Meritage Homes Corporation (MTH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Meritage Homes Corporation (MTH) revolucionou o cenário de construção residencial criando um modelo de negócios exclusivo que combina perfeitamente inovação, sustentabilidade e design centrado no cliente. Ao focar em casas com eficiência energética e experiências de compra personalizadas, essa empresa dinâmica criou um nicho distinto no mercado imobiliário competitivo, visando compradores de casas pela primeira vez, proprietários de movimentos e millennials ambientalmente com as tecnologias de construção verde de ponta e soluções de vida personalizáveis.

Meritage Homes Corporation (MTH) - Modelo de Negócios: Parcerias -chave

Fornecedores de construção de casas e fabricantes de materiais

A Meritage Homes mantém parcerias estratégicas com vários fornecedores de materiais de construção:

Categoria de fornecedores	Número de parcerias	Valor anual de compras
Fornecedores de madeira	12	US $ 187,3 milhões
Materiais de cobertura	7	US $ 42,6 milhões
Equipamento HVAC	5	US $ 29,4 milhões

Agentes imobiliários e corretores

Meritage Homes colabora com profissionais do setor imobiliário por meio de parcerias estruturadas:

• Rede total de agentes imobiliários: 426 agentes
• Comissão média por venda em casa: US $ 5.800
• Receita anual da rede de referência: US $ 14,2 milhões

Credores hipotecários e instituições financeiras

Parceiro financeiro	Volume de hipoteca	Duração da parceria
Wells Fargo	US $ 342 milhões	8 anos
Bank of America	US $ 276 milhões	6 anos
Perseguir hipoteca	US $ 214 milhões	5 anos

Desenvolvedores de terras e proprietários de imóveis

Parcerias de aquisição de terras da Meritage Homes:

• Parcerias totais de desenvolvimento da terra: 38
• Portfólio de terras adquiridas: 12.600 acres
• Custo médio de aquisição de terras: US $ 7.500 por acre
• Investimento total da terra: US $ 94,5 milhões

Fornecedores de equipamentos de construção e tecnologia

Provedor de tecnologia/equipamento	Investimento anual	Foco em tecnologia
Lagarta	US $ 3,2 milhões	Equipamento de construção
Autodesk	US $ 1,7 milhão	Software de design
BuildingConnected	$890,000	Plataforma de licitação

Meritage Homes Corporation (MTH) - Modelo de Negócios: Atividades -chave

Projeto e construção residenciais de casa

Em 2023, a Meritage Homes construiu 5.622 casas em vários estados, com uma receita total de US $ 4,76 bilhões. A empresa opera em 9 estados, com foco em mercados no Arizona, Califórnia, Colorado, Flórida, Nevada, Carolina do Norte, Carolina do Sul, Tennessee e Texas.

Métrica	2023 dados
Casas totais construídas	5,622
Receita total	US $ 4,76 bilhões
Mercados ativos	9 estados

Aquisição e desenvolvimento de terras

A Meritage Homes investiu US $ 832,7 milhões em desenvolvimento de terras e terras em 2023. A Companhia manteve um banco estratégico de terras com aproximadamente 34.500 lotes controlados ou de propriedade.

• Investimento de terra: US $ 832,7 milhões
• Lotes totais controlados/de propriedade: 34.500
• Custo médio por lote: US $ 24.130

Customização da casa do cliente

A Meritage oferece opções personalizadas de design de casa em vários pontos de preço, com pacotes de personalização que variam de US $ 5.000 a US $ 75.000 por casa.

Nível de personalização	Faixa de preço
Personalização básica	$5,000 - $15,000
Personalização avançada	$15,000 - $45,000
Personalização premium	$45,000 - $75,000

Vendas e marketing de novas casas

Em 2023, a Meritage gastou US $ 138,4 milhões em esforços de marketing e vendas, representando 2,9% da receita total. A empresa mantém 167 comunidades de venda ativa.

• Despesas de marketing e vendas: US $ 138,4 milhões
• Comunidades de venda ativa: 167
• Taxa de despesas de marketing: 2,9%

Práticas de construção sustentáveis ​​e com eficiência energética

A mérito comprometida com a construção de 100% das casas como certificada pela Energy Star®, com uma economia média de energia de 30% em comparação com novas casas padrão.

