Meritage Homes Corporation

Last updated
Meritage Homes
Company typePublic
NYSE:  MTH
S&P 600 component
Industry Home construction
Founded1985
FoundersSteve Hilton, William "Bill" Cleverly
Headquarters Scottsdale, Arizona,
U.S.
Key people
  • Steven J. Hilton [1] (Founder, Executive Chairman of the Board, Emeritus CEO)
  • Phillippe Lord [2] (CEO)
  • Larry W. Seay [3] (Former CFO and Executive VP)
US$423 million [4]  (2020)
Number of employees
1,570 [4]  (2020)
Subsidiaries
  • Monterey Homes
  • Meritage Active Adult
Website www.meritagehomes.com

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]

Contents

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]

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References

  1. ↑ Anderson, Brent (September 17, 2020). "Steve Hilton announces upcoming retirement from 35-year career as Chief Executive Officer of Meritage Homes". Yahoo! Finance. Retrieved November 7, 2021.
  2. ↑ "Meritage Homes Corporation (MTH) CEO Phillippe Lord on Q1 2021 Results – Earnings Call Transcript". Seeking Alpha. May 1, 2021. Retrieved November 7, 2021.
  3. ↑ Bloomberg Staff (March 31, 2016). "Bloomberg Profile: Larry W Seay Former Exec VP/CFO, Meritage Homes Corp". Bloomberg. Retrieved November 7, 2021.
  4. 1 2 "Meritage Homes Annual Report – 2020". SEC. February 12, 2021. Retrieved November 7, 2021.
  5. ↑ "The Top 100 - 2023". builderonline.com. 2023.
  6. 1 2 "Meritage Homes Corp". Builder. Retrieved November 7, 2021.
  7. ↑ "$400K could get you into a new, luxury condo in Scottsdale's Artesia". AZ Central. January 24, 2017. Retrieved November 7, 2021.
  8. 1 2 "Meritage CEO Steve Hilton looks back at 35 years of homebuilding and the switch from luxury to entry-level". Phoenix Business Journal. July 31, 2020. Retrieved November 7, 2021.
  9. 1 2 "Say goodbye to gas-powered appliances? Homebuilders jump on the all-electric bandwagon". Orange County Register. April 23, 2019. Retrieved November 7, 2021.
  10. 1 2 "Meritage Homes puts regional HQ in Atlanta". Atlanta Business Journal. July 11, 2014. Retrieved November 7, 2021.
  11. ↑ "Fontana: Energy-efficient community called a first for state". Press-Enterprise. September 3, 2015. Retrieved November 7, 2021.
  12. ↑ "Home-Builder Rally Fueled by Low Interest Rates, Millennials". Wall Street Journal. December 24, 2019. Retrieved November 7, 2021.
  13. ↑ "Meritage, other builders sign on to EPA Energy Star program". Phoenix Business Journal. November 9, 2011. Retrieved November 7, 2021.
  14. ↑ "America's Best Mid-sized Companies 2021 List". Forbes. December 17, 2020. Retrieved November 7, 2021.
  15. ↑ "The Top 100 - 2023". builderonline.com. 2023.
  16. ↑ "'New home fixer-upper': Residents of new Maricopa development say homes are riddled with problems". 12news.com. 2023-05-24. Retrieved 2023-10-14.
  17. ↑ "N4T Investigators: More owners of newly built homes say they are dealing with various problems", News 4 Tucsan, 2022-01-04, retrieved 2023-10-14
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