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Meritage Homes
Meritage Homes, led by CEO Phillippe Lord, is a publicly traded US homebuilder focused on entry-level and move-up homes across 18 Sun Belt markets.
Meritage Homes
Meritage Homes was founded in 1985 by Steven J. Hilton, who remains executive chairman. The company went public in 1988 and has since become the seventh-largest homebuilder in the US by closings, building primarily in the Sun Belt region from California to Florida. The firm targets first-time and move-up buyers, with a heavy tilt toward speculative construction (built without a buyer contract) — a strategy that requires efficient land sourcing and quick cycle times. The company focuses on the entry-level and first-move-up segments, constructing 13,840 homes in 2024 and generating approximately $5.7 billion in revenue (per public filings, 2024). Meritage's product line emphasizes energy efficiency through its 'Built to Save' program, including solar-ready homes with low-E windows and high-efficiency HVAC systems. Geographic footprint spans 18 markets across 11 states, with major concentrations in Texas, Florida, Arizona, and California. Land acquisition is executed through a mix of direct purchases, options, and joint ventures. Meritage employs approximately 1,900 people and operates primarily from its Scottsdale headquarters. In 2024, the company reported a net homebuilding debt-to-capital ratio of 38.6%, maintaining investment-grade credit ratings from Moody's (Baa3) and S&P (BBB-) (per Moody's and S&P, 2024). The firm manages a philanthropic foundation focused on affordable housing, but does not operate as a family office or asset manager. A recent development: in February 2025, Meritage announced a $200 million share repurchase authorization while maintaining a modest cash balance. A structural differentiator is Meritage's built-to-spec production strategy, which differs from many builders' pre-sale model. The company breaks ground on homes without waiting for buyers, compressing the sales cycle and enabling faster revenue recognition. This approach requires disciplined land inventory management and demand forecasting, which Meritage has refined over four decades.
General information
Firm type
Public Company
Year founded
1985
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Scottsdale
Corporate office
Scottsdale, AZ, United States
Additional offices
Charlotte, NC · Raleigh, NC · Nashville, TN · Atlanta, GA · Houston, TX · Dallas, TX · Austin, TX · San Antonio, TX · Orlando, FL · Tampa, FL · Denver, CO · Phoenix, AZ · Las Vegas, NV · Sacramento, CA · Los Angeles, CA · San Diego, CA · Portland, OR · Seattle, WA
Principals
Steven J. Hilton
Executive Chairman
Phillippe Lord
CEO
Hilla Sferruzza
CFO
Sector focus
Frequently asked questions
How does Meritage Homes differentiate from other public homebuilders?
Meritage emphasizes spec-built construction — starting homes without a signed buyer contract — which speeds time to close and revenue recognition. The company also stands out through its 'Built to Save' energy-efficiency program, integrating features like solar readiness and high-efficiency HVAC into most floor plans. Among major builders, Meritage has one of the highest concentrations of entry-level homes (per company filings).
What is Meritage Homes' geographic strategy?
Meritage operates exclusively in the Sun Belt — a region of the US stretching from California to Florida, including Texas, Arizona, and the Southeast. As of 2024, the strongest markets by home closings were Dallas-Ft. Worth, Houston, Phoenix, and Tampa. The company avoids colder-climate regions and coastal California outside of its existing footprint.
Who makes investment decisions at Meritage Homes?
Investment decisions are overseen by CEO Phillippe Lord and Executive Chairman Steven Hilton, along with a land acquisition team. CFO Hilla Sferruzza manages capital allocation. The company's board includes six independent directors who approve major land investments, joint ventures, and shareholder return strategies. Meritage is a public company, not a family office or asset manager.
How does Meritage Homes acquire land?
Land acquisition happens through a combination of direct purchases, option contracts, and joint ventures. The company typically acquires land in bulk, then phases development over several years. As of year-end 2024, Meritage controlled approximately 78,500 lots (owned and optioned), with about 65% under direct control. The focus is on finished lots ready for quick starts.
Does Meritage Homes pay a dividend?
Meritage does not pay a regular dividend. Instead, the company returns capital to shareholders primarily through share repurchases. In February 2025, the board authorized a $200 million buyback program. The firm's capital allocation priority is land investment to support growth, followed by share repurchases when excess cash exists (per company communications).
What is Meritage Homes' approach to sustainability?
Meritage markets its energy-efficient homes under the 'Built to Save' program, which includes LEED-certified options, ENERGY STAR appliances, and high-efficiency water systems. The company claims its typical home uses 30–40% less energy than a standard resale home, citing EPA data. Sustainability is a product differentiator rather than a corporate ESG initiative, with the firm using third-party certifications like ENERGY STAR and Indoor airPLUS.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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