M/I Homes, Inc.
- Open
- 149.93
- Day high
- 155.47
- Day low
- 148.86
- Prev close
- 152.92
- Volume
- 148K
- Mkt cap
- $3.8B
- P/E (TTM)
- 11.0
- EPS (TTM)
- $13.58
- P/B
- 1.2
- P/S
- 0.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$203K over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
M/I Homes, Inc. (MHO) is a Consumer Cyclical company listed on NYSE. The stock is up 31% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
M/I Homes, Inc. (MHO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MHO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $2.64 | $2.55 | -3.4% | $921M | -0.1% |
| Jan 28, 2026 | $3.88 | $3.91 | +0.8% | $1.1B | +26.7% |
| Oct 22, 2025 | $4.36 | $4.14 | -5.0% | $1.1B | -2.1% |
| Jul 23, 2025 | $4.43 | $4.42 | -0.2% | $1.2B | +0.6% |
| Apr 23, 2025 | $4.16 | $3.98 | -4.3% | $976M | -13.8% |
| Jan 29, 2025 | $4.96 | $4.71 | -5.0% | $1.2B | +4.8% |
| Oct 30, 2024 | $4.94 | $5.10 | +3.2% | $1.1B | +1.4% |
| Jan 31, 2024 | $4.94 | $3.66 | -25.9% | $976M | -17.7% |
| Oct 25, 2023 | $4.27 | $4.82 | +12.9% | $1.0B | -2.0% |
| Jul 26, 2023 | $2.45 | $4.12 | +68.2% | $1.0B | +23.2% |
| Feb 1, 2023 | $4.16 | $5.15 | +23.8% | $1.2B | +18.7% |
| Oct 26, 2022 | $4.05 | $4.67 | +15.3% | $1.0B | -3.3% |
MHO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 22, 2026 | KRAMER NANCY Jdirector | Sell | 240 | $125.79 |
| May 22, 2026 | KRAMER NANCY Jdirector | Sell | 794 | $125.28 |
| May 22, 2026 | KRAMER NANCY Jdirector | Sell | 4 | $125.74 |
| May 22, 2026 | KRAMER NANCY Jdirector | Sell | 477 | $125.78 |
| May 22, 2026 | KRAMER NANCY Jdirector | Sell | 100 | $125.67 |
| May 22, 2026 | KRAMER NANCY Jdirector | Sell | 3 | $125.72 |
| May 14, 2026 | GLIMCHER MICHAEL Pdirector | Grant | 1,573 | — |
| May 14, 2026 | Walker Kumi Ddirector | Grant | 1,573 | — |
| May 14, 2026 | Brown Yvette McGeedirector | Grant | 1,573 | — |
| May 14, 2026 | SOLL BRUCE Adirector | Grant | 256 | — |
| May 14, 2026 | Ingram Elizabeth Kdirector | Grant | 1,573 | — |
| May 14, 2026 | SOLL BRUCE Adirector | Grant | 1,573 | — |
| May 14, 2026 | KRAMER NANCY Jdirector | Grant | 1,573 | — |
| May 14, 2026 | Walker Kumi Ddirector | Option | 455 | — |
| May 14, 2026 | KRAMER NANCY Jdirector | Option | 1,822 | — |
Source: MHO SEC Form 4 filings, latest May 22, 2026. For informational purposes only — not investment advice.
See the full MHO insider & 13F page →M/I Homes, Inc. company profile
Overview
M/I Homes, Inc. (NYSE:MHO) is a Columbus, Ohio-based homebuilder that has been constructing single-family homes across the Midwest and Southeast United States since 1976. Originally founded as M/I Schottenstein Homes, the company went public in 1993 and rebranded to its current name in 2004. Today, M/I Homes operates in 17 markets across nine states, delivering over 9,000 homes annually and generating approximately $4.5 billion in revenue. The company has established itself as a significant regional homebuilder with a focus on providing homes across multiple price points, from affordable starter homes to luxury properties.
Business
M/I Homes operates in the residential construction industry, specifically as a homebuilder that designs, constructs, markets, and sells single-family detached homes and attached townhomes. The homebuilding industry involves acquiring raw land, developing it into residential lots, and constructing homes for sale to individual buyers. This is a capital-intensive business that requires significant expertise in land development, construction management, and local market dynamics. The company operates through three main business segments. The Northern Homebuilding segment covers operations in Ohio, Indiana, Illinois, Minnesota, and Michigan, contributing approximately 42-44% of total home deliveries. The Southern Homebuilding segment encompasses Florida, Texas, North Carolina, and Tennessee markets, representing 56-58% of deliveries. The third segment, Financial Services, provides mortgage origination and title insurance services primarily to M/I Homes buyers. M/I Homes offers products under two primary categories: the Smart Series, which represents affordable starter homes targeting first-time and millennial buyers (comprising about 50% of sales), and move-up homes for more established buyers including empty-nesters and luxury purchasers. The company has increasingly focused on attached townhomes, which now represent about 20% of their business, as a strategy to improve affordability in higher-cost markets. Beyond home construction, M/I Homes also engages in land development, purchasing undeveloped land and converting it into finished lots suitable for home construction. Some of these developed lots are sold to other builders. The company maintains a substantial land portfolio, owning approximately 25,000 lots outright and controlling an additional 26,000-28,000 lots through option contracts, providing a total supply of roughly 5-6 years of inventory.
