A Business at a Glance
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M/I HOMES, INC.
MHO
$4.1B
Mkt Cap
$149.83
+2.04%
M/I HOMES, INC. (MHO) has a current P/E ratio of 10.2, compared to its historical median P/E of 7.7. The stock is currently considered Fair based on its historical valuation range.
M/I HOMES, INC. (MHO) has a 5-year average return on invested capital (ROIC) of 25.9%. This indicates strong capital allocation and a potential competitive advantage.
M/I HOMES, INC. (MHO) has a market capitalization of $4.5B. It is classified as a mid-cap stock.
M/I HOMES, INC. (MHO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.47%.
Based on historical P/E analysis, M/I HOMES, INC. (MHO) appears fair. The current P/E of 10.2 is 32% above its historical median of 7.7. The estimated fair value CAGR (P/E method) is 26.3%.
M/I HOMES, INC. (MHO) operates in the Operative Builders industry, within the Industrials sector.
M/I HOMES, INC. (MHO) reported annual revenue of $4.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
M/I Homes, Inc. and subsidiaries is one of the nation’s leading builders of single-family homes. The Company commenced homebuilding activities in 1976 marking 2026 as our 50th year in business. Since that time, the Company has sold over 168,200 homes. Unless this Form 10-K otherwise indicates or the context otherwise requires, the terms the “Company,” “we,” “us” and “our” refer to M/I Homes, Inc. and its subsidiaries. The Company consists of two distinct operations: homebuilding and financial services. Our homebuilding operations are aggregated for reporting purposes into two reporting segments - the Northern and Southern regions. Our financial services operations support our homebuilding operations by providing mortgage loans and title services to the customers of our homebuilding operations and are reported as an independent segment. Our homebuilding operations comprise the most significant portion of our business, representing 97% of consolidated revenue in 2025 and 2024.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.4B | 4.4B | 4.5B | 4.0B | 4.1B | 3.7B |
| Net Income | 360M | 403M | 564M | 465M | 491M | 397M |
| EPS | $11.93 | $14.74 | $19.71 | $16.21 | $17.24 | $13.28 |
| Free Cash Flow | 200M | 128M | 171M | 546M | 175M | -42M |
| ROIC | 14.4% | 16.1% | 26.6% | 25.2% | 30.3% | 31.3% |
| Gross Margin | - | 23.0% | 26.6% | 25.3% | 25.3% | 24.3% |
| Debt/Equity | -0.01 | 0.01 | 0.06 | 0.00 | 0.01 | 0.05 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 452M | 507M | 706M | 587M | 637M | 518M |
| Operating Margin | 10.4% | 11.5% | 15.7% | 14.6% | 15.4% | 13.8% |
| ROE | 11.3% | 13.2% | 20.7% | 20.3% | 26.6% | 27.5% |
| Shares Outstanding | 30M | 27M | 29M | 29M | 28M | 30M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.2B | 1.4B | 1.7B | 2.0B | 2.3B | 2.5B | 3.0B | 3.7B | 4.1B | 4.0B | 4.5B | 4.4B | 4.4B |
| Gross Margin | 14.8% | 14.7% | 13.9% | 20.4% | 19.7% | 19.8% | 22.5% | 24.3% | 25.3% | 25.3% | 26.6% | 23.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 89M | 93M | 112M | 126M | 138M | 148M | 178M | 192M | 215M | 223M | 258M | 263M | 265M |