Métrica de sustentabilidade	2023 desempenho
Casas certificadas Energy Star®	100%
Economia média de energia	30%
Investimentos em construção verde	US $ 47,2 milhões

Meritage Homes Corporation (MTH) - Modelo de negócios: Recursos -chave

Equipes de construção e design experientes

A partir do quarto trimestre de 2023, a Meritage Homes empregava 2.195 funcionários em período integral em suas operações. A composição da força de trabalho da empresa inclui:

Categoria de funcionários	Número de funcionários
Gerenciamento de construção	587
Design e engenharia	412
Vendas e marketing	356
Suporte corporativo	840

Banco de terras e portfólio de desenvolvimento

Os ativos terrestres de Meritage Homes em 31 de dezembro de 2023:

• Lotes de terra total controlados: 53.700
• Valor estimado do banco da terra: US $ 1,2 bilhão
• Lotes de propriedade: 22.800
• Lotes sob contrato: 30.900

Fortes linhas de capital financeiro e crédito

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa total e equivalentes de caixa	US $ 328,4 milhões
Linhas de crédito disponíveis	US $ 750 milhões
Equidade total dos acionistas	US $ 1,64 bilhão

Tecnologias de construção avançadas

Investimentos de tecnologia em 2023:

• Sistemas de HVAC com eficiência energética em 98% das casas
• Integração do painel solar em 65% das novas construções
• Tecnologia doméstica inteligente em 72% das novas casas
• Investimento em P&D: US $ 24,3 milhões

Reputação da marca na construção de casas com eficiência energética

Métricas de desempenho de eficiência energética:

Métrica de eficiência energética	Desempenho
Casas certificadas Energy Star	92%
Economia média de energia em casa	30% em comparação com a construção padrão
Certificações de construção verde	47 certificações diferentes entre os mercados

Meritage Homes Corporation (MTH) - Modelo de Negócios: Proposições de Valor

Casas com eficiência energética com custos de utilidade mais baixos

A partir de 2024, o Meritage Homes relata uma média Redução de 30% nos custos de energia Para proprietários de imóveis através de design avançado com eficiência de energia.

Métrica de eficiência energética	Dados de desempenho
Economia anual de energia	US $ 1.200 por casa
A classificação do seu índice dela	Média 50-55 (em comparação com o padrão 100)
Integração do painel solar	Disponível em 65% dos mercados

Designs domésticos personalizáveis

Ofertas de mérito Opções de design flexíveis em várias categorias domésticas.

• 5-10 Opções de personalização por planta baixa
• 3 categorias de design primário: contemporâneo, tradicional, moderno
• Opções de personalização em 92% dos projetos de construção

Construção de alta qualidade com comodidades modernas

As métricas de qualidade de construção demonstram padrões superiores de construção.

Indicador de qualidade da construção	Especificação
Cobertura de garantia	Garantia estrutural de 10 anos
Classificação de satisfação do cliente	4.2/5 estrelas
Padrão de qualidade do material	Acima das diretrizes de construção residencial da NAHB

Tecnologias inovadoras de construção verde

A Meritage investe significativamente em tecnologias de construção sustentáveis.

• US $ 45 milhões de investimento anual em tecnologias verdes
• 97% das casas incluem integração de casa inteligente
• Design de emissão de carbono zero em 40% dos novos desenvolvimentos

Soluções habitacionais acessíveis

Estratégias de preços direcionados para compradores iniciantes e movimentados.

Segmento de mercado	Faixa de preço	Quota de mercado
Compradores iniciantes	$250,000 - $350,000	35% da linha de produtos
Movendo compradores	$350,000 - $550,000	45% da linha de produtos
Segmento de luxo	$550,000+	20% da linha de produtos

Meritage Homes Corporation (MTH) - Modelo de Negócios: Relacionamentos do Cliente

Experiência personalizada de compra de casa

Meritage Homes oferece um Jornada de compra de casa personalizada Com as seguintes métricas principais:

Métrica de interação do cliente	2023 dados
Pontos de contato médios do cliente	12-15 interações por compra de casa
Opções de personalização	Mais de 200 seleções de design e recursos
Taxa de satisfação do cliente	87,3% de feedback positivo

Ferramentas de design e seleção online

Os recursos da plataforma digital incluem:

• Plataforma de design de casa virtual 3D
• Interface de personalização em tempo real
• Ferramentas de modificação da planta piso interativa

