M/I Homes Inc. (NYSE: MHO), headquartered in Columbus-OH, is a Midwest-Sun-Belt-Homebuilder + emerging-multi-cycle-Smart-Series-Affordability-and-Sun-Belt-Migration leader providing distinctive multi-cycle Midwest-Homebuilder + emerging-Sun-Belt-Homebuilder-Texas-and-Florida-and-Tennessee-and-North-Carolina + emerging-Smart-Series-Affordability-Entry-Level-Homebuilder + emerging-Mortgage-Rate-Buy-Down-and-Affordability-Support services to substantial multi-cycle Midwest-Columbus-OH-and-Chicago-IL-and-Indianapolis-IN-and-Cincinnati-OH-and-Detroit-MI-and-Minneapolis-MN-Homebuilder-Customer + multi-cycle-emerging-Sun-Belt-Texas-Houston-and-Dallas-and-Austin-and-San-Antonio-Homebuilder-Customer + multi-cycle-emerging-Florida-Orlando-and-Tampa-and-Sarasota-Homebuilder-Customer + multi-cycle-emerging-Tennessee-Nashville-Homebuilder-Customer + multi-cycle-emerging-North-Carolina-Charlotte-and-Raleigh-Homebuilder-Customer + multi-cycle-emerging-Smart-Series-First-Time-Homebuyer-Customer customer base. The company has distinctive multi-cycle M/I-Homes-and-Columbus-OH-and-Midwest-Sun-Belt-Homebuilder heritage: founded 1976 as M/I-Homes-Founder-Family-Schottenstein-Family-Founder-Irving-Schottenstein-and-Founder-Family-Robert-Schottenstein + 1993-NYSE-M/I-Homes-IPO; 2004-substantial-Bob-Schottenstein-CEO-Succession-from-Founder-Family + Multi-Cycle-Midwest-Sun-Belt-Homebuilder-Strategy; 2017-substantial-Smart-Series-Affordability-Entry-Level-Homebuilder-Launch (providing emerging-multi-cycle-Smart-Series-Affordability-Entry-Level-Homebuilder-Growth); 2020-2024 substantial multi-cycle Sun-Belt-Texas-and-Florida-and-Tennessee-and-North-Carolina-Geographic-Expansion + Smart-Series-Affordability-Entry-Level-Homebuilder-Growth-and-Mix-Shift; 2022-2024-substantial-Conservative-Debt-Paydown-and-Net-Cash-Build + Mortgage-Rate-Buy-Down-and-Affordability-Support; multi-cycle-disciplined-Midwest-Sun-Belt-Homebuilder-Land-Banking-and-Lot-Strategy; Bob-Schottenstein-Founder-Family-CEO-since-2004 + Founder-Family-Schottenstein-Family-Co-Chairman + multi-cycle-Founder-Family-leadership-continuity. FY2025 closes with selected various aggregate revenue ~$4.30-4.75B (~3-8% YoY-reflecting Midwest-Sun-Belt-Homebuilder-Closing-Demand), adjusted EBITDA ~$555-660M (~12-14% margins), adjusted EPS ~$15.30-18.20, net cash ~$485-625M (Conservative-Homebuilder-Net-Cash-Position), and ~27-28M shares outstanding under Co-Chairman, President & CEO Bob Schottenstein (since-2004). The Midwest-Sun-Belt-Homebuilder-and-Smart-Series-Affordability-Entry-Level franchise deep-dive covers distinctive multi-cycle ~2,800-3,000 employees + ~Columbus-OH-HQ + ~Midwest-and-Sun-Belt-Texas-and-Florida-and-Tennessee-and-North-Carolina-Homebuilder-Operating-Markets, Midwest-Homebuilder ~38-44% revenue + Sun-Belt-Texas-Homebuilder ~22-26% revenue + Sun-Belt-Florida-and-Tennessee-and-North-Carolina-Homebuilder ~25-32% revenue + Financial-Services ~4-8% revenue, substantial multi-cycle Midwest-Columbus-OH-and-Chicago-IL-and-Indianapolis-IN-and-Cincinnati-OH-and-Detroit-MI-and-Minneapolis-MN-Homebuilder-Customer + Sun-Belt-Texas-and-Florida-and-Tennessee-and-North-Carolina-Homebuilder-Customer + Smart-Series-First-Time-Homebuyer-Customer customer base, 1993-NYSE-M/I-Homes-IPO + 2017-Smart-Series-Affordability-Entry-Level-Homebuilder-Launch + 2020-2024-Sun-Belt-Geographic-Expansion + 2022-2024-Conservative-Debt-Paydown-and-Net-Cash-Build transformational-platform, emerging-multi-cycle Midwest-Sun-Belt-Homebuilder-Closing-Demand + emerging-Smart-Series-Affordability-Entry-Level-Homebuilder-Growth + emerging-Sun-Belt-Migration-and-Population-Growth + emerging-Texas-and-Florida-and-Tennessee-and-North-Carolina-Sun-Belt-Geographic-Expansion + emerging-Mortgage-Rate-Buy-Down-and-Affordability-Support + emerging-Housing-Supply-Constraint-Multi-Year-Underbuild structural-tailwinds, competing in Homebuilder space with D.R. Horton, Lennar, PulteGroup, NVR Inc, KB Home, Toll Brothers, Taylor Morrison Home, Meritage Homes, Tri Pointe Homes, LGI Homes, Beazer Homes, Century Communities, Dream Finders Homes, Smith Douglas Homes, Landsea Homes; and private-equity-Apollo-KKR-Blackstone-Carlyle-Bain-CD&R-EQT-Permira-CVC-Bridgepoint-Cinven-Ardian-TPG. The Bob-Schottenstein + Founder-Family-CEO + 2017-Smart-Series-and-2020-2024-Sun-Belt-Geographic-Expansion deep-dive covers Bob-Schottenstein-Founder-Family-CEO (since-2004) + Founder-Family-Schottenstein-Family-Co-Chairman + Founder-Family-leadership-continuity expertise, multi-cycle-disciplined-Midwest-Sun-Belt-Homebuilder-Land-Banking-and-Lot-Strategy discipline, no-dividend (Cash-Flow-Reinvested-in-Land-Banking-and-Buyback) + multi-cycle-emerging-share-buyback (~$100-300M/yr discretionary). Capital position is Conservative-Homebuilder-Net-Cash-Position (Not-Rated ~Net-Cash). At ~$110-180 per share, equity value ~$3.05-5.00B, EV ~$2.55-4.50B, providing ~6-11x EPS and ~4-7x EV/EBITDA.

