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Meritage Homes Corporation

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U.S. homebuilding company
Meritage Homes
Company typePublic
Traded asNYSE: MTH
S&P 600 component
IndustryHome construction
Founded1985
FoundersSteve Hilton, William "Bill" Cleverly
HeadquartersScottsdale, Arizona, U.S.
Key people
  • Steven J. Hilton (Founder, Executive Chairman of the Board, Emeritus CEO)
  • Phillippe Lord (CEO)
  • Larry W. Seay (Former CFO and Executive VP)
Net incomeUS$423 million (2020)
Number of employees1,570 (2020)
Subsidiaries
  • Monterey Homes
  • Meritage Active Adult
Websitewww.meritagehomes.com

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. It is the fifth largest home builder in the United States, based on 2023 home sales. The company also develops active adult communities and luxury real estate in Arizona.

The company is headquartered in Scottsdale, Arizona.

History

Meritage Homes was founded in 1985 as Monterey Homes in Scottsdale, Arizona, by Steve Hilton and William "Bill" Cleverly.

In 1997, the company changed its name to Meritage Homes Corp, and began trading on the New York Stock Exchange under the symbol MTH.

In 2011, the company unveiled its first net-zero energy homes, in Buckeye, Arizona.

In July 2014, the company acquired Douglasville, Georgia-based Legendary Communities, the owner operator of almost 4,000 home sites, for nearly $130 million.

In 2015, the company promoted its Sierra Crest development in Fontana, CA as California's first net-zero energy community.

In April 2019, the company built its first all-electric, zero-net-energy townhome community, in Irvine California. In December, the Wall Street Journal reported how large home builders like Meritage were targeting millennials by producing a larger number of less expensive, entry-level homes.

Operations

Meritage is headquartered in Scottsdale, Arizona, and divides its operations into four regions: West, Central, East and South. It develops homes for entry level and first move-up buyers, including "net zero" energy efficient homes that provide as much power as they consume. The company trades on the NY Stock Exchange under the symbol MTH, and is also listed in the S&P SmallCap 600 Index.

Awards and recognition

In 2021, the company was listed as one of Forbes' best mid-sized companies, ranking #39 on the list.

For several years they have been a Top 10 home builder according to Builder's Top 100 Home Builder rankings. In 2023, they were the 5th largest builder.

Customer complaints

Multiple customers have reported issues with their single family homes. They have described blue tape, cracks, fissures and issues within newly built homes.

References

  1. Anderson, Brent (September 17, 2020). "Steve Hilton announces upcoming retirement from 35-year career as Chief Executive Officer of Meritage Homes". Yahoo! Finance. Retrieved November 7, 2021.
  2. "Meritage Homes Corporation (MTH) CEO Phillippe Lord on Q1 2021 Results – Earnings Call Transcript". Seeking Alpha. May 1, 2021. Retrieved November 7, 2021.
  3. Bloomberg Staff (March 31, 2016). "Bloomberg Profile: Larry W Seay Former Exec VP/CFO, Meritage Homes Corp". Bloomberg. Retrieved November 7, 2021.
  4. ^ "Meritage Homes Annual Report – 2020". SEC. February 12, 2021. Retrieved November 7, 2021.
  5. "The Top 100 - 2023". builderonline.com. 2023.
  6. ^ "Meritage Homes Corp". Builder. Retrieved November 7, 2021.
  7. "$400K could get you into a new, luxury condo in Scottsdale's Artesia". AZ Central. January 24, 2017. Retrieved November 7, 2021.
  8. ^ "Meritage CEO Steve Hilton looks back at 35 years of homebuilding and the switch from luxury to entry-level". Phoenix Business Journal. July 31, 2020. Retrieved November 7, 2021.
  9. ^ "Say goodbye to gas-powered appliances? Homebuilders jump on the all-electric bandwagon". Orange County Register. April 23, 2019. Retrieved November 7, 2021.
  10. ^ "Meritage Homes puts regional HQ in Atlanta". Atlanta Business Journal. July 11, 2014. Retrieved November 7, 2021.
  11. "Fontana: Energy-efficient community called a first for state". Press-Enterprise. September 3, 2015. Retrieved November 7, 2021.
  12. "Home-Builder Rally Fueled by Low Interest Rates, Millennials". Wall Street Journal. December 24, 2019. Retrieved November 7, 2021.
  13. "Meritage, other builders sign on to EPA Energy Star program". Phoenix Business Journal. November 9, 2011. Retrieved November 7, 2021.
  14. "America's Best Mid-sized Companies 2021 List". Forbes. December 17, 2020. Retrieved November 7, 2021.
  15. "The Top 100 - 2023". builderonline.com. 2023.
  16. "'New home fixer-upper': Residents of new Maricopa development say homes are riddled with problems". 12news.com. 2023-05-24. Retrieved 2023-10-14.
  17. "N4T Investigators: More owners of newly built homes say they are dealing with various problems", News 4 Tucsan, 2022-01-04, retrieved 2023-10-14

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