M/I Homes, Inc. (MHO) 10-Year Financial Performance & Capital Metrics

MHO • • Industrial / General

Consumer CyclicalHomebuildersTraditional Site-Built HomebuildersRegional & Market-Specific Builders

AboutM/I Homes, Inc., together with its subsidiaries, operates as a builder of single-family homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee. The company operates through Northern Homebuilding, Southern Homebuilding, and Financial Services segments. It designs, constructs, markets, and sells single-family homes and attached townhomes to first-time, millennial, move-up, empty-nester, and luxury buyers under the M/I Homes brand name. The company also purchases undeveloped land to develop into developed lots for the construction of single-family homes, as well as for sale to others. In addition, it originates and sells mortgages; and serves as a title insurance agent by providing title insurance policies, examination, and closing services to purchasers of its homes. The company was formerly known as M/I Schottenstein Homes, Inc. and changed its name to M/I Homes, Inc. in January 2004. M/I Homes, Inc. was founded in 1976 and is based in Columbus, Ohio.Show more

Revenue $4.5B +11.8%
EBITDA $722M +21.0%
Net Income $564M +21.1%
EPS (Diluted) 19.71 +21.6%
Gross Margin 26.61% +5.8%
EBITDA Margin 16.02% +8.2%
Operating Margin 15.68% +8.5%
Net Margin 12.51% +8.3%
ROE 20.66% +1.8%
ROIC 19.6% +13.4%
Debt/Equity 0.26 -14.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 22.5%
✓Strong 5Y profit CAGR of 34.6%
✓Strong 5Y sales CAGR of 12.5%
✓Healthy 5Y average net margin of 10.9%
✓Trading at only 1.4x book value

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y14%

5Y12.5%

3Y6.34%

TTM4.79%

Profit (Net Income) CAGR

10Y27.21%

5Y34.6%

3Y12.41%

TTM-11.78%

EPS CAGR

10Y28.15%

5Y34.49%

3Y14.07%

TTM-8.74%

ROCE

10Y Avg13.57%

5Y Avg19.13%

3Y Avg19.08%

Latest18.92%

Peer Comparison

Regional & Market-Specific Builders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BZHBeazer Homes USA, Inc.	711.14M	24.10	15.86	1.77%	2.84%	5.56%	0.49%	0.85
TOLToll Brothers, Inc.	14.16B	149.04	9.93	8.52%	12.64%	16.95%	6.61%	0.39
GRBKGreen Brick Partners, Inc.	3.23B	74.19	8.78	18.07%	16.03%	18.02%	0.67%	0.20
TMHCTaylor Morrison Home Corporation	6.27B	64.15	7.76	10.11%	10.19%	13.77%	2.77%	0.37
TPHTri Pointe Homes, Inc.	3.05B	35.50	7.35	20.93%	9.05%	11.12%	22.05%	0.33
MHOM/I Homes, Inc.	3.63B	139.00	7.05	11.83%	10.56%	15%	4.71%	0.26
HOVHovnanian Enterprises, Inc.	648.42M	125.47	3.95	9.03%	5.06%	19.02%	0.89%	1.27
UHGUnited Homes Group, Inc.	34.51M	1.58	1.76	10.02%	-4.49%	-35.51%	44.66%	1.80

