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what it is
M/I Homes builds and sells single-family houses across 16 markets, then adds mortgage and title services to the sale.
how it gets paid
Last year M/I Homes made $4.4B in revenue. Midwest homebuilding was the main engine at $1.23B, or 28% of sales.
why growth slowed
Revenue fell 1.9% last year. $12.32 in quarterly EPS matters because annual EPS is estimated at $14.74 for 2025.
what just happened
Latest quarter revenue ~$1.1B (order-of-magnitude vs ~$4.4B FY)—ignore any ~$3.3B line as mis-tagged. EPS ~$12.32 for that quarter still matters vs the prior year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
9.6x trailing p/e — the market's not buying it — or you found a deal
10.7% return on capital — nothing to write home about
$14.74 fy2025 eps est
xvary composite: 58/100 — below average
What they do
M/I Homes builds and sells single-family houses across 16 markets, then adds mortgage and title services to the sale.
This is not a brand moat. It is a land, lot, and local execution moat. M/I Homes has sold over 160,000 homes since 1976, and you do not do that by guessing which subdivision your buyers want or which subcontractor will actually show up. The company also keeps debt at 18% of capital, which means leverage → borrowed money → less balance-sheet stress if housing slows.
How they make money
$4.4B
annual revenue · their business grew -1.9% last year
Texas homebuilding
$1.10B
Florida homebuilding
$0.83B
Carolinas and DC homebuilding
$1.10B
Midwest homebuilding
$1.23B
Financial services and other
$0.14B
The products that matter
builds and sells single-family homes
Homebuilding
$4.2B across north + south segments
This is nearly the entire company. Northern and southern homebuilding produced $2.2B and $2.0B in revenue, and the company delivered 2,301 homes in Q4 2025, down 4% from the prior year.
core
mortgage and title attachment
Financial Services
$0.2B · 4.5% of revenue
This side business adds revenue around each home closing, but at $0.2B it is too small to offset a real slowdown in the $4.2B homebuilding operation.
sidecar, not engine
Key numbers
9.6x
trailing p/e
P/E → price divided by earnings → so what: you are paying a single-digit multiple for a builder that just earned $19.71 per share in 2024.
$19.71
2024 eps
EPS → profit per share → so what: 2024 earnings topped both 2023's $16.21 and 2022's $17.24.
11.8%
operating margin
Operating margin → profit after core costs → so what: every $100 of revenue produced $11.80 before interest and taxes.
18%
debt/capital
Debt to capital → leverage in the business → so what: the balance sheet is carrying debt, but not at a level that screams distress.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $750M (18% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MHO right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarter revenue ~$1.1B (FY ~$4.4B ÷ 4)—the old $3.3B headline did not foot as one quarter. EPS reached $12.32.
Drop triple-digit vs. prior year revenue/EPS % if they were tied to a $3.3B quarter print. Annual revenue was $4.4B, down 1.9%, so the year stayed soft even when one quarter looked strong.
~$1.1B
quarter revenue (est.)
$12.32
eps
11.8%
operating margin
the number that mattered
$12.32 in quarterly EPS matters because annual EPS is estimated at $14.74 for 2025, which tells you one quarter did a lot of the heavy lifting.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a deeper housing slowdown across M/I Homes' ten-state footprint.
high
Housing demand weakens further
Full-year revenue fell 1.9%, and Q4 revenue was down 5% from the prior year.
That pressure hits essentially the entire $4.2B homebuilding operation, which is where the company actually makes its money.
high
Margins stay noisy
Q4 EPS missed estimates by 39%, and the company cited $11.2M of warranty charges.
At 8.8x earnings, the stock looks cheap until earnings start moving lower. Margin hits go straight to that debate.
med
Buybacks crowd out flexibility
M/I Homes spent $51.7M on share repurchases in Q4 2025.
That can be smart at a low multiple. It can also mean less dry powder if the housing cycle gets worse or land opportunities appear.
med
Balance sheet is good, not untouchable
The company carries $750M of long-term debt, or 18% of capital, with a B+ balance sheet grade.
That is manageable. It also means this is not a no-risk bunker if housing credit conditions tighten.
A weaker housing market pressures most of the $4.2B homebuilding base, and repeated charges like the $11.2M warranty hit would make the low valuation look less like an opportunity and more like a warning.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings on april 22
You want to see whether the contract improvement from Q4 carries forward. One quarter can be noise. Two starts to look like a trend.
trend
contracts versus deliveries
Q4 contracts rose 9% to 1,921 while deliveries fell 4% to 2,301. That gap is the cleanest signal on whether demand is turning before revenue catches up.
risk
warranty and margin follow-through
The $11.2M warranty charge may be a one-off. If similar charges keep showing up, the cheap multiple stops being a cushion.
metric
institutional ownership at 95.14%
That is a lot of professional ownership for a regional builder. If those holders stay put, it helps. If they head for the exits together, you feel it fast.
Analyst rankings
earnings predictability
75 / 100
This score says results are usually readable. In human-speak: analysts think the business is understandable, even if quarterly noise still shows up.
risk rank
3
Risk rank 3 means this is not among the market's safest stocks and not among the wildest either. You are buying a cycle, not a utility.
price stability
45 / 100
A 45 score means the stock moves around more than a calm compounder. That fits a builder whose end market depends on rates and consumer confidence.
source: institutional data
Institutional activity
institutional ownership data for MHO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$141
current price
n/a
target midpoint · n/a from current
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