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M/I Homes, Inc.

MHO Consumer Cyclical Residential Construction

M/I Homes, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.4 billion, down 1.93% from fiscal 2024. In the quarter to June 2026, revenue fell 8.54%, EPS fell 31.9%, free cash flow fell 11.5% and total debt fell 2.29%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.

128.28 0.06 −0.05%
Market cap
$3.2B
P/E
10.6×
Fwd P/E
12.0×
Dividend yield
—
F-score
5/9
Altman Z
4.47
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions trades per month

Total sells 22.79
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — 2 13 — — 1 — 1 1 — —
Insider Ownership 5.68%

Capital & Financial Ratios $m

Market Cap 3,210.00
Revenue 4,263.06
Net Income 317.36
Free Cash Flow 205.13
Net Debt 213.36
Current Ratio 7.65 (at or above 1.5: strong)
Debt/Equity 0.29 (at or below 0.5: strong)
P/E ratio 10.59
Fwd P/E 12.00
P/S ratio 0.77
P/B ratio 1.02
Past 5Y EPS Growth 12.36%
This Y EPS Growth (33.72%) (below 0%: weak)
Next Y EPS Growth 3.27%
Next Y revenue growth (6.56%) (below 0%: weak)
Next 5Y EPS Growth (7.43%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 0.7×; over the ten years it ranged from 0.5× in 2022 to 1.2× in 2024.
P/E against its own 10 years 81.31%
10-year low 10-year high
P/S against its own 10 years 81.31%
10-year low 10-year high
P/B against its own 10 years 46.09%
10-year low 10-year high
EV/Sales against its own 10 years 80.68%
10-year low 10-year high
EV/FCF against its own 10 years 49.16%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 733 822 689 736
Receivables — — — —
Inventory 2,797 3,092 3,384 3,505
Other 176 284 309 259
3,706 4,210 4,387 4,500
2023 2024 2025 Q'26
Payables 205 199 181 244
ST’ Debt — — — —
Other 337 350 359 344
542 549 541 588

Compound Annual Growth %

10y 5y 3y
Sales 12.03% 7.72% 2.26%
Cash Flow 0.00% (3.99%) (9.30%)
Earnings 24.00% 10.93% (6.35%)
Book Value 18.16% 20.26% 15.21%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.05 Actual 2.70

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.88 3.91 Beat by 0.03
Q1 FY26 2.64 2.55 Miss by 0.09
Q2 FY26 3.17 3.14 Miss by 0.03
Q3 FY26 3.05 2.70 Miss by 0.35
Q4 FY26 2.69 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 2.55 3.02 — — —
’25 3.98 4.42 3.92 2.39 14.74
’24 4.78 5.12 5.10 4.71 19.71
’23 3.64 4.12 4.82 3.66 16.21
’22 3.16 4.79 4.67 4.65 17.24
’21 2.85 3.58 3.03 3.83 13.28
’20 1.09 1.89 2.51 2.71 8.23
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 921 1,063 — — —
’25 976 1,163 1,132 1,147 4,418
’24 1,047 1,110 1,143 1,205 4,505
’23 1,001 1,014 1,046 973 4,034
’22 861 1,041 1,013 1,217 4,131
’21 829 961 904 1,052 3,746
’20 578 714 848 906 3,046
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 136 37 — — —
’25 65 38 43 (9) 137
’24 116 28 (68) 104 180
’23 251 166 80 55 552
’22 69 9 (93) 198 184
’21 75 99 (208) 18 (17)
’20 (24) 107 114 (29) 168
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 145 31 — — —
’25 70 36 42 (13) 135
’24 122 22 (69) 103 179
’23 249 176 77 54 557
’22 68 8 (94) 193 175
’21 79 98 (210) 14 (18)
’20 (25) 106 108 (28) 161
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 15.56 22.55 20.35 20.51 9.62 42.22 34.33 46.12 109.92 100.22 +23.0% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 26.70 36.92 37.41 46.57 49.93 74.85 62.82 140.73 176.18 158.92 +21.9% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 1,138 1,238 1,359 1,401 1,515 1,657 1,663 1,607 1,760 1,801 +5.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 1.49 1.58 1.68 1.78 2.01 2.26 2.48 2.51 2.56 2.45 +5.7% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 1,691 1,962 2,286 2,500 3,046 3,746 4,131 4,034 4,505 4,418 +11.3% 4,128 4,160 4,403 (0.1%)
Gross margin, % 19.70 20.44 19.66 19.77 22.48 24.26 25.27 25.26 26.61 24.10 +4.4 pt
EBT 92 120 141 166 310 509 635 607 734 527 +21.4%
EBT margin, % 5.43 6.13 6.18 6.64 10.18 13.59 15.38 15.06 16.29 11.92 +6.5 pt
Net income 57 72 108 128 240 397 491 465 564 403 +24.4%
Depreciation 14 14 15 16 18 17 17 17 19 20 +4.4%
Per share, $
Per share, $ Revenue 68.57 76.14 80.98 89.79 106.47 128.76 148.21 145.25 162.17 165.27 +10.3%
Earnings 2.10 2.57 3.81 4.58 8.38 13.64 17.60 16.76 20.29 15.07 +24.5%
Cash flow 1.39 (2.06) (0.09) 2.36 5.88 (0.58) 6.60 19.88 6.47 5.14 +15.7%
Capex (0.53) (0.02) (0.06) 0.06 (0.27) (0.05) (0.33) 0.18 (0.03) (0.10) (17.4%)
Free cash flow 0.86 (2.09) (0.16) 2.42 5.61 (0.62) 6.28 20.06 6.44 5.04 +21.8%
Book value 26.52 29.00 30.29 36.04 44.00 55.83 74.28 90.64 105.83 118.45 +18.1%
Shares, m 25 26 28 28 29 29 28 28 28 27 +0.9%
Valuation, ×
Valuation, × P/E 12.22 13.66 5.50 8.61 5.29 4.56 2.68 8.00 6.55 8.51 7.6
P/S 0.37 0.46 0.26 0.44 0.42 0.48 0.32 0.92 0.82 0.77 0.5
P/B 1.04 1.21 0.69 1.09 1.01 1.11 0.64 1.48 1.26 1.08 1.1
EV/Sales 0.73 0.80 0.61 0.74 0.62 0.68 0.47 0.95 0.86 0.84 0.7
EV/FCF 58.49 (29.03) (316.71) 25.01 11.70 (139.75) 11.10 6.91 21.47 27.48 (32.3)
Cash, $m
Cash, $m Operating cash flow 34 (53) (3) 66 168 (17) 184 552 180 137 +16.7%
Capex (13) (1) (2) 2 (8) (1) (9) 5 (1) (3) (16.6%)
Free cash flow 21 (54) (4) 67 161 (18) 175 557 179 135 +22.9%
Balance, $m
Balance, $m Working capital 1,156 1,463 1,566 1,623 1,976 2,385 2,785 3,164 3,661 3,846 +14.3%
Total debt 638 808 821 755 872 962 938 860 981 973 +4.8%
Net debt 603 656 799 749 611 726 627 127 160 284 (8.0%)
Shareholders’ equity 654 747 855 1,003 1,259 1,624 2,071 2,517 2,940 3,166 +19.1%
Returns, %
Returns, % ROA 3.49 3.88 5.54 6.18 10.10 13.49 14.11 12.03 13.15 8.64 +5.2 pt
ROIC 5.40 6.18 6.16 6.67 10.67 13.79 14.77 13.88 14.24 9.18 +3.8 pt
ROE 8.96 9.78 13.44 13.73 21.21 27.53 26.56 20.29 20.66 13.20 +4.2 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