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.42B	1.69B	1.96B	2.29B	2.5B	3.05B	3.75B	4.13B	4.03B	4.5B
Revenue Growth %	0.17%	0.19%	0.16%	0.17%	0.09%	0.22%	0.23%	0.1%	-0.03%	0.12%
Cost of Goods Sold+	1.12B	1.36B	1.57B	1.84B	2.01B	2.36B	2.84B	3.09B	3.01B	3.31B
COGS % of Revenue	0.79%	0.81%	0.8%	0.81%	0.8%	0.78%	0.76%	0.75%	0.75%	0.73%
Gross Profit+	300.09M	329.15M	393.27M	443.77M	494.56M	684.78M	908.91M	1.04B	1.01B	1.2B
Gross Margin %	0.21%	0.19%	0.2%	0.19%	0.2%	0.22%	0.24%	0.25%	0.25%	0.27%
Gross Profit Growth %	0.19%	0.1%	0.19%	0.13%	0.11%	0.38%	0.33%	0.15%	-0.03%	0.18%
Operating Expenses+	188.3M	220.41M	254.61M	280.61M	302.34M	684.78M	390.62M	406.39M	431.71M	492.8M
OpEx % of Revenue	0.13%	0.13%	0.13%	0.12%	0.12%	0.22%	0.1%	0.1%	0.11%	0.11%
Selling, General & Admin	188.3M	220.41M	254.61M	280.61M	302.34M	357.08M	390.62M	406.39M	431.71M	492.8M
SG&A % of Revenue	0.13%	0.13%	0.13%	0.12%	0.12%	0.12%	0.1%	0.1%	0.11%	0.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	327.7M	0	0	0	0
Operating Income+	115.43M	112.73M	146.34M	163.16M	192.22M	0	518.3M	637.45M	581.83M	706.29M
Operating Margin %	0.08%	0.07%	0.07%	0.07%	0.08%	-	0.14%	0.15%	0.14%	0.16%
Operating Income Growth %	0.34%	-0.02%	0.3%	0.11%	0.18%	-1%	-	0.23%	-0.09%	0.21%
EBITDA+	123.05M	122.94M	157.04M	174.9M	205.46M	334.79M	532.63M	652.06M	596.32M	721.74M
EBITDA Margin %	0.09%	0.07%	0.08%	0.08%	0.08%	0.11%	0.14%	0.16%	0.15%	0.16%
EBITDA Growth %	0.34%	-0%	0.28%	0.11%	0.17%	0.63%	0.59%	0.22%	-0.09%	0.21%
D&A (Non-Cash Add-back)	7.62M	10.2M	10.7M	11.74M	13.24M	15.06M	14.33M	14.61M	14.49M	15.45M
EBIT	113.82M	110.62M	143.58M	170.85M	187.4M	319.73M	518.3M	637.45M	607.28M	733.61M
Net Interest Income+	-17.52M	-17.6M	-18.87M	-20.48M	-21.38M	-9.68M	-2.16M	-2.25M	20.02M	27.51M
Interest Income	0	0	0	0	0	0	0	0	20.02M	0
Interest Expense	17.52M	17.6M	18.87M	20.48M	21.38M	9.68M	2.16M	2.25M	0	-27.51M
Other Income/Expense	-28.5M	-20.95M	-23.26M	-21.87M	-26.19M	310.04M	-9.18M	-2.24M	25.45M	27.32M
Pretax Income+	86.93M	91.78M	120.32M	141.29M	166.03M	310.04M	509.11M	635.21M	607.28M	733.61M
Pretax Margin %	0.06%	0.05%	0.06%	0.06%	0.07%	0.1%	0.14%	0.15%	0.15%	0.16%
Income Tax+	35.17M	35.18M	48.24M	33.63M	38.44M	70.17M	112.25M	144.54M	141.91M	169.88M
Effective Tax Rate %	0.6%	0.62%	0.6%	0.76%	0.77%	0.77%	0.78%	0.77%	0.77%	0.77%
Net Income+	51.76M	56.61M	72.08M	107.66M	127.59M	239.87M	396.87M	490.66M	465.37M	563.73M
Net Margin %	0.04%	0.03%	0.04%	0.05%	0.05%	0.08%	0.11%	0.12%	0.12%	0.13%
Net Income Growth %	0.02%	0.09%	0.27%	0.49%	0.19%	0.88%	0.65%	0.24%	-0.05%	0.21%
Net Income (Continuing)	51.76M	56.61M	72.08M	107.66M	127.59M	239.87M	396.87M	490.66M	465.37M	563.73M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.68	1.84	2.26	3.69	4.48	8.23	13.28	17.24	16.21	19.71
