Latest Ratios: P/E Ratio 9.3x · EV/EBITDA 7.5x · ROE 13.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $3.5B | $3.8B | $4.0B | $1.3B | $1.9B | $1.3B | $1.1B | $613M | $1.1B | $758M |
| Enterprise Value | $3.9B | $3.9B | $4.0B | $4.1B | $2.0B | $2.6B | $2.0B | $1.9B | $1.4B | $1.7B | $1.4B |
| P/E Ratio → | 9.35 | 8.68 | 6.75 | 8.50 | 2.68 | 4.68 | 5.38 | 8.78 | 5.70 | 15.22 | 13.68 |
| P/S Ratio | 0.80 | 0.79 | 0.84 | 0.98 | 0.32 | 0.50 | 0.42 | 0.45 | 0.27 | 0.54 | 0.45 |
| P/B Ratio | 1.19 | 1.10 | 1.29 | 1.57 | 0.63 | 1.14 | 1.03 | 1.12 | 0.72 | 1.41 | 1.16 |
| P/FCF | 29.40 | 28.97 | 22.19 | 7.24 | 7.52 | — | 8.24 | 18.34 | — | — | 35.95 |
| P/OCF | 27.24 | 26.84 | 21.16 | 7.16 | 7.14 | — | 7.67 | 17.07 | — | — | 22.18 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.88 | 0.89 | 1.03 | 0.48 | 0.70 | 0.64 | 0.76 | 0.62 | 0.87 | 0.81 |
| EV / EBITDA | 7.50 | 7.40 | 5.57 | 6.94 | 3.07 | 4.95 | 5.84 | 9.19 | 8.08 | 10.90 | 11.08 |
| EV / EBIT | 7.79 | 7.13 | 5.48 | 6.82 | 3.14 | 5.15 | 6.11 | 10.07 | 8.27 | 11.92 | 12.31 |
| EV / FCF | — | 32.26 | 23.45 | 7.58 | 11.47 | — | 12.48 | 30.89 | — | — | 64.56 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.0% | 23.0% | 26.6% | 25.2% | 25.3% | 24.3% | 22.5% | 19.8% | 19.4% | 20.0% | 19.5% |
| Operating Margin | 11.5% | 11.5% | 15.7% | 14.4% | 15.4% | 13.8% | — | 7.7% | 7.1% | 7.5% | 6.7% |
| Net Profit Margin | 9.1% | 9.1% | 12.5% | 11.6% | 11.9% | 10.6% | 7.9% | 5.1% | 4.7% | 3.7% | 3.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.2% | 13.2% | 20.7% | 20.3% | 26.6% | 27.5% | 21.2% | 13.7% | 13.4% | 10.3% | 9.1% |
| ROA | 8.6% | 8.6% | 13.2% | 12.0% | 14.1% | 13.5% | 10.1% | 6.2% | 5.5% | 4.2% | 3.8% |
| ROIC | 11.3% | 11.3% | 18.1% | 16.0% | 18.5% | 18.0% | — | 8.4% | 8.0% | 8.2% | 6.9% |
| ROCE | 11.4% | 11.4% | 17.6% | 16.3% | 20.3% | 19.7% | — | 10.1% | 9.1% | 9.3% | 8.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.34 | 0.34 | 0.35 | 0.36 | 0.48 | 0.62 | 0.73 | 0.77 | 0.96 | 1.08 | 0.97 |
| Debt / EBITDA | 2.06 | 2.06 | 1.44 | 1.54 | 1.53 | 1.90 | 2.76 | 3.76 | 4.69 | 5.14 | 5.19 |
| Net Debt / Equity | — | 0.13 | 0.07 | 0.07 | 0.33 | 0.48 | 0.53 | 0.76 | 0.93 | 0.88 | 0.92 |
| Net Debt / EBITDA | 0.75 | 0.75 | 0.30 | 0.31 | 1.06 | 1.46 | 1.98 | 3.73 | 4.57 | 4.18 | 4.91 |
| Debt / FCF | — | 3.29 | 1.26 | 0.34 | 3.94 | — | 4.24 | 12.55 | — | — | 28.61 |
| Interest Coverage | 27.28 | 27.28 | 26.66 | — | 283.31 | 237.14 | 33.02 | 8.77 | 8.34 | 7.61 | 6.29 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 24.19 | 24.19 | 15.98 | 13.10 | 10.75 | 8.41 | 9.34 | 12.11 | 11.41 | 12.10 | 11.20 |
| Quick Ratio | 5.92 | 5.92 | 4.44 | 3.44 | 1.96 | 1.45 | 2.09 | 1.19 | 1.17 | 2.25 | 1.50 |
| Cash Ratio | 3.80 | 3.80 | 3.07 | 2.53 | 0.97 | 0.67 | 1.01 | 0.04 | 0.13 | 1.06 | 0.27 |
| Asset Turnover | — | 0.92 | 0.99 | 1.00 | 1.11 | 1.16 | 1.15 | 1.19 | 1.13 | 1.05 | 1.09 |
| Inventory Turnover | 1.03 | 1.03 | 1.07 | 1.08 | 1.09 | 1.16 | 1.26 | 1.15 | 1.10 | 1.11 | 1.12 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 0.3% | 0.6% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.7% | 11.5% | 14.8% | 11.8% | 37.3% | 21.4% | 18.6% | 11.4% | 17.6% | 6.6% | 7.3% |
| FCF Yield | 3.4% | 3.5% | 4.5% | 13.8% | 13.3% | — | 12.1% | 5.5% | — | — | 2.8% |
| Buyback Yield | 5.7% | 5.8% | 4.7% | 1.7% | 4.2% | 2.8% | 0.1% | 0.5% | 4.2% | 4.8% | 0.0% |
| Total Shareholder Yield | 5.7% | 5.8% | 4.7% | 1.7% | 4.2% | 2.8% | 0.1% | 0.5% | 4.2% | 5.1% | 0.6% |
| Shares Outstanding | — | $27M | $29M | $29M | $28M | $30M | $29M | $28M | $29M | $31M | $30M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MHO stock.
