“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 ↗
M/I Homes, Inc.
MHO
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.
- Operating cash flow covered net income at 2.00x, improving versus the comparable period.
- Revenue decreased 5.7% versus the comparable filing period.
- 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.
Research brief
The story so far
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.
- Operating cash flow covered net income at 2.00x, improving versus the comparable period.
- 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.
- 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
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
No qualifying supportive evidence was identified.
- 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.
- EV/sales is 22% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 11, 2026
140.11Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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 ↗
“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.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
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.
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.