EPS Growth %	0.02%	0.1%	0.23%	0.63%	0.21%	0.84%	0.61%	0.3%	-0.06%	0.22%
EPS (Basic)	1.91	2.10	2.57	3.81	4.58	8.38	13.64	17.60	16.76	20.29
Diluted Shares Outstanding	30.05M	30.12M	30.69M	29.18M	28.48M	29.15M	29.88M	28.46M	28.72M	28.6M
Basic Shares Outstanding	24.57M	24.67M	25.77M	28.22M	27.85M	28.61M	29.09M	27.88M	27.77M	27.78M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.25B	1.4B	1.74B	1.87B	1.93B	2.41B	2.96B	3.46B	3.8B	4.28B
Cash & Short-Term Investments	13.1M	34.44M	151.7M	21.53M	6.08M	260.81M	236.37M	311.33M	736.22M	822M
Cash Only	13.1M	34.44M	151.7M	21.53M	6.08M	260.81M	236.37M	310.54M	732.6M	821.47M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	-6.04M	-11.23M	-9.02M	-8.61M	0	0	-15.59M	0	0	0
Days Sales Outstanding	-	-	-	-	-	-	-	-	-	-
Inventory	1.11B	1.22B	1.41B	1.67B	1.74B	1.87B	2.45B	2.83B	2.8B	3.09B
Days Inventory Outstanding	362.96	325.81	329.14	331.71	316.9	289.24	315.53	334.39	338.67	341.38
Other Current Assets	127M	154.02M	171.58M	169.65M	155.24M	234.29M	275.65M	300.62M	242.94M	347.68M
Total Non-Current Assets+	163.41M	144.12M	126.91M	155.94M	174.76M	231.33M	275.4M	256.12M	227M	267.75M
Property, Plant & Equipment	12.9M	22.3M	26.82M	29.39M	40.53M	78.9M	88.6M	97.86M	91.28M	88.41M
Fixed Asset Turnover	109.98x	75.85x	73.16x	77.78x	61.67x	38.61x	42.28x	42.22x	44.13x	50.95x
Goodwill	0	0	0	16.4M	16.4M	16.4M	16.4M	16.4M	16.4M	16.4M
Intangible Assets	7.53M	11.44M	7.82M	6.48M	9.61M	9.24M	8.36M	15.81M	10.66M	9.91M
Long-Term Investments	36.97M	28.02M	20.52M	35.87M	37.88M	34.67M	57.12M	51.55M	44.01M	65.33M
Other Non-Current Assets	38.62M	51.48M	53.31M	60.79M	60.7M	85.94M	94.67M	74.49M	64.65M	87.7M
Total Assets+	1.42B	1.55B	1.86B	2.02B	2.11B	2.64B	3.24B	3.71B	4.02B	4.55B
Asset Turnover	1.00x	1.09x	1.05x	1.13x	1.19x	1.15x	1.16x	1.11x	1.00x	0.99x
Asset Growth %	0.17%	0.09%	0.2%	0.08%	0.04%	0.26%	0.23%	0.15%	0.08%	0.13%
Total Current Liabilities+	86.88M	103.21M	117.23M	131.51M	159.49M	258.3M	244.5M	587.08M	497.98M	609.85M
Accounts Payable	86.88M	103.21M	117.23M	131.51M	125.03M	185.67M	244.5M	228.6M	204.68M	198.58M
Days Payables Outstanding	28.36	27.66	27.28	26.05	22.76	28.7	31.46	27.02	24.78	21.93
Short-Term Debt	0	0	0	0	0	0	266.16M	0	0	0
Deferred Revenue (Current)	0	-1000K	-1000K	-1000K	1000K	1000K	1000K	0	0	0
Other Current Liabilities	0	0	0	0	0	0	-374.02M	299.07M	232.28M	335.05M
Current Ratio	14.41x	13.61x	14.82x	14.19x	12.11x	9.34x	12.12x	5.89x	7.62x	7.02x
Quick Ratio	1.61x	1.83x	2.76x	1.45x	1.19x	2.09x	2.09x	1.07x	2.00x	1.95x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	732.11M	791.13M	1B	1.03B	942.63M	1.13B	1.37B	1.06B	1.01B	1B
Long-Term Debt	56.52M	57.09M	86.13M	0	754.81M	871.88M	695.82M	692.47M	693.74M	695.02M
Capital Lease Obligations	0	0	0	0	18.41M	52.47M	51.5M	61.31M	57.57M	49.29M
