Meritage Homes CORP
MTH · Operative Builders · 66.7M shares · +18%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $37M (gross $59M, SBC $23M)
Reference price $62.11 · est. market cap ~$4.1B — last insider sale, 2026-05-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Meritage is a top-5 homebuilder enduring a sharp margin and earnings reset in a soft 2025 housing market.
Strengths
- Strong, low-leverage balance sheet (26% debt-to-capital) and differentiated all-spec, 60-day-close model
- Healthy liquidity with $775M cash and growing community count
Risks
- ROE only 8.7% (27th pct) and gross margin collapsed from 24.9% to 19.7% amid heavy incentives and land charges
- Net income fell 42% YoY; demand softness, affordability and rate sensitivity remain headwinds
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +18%/yr over 4y (dilution, book value/share -10%)
- Strong balance sheetStrong balance sheet — $775M cash & investments
- Insider sellingInsider selling — 22 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$5M, last 6mo) Form 4 ↗
Key metrics
Return on equity
8.7%
Return on assets
5.9%
Net-income growth
-42.4%
Free cash flow
$93M
Tangible book value
$5.2B
Cash & investments
$775M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-12 | HILTON STEVEN J | Gift | 11K | — |
| 2026-05-12 | Sasser Alison | Sell | 1.3K | $62.11 |
| 2026-05-12 | HILTON STEVEN J | Gift | 11K | — |
| 2026-03-23 | Woffinden Austin M | Grant | 7.8K | — |
| 2026-03-23 | Feliciano Javier | Grant | 7.3K | — |
| 2026-03-23 | Clinton Malissia | Grant | 7.8K | — |
| 2026-03-23 | Sferruzza Hilla | Grant | 15K | — |
| 2026-03-23 | Lord Phillippe | Grant | 49K | — |
| 2026-03-23 | HILTON STEVEN J | Grant | 8.2K | — |
| 2026-02-24 | Woffinden Austin M | Sell | 143 | $76.80 |
| 2026-02-24 | Sasser Alison | Sell | 151 | $76.80 |
| 2026-02-23 | Lord Phillippe | Sell | 6.7K | $76.05 |
| 2026-02-23 | Lord Phillippe | Sell | 26K | $76.60 |
| 2026-02-23 | Lord Phillippe | Sell | 169 | $77.81 |
| 2026-02-23 | Clinton Malissia | Sell | 4.4K | $75.90 |
| 2026-02-23 | HILTON STEVEN J | Sell | 4.2K | $75.97 |
| 2026-02-23 | HILTON STEVEN J | Sell | 600 | $77.29 |
| 2026-02-23 | Clinton Malissia | Sell | 548 | $77.05 |
| 2026-02-23 | Clinton Malissia | Sell | 232 | $77.82 |
| 2026-02-23 | Feliciano Javier | Sell | 2.9K | $75.99 |
| 2026-02-23 | Feliciano Javier | Sell | 555 | $77.20 |
| 2026-02-23 | Feliciano Javier | Sell | 115 | $77.86 |
| 2026-02-23 | Sferruzza Hilla | Sell | 5.1K | $76.00 |
| 2026-02-23 | Sferruzza Hilla | Sell | 5.6K | $76.62 |
| 2026-02-23 | Sferruzza Hilla | Sell | 200 | $77.59 |
| 2026-02-20 | Sferruzza Hilla | Grant | 14K | — |
| 2026-02-20 | Sasser Alison | Sell | 158 | $78.16 |
| 2026-02-20 | Feliciano Javier | Grant | 6.3K | — |
| 2026-02-20 | Lord Phillippe | Grant | 39K | — |
| 2026-02-20 | Clinton Malissia | Grant | 8.0K | — |
| 2026-02-20 | Woffinden Austin M | Sell | 263 | $78.16 |
| 2026-02-20 | HILTON STEVEN J | Grant | 5.9K | — |
| 2026-02-19 | Lantz Erin N | Grant | 3.1K | — |
| 2026-02-19 | HENRETTA DEBORAH A | Grant | 3.1K | — |
| 2026-02-19 | Williams Geisha J | Grant | 3.1K | — |
| 2026-02-19 | CALDERA LOUIS E | Grant | 3.1K | — |
| 2026-02-19 | Keough Joseph | Grant | 3.1K | — |
| 2026-02-19 | BRADFORD DANA | Grant | 3.1K | — |
| 2026-02-19 | AX PETER L | Grant | 3.1K | — |
| 2026-02-19 | Michael R. Odell | Grant | 3.1K | — |
| 2026-02-19 | Mooney P. Kelly | Grant | 3.1K | — |
| 2026-02-18 | Sasser Alison | Grant | 2.7K | — |
| 2026-02-18 | Woffinden Austin M | Sell | 647 | $79.46 |
| 2026-02-18 | Lord Phillippe | Gift | 5.0K | — |
| 2026-02-18 | Lord Phillippe | Gift | 5.0K | — |
| 2026-02-18 | Lord Phillippe | Sell | 5.0K | $80.07 |
| 2026-02-18 | Sasser Alison | Sell | 680 | $79.46 |
| 2025-08-22 | Lord Phillippe | Sell | 7.0K | $80.01 |
