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M/I Homes, Inc.
🏹 Trader: 🎯 Near 52W High | BRS 66 Forming View all →
$4.1B
Market Cap
8.7
P/E
0.05
PEG
12.7%
ROCE
13.2%
ROE
0.33
D/E
11.5%
OPM
-5.4%
% from 52W High
60
α RS
🔍 MHO is showing a near-52W-high setup because it's within 5.4% of its 52-week high and RS Rating is 60. Net: Partial signal stack, not a recommendation. ? 52W High RS Rating
Sources
5.4% from 52W high · RS Rating 60
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🌏 Global Investor Returns
Currency-adjusted total returns for MHO including FX impact
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📈 Price History
Ratio Health
Excellent
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About

M/I Homes, Inc., together with its subsidiaries, engages in the construction and sale of single-family residential homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina, and Tennessee.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding MHO
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 17.7K $2.2M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →
📊 MIXED M/I Homes Q1 2026: Revenue $921M, pre-tax income $89M, record equity $3.2B.
Revenue & Profitability
Total revenue was $921 million in Q1 2026, down 6% year-over-year. Pre-tax income was $89.2 million, a 39% decrease from the prior year. Net income per diluted share was $2.55, compared to $3.98 a year ago. EBITDA was $99 million, down from $154 million. The company ended the quarter with record shareholders' equity of $3.2 billion, book value per share of $125 (up 11% YoY), cash of $767 million, and zero borrowings under its $900 million credit facility. The debt-to-capital ratio was 18% and net debt-to-capital was negative 2%.
Outlook
Management noted that new home demand continues to be challenged by affordability, uneven consumer confidence, the Middle East conflict, and general macroeconomic uncertainty. However, the company sees high-quality buyers with average credit scores of 747 and 15% down payments. Mortgage rate buydowns remain a crucial part of the sales strategy, with the company offering a 4.875% 30-year fixed rate on inventory homes that can be delivered within 60 days. While conditions are volatile, management stated that 2026 is on track to be among the company's five or six best years in its 50-year history.
Growth Drivers
Community count is expected to grow approximately 5% in 2026 from 2025 (230 at quarter end vs. 226 a year ago). Key growth markets include Indianapolis, Chicago, Minneapolis, Columbus, Cincinnati, Charlotte, Raleigh, Houston, Dallas, San Antonio, Fort Myers, Naples, and Nashville. The Smart Series product remains a significant contributor, targeting more affordable price points. The southern region saw an 8% increase in new contracts year-over-year, while the northern region decreased 4%. The mortgage operation increased loan originations by 3% and captured 96% of company business.
Balance Sheet & CapEx
During Q1 2026, the company spent $79 million on land purchases and $104 million on land development, totaling $183 million. No formal capital expenditure guidance was provided beyond land-related spending. The company repurchased $50 million in stock during the quarter and has $170 million remaining under board authorization. Management indicated they expect to open more than 80 new communities in 2026 and that cash levels may not rise significantly further due to anticipated investment in spec starts.
Margins
Gross margin for Q1 2026 was 22%, down 390 basis points year-over-year due to higher home buyer incentives and increased lot costs. SG&A expenses were 12.7% of revenue, up from 11.5% a year ago, driven by higher selling expenses, a larger community count, and additional headcount. Pre-tax income return was 10% and return on equity was 12%. Management noted that Q1 gross margins were roughly flat sequentially from Q4 2025, suggesting potential stabilization, but declined to provide forward margin guidance due to high uncertainty around oil prices, mortgage rates, and geopolitical events.
Key Risks
Management flagged several risks: ongoing conflict in the Middle East pushing mortgage rates higher and impacting gas prices; affordability constraints and uneven consumer confidence; volatility in the 10-year Treasury rate impacting the cost of rate buydowns; and potential fuel surcharges from vendors due to higher fuel prices. Analysts asked about cost increases from vendors related to fuel, and management acknowledged that it has come up in several divisions but has not yet had a material impact.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-29
Record Q2 new contracts and strong first-half results were achieved despite economic headwinds, with a 10% pre-tax income margin and robust mortgage capture rates. Gross margin improved sequentially, and the company remains confident in its land position and outlook for 2026.
Q1 2026 Q1 2026 2026-04-22
Q1 revenue and pre-tax income declined year-over-year, but new contracts rose 3% and book value per share hit a record. Margins were pressured by incentives and costs, yet the balance sheet remains strong with robust cash and low debt.
Q4 2025 Q4 2025 2026-01-28
Delivered 8,921 homes and $4.4B revenue in 2025, with net income of $403M and 13.1% ROE. Margins declined due to incentives and lot costs, but Q4 contracts rose 9% year-over-year. Strong cash position, robust land supply, and focus on spec sales and mortgage buydowns support 2026 outlook.
Q3 2025 Q3 2025 2025-10-22
Q3 saw solid operational results with $140M pre-tax income and record home closings, despite a 1% revenue decline and margin pressures from incentives and higher land costs. Balance sheet strength was reinforced by a credit facility extension and significant cash reserves.
Q2 2025 Q2 2025 2025-07-23
Record Q2 revenue and deliveries achieved despite higher rates and margin pressure; gross margin fell to 24.7% and EPS declined 14%, but strong balance sheet and land position support optimism for continued growth.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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