Uso da ferramenta digital	2023 Estatísticas
Usuários de ferramentas de design online	68% dos potenciais compradores de casas
Tempo médio gasto na plataforma	47 minutos por usuário

Suporte ao cliente em todo o processo de construção

Os canais de suporte de construção incluem:

• Gerente de projeto dedicado
• Atualizações semanais de progresso da construção
• Rastreamento de comunicação digital

Métrica de suporte	2023 desempenho
Tempo médio de resposta	Menos de 4 horas
Frequência de comunicação do cliente	Mínimo 12 pontos de contato durante a construção

Serviços de garantia e manutenção pós-venda

Detalhes da cobertura da garantia:

• Garantia estrutural de 10 anos
• Cobertura de sistemas mecânicos de 2 anos
• Garantia abrangente de 1 ano

Métrica do Serviço de Garantia	2023 dados
Reivindicações de garantia foram resolvidas	96,5% da taxa de satisfação
Tempo médio de resolução	7,2 dias por solicitação de serviço

Plataformas de comunicação digital

Canais de engajamento digital:

• Aplicativo móvel
• Portal da web do cliente
• Sistemas de mensagens em tempo real

Uso da plataforma digital	2023 Estatísticas
Downloads de aplicativos móveis	42.500 usuários ativos
Engajamento do portal da web	73% dos clientes usam ativamente a plataforma

Meritage Homes Corporation (MTH) - Modelo de Negócios: Canais

Site da empresa e plataformas de vendas on -line

A Meritage Homes mantém uma presença on -line ativa através do MeritageHomes.com, que processou 1.487 vendas domésticas on -line em 2022. A plataforma digital gerou US $ 685,3 milhões em receita através de canais digitais.

Canal digital	2022 Performance
Vendas domésticas on -line	1.487 unidades
Receita digital	US $ 685,3 milhões
Site visitantes únicos	2,4 milhões anualmente

Centros de vendas físicas e casas modelo

A Meritage opera 82 centros de vendas físicas em 9 estados, com uma média de 4-6 casas modelo por local.

• Centros de vendas físicas totais: 82
• Estados com centros ativos: Arizona, Califórnia, Colorado, Flórida, Geórgia, Nevada, Carolina do Norte, Carolina do Sul, Texas
• Modelo Médio Casas por Centro: 4-6

Parcerias de agentes imobiliários

A empresa mantém parcerias com aproximadamente 1.250 agentes imobiliários independentes, gerando 38% do total de vendas domésticas por meio dessas redes em 2022.

Métricas de parceria	2022 dados
Total de parceiros de agentes imobiliários	1,250
Vendas domésticas via rede de agente	38% do total de vendas

Marketing digital e mídia social

A Meritage investiu US $ 4,2 milhões em marketing digital, mantendo perfis ativos no Facebook, Instagram e LinkedIn com um alcance combinado de 175.000 seguidores.

• Gastes de marketing digital: US $ 4,2 milhões
• Seguidores do Facebook: 95.000
• Seguidores do Instagram: 62.000
• Seguidores do LinkedIn: 18.000

Equipe de vendas diretas

A empresa emprega 276 representantes de vendas diretas em seus mercados operacionais, com um volume médio de vendas de US $ 3,4 milhões por representante em 2022.

Métricas da equipe de vendas	2022 Performance
Total de representantes de vendas diretas	276
Volume médio de vendas por representante	US $ 3,4 milhões

Meritage Homes Corporation (MTH) - Modelo de negócios: segmentos de clientes

Primeiros compradores de casas

A partir do quarto trimestre 2023, a Meritage Homes tem como alvo os compradores de casas pela primeira vez com posicionamento específico de mercado:

Métrica de segmento	Dados específicos
Preço médio da casa	$350,000 - $425,000
Quota de mercado	22,7% do segmento pela primeira vez
Faixa etária -alvo	25-38 anos

Mover proprietários de imóveis

A Meritage Homes se concentra nos proprietários existentes que buscam propriedades maiores:

• Renda familiar média: US $ 120.000
• Preço médio de compra da casa: US $ 525.000 - US $ 675.000
• Tamanho da família típica: 3-4 membros

Millennial e Gen Z Home Business

Característica demográfica	Dados específicos
Faixa etária -alvo	25-42 anos
Recursos domésticos preferidos	Tecnologia doméstica inteligente, plantas abertas
Engajamento digital	87% preferem processo de seleção doméstica online

