MHO
M/I HOMES, INC.
Next earnings Jul 21, 2026 · consensus $3.16 EPS, $1.06B rev
Last earnings +3.7% on 2026-04-22
$163.00
▲ +2.39%$163.00▲ +53.25%
over 1Y
L $106.36EODHDH $163.00
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.4%
1W+9.3%
1M+22.0%
3M+37.5%
YTD+27.5%
1Y+53.3%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 7 analysts
Buy
Cheap, cash-rich homebuilder trading at 10.8x earnings with fortress balance sheet — cyclical trough, not structural break.
The read
The fundamentals carry the rating, but the price is rich (~23% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
M/I Homes is a textbook 'good company at a cyclical low' setup. FY2025 was undeniably soft — revenue dipped 1.9% to $4.42B, net income fell 28.5% to $403M, and diluted EPS of $14.74 was down 25.2%, with gross margin compressing 360bps to 23.0% per the MD&A. Management attributes this squarely to 'elevated mortgage interest rates, inflationary pressures, affordability issues and overall economic uncertainty,' with new contracts down 4% and absorption pace slowing from 3.3 to 3.0 per community. This is cyclical pressure, not a broken business.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $3.75B | $4.13B | $4.03B | $4.50B | $4.42B |
| Gross profit | — | — | — | — | — |
| Operating income | $518M | $637M | $587M | $706M | $507M |
| Net income | $397M | $491M | $465M | $564M | $403M |
| Diluted EPS | $13.28 | $17.24 | $16.21 | $19.71 | $14.74 |
| Net margin | 10.6% | 11.9% | 11.5% | 12.5% | 9.1% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF32.9
PEG (trailing)—
Earnings yield9.6%
FCF yield3.0%
Quality & risk
ROIC (est.)12.6%
Free cash flow$128M
Total debt—
Net cash$689M
Piotroski F-Score3/6
Capital returns
Buyback yield4.8%
Dividend yield (est.)0.0%
Shareholder yield4.8%
Shares Δ YoY-5.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-05-14
Annual meeting vote results: directors elected, routine ballot items ratified.
- 10-Q Quarterly report2026-04-24
Q1 2026 10-Q details continued margin pressure and managed land/inventory spend.
- 8-K Earnings results2026-04-22
Q1 2026 earnings release amid soft demand and 360bp gross-margin compression trend.
- DEF 14A Proxy statement2026-04-10
2026 proxy: director slate, exec comp, auditor ratification — routine governance.
- 8-K Officer / director change2026-03-04
Executive/director change announced; leadership transition disclosed.
- 10-K Annual report2026-02-13
FY25 10-K: rev -2%, NI -29%, GM 23%, FL warranty hit, $202M buybacks, low leverage.
- 8-K Earnings results2026-01-28
FY2025 results: revenue -2%, net income -29% to $403M, EPS -25% on margin squeeze.
- 10-Q Quarterly report2025-10-24
Q3 2025 10-Q shows slowing absorption (3.0/mo) and declining new contracts.
- 8-K Earnings results2025-10-22
Q3 2025 earnings: demand softened on mortgage rates, gross margin compressed YoY.
Recent filings
all on EDGAR ↗11-KPeriod ending 2025-12-312026-06-18open ↗4Period ending 2026-05-212026-05-22open ↗144Filing2026-05-21open ↗4Period ending 2026-05-132026-05-14open ↗4Period ending 2026-05-132026-05-14open ↗4Period ending 2026-05-132026-05-14open ↗4Period ending 2026-05-132026-05-14open ↗4Period ending 2026-05-132026-05-14open ↗4Period ending 2026-05-132026-05-14open ↗4Period ending 2026-05-132026-05-14open ↗SCHEDULE 13GFiling2026-05-14open ↗8-KPeriod ending 2026-05-132026-05-14open ↗
Frequently asked
- Is M/I HOMES, INC. (MHO) a buy?
- MHO currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Cheap, cash-rich homebuilder trading at 10.8x earnings with fortress balance sheet — cyclical trough, not structural break.
- What is MHO's fair value?
- A Modified-Graham model based on MHO's SEC fundamentals estimates a fair value of about $125.29. It is an estimate from reported earnings, not a price target.
- Is MHO overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, MHO currently appears overvalued relative to its SEC-grounded earnings power.
- What is M/I HOMES, INC.'s quality score?
- MHO scores 66.90196078431373/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000799292, latest 10-Q filed 2026-04-24) · EODHD · analysis by claude-code · as of 6/25/2026, 1:01:56 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.