Loading…
Mid-size US homebuilder constructing single-family entry-level and move-up homes across the Midwest, Southeast and Texas.
Mid-size US homebuilder constructing single-family entry-level and move-up homes across the Midwest, Southeast and Texas.
Earns by building and selling homes, with mortgage and title services adding fee income on its own buyers' purchases, so most profit tracks home prices, build costs and the incentives it must offer. It holds land and lots for future communities, and sales respond to mortgage rates.
Moat: none (scale). Commodity homebuilding; differentiation limited to local land position and community design.
Headquarters: Columbus, Ohio, United States · Founded: 1976 · Employees: 1,801
Size M/I Homes (MHO) is a United States Consumer Discretionary company (Homebuilding) with a market value of $3.29B, the 1481st largest of 3,117 United States companies the cockpit tracks. Shares closed at $131.60 on 6 Nov 2026.
Performance Over six months the shares fell 0.2%, against +8.1% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 5.8% over the last twelve months (peer median +8.9%); the operating margin is 8.3% (peer median 9.6%).
Valuation It trades at 12.8× forward earnings against a peer median of 14.7× (7th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.8 points below its cost of capital (11.4% WACC).
Credit M/I Homes has 2 bonds outstanding ($699M), rated BB+ by the agencies and trading like BBB- at a weighted spread of 132 bp.
Short interest Short interest is 5.9% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.21B | $4.41B | $4.50B | $4.03B | $4.14B |
| Revenue growth | — | -2% | +12% | -3% | — |
| Gross profit | $881M | $1.01B | $1.20B | $1.01B | $1.07B |
| EBITDA | $369M | $519M | $722M | $596M | $677M |
| Net income | $277M | $403M | $564M | $465M | $491M |
| Free cash flow | $137M | $121M | $171M | $546M | $175M |
| Capital expenditure | $13.4M | $9.61M | $8.42M | $5.77M | $9.33M |
| Total debt | $996M | $1.04B | $1.05B | $936M | $1.03B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| M/I Homes MHO | $3.29B | 0% | -6% | 8% | 12.8× | 8.3% |
| KB Home KBH | $3.08B | +2% | -21% | 5% | 14.9× | 15.2% |
| LGI Homes LGIH | $1.06B | -2% | -2% | 4% | 17.1× | 18.3% |
| Dream Finders Homes DFH | $1.12B | -13% | -11% | 3% | 441.3× | n/a |
| Meritage Homes MTH | $4.38B | +4% | -15% | 7% | 16.2× | n/a |
| D. R. Horton DHI | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MHO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.1% | +6.1% | 7th lowest of 21 |
| 6-month return | -0.2% | +8.1% | 8th lowest of 21 |
| Distance from 52-week high | -19.6% | -21.4% | 10th highest of 21 |
| Revenue growth (TTM) | -5.8% | +8.9% | 6th lowest of 21 |
| Operating margin | 8.3% | 9.6% | 8th lowest of 21 |
| Forward P/E | 12.8× | 14.7× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 8.3% | 3.2% | 6th most demanding of 17 |
| Growth delivered (Del g) | +7.7% | +8.9% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | +0.6 pp | -2.0 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | -3.8 pp | -1.2 pp | 8th lowest of 21 |
| EV / EBITDA | 9.9× | 9.1× | 8th most expensive of 18 |
| Net debt / EBITDA | 1.0× | 1.0× | 10th least indebted of 19 |
| Bond spread | 132 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| M/I Homes MHO | United States | $3.29B | 0% | -6% | 8% | 12.8× | 8.3% | +7.7% |
| Bellway p.l.c BWY.L | United Kingdom | $3.42B | +19% | +14% | 10% | 15.4× | 3.2% | +0.3% |
| Chengdu Hi-Tech Development 000628.SZ | China | $3.10B | -39% | -32% | 4% | n/a | 57.5% | -2.1% |
| KB Home KBH | United States | $3.08B | +2% | -21% | 5% | 14.9× | 15.2% | +8.3% |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 8.1× | n/a | n/a |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% | +6.6% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 12.2× | 7.8% | +15.9% |
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% | +1.6% |
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 9.9× | -11.6% | +9.5% |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | n/a | -1.0% | +15.5% |
| Sumitomo Forestry 1911.T | Japan | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% | +15.2% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 24.2× | 15.2% | +15.2% |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 24.2× | 10.8% | +13.4% |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 13.0× | n/a | n/a |
| Cairn Homes CRN.L | United Kingdom | $1.92B | +18% | +44% | 18% | 11.9× | -0.7% | +28.6% |
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% | +18.2% |
| GS Engineering & Construction 006360.KS | South Korea | $1.86B | -22% | -15% | 3% | 16.8× | -9.8% | +4.2% |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| Katitas 8919.T | Japan | $1.69B | +11% | +20% | 12% | 18.6× | n/a | n/a |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| Century Communities CCS | United States | $1.56B | 0% | -7% | 2% | 29.2× | n/a | n/a |
M/I Homes has 2 bonds outstanding with $699M face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 5.75%, a spread of 132 bp over government bonds.