Meritage Corporation (MTH) - Net Assets
Based on the latest financial reports, Meritage Corporation (MTH) has net assets worth $5.29 Billion USD as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($7.76 Billion) and total liabilities ($2.47 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check MTH asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $5.29 Billion |
| % of Total Assets | 68.15% |
| Annual Growth Rate | 12.42% |
| 5-Year Change | 118.99% |
| 10-Year Change | 308.41% |
| Growth Volatility | 29.28 |
Meritage Corporation - Net Assets Trend (1989–2024)
This chart illustrates how Meritage Corporation's net assets have evolved over time, based on quarterly financial data. Also explore Meritage Corporation (MTH) total assets for the complete picture of this company's asset base.
Annual Net Assets for Meritage Corporation (1989–2024)
The table below shows the annual net assets of Meritage Corporation from 1989 to 2024. For live valuation and market cap data, see MTH market cap overview.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $5.14 Billion | +11.48% |
| 2023-12-31 | $4.61 Billion | +16.77% |
| 2022-12-31 | $3.95 Billion | +29.73% |
| 2021-12-31 | $3.04 Billion | +29.67% |
| 2020-12-31 | $2.35 Billion | +18.94% |
| 2019-12-31 | $1.97 Billion | +14.72% |
| 2018-12-31 | $1.72 Billion | +9.13% |
| 2017-12-31 | $1.58 Billion | +10.93% |
| 2016-12-31 | $1.42 Billion | +12.91% |
| 2015-12-31 | $1.26 Billion | +13.47% |
| 2014-12-31 | $1.11 Billion | +31.86% |
| 2013-12-31 | $841.39 Million | +21.20% |
| 2012-12-31 | $694.21 Million | +41.99% |
| 2011-12-31 | $488.91 Million | -2.22% |
| 2010-12-31 | $500.00 Million | +3.00% |
| 2009-12-31 | $485.43 Million | -7.92% |
| 2008-12-31 | $527.21 Million | -27.80% |
| 2007-12-31 | $730.16 Million | -27.48% |
| 2006-12-31 | $1.01 Billion | +18.31% |
| 2005-12-31 | $851.00 Million | +62.79% |
| 2004-12-31 | $522.75 Million | +26.91% |
| 2003-12-31 | $411.89 Million | +29.81% |
| 2002-12-31 | $317.31 Million | +79.69% |
| 2001-12-31 | $176.59 Million | +45.82% |
| 2000-12-31 | $121.10 Million | +33.94% |
| 1999-12-31 | $90.41 Million | +24.89% |
| 1998-12-31 | $72.39 Million | +56.13% |
| 1997-12-31 | $46.37 Million | +72.36% |
| 1996-12-31 | $26.90 Million | +46.20% |
| 1995-12-31 | $18.40 Million | +4.55% |
| 1994-12-31 | $17.60 Million | -21.43% |
| 1993-12-31 | $22.40 Million | -59.05% |
| 1992-12-31 | $54.70 Million | -29.87% |
| 1991-12-31 | $78.00 Million | -9.51% |
| 1990-12-31 | $86.20 Million | +0.94% |
| 1989-12-31 | $85.40 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Meritage Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 249808.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $5.00 Billion | 97.21% |
| Common Stock | $360.00K | 0.01% |
| Other Components | $143.04 Million | 2.78% |
| Total Equity | $5.14 Billion | 100.00% |
Meritage Corporation Competitors by Market Cap
The table below lists competitors of Meritage Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
West Fraser Timber Co Ltd
TO:WFG
|
$4.67 Billion |
|
RTL GROUP UNSP.ADR 10
F:RRTU
|
$4.67 Billion |
|
Nanning Chemical Industry Co Ltd
SHG:600301
|
$4.68 Billion |
|
Millrose Properties, Inc.
NYSE:MRP
|
$4.68 Billion |
|
Doosan Bobcat Inc
KO:241560
|
$4.67 Billion |
|
Indian Railway Catering And Tourism Corporation Limited
NSE:IRCTC
|
$4.67 Billion |
|
Ternium SA DRC
BA:TXR
|
$4.67 Billion |
|
LG Uplus
KO:032640
|
$4.67 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Meritage Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 4,611,900,000 to 5,141,573,000, a change of 529,673,000 (11.5%).