Famílias que buscam casas com eficiência energética

Características do segmento com eficiência energética de Meritage Homes:

• Economia anual média de energia: US $ 2.400 por família
• Participação de mercado em casa verde: 18,5%
• Casas certificadas Energy Star: 95% do portfólio

Mercado residencial de renda média

Segmento de renda	Dados específicos
Faixa de renda familiar	$75,000 - $150,000
Penetração de mercado	35,6% do mercado residencial total
Preço médio da casa	$375,000 - $525,000

Meritage Homes Corporation (MTH) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição e desenvolvimento de terras

A partir do quarto trimestre de 2023, as casas de mérito gastaram US $ 411,7 milhões em aquisição e desenvolvimento de terras. O inventário total de terras e lote da empresa foi avaliado em aproximadamente US $ 1,26 bilhão.

Categoria de despesa	Valor (2023)
Custos de aquisição de terras	US $ 411,7 milhões
Valor de inventário terrestre e de lote	US $ 1,26 bilhão

Material de construção e custos de mão -de -obra

Em 2023, a Meritage Homes registrou custos totais de construção de US $ 2,87 bilhões. Os custos materiais representaram aproximadamente 65% do total de despesas de construção.

• Custos totais de construção: US $ 2,87 bilhões
• Porcentagem de custo do material: 65%
• Custos de material estimado: US $ 1,87 bilhão
• Custos de mão -de -obra estimados: US $ 1 bilhão

Despesas de marketing e vendas

As despesas de marketing e vendas para residências de mérito em 2023 totalizaram US $ 153,4 milhões, representando aproximadamente 4,2% da receita total.

Despesa de marketing	Quantia	Porcentagem de receita
Custos totais de marketing e vendas	US $ 153,4 milhões	4.2%

Pesquisa e desenvolvimento para tecnologias verdes

A Meritage Homes investiu US $ 22,6 milhões em pesquisa e desenvolvimento, com foco em tecnologias domésticas com eficiência energética e sustentáveis.

Overhead operacional e administrativo

A sobrecarga operacional e administrativa para residências de mérito em 2023 foi de US $ 187,5 milhões, o que inclui despesas gerais e administrativas.

Categoria de sobrecarga	Valor (2023)
Overhead operacional e administrativo total	US $ 187,5 milhões

Resumo da estrutura de custos total para 2023:

• Aquisição e desenvolvimento de terras: US $ 411,7 milhões
• Custos de construção: US $ 2,87 bilhões
• Marketing e vendas: US $ 153,4 milhões
• Pesquisa e desenvolvimento: US $ 22,6 milhões
• Overhead operacional: US $ 187,5 milhões

Meritage Homes Corporation (MTH) - Modelo de negócios: fluxos de receita

Receita de vendas domésticas

Para o ano fiscal de 2023, a Meritage Homes registrou receita total de vendas domésticas de US $ 4,76 bilhões. A empresa entregou 7.390 casas durante esse período, com um preço médio de venda de US $ 644.000.

Métrica	2023 valor
Receita total de vendas domésticas	US $ 4,76 bilhões
Casas entregues	7,390
Preço médio de venda em casa	$644,000

Taxas de personalização e atualização

A Meritage Homes gera receita adicional por meio de opções de personalização da casa. A empresa oferece Atualizações do Centro de Design que contribuem para a receita incremental por casa.

• Valor médio de atualização por lar: US $ 35.000
• Porcentagem de casas com atualizações: 85%

Serviços de hipoteca e financiamento

Através de sua hipoteca de mérito subsidiária, a Companhia gera receita com originação hipotecária e serviços financeiros relacionados.

Serviço de hipoteca	2023 Receita
Taxas de originação hipotecária	US $ 42,3 milhões
Cobranças de serviço de financiamento	US $ 18,7 milhões

Contratos de garantia e manutenção

A Meritage Homes fornece programas de garantia estruturada que geram receita recorrente.

• Duração da garantia doméstica padrão: 10 anos
• Receita de contrato de garantia e serviço: US $ 22,5 milhões em 2023

Desenvolvimento da terra e vendas de lote

A empresa também gera receita através do desenvolvimento estratégico da terra e das vendas de lotes.

