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.
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M/I Homes, Inc. (MHO) Altman Z-score
M/I Homes, Inc.'s Altman Z-score for fiscal 2025 is 4.47, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.47 | (0.25) |
| FY2024 | 4.73 | (0.03) |
| FY2023 | 4.75 | 1.01 |
| FY2022 | 3.74 | (0.08) |
| FY2021 | 3.82 | 0.32 |
| FY2020 | 3.50 | 0.03 |
| FY2019 | 3.47 | 0.44 |
| FY2018 | 3.03 | (0.04) |
| FY2017 | 3.07 | 0.07 |
| FY2016 | 3.00 | 0.10 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.81 | — | 0.97 | |
| Retained earnings / total assets | 0.68 | — | 0.96 | |
| EBIT / total assets | 0.11 | — | 0.35 | |
| Market value of equity / total liabilities | 2.12 | — | 1.27 | |
| Sales / total assets | 0.92 | — | 0.92 | |
| Altman Z-score | Safe zone | 4.47 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 10.29 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CVCO Cavco Industries, Inc. compare | 9.6× |
| SKY Champion Homes, Inc. compare | 7.1× |
| IBP Installed Building Products, Inc. compare | 6.3× |
| GRBK Green Brick Partners, Inc. compare | 5.7× |
| MHO M/I Homes, Inc. | 4.5× |
| KBH KB Home compare | 3.8× |
| MTH Meritage Homes Corporation compare | 3.2× |
| LGIH LGI Homes, Inc. compare | 2.7× |
| BZH Beazer Homes USA, Inc. compare | 2.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets