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Meritage Homes Corp

MTHWithin band

Held by 3 superinvestors.

Price$72.23
Holders3
Total value$112.6M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31
Revenue growth
—
Net margin
—
ROE
8.7%
FCF margin
—

Fundamentals data incomplete — read with care.

What makes a business high quality

Valuation · value band

In fair-value range

$61/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$72
cheaperpricier

Zero-growth floor

$72

Central IV

$61

Optimistic top

$72

Meritage Homes Corp (MTH): A conservative value band $72 / sh (zero-growth floor to growth-capped optimistic top); central read about $61. Today’s price sits inside that band (price $72 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 10.6% · Zero-growth downside $72

Price as of 2026-08-26 · yahoo · DGS10 4.6% @ 2026-08-25.

Method & numbers

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Price is at or below the reproducible tangible asset base ($72 / sh) — a rarer, harder floor.

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $54.14 – $71.08 · Greenwald zero-growth $72.36 · zero-growth base $72.36 · reproduction $72.36

Moat Commodity-like · terminal value 37% of present value · owner-earnings yield 9% vs 10Y 4.6%.

Graham earnings-power value (normalized NOPAT)

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).

Years: 2025, 2024, 2023, 2022, 2021

Buffett owner-earnings value$59.06 – $72.19 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 138% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $5.16B = $72.36 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.14%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $112.6M combined · this quarter +1 opened / -0 exited

This quarter1 opened2 trimmed
Holders 2 → 3 · last 8q

SEC 13F · notes

Written summary

Meritage Homes Corp (MTH) is held by 3 of the superinvestors tracked on Compounder, with a combined $112.6M in reported 13F value. The largest position belongs to Edgar Wachenheim, where it makes up 1.3% of the portfolio.

Other notable holders by value include Jeremy Grantham (0.0% of its book) and Ray Dalio (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in MTH, 0 added to existing ones, 2 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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