- Net income of 786,186,000 contributed positively to equity growth.
- Dividend payments of 108,590,000 reduced retained earnings.
- Share repurchases of 125,932,000 reduced equity.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $786.19 Million | +15.29% |
| Dividends Paid | $108.59 Million | -2.11% |
| Share Repurchases | $125.93 Million | -2.45% |
| Other Changes | $-21.99 Million | -0.43% |
| Total Change | $- | 11.48% |
Book Value vs Market Value Analysis
This analysis compares Meritage Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.95x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 18.44x to 0.95x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1989-12-31 | $3.60 | $66.34 | x |
| 1990-12-31 | $3.32 | $66.34 | x |
| 1991-12-31 | $2.96 | $66.34 | x |
| 1992-12-31 | $2.07 | $66.34 | x |
| 1993-12-31 | $0.86 | $66.34 | x |
| 1994-12-31 | $0.23 | $66.34 | x |
| 1995-12-31 | $0.24 | $66.34 | x |
| 1996-12-31 | $0.67 | $66.34 | x |
| 1997-12-31 | $1.09 | $66.34 | x |
| 1998-12-31 | $1.48 | $66.34 | x |
| 1999-12-31 | $1.87 | $66.34 | x |
| 2000-12-31 | $2.65 | $66.34 | x |
| 2001-12-31 | $3.75 | $66.34 | x |
| 2002-12-31 | $6.02 | $66.34 | x |
| 2003-12-31 | $7.46 | $66.34 | x |
| 2004-12-31 | $9.46 | $66.34 | x |
| 2005-12-31 | $14.78 | $66.34 | x |
| 2006-12-31 | $18.57 | $66.34 | x |
| 2007-12-31 | $13.92 | $66.34 | x |
| 2008-12-31 | $8.99 | $66.34 | x |
| 2009-12-31 | $7.74 | $66.34 | x |
| 2010-12-31 | $7.73 | $66.34 | x |
| 2011-12-31 | $7.55 | $66.34 | x |
| 2012-12-31 | $19.74 | $66.34 | x |
| 2013-12-31 | $10.84 | $66.34 | x |
| 2014-12-31 | $26.66 | $66.34 | x |
| 2015-12-31 | $29.86 | $66.34 | x |
| 2016-12-31 | $33.38 | $66.34 | x |
| 2017-12-31 | $37.34 | $66.34 | x |
| 2018-12-31 | $42.25 | $66.34 | x |
| 2019-12-31 | $50.76 | $66.34 | x |
| 2020-12-31 | $61.01 | $66.34 | x |
| 2021-12-31 | $39.81 | $66.34 | x |
| 2022-12-31 | $53.23 | $66.34 | x |
| 2023-12-31 | $62.21 | $66.34 | x |
| 2024-12-31 | $70.11 | $66.34 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Meritage Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 15.29%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 12.29%
- • Asset Turnover: 0.89x
- • Equity Multiplier: 1.39x
- Recent ROE (15.29%) is above the historical average (5.18%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1989 | 7.61% | 15.70% | 0.11x | 4.50x | $-2.04 Million |
| 1990 | 12.53% | 25.17% | 0.12x | 4.24x | $2.18 Million |
| 1991 | 10.26% | 8.26% | 0.10x | 12.85x | $200.00K |
| 1992 | -34.92% | -31.36% | 0.08x | 14.02x | $-24.57 Million |
| 1993 | -142.86% | -6400.00% | 0.01x | 1.96x | $-34.24 Million |
| 1994 | -25.57% | -214.29% | 0.07x | 1.77x | $-6.26 Million |
| 1995 | 5.98% | 30.56% | 0.13x | 1.51x | $-740.00K |
| 1996 | 0.74% | 9.09% | 0.03x | 2.71x | $-2.49 Million |
| 1997 | 30.71% | 9.52% | 1.55x | 2.08x | $9.60 Million |
| 1998 | 33.21% | 9.38% | 1.68x | 2.11x | $16.77 Million |
| 1999 | 20.95% | 5.54% | 1.51x | 2.51x | $9.90 Million |
| 2000 | 29.53% | 6.87% | 1.95x | 2.21x | $23.65 Million |
