Hearthstone is an institutional investment manager in the U.S. dedicated solely to the residential homebuilding industry, self-described as the first and largest in this sector.

Hearthstone

Lennar is a homebuilder that constructs communities and offers new homes for sale across various markets in the United States.

Lennar

Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for first-time and first move-up buyers. The company also offers title insurance and closing/settlement services to its homebuyers. It builds and sells homes in Texas, Arizona, California, Colorado, Florida, North Carolina, South Carolina, Georgia, and Tennessee under the Meritage Homes brand name. Meritage Homes Corporation was founded in 1985 and is based in Scottsdale, Arizona.

Meritage Homes Corporation

PulteGroup, Inc., through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, American West, and John Wieland Homes and Neighborhoods brand names. As of December 31, 2021, it controlled 228,296 lots, of which 109,078 were owned and 119,218 were under land option agreements. In addition, the company arranges financing through the origination of mortgage loans primarily for homebuyers; sells the servicing rights for the originated loans; and provides title insurance policies, and examination and closing services to homebuyers. PulteGroup, Inc. was formerly known as Pulte Homes, Inc. and changed its name to PulteGroup, Inc. in March 2010. The company was founded in 1950 and is headquartered in Atlanta, Georgia.

Metric
Company Name	Hearthstone	Lennar	Meritage Homes Corporation	PulteGroup, Inc.
Symbol			MTH	PHM
MSH ID	COM:HEARTHSTONE	COM:LENNAR	COM:MERITAGEHOMES	COM:PULTEGROUP
Market	PRIVATE	PRIVATE	STOCKS	STOCKS
Sector	Real Estate	Real Estate	Consumer Cyclical	Consumer Cyclical
Industry	Residential Development	Residential Construction	Residential Construction	Residential Construction
Country	US	US	US	US
Stage
Employee Count			1.84K	6.38K
Website	hearthstone.com	lennar.com	meritagehomes.com	pultegroup.com
LinkedIn
Founders

Metric
Market Cap	5.81B	22.54B
Enterprise Value
Monthly Web Traffic
Web Traffic Growth
Valuation
Raised Capital

Metric
Revenue	6.11B	15.74M
Revenue (LTM)
Revenue (NTM)
Gross Profit	1.50B
EBITDA	1.27B
Operating Income	1.27B
Net Income	738.75M	3.32M
EPS	20.17	11.83
Diluted EPS	19.93	11.72
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin	0.26	0.30
Operating Profit Margin	0.20	0.22
EBITDA Margin	0.21	-0.08
Net Profit Margin	0.13	0.17
Return on Equity	0.18	0.27
Return on Assets	0.12	134.62
Return on Capital Employed	0.22	246.08

HEAR

COM:HEARTHSTONE

Hearthstone

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio	7.51	8.27
P/B Ratio	1.20	2.29
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio	1.19	2.16
EV Multiple	6.76	9.91

Metric
Days Sales Outstanding	15.90	8.93
Days Payables Outstanding	21.47	17.30
Days Inventory Outstanding	408.17	382.41
Operating Cycle	422.75	384.91
Cash Conversion Cycle	399.80	364.99
Asset Turnover	0.97	819.04

Metric
Operating Cash Flow	355.57M	2.20B
Free Cash Flow	317.38M	2.10B
Cash Flow to Debt	0.32	1.05K
Operating Cash Flow/Sales	0.06	0.14
Free Cash Flow Yield	0.08	0.12

Metric
Cash & Equivalents	921.23M	1.47M
Accounts Receivable	-64.17M	196.88M
Inventory	4.72B	11.47M
Goodwill	218.58M
Debt to Capitalization	0.22	0.20
Debt to Assets		0.15
Current Ratio	4.37	4.70
Quick Ratio	4.17	1.64

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue	0.00	0.00
R&D to Revenue
SG&A to Revenue	0.04	0.02