MTHMeritage Homes CORP

Operative Builders

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $4.2B
Employees: 1,860
Net debt / EBITDA: —; $228M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
26% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowYes
352% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 17th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$737M	$992M	$739M	$786M	$453M	42%
Operating cash flow	−$152M	$405M	$356M	−$228M	$118M	152%
Capex	$26M	$27M	$38M	$29M	$26M	10%
Stock-based comp	$20M	$22M	$23M	$26M	$20M	24%
Buybacks	$61M	$109M	$59M	$126M	$295M	134%
Dividends	$0	$0	$40M	$109M	$121M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 22
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$4M	163	205
FY2024	$12M	$10M	257	252
FY2023	$11M	$22M	287	255
FY2022	$8M	$5M	151	143
FY2021	$8M	$14M	200	185