Meritage Homes CORP (MTH)

Operative Builders

Latest Price

$65.78

TTM P/E

13.68

Normalized P/E

4.25

Div Yield

0.81%

Book Value

75.98

P/B Ratio

0.87

Valuation metrics

EPS: $6.35

Book value / share: $76.22

Formula: √(22.5 × EPS × BVPS)

Graham Number

$104.35

+59% upside

Norm. op. income: $949M (median of 7yr)

Tax rate: 22%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$119.74

+82% upside

Base FCF: $317M (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$90.76

+38% upside

EPS: $6.35

Target P/E: 4×

Formula: EPS × P/E

P/E Fair Value

$25.40

61% downside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	12.23M	$1.02B	18.76%	+503.5K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	4.05M	$339.0M	6.21%	+78.6K	2026-06-30
FMR LLC	3.92M	$328.0M	6.01%	+328.6K	2026-06-30
STATE STREET CORP	3.59M	$301.0M	5.52%	+140.3K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	2.90M	$242.0M	4.44%	+13.2K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	2.87M	$240.0M	4.41%	-4.6K	2026-06-30
Capital World Investors	2.04M	$171.0M	3.13%	+54.3K	2026-06-30
TWO SIGMA INVESTMENTS, LP	1.84M	$154.0M	2.82%	--	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.72M	$144.0M	2.64%	+56.5K	2026-06-30
GOLDMAN SACHS GROUP INC	1.44M	$120.0M	2.21%	-11.2K	2026-06-30