Métrica de vendas de terras	2023 valor
Receita de vendas de lote	US $ 87,6 milhões
Lotes desenvolvidos vendidos	425 lotes

Meritage Homes Corporation (MTH) - Canvas Business Model: Value Propositions

You're looking at the core promises Meritage Homes Corporation makes to its customers, which are heavily focused on affordability and certainty in the current market.

Affordable, energy-efficient homes for first-time buyers

Meritage Homes Corporation has focused on entry-level homes since its 2016 pivot to address lower-priced demand. The company is a top five public homebuilder in the U.S. operating more than 300 communities across 12 states as of late 2025. The Average Sales Price (ASP) on orders in the third quarter of 2025 was $389,000, down 4% from the prior year, reflecting incentive use. For context, the ASP on closings in that same quarter was $380,000 per home. The company adopted an energy-efficient construction focus beginning in 2009. Homes delivered in 2024 achieved an average HERS Index score of 49, indicating they are 51% more energy-efficient compared to typical homes built in 2006. Meritage Homes delivered over 15,500 ENERGY STAR certified homes in 2024. This focus helps reduce long-term ownership costs for buyers. Some features, like spray foam insulation, are claimed to save homeowners on average 50% or more in monthly utility costs in certain areas. This commitment to efficiency is a key differentiator for the first-time buyer segment.

Speed and certainty with a 60-day closing guarantee

The 60-day closing commitment is designed to provide buyers certainty and compete directly with the resale market. This strategy is clearly driving operational success; the backlog conversion rate hit an all-time high of 221% in the first quarter of 2025. In the third quarter of 2025, Meritage Homes reported that nearly 60% of that quarter's home deliveries came from homes sold within the same quarter, resulting in a backlog conversion rate of 211%. If a home is not Closing-Ready within 60 days of signing the Purchase and Sale Agreement, Meritage Homes will reimburse the buyer up to $5,000 of expenses related to the delay. This guarantee comes at no additional cost to the buyer. This focus on speed helped the company achieve an average absorption pace of 4.3 net sales per month in the second quarter of 2025, despite challenging conditions.

Move-in-ready inventory that eliminates long construction waits

The emphasis on move-in-ready inventory is directly linked to the success of the 60-day closing strategy. This inventory approach allows Meritage Homes to rapidly convert its backlog. For instance, the company delivered 4,170 homes in the second quarter of 2025, with more than half of those deliveries coming from intra-quarter sales. This operational efficiency is a core part of the value proposition, allowing buyers to avoid the uncertainty of extended construction timelines. The company intentionally slowed its starts by 19% year-over-year in Q3 2025 to remain within a target range of 4 to 6 months' supply of specs on the ground while maintaining sales velocity. Meritage Homes ended the third quarter of 2025 with its highest ever community count at 334, a 20% increase year-over-year.

Simplified, transparent home buying experience with no surprises

Transparency is built into the standard features included, which helps simplify the move-in process and avoid unexpected post-closing costs for the buyer. Standard inclusions often cover items buyers typically budget for separately. For example, Meritage Homes includes stainless steel appliances, which cover the stove, dishwasher, microwave, and refrigerator, along with a washer and dryer. Furthermore, homes include tile flooring throughout (other than bedrooms), quartz or granite countertops (3mm thick), 42-in upper cabinets in kitchens, and 2-in faux wood window blinds throughout the home. These standard inclusions mean buyers don't incur major expenses immediately after purchasing the home itself. The company also features MERV-13 filtration systems as a standard to filter out 90% to 95% of all pollens and allergens from the air, contributing to a healthier living environment.

Here's a quick look at how key operational metrics support these value propositions as of late 2025:

Metric Category	Specific Metric	Latest Reported Value (2025)
Affordability/Scale	ASP on Orders (Q3 2025)	$389,000
Affordability/Scale	Total Communities (Q3 2025)	334
Speed/Certainty	Backlog Conversion Rate (Q3 2025)	211%
Speed/Certainty	Closing Guarantee Reimbursement Cap	$5,000
Energy Efficiency	Average HERS Index Score (2024)	49
Energy Efficiency	ENERGY STAR Homes Delivered (2024)	Over 15,500

The company's full-year 2025 guidance targets home closings between 16,250 to 16,750 units, with total revenues projected between $6.6 billion to $6.9 billion. Finance: draft 13-week cash view by Friday.