[MHO] M/I Homes Thesis 2026: Midwest Sun Belt Homebuilder Smart Series Compounder

Key Takeaways

M/I Homes (NYSE: MHO), the Columbus-OH-headquartered Midwest-Sun-Belt-Homebuilder + emerging-multi-cycle-Smart-Series-Affordability-and-Sun-Belt-Migration leader, closes FY2025 with selected various aggregate revenue ~$4.30-4.75B (~3-8% YoY-reflecting Midwest-Sun-Belt-Homebuilder-Closing-Demand + emerging-multi-cycle-Smart-Series-Affordability-and-Sun-Belt-Migration), adjusted EBITDA ~$555-660M (~12-14% margins), adjusted EPS ~$15.30-18.20, net cash ~$485-625M (Conservative-Homebuilder-Net-Cash-Position).
Co-Chairman, President & CEO Bob Schottenstein (since-2004, 21+ year longtime-M/I-Homes-CEO + Founder-Family-Schottenstein-Family-Founder + Robert-Schottenstein-historical-Co-Founder + multi-cycle-Midwest-Sun-Belt-Homebuilder-veteran) leads FY2026 turning on Midwest-Sun-Belt-Homebuilder-Closing-Demand + emerging-multi-cycle-Smart-Series-Affordability-Entry-Level-Homebuilder + emerging-Sun-Belt-Migration-and-Population-Growth + emerging-Texas-and-Florida-and-Tennessee-and-North-Carolina-Sun-Belt-Geographic-Expansion + emerging-Mortgage-Rate-Buy-Down-and-Affordability-Support + Bob-Schottenstein-Founder-Family-strategic-execution + multi-cycle-emerging-share-buyback ($100-300M/yr discretionary).
Sector context: Consumer-Discretionary + Midwest-Sun-Belt-Homebuilder + emerging-multi-cycle-Smart-Series-Affordability-and-Sun-Belt-Migration + emerging-Conservative-Homebuilder-Net-Cash-Position.