| EBIT | 83M | 112M | 109M | 139M | 163M | 187M | 319M | 518M | 637M | 587M | 706M | 507M | 452M |
| Op. Margin | 6.8% | 7.9% | 6.4% | 7.1% | 7.1% | 7.5% | 10.5% | 13.8% | 15.4% | 14.6% | 15.7% | 11.5% | 10.4% |
| Net Income | 46M | 47M | 52M | 66M | 108M | 128M | 240M | 397M | 491M | 465M | 564M | 403M | 360M |
| Net Margin | 3.8% | 3.3% | 3.1% | 3.4% | 4.7% | 5.1% | 7.9% | 10.6% | 11.9% | 11.5% | 12.5% | 9.1% | 8.2% |
| Non-Recurring | 2.4M | 3.6M | 4.0M | 7.7M | 5.8M | 5.0M | 8.4M | 0 | 18M | 11M | 9.2M | 48M | 48M |
| Returns on Capital | |||||||||||||
| ROIC | 10.5% | 9.7% | 8.7% | 10.7% | 15.4% | 14.9% | 23.3% | 31.3% | 30.3% | 25.2% | 26.6% | 16.1% | 14.4% |
| ROE | 8.9% | 8.2% | 8.3% | 9.4% | 13.4% | 13.7% | 21.2% | 27.5% | 26.6% | 20.3% | 20.7% | 13.2% | 11.3% |
| ROA | 4.0% | 3.6% | 3.5% | 3.9% | 5.5% | 6.2% | 10.1% | 13.5% | 14.1% | 12.0% | 13.2% | 8.6% | 7.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -133M | -82M | 34M | -53M | -2.6M | 66M | 168M | -17M | 184M | 552M | 180M | 137M | 208M |
| Free Cash Flow | -135M | -86M | 21M | -62M | -11M | 61M | 157M | -42M | 175M | 546M | 171M | 128M | 200M |
| Owner Earnings | -144M | -97M | 15M | -73M | -23M | 44M | 144M | -42M | 158M | 525M | 148M | 101M | 172M |
| CapEx | 2.9M | 3.7M | 13M | 8.8M | 8.1M | 4.5M | 12M | 25M | 9.3M | 5.8M | 8.4M | 9.6M | 8.4M |
| Maint. CapEx | 8.3M | 11M | 14M | 14M | 15M | 16M | 18M | 17M | 17M | 16M | 17M | 19M | 19M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.4M | 0 | 0 | 0 | 0 | 0 |
| D&A | 8.3M | 11M | 14M | 14M | 15M | 16M | 18M | 17M | 17M | 16M | 17M | 19M | 19M |
| CapEx/OCF | N/A | N/A | 38.3% | N/A | N/A | 6.9% | 6.9% | N/A | 5.1% | 1.0% | 4.7% | 7.0% | 4.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 4.9M | 4.9M | 4.9M | 3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 0.8% | 0.7% | 0.8% | 0.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 26M | 5.2M | 1.9M | 52M | 55M | 65M | 177M | 202M | 202M |
| Buyback Yield | N/A | N/A | N/A | N/A | 4.1% | 0.5% | 0.1% | 2.8% | 4.3% | 1.6% | 4.6% | 5.7% | 4.5% |
| Stock-Based Comp | 3.2M | 3.9M | 5.3M | 6.0M | 6.0M | 5.8M | 7.1M | 8.6M | 8.8M | 11M | 15M | 17M | 17M |
| Debt Repayment | 5.3M | 38M | 29M | 15M | 15M | 16M | 89M | 41M | 20M | 80M | 120M | 9.3M | 9.3M |
| Balance Sheet | |||||||||||||
| Net Debt | 22M | 39M | 261M | -106M | 118M | 86M | -146M | -159M | -286M | -730M | -653M | -646M | -784M |
| Cash & Equiv. | 22M | 13M | 34M | 152M | 22M | 6.1M | 261M | 236M | 312M | 733M | 822M | 689M | 767M |
| Long-Term Debt | 15M | 14M | 14M | 30M | 22M | 26M | 26M | 37M | 46M | 46M | 48M | 52M | 52M |
| Debt/Equity | 0.08 | 0.09 | 0.45 | 0.06 | 0.16 | 0.09 | 0.09 | 0.05 | 0.01 | 0.00 | 0.06 | 0.01 | -0.01 |
| Interest Coverage | 6.2 | 6.4 | 6.2 | 7.3 | 8.0 | 8.8 | 33.0 | 240.4 | 283.3 | 29.3 | 1106.7 | 616.2 | 616.2 |
| Equity | 544M | 597M | 654M | 747M | 855M | 1.0B | 1.3B | 1.6B | 2.1B | 2.5B | 2.9B | 3.2B | 3.2B |
| Total Assets | 1.2B | 1.4B | 1.5B | 1.9B | 2.0B | 2.1B | 2.6B | 3.2B | 3.7B | 4.0B | 4.5B | 4.8B | 4.8B |