Deferred Tax Liabilities	-19.57M	-22.16M	-26.38M	-32.05M	0	0	-107.86M	0	0	0
Other Non-Current Liabilities	675.59M	734.03M	914.11M	1.03B	134.94M	129.06M	623.85M	303.34M	256.21M	255.96M
Total Liabilities	818.99M	894.34M	1.12B	1.17B	1.1B	1.38B	1.62B	1.64B	1.51B	1.61B
Total Debt+	611.85M	637.8M	807.73M	820.96M	773.23M	924.35M	1.01B	753.78M	751.31M	750.39M
Net Debt	598.75M	603.36M	656.03M	799.43M	767.14M	663.54M	777.11M	443.23M	18.71M	-71.08M
Debt / Equity	1.03x	0.97x	1.08x	0.96x	0.77x	0.73x	0.62x	0.36x	0.30x	0.26x
Debt / EBITDA	4.97x	5.19x	5.14x	4.69x	3.76x	2.76x	1.90x	1.16x	1.26x	1.04x
Net Debt / EBITDA	4.87x	4.91x	4.18x	4.57x	3.73x	1.98x	1.46x	0.68x	0.03x	-0.10x
Interest Coverage	6.59x	6.41x	7.75x	7.97x	8.99x	-	240.40x	283.31x	-	-
Total Equity+	596.57M	654.17M	747.3M	855.3M	1B	1.26B	1.62B	2.07B	2.52B	2.94B
Equity Growth %	0.1%	0.1%	0.14%	0.14%	0.17%	0.25%	0.29%	0.27%	0.22%	0.17%
Book Value per Share	19.85	21.72	24.35	29.31	35.24	43.18	54.36	72.75	87.65	102.79
Total Shareholders' Equity	596.57M	654.17M	747.3M	855.3M	1B	1.26B	1.62B	2.07B	2.52B	2.94B
Common Stock	271K	271K	295K	301K	301K	301K	301K	301K	301K	301K
Retained Earnings	355.43M	407.16M	473.33M	580.99M	708.58M	948.45M	1.35B	1.84B	2.3B	2.87B
Treasury Stock	-48.53M	-47.97M	-32.81M	-56.51M	-38.26M	-29.06M	-68.89M	-118.2M	-134.62M	-274.4M
Accumulated OCI	-24.7M	-25.49M	-25.48M	-22.41M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-82.16M	34.2M	-52.53M	-2.59M	65.63M	168.33M	-16.82M	184.07M	552.13M	179.74M
Operating CF Margin %	-0.06%	0.02%	-0.03%	-0%	0.03%	0.06%	-0%	0.04%	0.14%	0.04%
Operating CF Growth %	0.38%	1.42%	-2.54%	0.95%	26.32%	1.56%	-1.1%	11.94%	2%	-0.67%
Net Income	51.76M	56.61M	72.08M	107.66M	127.59M	239.87M	396.87M	490.66M	465.37M	563.73M
Depreciation & Amortization	7.62M	10.2M	10.7M	11.74M	13.24M	15.06M	14.33M	14.61M	14.49M	15.45M
Stock-Based Compensation	3.94M	5.32M	6.04M	5.97M	5.85M	7.14M	8.56M	8.79M	11.37M	14.56M
Deferred Taxes	32.53M	31.31M	12.44M	4.96M	3.85M	3.45M	-4.07M	-7.77M	2.71M	-3.44M
Other Non-Cash Items	-32.73M	-25.83M	-11.95M	4.44M	16.68M	-73.7M	-56.13M	45.48M	72.54M	-102.9M
Working Capital Changes	-145.28M	-43.41M	-141.84M	-137.37M	-101.57M	-23.49M	-376.38M	-367.69M	-14.35M	-307.67M
Change in Receivables	-1.62M	16.59M	6.2M	11.45M	-13.08M	0	0	0	0	0
Change in Inventory	-159.01M	-83.78M	-168.62M	-157.57M	-88.36M	-134.94M	-508.19M	-348.65M	46.73M	-297.73M
Change in Payables	9.83M	16.33M	14.02M	3.75M	-6.49M	60.64M	58.84M	-15.91M	-23.92M	-6.1M
Cash from Investing+	-37.63M	-31.64M	-9.81M	-133.96M	-27.59M	-33.87M	-51.72M	-27.38M	-18.63M	-54.9M
Capital Expenditures	-3.66M	-13.11M	-8.8M	-8.14M	-4.53M	-11.68M	-25.3M	-9.33M	-5.77M	-8.42M