| 2025-08-12 | Clinton Malissia | Sell | 1.2K | $72.05 |
| 2025-08-12 | Clinton Malissia | Sell | 5.4K | $71.49 |
| 2025-08-10 | Clinton Malissia | Grant | 8.6K | — |
| 2025-07-25 | ARRIOLA DENNIS V | Buy | 2.2K | $70.00 |
| 2025-06-30 | ARRIOLA DENNIS V | L | 47 | $66.62 |
| 2025-06-12 | Keough Joseph | Buy | 4.0K | $66.16 |
| 2025-03-31 | ARRIOLA DENNIS V | L | 45 | $69.62 |
| 2025-03-13 | Keough Joseph | Buy | 5.0K | $69.28 |
| 2025-03-10 | Lord Phillippe | Gift | 4.0K | — |
| 2025-03-10 | Lord Phillippe | Gift | 4.0K | — |
| 2025-03-03 | Szubinski Clinton | Sell | 752 | $72.38 |
| 2025-03-03 | Lord Phillippe | Sell | 15K | $70.66 |
| 2025-03-03 | Lord Phillippe | Sell | 21K | $71.71 |
| 2025-03-03 | Lord Phillippe | Sell | 777 | $72.39 |
| 2025-03-03 | Sferruzza Hilla | Sell | 14K | $71.77 |
| 2025-03-03 | Sferruzza Hilla | Sell | 946 | $72.37 |
| 2025-03-03 | Szubinski Clinton | Sell | 12K | $71.79 |
| 2025-03-03 | Feliciano Javier | Sell | 4.6K | $72.04 |
| 2025-03-03 | Feliciano Javier | Sell | 300 | $72.54 |
| 2025-02-28 | Feliciano Javier | Grant | 7.1K | — |
| 2025-02-28 | Szubinski Clinton | Grant | 17K | — |
| 2025-02-28 | HILTON STEVEN J | Grant | 9.9K | — |
| 2025-02-28 | Lord Phillippe | Grant | 47K | — |
| 2025-02-28 | Sferruzza Hilla | Grant | 19K | — |
| 2025-02-24 | Sasser Alison | Sell | 152 | $73.63 |
| 2025-02-20 | Lord Phillippe | Grant | 37K | — |
| 2025-02-20 | Mooney P. Kelly | Grant | 3.2K | — |
| 2025-02-20 | Williams Geisha J | Grant | 3.2K | — |
| 2025-02-20 | ARRIOLA DENNIS V | Grant | 3.2K | — |
| 2025-02-20 | Michael R. Odell | Grant | 3.2K | — |
| 2025-02-20 | AX PETER L | Grant | 3.2K | — |
| 2025-02-20 | HILTON STEVEN J | Grant | 6.7K | — |
| 2025-02-20 | Clinton Malissia | Grant | 6.4K | — |
| 2025-02-20 | CALDERA LOUIS E | Grant | 3.2K | — |
| 2025-02-20 | Szubinski Clinton | Grant | 15K | — |
| 2025-02-20 | Lantz Erin N | Grant | 3.2K | — |
| 2025-02-20 | HENRETTA DEBORAH A | Grant | 3.2K | — |
| 2025-02-20 | Feliciano Javier | Grant | 5.7K | — |
| 2025-02-20 | Keough Joseph | Grant | 3.2K | — |
| 2025-02-20 | BRADFORD DANA | Grant | 3.2K | — |
| 2025-02-20 | Sferruzza Hilla | Grant | 12K | — |
| 2025-02-19 | Sasser Alison | Sell | 676 | $72.03 |
| 2025-02-19 | Sasser Alison | Grant | 2.9K | — |
| 2025-02-12 | Szubinski Clinton | Sell | 595 | $73.29 |
| 2025-02-12 | Sasser Alison | Sell | 260 | $73.29 |
| 2025-02-10 | HILTON STEVEN J | Buy | 11K | $74.51 |
| 2025-02-10 | HILTON STEVEN J | Sell | 11K | $74.51 |
| 2024-12-31 | HILTON STEVEN J | Gift | 20K | — |
| 2024-12-31 | ARRIOLA DENNIS V | Buy | 20 | $77.21 |
| 2024-12-31 | HILTON STEVEN J | Gift | 20K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-21 | Shareholder voteExhibits | filing ↗ |
| 2026-04-22 | ResultsExhibits | filing ↗ |
| 2026-03-26 | Exec/director changeExhibits | filing ↗ |
| 2026-02-19 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-01-28 | ResultsExhibits | filing ↗ |
| 2025-10-28 | ResultsExhibits | filing ↗ |
| 2025-07-23 | ResultsExhibits | filing ↗ |
| 2025-07-09 | Material agreementDebt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-21 | 2026-05-21 | 0000833079-26-000113 ↗ |
| 10-Q | 2026-04-24 | 2026-03-31 | 0000833079-26-000105 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0000833079-26-000103 ↗ |
| 8-K | 2026-03-26 | 2026-03-23 | 0000833079-26-000092 ↗ |
| 8-K | 2026-02-19 | 2026-02-17 | 0000833079-26-000016 ↗ |
| 10-K | 2026-02-13 | 2025-12-31 | 0000833079-26-000010 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0000833079-26-000006 ↗ |
| 10-Q | 2025-10-31 | 2025-09-30 | 0000833079-25-000138 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0000833079-25-000135 ↗ |
| 10-Q | 2025-07-25 | 2025-06-30 | 0000833079-25-000119 ↗ |
| 8-K | 2025-07-23 | 2025-07-23 | 0000833079-25-000117 ↗ |
| 8-K | 2025-07-09 | 2025-07-09 | 0000833079-25-000112 ↗ |