Revenue model
M/I Homes generates revenue primarily through direct home sales to individual consumers, with the average selling price varying by market and product type. The company's customers are end-users purchasing homes for personal residence, including first-time buyers, families looking to move up, and empty-nesters seeking to downsize. Revenue is recognized upon closing when the buyer takes possession of the completed home. The company's Financial Services segment provides additional revenue through mortgage origination fees and title insurance services. M/I Homes maintains a high mortgage capture rate of approximately 92%, meaning most buyers use the company's preferred lenders, generating additional fee income. The average loan amount is around $406,000, with buyers typically having strong credit profiles (average score of 746) and substantial down payments (17% average). Several factors significantly impact M/I Homes' profitability margins. Interest rate fluctuations represent the most critical external factor, as higher mortgage rates reduce buyer affordability and demand, often forcing the company to offer costly rate buydowns (currently used by about 50% of buyers). Construction material costs for "sticks and bricks" directly affect gross margins, though these have remained relatively stable recently. Land acquisition costs in prime locations continue to increase, with finished lot costs rising 10-15% annually in many markets. Labor availability and costs also influence margins, though the company reports current labor conditions as stable. The company's ability to maintain pricing power depends heavily on local market supply-demand dynamics and competition from other builders. Economic uncertainty and consumer confidence levels affect buyer behavior, with recent periods showing choppy demand patterns. The company's diversified geographic presence across 17 markets helps mitigate regional economic downturns, though exposure to interest rate-sensitive consumer cyclical spending remains a fundamental business characteristic.
Competitive moat
M/I Homes operates in the highly competitive and fragmented homebuilding industry, where sustainable competitive advantages are limited. The company's primary moat comes from its land portfolio and local market expertise. Owning and controlling approximately 51,000 lots across 17 markets provides a significant barrier to entry, as prime residential land in desirable locations becomes increasingly scarce and expensive. This land bank represents roughly 5-6 years of supply, giving M/I Homes visibility and cost protection that smaller competitors lack. The company's regional scale and operational expertise in its chosen markets provides some competitive advantage through established relationships with suppliers, subcontractors, and local municipalities. M/I Homes' 47-year operating history has built brand recognition and customer trust in its markets, particularly in core regions like Ohio, where it holds strong market positions. However, the homebuilding industry inherently lacks strong moats. Product differentiation is minimal since homes are largely commoditized, and switching costs for consumers are essentially zero. Large national builders like D.R. Horton, Lennar, and PulteGroup possess greater scale advantages, financial resources, and geographic diversification. These competitors can often outbid M/I Homes for prime land parcels and weather economic downturns more effectively. The company faces potential disruption from alternative construction methods such as modular or prefabricated housing, though adoption has been slow in the industry. More immediately, M/I Homes competes with existing home sales, which represent the vast majority of housing transactions and often offer better value propositions to buyers. The cyclical nature of the housing market means that even well-positioned builders face periods of significant demand volatility that can quickly erode profitability regardless of operational efficiency.
Risks & safety
M/I Homes demonstrates a strong financial position with substantial margin of safety, though it operates in an inherently cyclical industry. • Liquidity and Solvency: Excellent financial health with $776 million cash, zero borrowings on $650 million credit facility, current ratio of 13.7x, and debt-to-equity ratio of 0.33x. Free cash flow positive at $64 million quarterly. • Valuation Metrics: Attractively valued with P/E ratio of 7.0x, EV/EBITDA of 5.5x, and price-to-book ratio of 1.04x. Trading below intrinsic value indicators with Graham number of 100.4. • Operational Cushion: Substantial land inventory providing 5-6 years of supply offers protection against land cost inflation and ensures continued operations through market cycles. • Risk Factors: High sensitivity to interest rate changes and economic cycles. Mortgage rate buydowns currently costing approximately 54% of transactions, pressuring margins. Geographic concentration in cyclical markets creates vulnerability to regional economic downturns.
Recent development
Over the past few years, M/I Homes has executed several strategic initiatives to strengthen its market position and adapt to changing housing demand patterns. The company has significantly expanded its geographic footprint, entering new markets including Nashville and Fort Myers/Naples, bringing its total market presence to 17 locations across nine states. This expansion strategy focuses on high-growth Sunbelt markets while maintaining strong positions in Midwest markets. A key strategic pivot has been the increased emphasis on affordable housing through the Smart Series product line, which now represents approximately 50% of total sales. This focus addresses the critical shortage of entry-level housing and targets the large millennial demographic entering homebuying age. Complementing this strategy, M/I Homes has substantially increased its attached townhome offerings, growing this segment from minimal presence to 20% of business, primarily as an affordability solution in higher-cost markets. The company has made significant operational improvements, reducing construction cycle times by over 60 days, which improves capital efficiency and customer satisfaction. M/I Homes has also enhanced its financial services capabilities, achieving a 92% mortgage capture rate and expanding title insurance services to generate additional fee income from each transaction. In response to challenging market conditions, M/I Homes has implemented flexible financing strategies, extensively using mortgage rate buydowns to maintain sales velocity despite rising interest rates. The company has also adopted a more disciplined approach to land acquisition, preferring to control land through option contracts rather than outright ownership, improving capital efficiency and reducing risk. Recent organizational adjustments include an 8% workforce reduction in early 2023 to align costs with market conditions while maintaining operational capability.
MHO company profile · for informational purposes only — not investment advice.
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