M/I Homes, Inc.'s current P/E ratio is 9.3x. The historical average is 9.2x. This places it at the 76th percentile of its historical range.
M/I Homes, Inc.'s current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
M/I Homes, Inc.'s return on equity (ROE) is 13.2%. The historical average is 10.8%.
Based on historical data, M/I Homes, Inc. is trading at a P/E of 9.3x. This is at the 76th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
M/I Homes, Inc. has 23.0% gross margin and 11.5% operating margin. Operating margin between 10-20% is typical for established companies.
M/I Homes, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Margin compression from incentives
Metrics are mathematically derived from official filings.
Margin Erosion Accelerates Amid Incentives
Gross margin contracted to 22.1% in 2026Q2 from 24.7% a year earlier, reflecting intensified rate buydowns and incentives, as reported in quarterly disclosures. Operating margin fell to 9.5% from 13.4%, indicating that cost pressures are not being offset by volume gains.
The sequential deterioration in gross margin from 24.1% in 2025Q3 to 22.1% in 2026Q2 suggests that competitive pricing and incentive costs are eroding profitability faster than anticipated. Operating margin compression is more severe than gross margin, implying that SG&A leverage is also fading as revenue declines. This trend may persist if mortgage rates remain elevated, as the company appears to be trading margin for absorption to maintain sales pace.
Return on Capital Decelerates Sharply
ROIC fell to 2.2% in 2026Q2 from 5.0% in 2024Q2, a 56% decline, as per financial statements. This suggests that the company's land-heavy model is generating diminishing returns on invested capital, driven by margin compression rather than asset efficiency.
The decline in ROIC from 5.0% to 2.2% over eight quarters indicates that the company is not compounding returns on its capital base, which is dominated by land inventory. Asset turnover has remained relatively stable around 0.22-0.27, so the deterioration is primarily margin-driven. This may imply that the company's land-first strategy is becoming less accretive in a high-rate environment, as the cost of carrying land outweighs the development margin.
Inventory Days Signal Slower Turn
Days inventory outstanding surged to 325 days in 2025Q4 from 312 days in 2024Q4, indicating slower inventory turnover, as per balance sheet data. This suggests that the company's land and spec home inventory is taking longer to convert to cash, potentially straining working capital.
The increase in DIO to 325 days in 2025Q4, followed by a drop to 222 days in 2026Q1, reflects the lumpy nature of land development and home construction. The elevated DIO in 2025Q4 may indicate a buildup of spec homes, which could pose a risk if demand softens further. The cash conversion cycle is not fully calculable due to missing DSO data, but the inventory trend warrants monitoring for potential write-downs.
Leverage Low but Coverage Thins
Debt-to-equity improved to 0.31 in 2026Q2 from 0.37 in 2024Q1, but interest coverage fell to 2.51 in 2025Q4 from 36.58 in 2025Q2, as per quarterly filings. This suggests that while leverage is modest, the company's ability to service debt is becoming less comfortable as earnings decline.
The D/E ratio of 0.31 is below peers like CCS at 0.56, indicating a conservative balance sheet. However, the sharp drop in interest coverage to 2.51 in 2025Q4, though recovering to 32.82 in 2026Q2, highlights the volatility in earnings. The low absolute debt level provides a cushion, but the company's reliance on debt to fund land development means that sustained margin pressure could erode coverage ratios further.
Liquidity Buffer Normalizes but Remains Adequate
Current ratio fell from 12.22 in 2024Q1 to 3.94 in 2026Q2, while quick ratio declined to 3.01, as per balance sheet data. This indicates a reduced but still comfortable liquidity cushion, though the trend suggests a gradual normalization from an unusually high level.
The current ratio of 3.94 remains well above the 2:1 benchmark, indicating that MHO can cover short-term obligations comfortably. The decline from 12.22 reflects a deliberate drawdown of cash and an increase in inventory, likely to fund land development and spec homes. The quick ratio of 3.01, excluding inventory, still provides a strong buffer, but investors should monitor whether further declines signal a tightening liquidity position.
P/E Misleads on Cyclical Earnings
The trailing P/E of 10.18 appears cheap, but it is based on peak-cycle earnings that are currently contracting, as per valuation data. A more appropriate metric is EV/EBITDA, which at 8.10 better captures the company's capital-intensive land model and debt-adjusted value.
The P/E ratio is commonly misapplied to homebuilders because earnings are highly cyclical and can be inflated by land value appreciation and capitalized interest. MHO's P/E of 10.18 may understate the true cost of its land inventory, which is not reflected in the earnings multiple. EV/EBITDA of 8.10, while also low, provides a more stable comparison across the cycle, as it adjusts for debt and depreciation. Investors should also consider price-to-book, which at 1.30 suggests the market is valuing the company close to its asset base, but this may not capture the potential for land impairments.