MTH · Meritage Homes CORP
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Jul 30, 2026TL;DR. Meritage reported Q2 2026 results with home closings down 11% to 3,725 units and home closing revenue down 14% to $1.39 billion, while home closing gross margin compressed 280bps to 18.3% and net earnings fell 38% to $91M ($1.37 diluted EPS); the company updated full-year 2026 guidance to ~5% below 2025 closings, reiterated 5-10% community count growth, and returned $131M to shareholders while ending Q2 with $807M cash.
- + Backlog conversion of 200% with nearly 60% of Q2 closings from intra-quarter sales.
- + Ending community count grew 9% year-over-year to 340, with reiteration of full-year 5-10% growth target.
- + Returned $131M to shareholders via $100M in repurchases and $31M in dividends, with $284M remaining under authorization.
- + Strong liquidity position with $807M cash, no revolver borrowings, and 17.1% net debt-to-capital.
- − Home closing gross margin compressed 280bps to 18.3% (adjusted 18.6%) from 21.1% (adjusted 21.4%) on lost leverage and higher lot costs.
- − Q2 closings fell 11% to 3,725 units and home closing revenue fell 14% to $1.39B.
- − Q2 orders fell 9% to 3,575 units on a 19% lower absorption pace, partially offset by 14% higher community count.
- − Updated full-year 2026 guidance to ~5% below 2025 closings, with revenue potentially lower if incentives rise further.
- − Year-to-date net earnings fell 46% to $145.9M with home closing gross margin down 360bps to 17.9%.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Residential Construction — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
MTH
this stock
Meritage Homes CORP
|
$4.24B | -2.2% | +6.5% | 13.5 | 7.0% |
|
DHI
Horton D R Inc /De/
|
$40.31B | -4.8% | -6.9% | 13.7 | 3.5% |
|
PHM
Pultegroup Inc/Mi/
|
$22.47B | -0.8% | +11.8% | 12.2 | 4.7% |
|
LEN
Lennar Corp /New/
|
$19.79B | -20.1% | -3.5% | 12.4 | 7.5% |
|
NVR
Nvr Inc
|
$16.78B | -16.0% | -1.9% | 16.4 | 4.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MTH | -0.2% | -4.5% | -3.3% | +2.4% | -2.2% |
| SPY | -0.4% | -0.2% | +12.4% | +0.2% | +12.0% |
| vs SPY | +0.2% | -4.3% | -15.7% | +2.2% | -14.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.