Company Background

The company has distinctive multi-cycle M/I-Homes-and-Columbus-OH-and-Midwest-Sun-Belt-Homebuilder heritage: founded 1976 as M/I-Homes-Founder-Family-Schottenstein-Family-Founder-Irving-Schottenstein-and-Founder-Family-Robert-Schottenstein-and-Bob-Schottenstein + 1993 substantial NYSE M/I-Homes-IPO; 2004 substantial Bob-Schottenstein-CEO-Succession-from-Founder-Family + Multi-Cycle-Midwest-Sun-Belt-Homebuilder-Strategy; 2017 substantial Smart-Series-Affordability-Entry-Level-Homebuilder-Launch (providing emerging-multi-cycle-Smart-Series-Affordability-Entry-Level-Homebuilder-Growth); 2020-2024 substantial multi-cycle Sun-Belt-Texas-and-Florida-and-Tennessee-and-North-Carolina-Geographic-Expansion + Smart-Series-Affordability-Entry-Level-Homebuilder-Growth-and-Mix-Shift; 2022-2024 substantial Conservative-Debt-Paydown-and-Net-Cash-Build + Mortgage-Rate-Buy-Down-and-Affordability-Support; multi-cycle-disciplined-Midwest-Sun-Belt-Homebuilder-Land-Banking-and-Lot-Strategy; Bob-Schottenstein-Founder-Family-CEO-since-2004 + Founder-Family-Schottenstein-Family-Co-Chairman + multi-cycle-Founder-Family-leadership-continuity.

FY2025 closes with selected various aggregate revenue ~$4.30-4.75B (~3-8% YoY-reflecting Midwest-Sun-Belt-Homebuilder-Closing-Demand + emerging-multi-cycle-Smart-Series-Affordability-and-Sun-Belt-Migration + emerging-Mortgage-Rate-Buy-Down-and-Affordability-Support), adjusted EBITDA ~$555-660M (~12-14% margins), adjusted EPS ~$15.30-18.20 (steady-Midwest-Sun-Belt-Homebuilder-margin-execution), net cash ~$485-625M (Conservative-Homebuilder-Net-Cash-Position), and ~27-28M shares outstanding under Co-Chairman, President & CEO Bob Schottenstein (since-2004).

Deep-Dive 1 — Midwest-Sun-Belt-Homebuilder-and-Smart-Series-Affordability-Entry-Level

The Midwest-Sun-Belt-Homebuilder franchise deep-dive covers distinctive multi-cycle ~2,800-3,000 employees + ~Columbus-OH-HQ + ~Midwest-and-Sun-Belt-Texas-and-Florida-and-Tennessee-and-North-Carolina-Homebuilder-Operating-Markets. Revenue mix: Midwest-Homebuilder ~38-44% revenue (Columbus-OH-and-Chicago-IL-and-Indianapolis-IN-and-Cincinnati-OH-and-Detroit-MI-and-Minneapolis-MN-Homebuilder-Closing + emerging-multi-cycle-Smart-Series-Affordability-Entry-Level) + Sun-Belt-Texas-Homebuilder ~22-26% revenue (Houston-and-Dallas-and-Austin-and-San-Antonio-Homebuilder-Closing + emerging-multi-cycle-Sun-Belt-Migration) + Sun-Belt-Florida-and-Tennessee-and-North-Carolina-Homebuilder ~25-32% revenue (Orlando-and-Tampa-and-Sarasota-and-Nashville-and-Charlotte-and-Raleigh-Homebuilder-Closing + emerging-multi-cycle-Sun-Belt-Migration) + Financial-Services ~4-8% revenue (Mortgage-Originator-and-Title-Insurance-Adjacency).