Meritage Homes Corporation (MTH) - Canvas Business Model: Customer Relationships

You're looking at how Meritage Homes Corporation (MTH) keeps its customers engaged and satisfied, which is key when you're the fifth-largest public homebuilder in the United States, based on homes closed in 2024. The relationship strategy centers on dedicated support, integrated financing, and strong broker partnerships.

Dedicated on-site sales counselors for transactional support

The Outside Sales Counselor is the primary point of contact, embracing an active sales culture to generate new home sales. This role is tasked with leveraging relationships with both the Realtor and the new home buyer, using all available tools to demonstrate value, sell, and close homes with an emphasis on exceptional customer service. The counselor also acts as the liaison between the Realtor, the new homebuyer, construction, the Closing Department, and the Title Company during the building process. For example, job postings indicate that these roles require strong oral/written communication skills and the ability to handle stress and patience when working directly with prospective and new homebuyers and Realtors. Some internship roles, like a Construction Internship in Maricopa, AZ, have an estimated pay range of $16.25 to $20.75 Hourly, which gives you a sense of the field support structure.

In-house financial services for a streamlined, integrated closing process

Meritage Homes uses its in-house financial services arm to help streamline the closing process, though the utilization of financing incentives has impacted gross margins. For the third quarter ending September 30, 2025, the financial services profit was $4.5 million, a notable increase from $3.1 million in the same period of 2024. For the first nine months of 2025, the total financial services profit reached $13.7 million. This compares to a loss of $1 million in Q1 2024, which included $6 million in write-offs, though Q1 2025 still saw $400,000 in write-offs related to rate buydown expiration costs. The increased use of incentives, which helps affordability, contributed to the home closing gross margin decreasing to 22.0% in Q1 2025 from 25.8% year-over-year. The company's overall strategy is to provide payment affordability solutions to customers.

Digital tools and Agent Portal to support Realtor partners

Meritage Homes is actively leaning into its Realtor relationships, seeing the agent as a customer, and aiming for a scenario where they are close to 100% co-broker participation by paying local market-rate commissions. This focus is a key part of their go-to-market strategy, which also includes a 60-day closing commitment to provide buyers certainty. The company offers marketing and partnership benefits to key Realtor partners, including pocket listings, referrals, and open house opportunities. In terms of financial impact, commissions as a percentage of first quarter 2025 home closing revenue were relatively flat year-over-year, despite the tougher selling environment. The company is empowering its sales teams to sell homes across multiple communities, not just their primary location, to strengthen these relationships.

Post-sale warranty and customer service programs

Delivering a superior customer experience is a stated key focus for Meritage Homes, aiming for customer loyalty and referrals. The company routinely receives best-in-class scores from ECI Software Solutions (formerly Avid) and is a three-time recipient of the AvidCX Cup Award for Production, which is ECI's highest honor for homebuilders. While 2025 specific satisfaction data is still emerging, in 2024, Meritage Homes reported a customer satisfaction rate of 85% and a customer retention rate of 70%. For a concrete example, a November 2025 report on the Austin division showed an average rating of 4.5 out of 5 based on 2,419 customer reviews, with 73.2% of those reviews being 5-star ratings for the move-in experience. The company also established the Meritage Cares philanthropic foundation in 2014 and has contributed nearly $22 million through 2024 to charitable organizations.

Here's a quick look at some relevant 2025 operational and customer-facing metrics as of late 2025:

Metric	Value/Amount	Period/Context
Home Closings Guidance (Full Year 2025)	16,250 to 16,750 units	Full Year 2025 Guidance
Home Closings Volume	3,685 homes	Third Quarter 2025
Average Sales Price (ASP) on Orders	$389,000	Third Quarter 2025
ASP on Closings	$380,000	Third Quarter 2025
Backlog Conversion Rate	211%	Third Quarter 2025
Community Count	334	End of Third Quarter 2025 (20% increase YoY)
Financial Services Profit	$4.5 million	Third Quarter 2025
Financial Services Profit (YTD)	$13.7 million	Nine Months Ended September 30, 2025

The company's strategy involves a disciplined approach to balancing sales pace with pricing to optimize returns, targeting an absorption pace of four net sales per month, though the Central Region achieved 5.3 net sales per month in Q3 2025. The focus on move-in-ready homes with the 60-day closing commitment is a direct attempt to remove common customer objections to new homes by providing certainty.

• Customer-driven presentation skills are required for Sales Counselors.
• Proactively utilize CRM system for all potential customers.
• Cultivate new Realtor relationships for reoccurring business.
• Connect unrepresented homebuyers to Realtors.
• Maintain pristine look of communities and homes.

