MERITAGE HOMES Business Summary

Meritage Homes Corporation (MTH) operates as a leading designer and builder of energy-efficient single-family homes, primarily targeting the entry-level and first-time move-up buyer segments. The company generates revenue through two principal business segments: Homebuilding and Financial Services. The Homebuilding segment, which accounts for the vast majority of top-line growth, manages the full lifecycle of residential development—from land acquisition and entitlement to construction and sales—across high-growth markets in the West, Central, and East regions of the United States. The Financial Services segment provides complementary revenue through mortgage, title, and escrow services. As the fifth-largest public homebuilder in the U.S. by closing volume, Meritage distinguishes itself through its "LiVE.NOW." and "M.Connected Home" initiatives, focusing on standardizing ENERGY STAR® certifications and automation features. It competes directly with major industry players such as D.R. Horton, Lennar, KB Home, and Taylor Morrison, positioning itself as a high-volume, efficiency-driven builder that balances affordability with sustainable building practices. Leadership is anchored by co-founder Steven J. Hilton, who serves as Executive Chairman and established the company’s predecessor, Monterey Homes, in 1985 alongside William Cleverly. The executive team is led by CEO Phillippe Lord, who assumed the role in 2021 after serving as COO and has been instrumental in the company's strategic shift toward a 100% speculative-build model. Hilla Sferruzza serves as Executive Vice President and Chief Financial Officer, bringing over a decade of financial leadership at the firm, while Austin Woffinden was recently elevated to EVP of Corporate Operations and Strategy effective January 2026. The company’s governance is supported by a seasoned Board of Directors, which recently added former PG&E CEO Geisha Williams in early 2026 and includes Lead Independent Director Peter L. Ax. Despite the recent total exit of Dendur Capital LP in February 2026, the company maintains strong institutional backing from firms such as Allspring Global Investments and Lisanti Capital Growth.