $453M |
| Diluted EPS | $19.29 | $13.37 | $9.96 | $10.72 | $6.35 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
1078 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Last 90 days: 0 open-market buys · 1 sale
| 2026-05-12 | HILTON STEVEN J Executive Chairman | Gift | 11.0K | |
| 2026-05-12 | HILTON STEVEN J Executive Chairman | Gift | 11.0K | |
| 2026-05-12 | Sasser Alison SVP - Chief Accounting Officer | Sell | 1.27K @ $62.11 | $79.1K |
| 2026-03-23 | Clinton Malissia EVP - Gen. Counsel, Secretary | Award | 7.76K | |
| 2026-03-23 | Lord Phillippe Chief Executive Officer | Award | 48.9K | |
| 2026-03-23 | HILTON STEVEN J Executive Chairman | Award | 8.15K | |
| 2026-03-23 | Woffinden Austin M EVP, Corp. Ops & Strategy | Award | 7.84K | |
| 2026-03-23 | Feliciano Javier EVP Chief People Officer | Award | 7.35K | |
| 2026-03-23 | Sferruzza Hilla EVP- Chief Financial Officer | Award | 14.7K |
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.