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Meritage Homes Corporation: A Leading Homebuilder in the United States

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Meritage Homes Corporation is a leading national homebuilder in the United States, with a focus on building energy-efficient homes. The company was founded in 1985 and has since built more than 135,000 homes across the country. Meritage Homes is committed to sustainability and has been recognized as a Partner of the Year by the ENERGY STAR program 11 times, including in 2024.

Meritage Homes builds a variety of homes, from entry-level to luxury, in desirable locations across 11 states. The company offers a range of floor plans and options to meet the needs of different homebuyers. Meritage Homes also provides a comprehensive warranty program to give its customers peace of mind.

As a publicly traded company, Meritage Homes is committed to delivering value to its shareholders. The company has a strong financial track record and has consistently delivered solid results. Meritage Homes is also committed to giving back to the communities it serves, through charitable donations and volunteer work.

Company Overview

A modern office building with the Meritage Homes Corporation logo displayed prominently on the exterior. Lush landscaping surrounds the building, and a steady flow of employees and visitors enter and exit the main entrance

Meritage Homes Corporation is a publicly traded American real estate development company that constructs a variety of single-family detached homes across the United States. The company was founded in 1985 by Steve Hilton and is headquartered in Scottsdale, Arizona.

History

Meritage Homes has a reputation for its distinctive style and quality construction. The company has delivered over 175,000 homes in its 38-year history. In 2024, the company reported record-high quarterly sales orders, home closing gross margin of 25.8%, and a 43% increase in diluted EPS.

Business Model

Meritage Homes offers affordable, energy-efficient entry-level and first move-up homes. The company’s business model is based on a “Built to Order” approach, which allows homebuyers to customize their homes according to their preferences. The company also offers a “Quick Move-In” option for buyers who need to move in quickly.

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To ensure quality construction, Meritage Homes uses a proprietary building system called “Advanced Building Science.” This system includes features such as spray foam insulation, high-efficiency HVAC systems, and low-E windows.

Market Presence

Meritage Homes operates in ten states across the United States, including Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee. The company is the fifth-largest U.S. homebuilder, based on 2023 home sales.

In addition to single-family homes, Meritage Homes also develops active adult communities and luxury real estate in Arizona. The company’s commitment to sustainability and energy efficiency has earned it numerous awards, including the ENERGY STAR® Partner of the Year Sustained Excellence Award for seven consecutive years.

Overall, Meritage Homes Corporation is a reputable and successful homebuilder with a commitment to quality construction and sustainability.

Financial Performance

Annual Revenue

Meritage Homes Corporation has consistently reported strong financial performance in recent years. In 2023, the company generated a total revenue of $4.5 billion, which represents a 12% increase compared to the previous year. This growth can be attributed to the company’s focus on entry-level and first move-up buyers in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee.

Stock Performance

Meritage Homes Corporation’s stock performance has been impressive in recent years. As of April 29, 2024, the company’s stock was trading at $112.50 per share, which represents a 20% increase compared to the previous year. The company’s stock has consistently outperformed the S&P 500 index, which indicates that investors have confidence in the company’s growth prospects.

Growth Strategy

Meritage Homes Corporation has a clear growth strategy that focuses on expanding its presence in key markets, improving operational efficiency, and leveraging technology to enhance the customer experience. The company plans to achieve these goals by investing in land acquisition, developing new communities, and expanding its product offerings to meet the evolving needs of its customers. Additionally, the company has invested heavily in technology to improve the home buying process, including virtual tours, online design centers, and 3D modeling tools.

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Overall, Meritage Homes Corporation’s financial performance is strong, and the company’s growth strategy positions it well for continued success in the future.

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