M/I Homes, Inc. vs peers in Residential Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
IBP Installed Building Products, Inc. $5.6B 22.9× 24.3× +2.30% (above 0%: growing) −3.56% (below 0%: shrinking) −30.95% (below 0%: shrinking) 33.29% 12.16% Compare
SKY Champion Homes, Inc. $4.4B 24.8× 24.4× +1.27% (above 0%: growing) −21.24% (below 0%: shrinking) −4.47% (below 0%: shrinking) 25.24% 8.49% Compare
CVCO Cavco Industries, Inc. $4.2B 26.8× 27.5× +9.54% (above 0%: growing) −15.56% (below 0%: shrinking) +5.65% (above 0%: growing) 22.07% 8.65% Compare
MTH Meritage Homes Corporation $4.2B 13.4× 14.9× −13.77% (below 0%: shrinking) −33.01% (below 0%: shrinking) +2,516.98% (above 0%: growing) 18.60% 8.19% Compare
MHO M/I Homes, Inc. $3.2B 10.6× 12.0× −8.54% (below 0%: shrinking) −31.86% (below 0%: shrinking) −11.50% (below 0%: shrinking) 22.15% 9.53%
KBH KB Home $2.9B 13.2× 14.9× −19.96% (below 0%: shrinking) −35.34% (below 0%: shrinking) −178.04% (below 0%: shrinking) 5.54% 5.54% Compare
GRBK Green Brick Partners, Inc. $2.7B 9.2× 10.6× −8.70% (below 0%: shrinking) −8.06% (below 0%: shrinking) −113.25% (below 0%: shrinking) 31.90% 19.54% Compare
LGIH LGI Homes, Inc. $1.0B 15.5× 15.7× +5.70% (above 0%: growing) −14.71% (below 0%: shrinking) +254.15% (above 0%: growing) 19.71% 5.61% Compare
DFH Dream Finders Homes, Inc. $909.0M 6.8× 9.2× −7.57% (below 0%: shrinking) −52.63% (below 0%: shrinking) −36.48% (below 0%: shrinking) 14.52% 2.44% Compare
Median of peers $3.6B 14.5× 15.3× −3.15% −18.40% −17.71% 20.89% 8.34%

All 19 Residential Construction stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.91m 4.61m 288.89
2024 10.94m 8.21m 300.18
2023 9.21m 43.39m 311.00
2022 8.21m 4.79m 104.27
2021 7.43m 13.19m 140.39

Ownership

Directors and executive officers, together 3.60%
BlackRock, Inc. 16.70%
Donald Smith & Co., Inc. 5.70%
State Street Corporation One Congress Street, Suite 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

M/I Homes, Inc. (MHO) Latest News

23 Oct

Impact 4 ·

21 Oct

Impact 4 ·
Impact 3 ·
Impact 3 · transcript
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14 Oct

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9 Oct

Impact 4 ·
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5 Oct

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29 Sep

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21 Sep

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20 Sep

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12 Aug

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30 Jul

Impact 3 · transcript

29 Jul

Impact 4 ·
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2 Jun

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24 Apr

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23 Apr

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22 Apr

Impact 4 ·
Impact 4 · transcript
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3 Apr

Impact 4 ·

6 Mar

Impact 3 ·
stockrow.com/MHO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com