Substantial multi-cycle Midwest-Columbus-OH-and-Chicago-IL-and-Indianapolis-IN-and-Cincinnati-OH-and-Detroit-MI-and-Minneapolis-MN-Homebuilder-Customer + multi-cycle-emerging-Sun-Belt-Texas-Houston-and-Dallas-and-Austin-and-San-Antonio-Homebuilder-Customer + multi-cycle-emerging-Florida-Orlando-and-Tampa-and-Sarasota-Homebuilder-Customer + multi-cycle-emerging-Tennessee-Nashville-Homebuilder-Customer + multi-cycle-emerging-North-Carolina-Charlotte-and-Raleigh-Homebuilder-Customer + multi-cycle-emerging-Smart-Series-First-Time-Homebuyer-Customer. 1993-NYSE-M/I-Homes-IPO + 2004-Bob-Schottenstein-CEO-Succession + 2017-Smart-Series-Affordability-Entry-Level-Homebuilder-Launch + 2020-2024-Sun-Belt-Texas-and-Florida-and-Tennessee-and-North-Carolina-Geographic-Expansion + 2022-2024-Conservative-Debt-Paydown-and-Net-Cash-Build + Mortgage-Rate-Buy-Down-and-Affordability-Support transformational-platform, emerging-multi-cycle Midwest-Sun-Belt-Homebuilder-Closing-Demand + emerging-Smart-Series-Affordability-Entry-Level-Homebuilder-Growth + emerging-Sun-Belt-Migration-and-Population-Growth + emerging-Texas-and-Florida-and-Tennessee-and-North-Carolina-Sun-Belt-Geographic-Expansion + emerging-Mortgage-Rate-Buy-Down-and-Affordability-Support + emerging-Housing-Supply-Constraint-Multi-Year-Underbuild structural-tailwinds. Competing in Homebuilder space with D.R. Horton (DHI ~Largest-Homebuilder), Lennar (LEN ~2nd-Largest-Homebuilder), PulteGroup (PHM ~3rd-Largest-Homebuilder-Centex-and-Del-Webb-and-Pulte), NVR Inc (NVR ~Mid-Atlantic-Homebuilder-Land-Light-Model), KB Home (KBH ~West-and-Sun-Belt-Homebuilder), Toll Brothers (TOL ~Luxury-Homebuilder), Taylor Morrison Home (TMHC ~Sun-Belt-Homebuilder), Meritage Homes (MTH ~Sun-Belt-Homebuilder), Tri Pointe Homes (TPH ~West-and-Sun-Belt-Homebuilder), LGI Homes (LGIH ~Entry-Level-Sun-Belt-Homebuilder), Beazer Homes (BZH ~Sun-Belt-Homebuilder), Century Communities (CCS ~Sun-Belt-Homebuilder), Dream Finders Homes (DFH ~Florida-Homebuilder), Smith Douglas Homes (SDHC ~Sun-Belt-Homebuilder), Landsea Homes (LSEA ~Sun-Belt-Homebuilder); and private-equity-Apollo-KKR-Blackstone-Carlyle-Bain-CD&R-EQT-Permira-CVC-Bridgepoint-Cinven-Ardian-TPG-Veritas-Genstar-Hellman-Friedman-Sun-Capital-Investindustrial.

Deep-Dive 2 — Bob-Schottenstein-Founder-Family-CEO-and-Schottenstein-Family-Heritage-Capital-Allocation

The Bob-Schottenstein + Founder-Family-CEO + 2017-Smart-Series-and-2020-2024-Sun-Belt-Geographic-Expansion deep-dive covers Bob-Schottenstein-Founder-Family-CEO (since-2004, 21+ year longtime-M/I-Homes-CEO + Founder-Family-Schottenstein-Family-Founder + Robert-Schottenstein-historical-Co-Founder + multi-cycle-Midwest-Sun-Belt-Homebuilder-veteran) expertise + Founder-Family-Schottenstein-Family-Co-Chairman + Founder-Family-leadership-continuity, 1976-M/I-Homes-Founder-Family-Schottenstein-Family-founded + 1993-NYSE-M/I-Homes-IPO + 2004-Bob-Schottenstein-CEO-Succession-from-Founder-Family + 2017-substantial-Smart-Series-Affordability-Entry-Level-Homebuilder-Launch + 2020-2024-substantial-Sun-Belt-Texas-and-Florida-and-Tennessee-and-North-Carolina-Geographic-Expansion + Smart-Series-Affordability-Entry-Level-Homebuilder-Growth-and-Mix-Shift + 2022-2024-substantial-Conservative-Debt-Paydown-and-Net-Cash-Build + Mortgage-Rate-Buy-Down-and-Affordability-Support transformational-platform, multi-cycle-disciplined-Midwest-Sun-Belt-Homebuilder-Land-Banking-and-Lot-Strategy discipline, and no-dividend (Cash-Flow-Reinvested-in-Land-Banking-and-Buyback) + multi-cycle-emerging-share-buyback ($100-300M/yr discretionary).

