M/I HOMES, INC. MHO
M/I Homes, Inc. and subsidiaries is one of the nation's leading builders of single-family homes. The Company commenced homebuilding activities in 1976 marking 2026 as our 50th year in business. Since that time, the Company has sold over 168,200 homes. Unless this Form 10-K otherwise indicates or the context otherwise requires, the terms the "Company," "we," "us" and "our" refer to M/I Homes, Inc. and its subsidiaries.
The Company consists of two distinct operations: homebuilding and financial services. Our homebuilding operations are aggregated for reporting purposes into two reporting segments - the Northern and Southern regions. Our financial services operations support our homebuilding operations by providing mortgage loans and title services to the customers of our homebuilding operations and are reported as an independent segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.42B | $4.50B | $4.03B | $4.13B | $3.75B | $3.05B | $2.50B | $2.29B | $1.96B | $1.69B |
| Cost of revenue | $3.40B | $3.31B | $3.01B | $3.09B | $2.84B | $2.36B | $2.01B | $1.84B | $1.56B | — |
| Gross profit | $1.02B | $1.20B | $1.02B | $1.04B | $908.9M | $684.8M | $494.4M | $449.6M | $400.9M | — |
| SG&A | $262.8M | $258.4M | $222.8M | $214.8M | $192.0M | $177.5M | $148.0M | $137.8M | $126.3M | $111.6M |
| Total operating expenses | $3.89B | $3.77B | $3.43B | $3.50B | $3.24B | $2.74B | $2.33B | $2.14B | $1.84B | $1.60B |
| Operating income | $506.6M | $706.1M | $587.2M | $637.5M | $518.3M | $319.3M | $187.1M | $163.2M | $138.7M | $108.7M |
| Interest expense | — | — | $20.0M | $2.2M | $2.2M | $9.7M | $21.4M | $20.5M | $18.9M | $17.6M |
| Pre-tax income | $526.5M | $733.6M | $607.3M | $635.2M | $509.1M | $310.0M | $166.0M | $141.3M | $120.3M | $91.8M |
| Income tax | $123.6M | $169.9M | $141.9M | $144.5M | $112.2M | $70.2M | $38.4M | $33.6M | $48.2M | $35.2M |
| Net income | $402.9M | $563.7M | $465.4M | $490.7M | $396.9M | $239.9M | $127.6M | $107.7M | $72.1M | $56.6M |
| EPS, basic | 15.07 | 20.29 | 16.76 | 17.60 | 13.64 | 8.38 | 4.58 | 3.81 | 2.57 | 2.10 |
| EPS, diluted | 14.74 | 19.71 | 16.21 | 17.24 | 13.28 | 8.23 | 4.48 | 3.70 | 2.26 | 1.84 |
| Shares, diluted (wtd. avg.) | $27.3M | $28.6M | $28.7M | $28.5M | $29.9M | $29.2M | $28.5M | $29.2M | $30.7M | $30.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $689.2M | $821.6M | $732.8M | $311.5M | $236.4M | $260.8M | $6.1M | $21.5M | $151.7M | $34.4M |
| Property, plant and equipment | $34.3M | $34.5M | $34.9M | $37.4M | $37.6M | $26.6M | $22.1M | $29.4M | $26.8M | $22.3M |
| Goodwill | $16.4M | $16.4M | $16.4M | $16.4M | $16.4M | $16.4M | $16.4M | $16.4M | $0 | — |
| Total assets | $4.78B | $4.55B | $4.02B | $3.71B | $3.24B | $2.64B | $2.11B | $2.02B | $1.86B | $1.55B |
| Total liabilities | $1.61B | $1.61B | $1.51B | $1.64B | $1.62B | $1.38B | $1.10B | $1.17B | $1.12B | $894.3M |
| Retained earnings | $3.27B | $2.87B | $2.30B | $1.84B | $1.35B | $948.5M | $708.6M | $581.0M | $473.3M | $407.2M |
| Total equity | $3.17B | $2.94B | $2.52B | $2.07B | $1.62B | $1.26B | $1.00B | $855.3M | $747.3M | $654.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $137.3M | $179.7M | $552.1M | $184.1M | -$16.8M | $168.3M | $65.6M | -$2.6M | -$53.2M | $34.2M |
| Depreciation and amortisation | $18.9M | $17.4M | $15.8M | $17.2M | $16.9M | $17.6M | $15.9M | $14.5M | $14.2M | $13.6M |
| Stock-based compensation | $17.0M | $14.6M | $11.4M | $8.8M | $8.6M | $7.1M | $5.8M | $6.0M | $6.0M | $5.3M |
| Capital expenditure | $9.6M | $8.4M | $5.8M | $9.3M | $25.3M | $11.7M | $4.5M | $8.1M | $8.8M | $13.1M |
| Investing cash flow | -$59.7M | -$54.9M | -$18.6M | -$27.4M | -$51.7M | -$33.9M | -$27.6M | -$134.0M | -$9.2M | -$31.6M |
| Financing cash flow | -$210.0M | -$36.1M | -$112.2M | -$81.5M | $44.1M | $120.3M | -$53.5M | $6.4M | $179.6M | $18.8M |
| Dividends paid | — | — | — | — | — | — | $0 | $0 | $3.7M | $4.9M |
| Buybacks | $202.0M | $177.0M | $65.3M | $55.3M | $51.5M | $1.9M | $5.2M | $25.7M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-150356.
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