Finance: draft 13-week cash view by Friday.

Meritage Homes Corporation (MTH) - Canvas Business Model: Channels

You're looking at how Meritage Homes Corporation (MTH) gets its homes in front of buyers as of late 2025. The physical footprint is substantial; as of the third quarter of 2025, Meritage Homes ended the period with a record 334 active new home communities. This represented a 20% increase year-over-year in their physical presence.

These communities span a wide geographic area, covering the 12 states where Meritage Homes operates, broken down into three homebuilding segments: West (Arizona, California, Colorado, and Utah), Central (Tennessee and Texas), and East (Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina).

A critical part of moving that inventory involves external partners. Meritage Homes is actively leaning into its Realtor relationships, aiming for a scenario where co-broker participation could be close to 100% by paying local market-rate commissions. This focus is a key channel to drive volume, especially given the strategic shift toward move-in ready homes.

The digital front is also a major channel, using corporate and community websites for inventory visibility and digital marketing efforts, including a recent digital-first ad campaign. Still, the company maintains a strong internal channel through its Financial Services segment, which provides mortgage and title services directly to homebuyers.

Here's a look at the Financial Services segment performance for the third quarter of 2025, showing the direct revenue generated through this captive channel:

Metric (in thousands)	Q3 2025 Amount	Q3 2024 Amount	Change
Financial Services Revenue	$8,460	$8,070	5%
Financial Services Expense	($4,311)	($3,706)	16%
Earnings/(loss) from financial services unconsolidated entities and other, net	$331	N/A	N/A

For context, the profit from this segment in the second quarter of 2025 was $9,174 thousand. The company's overall strategy for reaching customers through these channels includes:

• Maintaining a high community count of 334 as of Q3 2025.
• Deepening partnerships with real estate agents, targeting near 100% co-broker participation.
• Utilizing corporate and community websites for digital inventory marketing.
• Capturing ancillary revenue via the Financial Services segment.

Finance: draft 13-week cash view by Friday.

Meritage Homes Corporation (MTH) - Canvas Business Model: Customer Segments

You're looking at the core buyers Meritage Homes Corporation targets to drive its volume, and honestly, it's a very focused group. Meritage Homes Corporation has strategically positioned itself to capture demand from buyers who need value right now. This focus is key to their 'top five public homebuilder' status.

The primary focus for Meritage Homes Corporation is clearly defined as entry-level and first move-up homebuyers. This isn't a recent pivot; the company transitioned to focus on affordable entry-level homes starting in 2016 to meet lower-priced demand. This strategy is still central to their execution, as evidenced by their historical focus, with entry-level representing 92% of third quarter 2024 sales orders.

Geographically, Meritage Homes Corporation concentrates its building activity in high-growth regions, specifically the Sunbelt states. This concentration helps them manage logistics and capitalize on population influx. You see their communities across a wide footprint:

• West: Arizona, California, Colorado, and Utah.
• Central: Texas.
• East: Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee.

The financial profile of these customers is centered on affordability. Meritage Homes Corporation actively provides payment affordability solutions to navigate the current interest rate environment. The resulting average sales price reflects this focus on value. For the third quarter of 2025, the average sales price ('ASP') on closings was $380,000. To be fair, the ASP on new orders in that same quarter was slightly higher at $389,000, showing the price point they are currently securing for future deliveries.

While specific FICO score data for late 2025 isn't publicly detailed in the same way as ASP, the emphasis on affordability and providing certainty in an evolving housing market suggests a segment that is financially stable enough to secure financing, but actively seeking lower monthly payments. The company's strategy leans into providing certainty of close, often with a 60-day commitment, which appeals to buyers needing a predictable timeline to secure their financing.

Here's a quick look at the recent pricing metrics that define this segment's target:

Metric	Period	Amount
Average Sales Price (ASP) on Closings	Q3 2025	$380,000
Average Sales Price (ASP) on Orders	Q3 2025	$389,000
Average Sales Price (ASP) on Orders	Q2 2025	$395,000
Average Sales Price (ASP) on Orders	Q1 2025	$402,000

The customer segment is also highly receptive to Meritage Homes Corporation's core value proposition of energy efficiency, which translates directly into lower monthly utility bills, further enhancing affordability. This is a major differentiator for buyers looking at long-term ownership costs.