Track Conservative-Homebuilder-Net-Cash-Position balance sheet (Not-Rated-Conservative ~Net-Cash + multi-cycle-emerging-Smart-Series-and-Sun-Belt-Growth-Cash-Flow-Generation), multi-cycle-M/I-Homes-Founder-Family-Schottenstein-Family-Capital-Management leadership-continuity, and emerging-strategic-acquisition-target optionality (Homebuilder-M&A-Activity D.R. Horton, Lennar, PulteGroup, Taylor Morrison, Meritage Homes, Tri Pointe Homes).

Capital Position + Balance Sheet

Capital position is Conservative-Homebuilder-Net-Cash-Position (Not-Rated-Conservative Net-Cash + multi-cycle-emerging-Smart-Series-and-Sun-Belt-Growth-Cash-Flow-Generation). Capital allocation reflects no-dividend (Cash-Flow-Reinvested-in-Land-Banking-and-Buyback), multi-cycle-emerging-share-buyback ($100-300M/yr discretionary), multi-cycle-disciplined-Midwest-Sun-Belt-Homebuilder-Land-Banking-and-Lot-Strategy ($500-900M/yr Land-Acquisition-and-Development cycle), and multi-cycle-CapEx-Homebuilder-Lot-and-Inventory (~$100-300M/yr).

Net-cash position ~$485-625M provides multi-cycle-emerging-Homebuilder-Land-Banking-and-Smart-Series-and-Sun-Belt-Geographic-Expansion-and-Share-Buyback-capacity. 2022-2024-Conservative-Debt-Paydown-and-Net-Cash-Build provides emerging-multi-cycle-Capital-Return-Optionality.

Key Core Metrics

Revenue: ~$4.30-4.75B (~3-8% YoY-reflecting Midwest-Sun-Belt-Homebuilder-Closing-Demand)
Adjusted EBITDA: ~$555-660M (~12-14% margins)
Adjusted EPS: ~$15.30-18.20
Net cash: ~$485-625M (Conservative-Homebuilder-Net-Cash-Position)
Shares outstanding: ~27-28M
Dividend: None (Cash-Flow-Reinvested-in-Land-Banking-and-Buyback)
Revenue mix: Midwest-Homebuilder ~38-44% + Sun-Belt-Texas ~22-26% + Sun-Belt-Florida-and-Tennessee-and-North-Carolina ~25-32% + Financial-Services ~4-8%
Geographic: Midwest-and-Sun-Belt-Texas-and-Florida-and-Tennessee-and-North-Carolina

Market Evaluation

At ~$110-180 per share, equity value ~$3.05-5.00B, EV ~$2.55-4.50B, providing ~6-11x EPS and ~4-7x EV/EBITDA. The market evaluation reflects emerging-multi-cycle Midwest-Sun-Belt-Homebuilder-Closing-Demand + emerging-Smart-Series-Affordability-Entry-Level-Homebuilder-Growth + emerging-Sun-Belt-Migration-and-Population-Growth + emerging-Texas-and-Florida-and-Tennessee-and-North-Carolina-Sun-Belt-Geographic-Expansion + emerging-Mortgage-Rate-Buy-Down-and-Affordability-Support + emerging-Housing-Supply-Constraint-Multi-Year-Underbuild + emerging-Founder-Family-Schottenstein-Family-Conservative-Capital-Management-Net-Cash-Position structural-tailwinds against Homebuilder-Competitive-Pressure (D.R.-Horton ~Largest + Lennar + PulteGroup + NVR + KB-Home + Toll-Brothers + Taylor-Morrison + Meritage-Homes + Tri-Pointe-Homes + LGI-Homes + Beazer-Homes + Century-Communities + Dream-Finders-Homes + Smith-Douglas-Homes + Landsea-Homes) + emerging-Homebuilder-Cyclical-Variability + emerging-Mortgage-Rate-and-Affordability-Cycle-Variability + emerging-Sun-Belt-Migration-and-Population-Growth-Variability + emerging-Land-Banking-and-Lot-Inventory-Cyclicality structural-headwinds. Bob-Schottenstein-Founder-Family-CEO + multi-cycle-disciplined-Midwest-Sun-Belt-Homebuilder-Land-Banking-and-Lot-Strategy execution remains primary FY2026 multi-cycle-emerging value-creation lever.