M/i Homes, Inc. (MHO)

Price$148.26Cached quoteAs of 2026-09-05 07:17 UTC

AI: Fair-priced

Price checkThe stock looks fairly priced because modest valuation multiples are offset by rapidly weaker profits.

At the observed price, M/I Homes trades at about 12.4 times the last twelve months’ diluted earnings per share, which spreads profit across shares including potential dilution, and about 1.15 times book value, the shareholders’ accounting value. Those multiples are not demanding, but second-quarter net income fell about 35% from a year earlier and return on equity is near 10%. The price therefore seems to assume earnings stabilize, not rebound quickly, which supports a Fair-priced verdict. Cloudfront+1

Big pictureProfit remains positive, but cash generation swings with money tied up in land and homes.

In 2025, net income fell to $402.9 million from $563.7 million, while operating cash flow, meaning cash generated through normal business activity, was only $137.3 million because inventory absorbed $313.5 million. In the first half of 2026, net income was $146.9 million and operating cash flow improved to $172.5 million as inventory rose by a smaller $76 million. Cash durability therefore depends heavily on land spending, construction levels, and how quickly homes actually close. Pasted text SEC+2SEC+2

Business strengthLow homebuilding leverage and aggressive buybacks protect each share, though profits are still cyclical.

The supplied history’s total-debt field appears to omit senior notes, so the filed quarterly report is the safer balance-sheet check: about $736 million of unrestricted cash, $700 million of senior notes, no borrowing on the $900 million homebuilding credit line, and homebuilding debt equal to 18% of debt plus shareholder equity. The company repurchased $202 million of shares in 2025 and another $100.1 million in early 2026; shares outstanding fell about 7% from year-end 2024 to June 2026. Cloudfront+3Cloudfront+3Cloudfront+3

What could change the storyBetter affordability could lift orders without heavy incentives; continued discounting would keep squeezing margins.

The strongest bull case is that easier mortgage costs turn record second-quarter contracts into closings while allowing M/I Homes to reduce incentives. Contracts rose 15% to 2,387, yet deliveries fell 6%, revenue fell 9%, and homebuilding gross margin, the share of revenue left after direct land and housing costs, fell to 19.7% from 22.6%. Payments used to lower buyers’ mortgage rates increased by $22 million and lot costs rose $8.7 million. If those pressures persist, today’s roughly twelve-times earnings valuation could prove less cheap than it looks. Cloudfront+2Cloudfront+2

AI: News

Second-quarter profit dropRecord new orders improved demand signals, but lower closings and margins cut quarterly profit sharply.

On July 29, 2026, M/I Homes reported a 15% increase in second-quarter new contracts to a record 2,387, but deliveries fell 6% and revenue fell 9% to about $1.1 billion. Net income dropped to $79.1 million from $121.2 million a year earlier, while the company recorded $4.2 million of write-downs on land and homes. The report showed stronger buyer activity, but incentives, lower selling prices, and higher lot costs were still reducing profit per home. SEC+1

First-quarter earnings pressureEarly-year orders held up, but fewer homes waiting to close and much lower profit exposed affordability pressure.

On April 22, 2026, first-quarter new contracts increased 3% to 2,350, while deliveries declined 3% and revenue declined 6% to $921 million. Net income fell to $67.8 million from $111.2 million. Homes in backlog, meaning signed orders not yet delivered, carried 23% less sales value than a year earlier. The combination suggested buyer demand had not collapsed, but weaker profitability and a smaller pipeline of future closings remained important concerns. M/I Homes

Buyback authorization renewedA renewed $250 million buyback gave management room to keep shrinking the share count during weakness.

On November 12, 2025, the board replaced its prior authorization with a new $250 million share-repurchase program. By year-end, about $220 million remained available, and M/I Homes spent about $100 million on repurchases during the first half of 2026. That matters because the company returns capital mainly by reducing shares outstanding, which can increase each remaining share’s portion of future earnings when purchases are made below the underlying value of the business. M/I Homes+2SEC+2