| Total Liabilities | 661M | 819M | 894M | 1.1B | 1.2B | 1.1B | 1.4B | 1.6B | 1.6B | 1.5B | 1.6B | 1.6B | 1.6B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 309M | 355M | 407M | 473M | 581M | 709M | 948M | 1.3B | 1.8B | 2.3B | 2.9B | 3.3B | 3.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.65 | 1.68 | 1.84 | 2.26 | 3.70 | 4.48 | 8.23 | 13.28 | 17.24 | 16.21 | 19.71 | 14.74 | 11.93 |
| Owner EPS | -5.18 | -3.48 | 0.54 | -2.51 | -0.79 | 1.54 | 4.93 | -1.42 | 5.56 | 18.29 | 5.17 | 3.71 | 5.70 |
| Book Value | 19.56 | 21.37 | 23.27 | 25.52 | 29.39 | 35.24 | 43.19 | 54.35 | 72.76 | 87.67 | 102.78 | 115.82 | 105.93 |
| Cash Flow/Share | -4.76 | -2.95 | 1.22 | -1.82 | -0.09 | 2.30 | 5.78 | -0.56 | 6.47 | 19.23 | 6.28 | 5.02 | 12.57 |
| Dividends/Share | 0.18 | 0.17 | 0.17 | 0.12 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 27.8M | 27.9M | 28.1M | 29.3M | 29.1M | 28.5M | 29.1M | 29.9M | 28.5M | 28.7M | 28.6M | 27.3M | 30.1M |
| Valuation | |||||||||||||
| P/E Ratio | 13.6 | 13.2 | 14.0 | 15.2 | 5.8 | 8.9 | 5.6 | 4.6 | 2.6 | 8.6 | 6.8 | 8.8 | 12.6 |
| P/FCF | N/A | N/A | 34.3 | N/A | N/A | 18.5 | 8.6 | N/A | 7.3 | 7.3 | 22.4 | 27.6 | 22.6 |
| EV/EBIT | 7.7 | 5.8 | 6.7 | 8.3 | 4.5 | 6.4 | 4.1 | 3.6 | 1.9 | 5.9 | 4.7 | 6.4 | 8.3 |
| Price/Book | 1.1 | 1.0 | 1.1 | 1.3 | 0.7 | 1.1 | 1.1 | 1.1 | 0.6 | 1.6 | 1.3 | 1.1 | 1.4 |
| Price/Sales | 0.5 | 0.5 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.3 | 0.6 | 0.9 | 0.8 | 1.0 |
| FCF Yield | -21.7% | -13.9% | 2.9% | -6.2% | -1.7% | 5.4% | 11.6% | -2.3% | 13.7% | 13.7% | 4.5% | 3.6% | 4.4% |
| Market Cap | 623M | 617M | 723M | 1.0B | 623M | 1.1B | 1.4B | 1.8B | 1.3B | 4.0B | 3.8B | 3.5B | 4.5B |
| Avg. Price | 22.56 | 23.39 | 20.63 | 27.53 | 27.96 | 32.56 | 37.54 | 59.19 | 45.38 | 79.70 | 139.85 | 124.88 | 149.83 |
| Year-End Price | 22.40 | 22.12 | 25.72 | 34.38 | 21.42 | 39.78 | 46.37 | 61.20 | 44.87 | 138.86 | 133.97 | 128.98 | 149.83 |
M/I HOMES, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
M/I HOMES, INC. trades at 10.2x trailing earnings, compared to its 15-year median P/E of 7.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 30.2x vs a median of 18.5x. The company's 5-year average ROIC is 25.9% with a gross margin of 24.9%. Total shareholder yield (buybacks) is 4.5%. At current prices, the estimated annualized return to fair value is +33.9%.
M/I HOMES, INC. (MHO) has a net profit margin of 9.1%. This is a modest margin.
M/I HOMES, INC. (MHO) generated $128 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
M/I HOMES, INC. (MHO) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
M/I HOMES, INC. (MHO) reported earnings per share (EPS) of $14.74 in its most recent fiscal year.
M/I HOMES, INC. (MHO) has a return on equity (ROE) of 13.2%. This indicates moderate shareholder returns.
M/I HOMES, INC. (MHO) has a 5-year average gross margin of 24.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for M/I HOMES, INC. (MHO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
M/I HOMES, INC. (MHO) has a book value per share of $115.82, based on its most recent annual SEC filing.