ValueScreener company report

Meritage Homes Corporation (MTH)

Name: Meritage Homes Corporation (MTH) filed financial figures
Creator: ValueScreener

NYSE / Consumer Cyclical / Residential Construction

Share price

60.28 USD Market dataClose of Oct 15, 2026

Market capitalisation

3.93B USD Market dataClose of Oct 15, 2026

Market data: Oct 15, 2026
Filed accounts: FY2025, filed Feb 13, 2026
Ratios computed: Oct 15, 2026
Filed years: 16, FY2009 to FY2025

Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means

SEC filingFiled with the SEC: Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement: What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data: Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener: Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.

Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Quality

Return on equity

8.7% Computed

From the FY2025 filing

Read quality

Financial strength

Debt to equity

n/a Computed

From the FY2025 filing

Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

Read financial strength

Valuation

Price to earnings

9.42x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.1% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.

Named tests met: 4 of 30 Which tests

The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 9.42x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Consumer Cyclical sector (302 companies), 9.42x sits at the 15th percentile; the middle half of that group runs from 12.87x to 31.26x.

Is it good

Return on equity was 8.7% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Consumer Cyclical sector (436 companies), 8.7% sits at the 58th percentile; the middle half of that group runs from -19.6% to 16.9%.

Year by year against peers: Whether Meritage Homes Corporation's return on equity stayed above the median of the Consumer Cyclical sector, year by year. (FY2018 to FY2025, 8 fiscal years of Meritage Homes Corporation with a comparable figure)
The direction: Which way Meritage Homes Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Meritage Homes Corporation)
What could explain it: What in Meritage Homes Corporation's filed statements could explain the movements. (3 readings drawn from the statement lines Meritage Homes Corporation filed)
What to check next: What to check next on Meritage Homes Corporation, and where in its filings. (3 questions for Meritage Homes Corporation)
In one paragraph: One paragraph on Meritage Homes Corporation's returns, cash, balance sheet and price. (6 of sixteen figures read for Meritage Homes Corporation)

These are MTH’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research MTHPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 13, 2026, accession 0000833079-26-000010.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Meritage Homes Corporation: returns on capital and margins, each with its source
Figure	Value, source and document
Return on invested capital, after tax Why n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Return on equity	8.7% ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Return on capital employed, pre-tax Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Return on assets	5.9% ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Gross margin Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Operating margin Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Net margin Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Meritage Homes Corporation: leverage, liquidity and distress, each with its source
Figure	Value, source and document
Debt to equity Why n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Current ratio Why n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Quick ratio Why n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Interest coverage Why n/a No operating income line is filed for this year.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Altman Z-score Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Net debt Why n/a The FY2025 balance sheet carries no net debt we could read.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010

Total assets Total liabilities Shareholders’ equity

The balance sheet, line by line

Financial health

What Meritage Homes Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 13, 2026, 0000833079-26-000010).

Meritage Homes Corporation: balance sheet position
Total assets	7.62B FiledFY2025 10-K, filed Feb 13, 2026
Total liabilities	2.43B FiledFY2025 10-K, filed Feb 13, 2026
Shareholders' equity	5.20B FiledFY2025 10-K, filed Feb 13, 2026
Cash	775.2M FiledFY2025 10-K, filed Feb 13, 2026
Total debt	n/a FiledFY2025 10-K, filed Feb 13, 2026
Net debt	n/a
Current ratio	n/a
Debt to equity	n/a

Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
Current ratio: FY2025: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Meritage Homes Corporation: what the market charges, each with its source
Figure	Value, source and document
Price to earnings	9.42x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
P/E on trailing twelve months	12.53x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book	0.83x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Price to sales Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Enterprise value to EBIT Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Enterprise value to EBITDA Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Price to earnings over growth	3.55 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Diluted earnings per share	6.35 USD FiledFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Graham number	102.40 USD ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010

We publish no fair value or price target of our own. Value MTH on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Meritage Homes Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Meritage Homes Corporation: valuation
Share price	60.28 USD
Market capitalisation	3.93B USD
Enterprise value to EBITDA	n/a
Graham number	102.40 USD
Diluted earnings per share, FY2025	6.35 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 2.76x, median 8.64x, high 15.58x, latest 12.53x. 2,523 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Meritage Homes Corporation

Same industry (Residential Construction) and size band (Mid, 2B to 10B), nearest in market value. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Meritage Homes Corporation: cash generation and what is paid out, each with its source
Figure	Value, source and document
Free cash flow yield	2.1% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Free cash flow	92.6M USD ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Free cash flow margin Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Dividend yield	3.1% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Payout ratio	26.7% ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010

Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Meritage Homes Corporation: the eight ratios, with the fiscal year and filing date behind each.
Figure	Value	Year	As of
	9.42x	FY2025	Oct 15, 2026
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	0.83x	FY2025	Oct 15, 2026
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	n/a	FY2025	Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tabForm10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	2.1%	FY2025	Oct 15, 2026
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	n/a	FY2025	Feb 13, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tabForm10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	3.1%	FY2025	Oct 15, 2026
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	n/a	FY2025	Feb 13, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	n/a	FY2025	Feb 13, 2026
n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	n/a	FY2025	Oct 15, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	3.55	FY2025	Oct 15, 2026
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	n/a	FY2025	Oct 15, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tabForm10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	n/a	FY2025	Feb 13, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tabForm10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tabForm10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab
	n/a	FY2025	Feb 13, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itIncome statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tabForm10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tabForm10-KFiledFeb 13, 2026PeriodFY2025Accession0000833079-26-000010What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000833079-26-000010, leaves this page and opens in a new tab

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 16 filed fiscal years on record, FY2009 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Meritage Homes Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Meritage Homes Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Year	Revenue	Operating income	Net income	EPS, diluted	Free cash flow	Operating margin	Return on equity	Filing
FY2025	n/a	584.6M	453.0M	6.35	92.6M	n/a	8.7%	10-K, Feb 13, 20260000833079-26-000010
FY2024	n/a	1.00B	786.2M	10.72	-256.2M	n/a	15.3%	10-K, Feb 20, 20250000833079-25-000021
FY2023	n/a	949.4M	738.7M	9.96	317.4M	n/a	16.0%	10-K, Feb 14, 20240000833079-24-000015
FY2022	n/a	1.29B	992.2M	13.37	378.3M	n/a	25.1%	10-K, Feb 15, 20230000833079-23-000022
FY2021	n/a	955.2M	737.4M	9.64	-177.8M	n/a	24.2%	10-K, Feb 16, 20220000833079-22-000011
FY2020	n/a	535.7M	423.5M	5.50	510.4M	n/a	18.0%	10-K, Feb 12, 20210000833079-21-000019
FY2019	n/a	311.3M	249.7M	3.21	322.4M	n/a	12.7%	10-K, Feb 18, 20200000833079-20-000026
FY2018	n/a	284.0M	227.3M	2.79	228.8M	n/a	13.2%	10-K, Feb 15, 20190000833079-19-000035
FY2017	n/a	251.4M	143.3M	1.71	-105.2M	n/a	9.1%	10-K, Feb 12, 20180000833079-18-000007
FY2016	n/a	223.2M	149.5M	1.77	-120.1M	n/a	10.5%	10-K, Feb 17, 20170000833079-17-000041

Revenue: Fewer than two filed years carry revenue.
Earnings, compound annual growth FY2016 to FY2025: 13.1%
Earnings per share, compound annual growth FY2016 to FY2025: 15.2%
Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Meritage Homes Corporation: accounting screens and published tests, each with its source
Figure	Value, source and document
Beneish M-score Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Piotroski F-score Why n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.	n/a ComputedFY2025 10-K, filed Feb 13, 2026, 0000833079-26-000010
Named tests met	4 of 30 Computed
Beta	0.59 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 4 met, 12 not met, 14 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)

Meets: P/E times P/B (Benjamin Graham); Owner earnings yield; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman)
Does not: Large cap, low P/E; Low PEG, low debt (Peter Lynch); High returns and growth; High yield, low payout; Dividends and buybacks; Low beta, profitable; High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Cash-covered dividend; Cash-flow yield and ROIC; Low P/E, growth, yield (John Neff)
Not measured: Defensive investor (Benjamin Graham); Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC. A test with a figure we could not read is incomplete, never met and never failed.

Figures we could not read(15)

Current Ratio: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
Piotroski F-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
Altman Z-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Beneish M-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
Interest Coverage: No operating income line is filed for this year.
ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
Price To Ncav: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

Value it in the DCF workbench

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

What this cannot tell you

15 figures could not be read on this company, among them Current Ratio, Debt to Equity, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 14 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolio How this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Four questions, at a glance

Quality

Financial strength

Valuation

Cash generation

Revenue and net income, as filed

The reading, in brief

Financial health

Valuation

Companies like Meritage Homes Corporation

The filed figures

Ten years of filed figures

The named tests

What this cannot tell you

Margin Notes