CapEx % of Revenue	0%	0.01%	0%	0%	0%	0%	0.01%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3.85M	-3.21M	4.04M	5.66M	35.68M	6.35M	25.2M	18.45M	10.7M	7.62M
Cash from Financing+	114.46M	18.79M	179.6M	6.38M	-53.48M	120.26M	44.1M	-81.52M	-112.24M	-36.07M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-4.88M	-4.88M	-3.66M	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.78M	-58K	-45.9M	290K	19.44M	1.2M	4.62M	-1.22M	33M	20.56M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-85.82M	21.09M	-61.33M	-10.73M	61.1M	156.66M	-42.12M	174.74M	546.36M	171.32M
FCF Margin %	-0.06%	0.01%	-0.03%	-0%	0.02%	0.05%	-0.01%	0.04%	0.14%	0.04%
FCF Growth %	0.37%	1.25%	-3.91%	0.82%	6.69%	1.56%	-1.27%	5.15%	2.13%	-0.69%
FCF per Share	-2.86	0.70	-2.00	-0.37	2.15	5.37	-1.41	6.14	19.03	5.99
FCF Conversion (FCF/Net Income)	-1.59x	0.60x	-0.73x	-0.02x	0.51x	0.70x	-0.04x	0.38x	1.19x	0.32x
Interest Paid	15.17M	6.6M	10.17M	17.79M	18.96M	7.81M	1.96M	1.89M	1.48M	0
Taxes Paid	2.31M	2.27M	36.8M	25.28M	36.99M	63.67M	109.88M	155.05M	150.67M	159.62M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.07%	9.05%	10.29%	13.44%	13.73%	21.21%	27.53%	26.56%	20.29%	20.66%
Return on Invested Capital (ROIC)	7.82%	6.89%	8.25%	8%	8.42%	-	17.98%	19.45%	17.28%	19.6%
Gross Margin	21.16%	19.46%	20.04%	19.41%	19.78%	22.48%	24.26%	25.27%	25.16%	26.61%
Net Margin	3.65%	3.35%	3.67%	4.71%	5.1%	7.87%	10.59%	11.88%	11.55%	12.51%
Debt / Equity	1.03x	0.97x	1.08x	0.96x	0.77x	0.73x	0.62x	0.36x	0.30x	0.26x
Interest Coverage	6.59x	6.41x	7.75x	7.97x	8.99x	-	240.40x	283.31x	-	-
FCF Conversion	-1.59x	0.60x	-0.73x	-0.02x	0.51x	0.70x	-0.04x	0.38x	1.19x	0.32x
Revenue Growth	16.72%	19.24%	16%	16.53%	9.34%	21.86%	22.97%	10.29%	-2.5%	11.83%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Construction	2.22B	2.42B	2.94B	3.63B	4.01B	3.91B	4.38B
Construction Growth	-	9.16%	21.47%	23.49%	10.47%	-2.40%	11.79%
Land	16.89M	24.62M	19.17M	13.39M	34.77M	25.3M	12.63M
Land Growth	-	45.77%	-22.13%	-30.15%	159.68%	-27.24%	-50.06%
Financial Service	-	-	-	102.03M	86.19M	-	-
Financial Service Growth	-	-	-	-	-15.52%	-	-

Frequently Asked Questions

Valuation & Price

M/I Homes, Inc. (MHO) has a price-to-earnings (P/E) ratio of 7.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

M/I Homes, Inc. (MHO) reported $4.47B in revenue for fiscal year 2024. This represents a 690% increase from $566.4M in 2011.

M/I Homes, Inc. (MHO) grew revenue by 11.8% over the past year. This is steady growth.

Yes, M/I Homes, Inc. (MHO) is profitable, generating $472.4M in net income for fiscal year 2024 (12.5% net margin).

Dividend & Returns

M/I Homes, Inc. (MHO) has a return on equity (ROE) of 20.7%. This is excellent, indicating efficient use of shareholder capital.

M/I Homes, Inc. (MHO) generated $243.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...