| 2001 | 28.69% | 6.81% | 1.70x | 2.47x | $33.00 Million |
| 2002 | 22.04% | 6.25% | 1.62x | 2.18x | $38.21 Million |
| 2003 | 22.92% | 6.42% | 1.54x | 2.32x | $53.22 Million |
| 2004 | 26.59% | 6.81% | 1.61x | 2.42x | $86.71 Million |
| 2005 | 30.04% | 8.52% | 1.52x | 2.32x | $170.56 Million |
| 2006 | 22.38% | 6.51% | 1.59x | 2.16x | $124.67 Million |
| 2007 | -39.56% | -12.33% | 1.34x | 2.39x | $-361.87 Million |
| 2008 | -55.37% | -19.17% | 1.15x | 2.52x | $-344.66 Million |
| 2009 | -13.69% | -6.85% | 0.78x | 2.56x | $-115.00 Million |
| 2010 | 1.43% | 0.76% | 0.77x | 2.45x | $-42.85 Million |
| 2011 | -4.32% | -2.45% | 0.71x | 2.50x | $-70.00 Million |
| 2012 | 15.15% | 8.80% | 0.76x | 2.27x | $35.74 Million |
| 2013 | 14.79% | 6.84% | 0.91x | 2.38x | $40.32 Million |
| 2014 | 12.82% | 6.53% | 0.94x | 2.09x | $31.29 Million |
| 2015 | 10.23% | 4.99% | 0.96x | 2.14x | $2.84 Million |
| 2016 | 10.52% | 4.92% | 1.05x | 2.03x | $7.39 Million |
| 2017 | 9.09% | 4.42% | 1.00x | 2.06x | $-14.43 Million |
| 2018 | 13.21% | 6.44% | 1.05x | 1.96x | $55.26 Million |
| 2019 | 12.65% | 6.81% | 1.08x | 1.72x | $52.26 Million |
| 2020 | 18.04% | 9.41% | 1.16x | 1.65x | $188.69 Million |
| 2021 | 24.22% | 14.34% | 1.07x | 1.58x | $433.01 Million |
| 2022 | 25.12% | 15.77% | 1.09x | 1.46x | $597.23 Million |
| 2023 | 16.02% | 12.08% | 0.96x | 1.38x | $277.56 Million |
| 2024 | 15.29% | 12.29% | 0.89x | 1.39x | $272.03 Million |
Industry Comparison
This section compares Meritage Corporation's net assets metrics with peer companies in the Residential Construction industry.
Industry Context
- Industry: Residential Construction
- Average net assets among peers: $4,760,309,900
- Average return on equity (ROE) among peers: 17.54%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Meritage Corporation (MTH) | $5.29 Billion | 7.61% | 0.47x | $4.67 Billion |
| Beazer Homes USA Inc (BZH) | $1.10 Billion | 14.38% | 1.19x | $608.73 Million |
| Cavco Industries Inc (CVCO) | $254.88 Million | 5.98% | 0.72x | $3.96 Billion |
| Dream Finders Homes Inc (DFH) | $1.09 Billion | 27.24% | 1.36x | $520.11 Million |
| DR Horton Inc (DHI) | $19.79 Billion | 29.60% | 0.53x | $43.57 Billion |
| Green Brick Partners Inc (GRBK) | $1.70 Billion | 22.47% | 0.32x | $2.89 Billion |
| Hovnanian Enterprises Inc (HOV) | $-489.78 Million | 0.00% | 0.00x | $569.25 Million |
| Installed Building Products Inc (IBP) | $416.84 Million | 28.50% | 2.97x | $7.83 Billion |
| KB Home (KBH) | $1.35 Billion | 23.31% | 1.98x | $3.25 Billion |
| Legacy Housing Corp (LEGH) | $259.19 Million | 14.66% | 0.31x | $513.63 Million |
| Lennar Corporation (LEN) | $22.14 Billion | 9.30% | 0.56x | $19.08 Billion |
About Meritage Corporation
Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. It operates through two segments: Homebuilding and Financial Services. The company acquires and develops land; and constructs, markets, and sells homes for entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia… Read more