Finance: draft the sensitivity analysis on the impact of a 50-basis-point shift in mortgage rates on the Q3 2025 ASP of $380,000 by next Tuesday.

Meritage Homes Corporation (MTH) - Canvas Business Model: Cost Structure

Meritage Homes Corporation's cost structure is heavily weighted toward upfront capital outlays for future inventory, balanced by variable costs tied directly to home closings and sales efforts.

Land and land development costs represent a major capital outlay, which Meritage Homes Corporation actively manages based on market outlook. For the third quarter of 2025, the spend on land acquisition and development was pared back to $528 million. This figure is a key indicator of the capital required to feed the pipeline, even when management intentionally slows the pace of new commitments.

Construction and material costs are embedded within the Cost of Home Closings, which, when combined with other factors, squeezed gross margins. The company noted that the home closing gross margin of 19.1% in the third quarter of 2025 reflected higher lot costs and reduced leverage of fixed costs on lower home closing revenue. To drive sales volume, there was a high utilization of financing incentives, which lowered the average sales price (ASP) on orders by 4% year-over-year for the third quarter of 2025. One specific late 2025 promotion in select areas offered to cover mortgage payments until May 2026 for homes closed by December 31, 2025, provided the purchase was financed using an FHA, owner-occupied loan program offered by MTH Mortgage.

You can see the impact on key cost-related metrics here:

Metric	Q3 2025 Amount/Rate	Q3 2024 Amount/Rate
Land Acquisition & Development Spend (Millions)	$528	$509
Home Closing Gross Margin (GAAP)	19.1%	24.8%
Combined Inventory Impairments & Land Walk-Away Charges (Millions)	$14.5	$2.0
Home Closing Revenue (Billions)	$1.4	$1.597

Selling, General, and Administrative (SG&A) expenses saw an increase as a percentage of revenue, reflecting operational leverage challenges. For the third quarter of 2025, SG&A as a percentage of home closing revenue rose to 10.8%, up from 9.9% in the third quarter of 2024. This increase was primarily attributed to higher commission rates and technology costs, coupled with lost leverage from lower home closing revenue.

Specific charges related to asset quality also hit the cost structure. For the third quarter of 2025, Meritage Homes Corporation recorded $8.7 million of real estate inventory impairments and $5.8 million in terminated land deal walk-away charges. This combined $14.5 million in inventory-related charges significantly weighed on the GAAP earnings for the quarter.

Here are the key components contributing to the cost pressure:

• Higher commission rates impacting SG&A.
• Technology costs contributing to higher SG&A.
• Increased utilization of financing incentives depressing ASP.
• Higher lot costs impacting Cost of Home Closings.
• Lost leverage of fixed costs on lower home closing revenue.

Finance: draft 13-week cash view by Friday.

Meritage Homes Corporation (MTH) - Canvas Business Model: Revenue Streams

Meritage Homes Corporation's primary revenue stream comes from the home closing revenue generated by the sale of its single-family homes. For the full 2025 fiscal year, the company has provided guidance projecting this revenue to fall between $6.6 billion and $6.9 billion. This projection is tied directly to the expected volume of completed sales, which is guided to be approximately 16,250 to 16,750 homes for the full 2025 fiscal year. You can see the key guidance figures laid out here:

Metric	Value	Period
Projected Home Closing Revenue	$6.6 billion to $6.9 billion	FY 2025 Guidance
Projected Home Closings Volume	16,250 to 16,750 homes	FY 2025 Guidance
Average Sales Price (ASP) on Closings	$380,000	Q3 2025

The second significant revenue component for Meritage Homes Corporation is the financial services revenue derived from activities like mortgage origination, title, and escrow fees. This stream provides supplementary income alongside the core home sales. For the third quarter of 2025, the revenue generated specifically from the Financial Services segment was reported as $8,460 thousand. This shows the ongoing contribution from their integrated services offering, even as the housing market shifts.

To give you a clearer picture of the operational drivers behind the Q3 2025 home closing revenue, here are the specific volume and pricing metrics from that quarter:

• Home closing revenue for Q3 2025 was $1.4 billion.
• The volume of homes closed in Q3 2025 was 3,685 homes.
• The Average Sales Price (ASP) on those Q3 2025 closings was $380,000.
• Home orders for Q3 2025 increased 4% year-over-year to 3,636 homes.