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$4.42B	$4.50B	$4.03B	$4.13B	$3.75B	$3.05B	$2.50B	$2.29B	$1.96B	$1.69B	$1.42B	$1.22B	$1.04B	$761.9M	$566.4M	$616.4M	$569.9M
Gross profit	$1.02B	$1.20B	$1.02B	$1.04B	$908.9M	$684.8M	$494.4M	$449.6M	$400.9M	—	—	—	—	—	—	—	—
Gross margin	23.03%	26.61%	25.26%	25.27%	24.26%	22.48%	19.77%	19.66%	20.44%	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—	$3.6M	$2.4M	$2.5M	$2.4M	—
Operating expenses	$510.6M	$492.8M	$431.7M	$3.50B	$3.24B	$2.74B	$307.3M	$286.4M	$262.3M	—	—	—	—	—	—	—	—
Operating income	$506.6M	$706.1M	$587.2M	$637.5M	$518.3M	$319.3M	$187.1M	$163.2M	$138.7M	$108.7M	$111.8M	$82.8M	$58.7M	$28.8M	−$18.9M	−$9.6M	—
Operating margin	11.47%	15.67%	14.56%	15.43%	13.84%	10.48%	7.48%	7.14%	7.07%	6.43%	7.88%	6.81%	5.66%	3.78%	−3.34%	−1.56%	—
EBITDA	$525.5M	$723.5M	$603.0M	$654.6M	$535.2M	$336.8M	$203.0M	$177.7M	$152.8M	$122.3M	$122.7M	$91.0M	$67.0M	$38.6M	−$11.3M	−$4.4M	—
EBITDA margin	11.89%	16.06%	14.95%	15.85%	14.29%	11.06%	8.12%	7.77%	7.79%	7.23%	8.65%	7.49%	6.46%	5.06%	−2.00%	−0.72%	—
Net income	$402.9M	$563.7M	$465.4M	$490.7M	$396.9M	$239.9M	$127.6M	$107.7M	$72.1M	$56.6M	$51.8M	$50.8M	$151.4M	$13.3M	−$33.9M	−$26.3M	−$62.1M
Net profit margin	9.12%	12.51%	11.54%	11.88%	10.59%	7.87%	5.10%	4.71%	3.67%	3.35%	3.65%	4.18%	14.61%	1.75%	−5.98%	−4.26%	−10.90%
Basic EPSper basic share	$15.07	$20.29	$16.76	$17.60	$13.64	$8.38	$4.58	$3.81	$2.57	$2.10	$1.91	$1.88	$6.11	$0.68	-$1.81	-$1.42	-$3.71
Diluted EPSper diluted share	$14.74	$19.71	$16.21	$17.24	$13.28	$8.23	$4.48	$3.70	$2.26	$1.84	$1.68	$1.65	$5.24	$0.67	-$1.81	-$1.42	-$3.71

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of MHO
Holder	Shares held
BlackRock, Inc.	4.79M
DONALD SMITH & CO., INC.	1.39M
STATE STREET CORP	1.33M
FMR LLC	1.23M
VANGUARD CAPITAL MANAGEMENT LLC	1.11M
VANGUARD PORTFOLIO MANAGEMENT LLC	1.1M
DIMENSIONAL FUND ADVISORS LP	1.06M
GEODE CAPITAL MANAGEMENT, LLC	682.16K
T. Rowe Price Investment Management, Inc.	660K
GOLDMAN SACHS GROUP INC	596.31K
AMERICAN CENTURY COMPANIES INC	571.03K
FRANKLIN RESOURCES INC	558.27K
MILLENNIUM MANAGEMENT LLC	466.67K
Invesco Ltd.	431.28K
SCHOTTENSTEIN ROBERT H	344.91K
Junto Capital Management LP	338.3K
NORTHERN TRUST CORP	320.58K
ROYCE & ASSOCIATES LP	316.39K
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	309.08K
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	296.16K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)700$61.67M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 21, 2026Form 4	KRAMER NANCY JDirector	SellCommon Shares	100	$125.82	$12.6K	0
May 21, 2026Form 4	KRAMER NANCY JDirector	SellCommon Shares	100	$125.80	$12.6K	100
May 21, 2026Form 4	KRAMER NANCY JDirector	SellCommon Shares	240	$125.79	$30.2K	200
May 21, 2026Form 4	KRAMER NANCY JDirector	SellCommon Shares	477	$125.78	$60.0K	440
May 21, 2026Form 4	KRAMER NANCY JDirector	SellCommon Shares	4	$125.75	$503.00	917

Review ownership filings at SEC.gov ↗

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M/i Homes, Inc. (MHO)

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