Feed / MHO

M/I Homes, Inc.

MHO

Consumer Cyclical · 140.11 +0.6% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:50 GMT-4

Market read

M/I Homes, Inc.'s current read is isolated; its market group is not confirming.

The latest filing evidence is available. 0 of 41 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

What changed
  • Operating cash flow covered net income at 2.00x, improving versus the comparable period.
  • Revenue decreased 5.7% versus the comparable filing period.
Company+0.6% todayVolume comparison unavailable
Market group0 of 41 activeHomebuilding & Building Products · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
  • Homes in backlog decreased 4% to 1,234 homes at June 30, 2026 versus 1,281 at June 30, 2025.

Invalidation: The isolated read changes if MHO's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Consumer Cyclical · Residential Construction

The latest filing evidence is available. 0 of 41 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

Evidence that supports
  • Operating cash flow covered net income at 2.00x, improving versus the comparable period.
Evidence that challenges
  • Revenue decreased 5.7% versus the comparable filing period.
  • Operating margin fell 5.1 percentage points.
  • Net income decreased 39.0% versus the comparable filing period.
What would clarify the read
  • Homes in backlog decreased 4% to 1,234 homes at June 30, 2026 versus 1,281 at June 30, 2025.

Company research

Understand the business, not just the ticker

As of Sep 12, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements194
Verified relationships5
Evidence supporting the case

No qualifying supportive evidence was identified.

Evidence challenging the case
  • Latest annual revenue changed -1.9% year over year.
  • Operating margin changed -4.2 percentage points in the latest annual period.
  • Net margin changed -3.4 percentage points in the latest annual period.
  • Operating cash flow was only 0.34x net income in the latest annual period.
  • Demand and volume has repeated adverse evidence across 4 filings.
  • Input and raw-material costs has repeated adverse evidence across 3 filings.
Questions before a position
  • EV/sales is 22% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

140.11
6m+9.2%12m-7.5%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$3.7B+23.0%$13.28+2.5%
2022-12-31$4.1B+10.3%$17.24-4.7%
2023-12-31$4.0B-2.4%$16.21+0.9%
2024-12-31$4.5B+11.7%$19.71-0.4%
2025-12-31$4.4B-1.9%$14.74-4.4%

What management says matters

Persistent and emerging business drivers

Credit and interest ratespositive · 5 filings
The cash used in financing activities in 2025 was primarily due to the repurchase of $100.2 million of our outstanding common shares during the first half of 2025, and repayments (net of borrowings) under our MIF Mortgage Repurchase Facility of $10.2 million…
10-Q · Jul 31, 2026
Demand and volumenegative · 4 filings
Our analysis is conducted only if indicators of a decline in value of our inventory exist, which include, among other things, declines in gross margin on sales contracts in backlog or homes that have been delivered, slower than anticipated absorption pace, de…
10-Q · Jul 31, 2026
Input and raw-material costsnegative · 3 filings
Our gross margin declined $33.0 million, and our gross margin percentage declined 210 basis points from 22.5% in the first six months of 2025 to 20.4% for the same period in 2026, primarily due to a decrease in the number of homes delivered, a $9.1 million in…
10-Q · Jul 31, 2026
Restructuring and cost reductionsnegative · 2 filings
Our gross margin percentage declined 540 basis points from 27.6% in the nine months ended September 30, 2024 to 22.2% in the same period in 2025 primarily due to the decrease in average sales price for homes delivered including a $25.2 million increase in inc…
10-Q · Oct 24, 2025

Valuation discipline

Descriptive valuation snapshot

Price/sales 0.9× · EV/sales 0.9×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

140.11+0.6% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:50 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for MHO. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment · baseline

The latest filing shows material pressure

10-Q filed 2026-04-24 against the comparable filing from 2025-04-25.

cautious
OperationscautiousEvidence score -4
liquidityconstructiveEvidence score +1
valuationmixed

What improved

  • Operating cash flow covered net income at 2.00x, improving versus the comparable period.

What weakened

  • Revenue decreased 5.7% versus the comparable filing period.
  • Operating margin fell 5.1 percentage points.
  • Net income decreased 39.0% versus the comparable filing period.

Filing receipts

The a verage sales price in backlog increased approximately 3% to $570,000 at March 31, 2026 compared to 31 $556,000 at March 31, 2025 primarily due to the mix of homes being sold.

Average sales price in backlog decreased to $503,000 at March 31, 2026 from $540,000 at March 31, 2025 primarily due to the mix of homes being sold.

This increase in cash was primarily due to the timing of land spend, lower inventory investment and the proceeds from mortgage loan sales exceeding originations, partially offset by a decline in home deliveries compared to prior year.

Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.

Business ecosystem

The relationships behind MHO

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

CINFCincinnati Financial CorporationcompetitorJul 25, 2025

Myers/Naples, Florida Cincinnati, Ohio Orlando, Florida Columbus, Ohio Sarasota, Florida Indianapolis, Indiana Tampa, Florida Minneapolis/St.

SOThe Southern CompanypartnerFeb 13, 2026

Additionally, total cost of sales and operating income in the Southern homebuilding operating segment were reduced by $11.2 million for warranty charges in two of our Florida communities primarily relating to attic ventilation issues (See Note 8 ).

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

MHO is currently a Follower in the organic co-movement group Homebuilding & Building Products. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.