Company:Meritage Homes Corporation
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| Type | Public |
|---|---|
| NYSE: MTH S&P 600 component | |
| Industry | Home construction |
| Founded | 1985 |
| Founders | Steve Hilton, William "Bill" Cleverly |
| Headquarters | Scottsdale, Arizona, U.S. |
Key people | |
| US$423 million[4] (2020) | |
Number of employees | 1,570[4] (2020) |
| Subsidiaries |
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| Website | www |
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.[5] The company also develops active adult communities and luxury real estate in Arizona.[6][7]
The company is headquartered in Scottsdale, Arizona.[6]
History
Meritage Homes was founded in 1985 as Monterey Homes in Scottsdale, Arizona, by Steve Hilton and William "Bill" Cleverly.[8]
In 1997, the company changed its name to Meritage Homes Corp, and began trading on the New York Stock Exchange under the symbol MTH.[8]
In 2011, the company unveiled its first net-zero energy homes, in Buckeye, Arizona.[9]
In July 2014, the company acquired Douglasville, Georgia-based Legendary Communities, the owner operator of almost 4,000 home sites, for nearly $130 million.[10]
In 2015, the company promoted its Sierra Crest development in Fontana, CA as California's first net-zero energy community.[11]
In April 2019, the company built its first all-electric, zero-net-energy townhome community, in Irvine California.[9] 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.[12]
Operations
Meritage is headquartered in Scottsdale, Arizona, and divides its operations into four regions: West, Central, East and South.[10] 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.[13] The company trades on the NY Stock Exchange under the symbol MTH, and is also listed in the S&P SmallCap 600 Index.[citation needed]
Awards and recognition
In 2021, the company was listed as one of Forbes ' best mid-sized companies, ranking #39 on the list.[14]
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.[15]
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.[16][17]
References
- ↑ Anderson, Brent (September 17, 2020). "Steve Hilton announces upcoming retirement from 35-year career as Chief Executive Officer of Meritage Homes". https://finance.yahoo.com/news/steve-hilton-announces-upcoming-retirement-123000057.html.
- ↑ "Meritage Homes Corporation (MTH) CEO Phillippe Lord on Q1 2021 Results – Earnings Call Transcript". May 1, 2021. https://seekingalpha.com/article/4423313-meritage-homes-corporation-mth-ceo-phillippe-lord-on-q1-2021-results-earnings-call-transcript.
- ↑ Bloomberg Staff (March 31, 2016). "Bloomberg Profile: Larry W Seay Former Exec VP/CFO, Meritage Homes Corp". https://www.bloomberg.com/profile/person/1539927.
- ↑ 4.0 4.1 "Meritage Homes Annual Report – 2020". February 12, 2021. https://www.sec.gov/Archives/edgar/data/833079/000083307921000019/mth-20201231.htm#i8e2f60373f144a4a8986af3cfd748862_37.
- ↑ "The Top 100 - 2023". 2023. https://www.builderonline.com/builder-100/builder-100-list/2023/.
- ↑ 6.0 6.1 "Meritage Homes Corp.". https://www.builderonline.com/firms/meritage-homes-corp.
- ↑ "$400K could get you into a new, luxury condo in Scottsdale's Artesia". January 24, 2017. https://www.azcentral.com/story/money/real-estate/catherine-reagor/2017/01/23/scottsdales-artesia-revived-500-new-luxury-condos/96956478/.
- ↑ 8.0 8.1 "Meritage CEO Steve Hilton looks back at 35 years of homebuilding and the switch from luxury to entry-level". July 31, 2020. https://www.bizjournals.com/phoenix/news/2020/07/31/meritage-ceo-looks-back-35-years-of-homebuilding.html.
- ↑ 9.0 9.1 "Say goodbye to gas-powered appliances? Homebuilders jump on the all-electric bandwagon". April 23, 2019. https://www.ocregister.com/2019/04/19/say-goodbye-to-gas-powered-appliances-homebuilders-jump-on-the-all-electric-bandwagon/.
- ↑ 10.0 10.1 "Meritage Homes puts regional HQ in Atlanta". July 11, 2014. https://www.bizjournals.com/atlanta/news/2014/07/11/meritage-homes-puts-regional-hq-in-atlanta.html.
- ↑ "Fontana: Energy-efficient community called a first for state". September 3, 2015. https://www.pe.com/2015/09/03/fontana-energy-efficient-community-called-a-first-for-state/.
- ↑ "Home-Builder Rally Fueled by Low Interest Rates, Millennials". December 24, 2019. https://www.wsj.com/articles/home-builder-rally-fueled-by-low-interest-rates-millennials-11577188801.
- ↑ "Meritage, other builders sign on to EPA Energy Star program". November 9, 2011. https://www.bizjournals.com/phoenix/news/2011/11/09/meritage-other-builders-sign-on-to.html.
- ↑ "America's Best Mid-sized Companies 2021 List". December 17, 2020. https://www.forbes.com/lists/best-mid-cap-companies/#56b2498f59e1.
- ↑ "The Top 100 - 2023". 2023. https://www.builderonline.com/builder-100/builder-100-list/2023/.
- ↑ "'New home fixer-upper': Residents of new Maricopa development say homes are riddled with problems" (in en-US). 2023-05-24. https://www.12news.com/article/news/investigations/new-fixer-upper-residents-new-maricopa-development-homes-riddled-problems/75-19e6dbcd-1d1c-45ab-a406-278c6dfbe14c.
- ↑ "N4T Investigators: More owners of newly built homes say they are dealing with various problems" (in en), News 4 Tucsan, 2022-01-04, https://www.youtube.com/watch?v=H2I4RdyIG1s, retrieved 2023-10-14
External links
- Business data for Meritage Corp:
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