F
Meritage Homes Corporation — Earnings Quality Grade F
MTH · Consumer Cyclical
Major red flags
Revenue
$5.9B
2025
Net Income
$453M
2025
Gross Margin
19.7%
Free Cash Flow
$93M
01
Screening Summary
10
Passed
1
Watch
3
Failed
—
M-Score
管理层信号
最近 SEC 8-K 文件中未发现 CEO、CFO、董事会或审计负责人变动信号。
02
Financial Trends
Revenue & Net Income ($B)
Margins (%)
03
18-Point Screening
01
Revenue Quality
—
A1DSO Change
Insufficient data
—
A2AR vs Revenue Growth
Insufficient data
✓
A3Revenue vs CFFO
Revenue -8.3%, CFFO 152.0%. Cash follows revenue
02
Expense Quality
✓
B1Inventory vs COGS
Inventory 4.5% vs COGS -1.9%. Normal
✓
B2CapEx vs Revenue
CapEx growth -10.2% vs revenue -8.3%. Normal
✓
B3SG&A Ratio
SG&A/Gross Profit = 53.3%. Normal
!
B4Gross Margin
Gross margin swung -5.3pp (25.0% → 19.7%)
03
Cash Flow Quality
✗
C1CFFO vs Net Income
CFFO < Net Income for 3 consecutive years
✗
C2Free Cash Flow
FCF < 50% of Net Income for 3 years
✓
C3Accruals Ratio
Accruals ratio = 4.4%. Low accruals
✗
C4Cash vs Debt
Cash $0.8B covers only 41% of debt $1.9B
04
Balance Sheet Health
✓
D1Goodwill + Intangibles
No goodwill. Clean balance sheet
✓
D2Leverage
Debt/EBITDA = 3.1x. Healthy
✓
D3Soft Asset Growth
Other assets 9.1% vs revenue -8.3%. Normal
—
D4Asset Impairment
No write-off data
05
Acquisition Risk
✓
E1Serial Acquirer FCF
FCF after acquisitions positive
✓
E2Goodwill Surge
No goodwill
06
Manipulation Score
—
F1Beneish M-Score
Insufficient data
05
Altman Z-Score
10.78
Safe Zone0 Distress1.102.605.0+ Safe
0.8833
Liquidity
0.6815
Cumulative profit
0.0767
Operating efficiency
2.1411
Leverage
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25