At a glance
M/I Homes Inc is worth $3.09B, about 8 times its fiscal 2025 earnings. Revenue fell 1.9% to $4.42B in fiscal 2025, with 9.1% kept as profit; over 5 years it has grown 7.7% a year. It pays no dividend; it spent $551.2M buying back its shares over FY2021–FY2025. The stock returned −5.7% over the past year with dividends reinvested and +16.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 77.4% in the 2020 crash (S&P 500: 33.7%) and 41.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The business in plain English
M/I Homes is a homebuilder based in Columbus, Ohio. It designs, builds and sells single-family homes and attached townhomes under the M/I Homes brand, aimed at first-time, move-up, empty-nester and luxury buyers. The company began building homes in 1976 and had sold more than 168,200 as of its February 2026 annual report. Base prices ranged from about $190,000 to $1,250,000, and the average home delivered in 2025 sold for $479,000. As of December 31, 2025, it was selling homes in 232 communities across ten states.
Homebuilding, including some sales of land and lots, made up about 97% of the roughly $4.42 billion in revenue for the year ended December 31, 2025. The company reports homebuilding in two regions. The Southern region has markets in Florida, North Carolina, Texas and Tennessee, and it brought in 54.4% of revenue. The Northern region covers Columbus, Cincinnati, Indianapolis, Chicago, Minneapolis/St. Paul and Detroit, and it brought in 42.8%.
The remaining 2.8% came from financial services. The subsidiary M/I Financial makes mortgages for the company's own homebuyers and then sells the loans to investors. Title subsidiaries earn fees for title insurance and closing services. The mortgage arm also lets M/I offer rate buydowns, where the builder pays to lower a buyer's interest rate. It used them as a sales incentive throughout 2025.
Price history
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MHO -5.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| Southern Homebuilding | $2.40B | 54.4% |
| Northern Homebuilding | $1.89B | 42.8% |
| Financial Service | $125.5M | 2.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.08B, down 4.9% from a year earlier, and net income was $66.6M (-37.5%).
- For fiscal 2025, revenue was $4.42B (-1.9% year over year; +7.7% a year from FY2020 to FY2025) with a 9.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.7% good |
|---|---|
| Operating margin | 11.5% watch |
| Free cash flow margin | 2.9% watch |
| Return on equity (FY2025) | 12.7% watch |
| Return on assets (FY2025) | 8.4% good |
| Cash and investments | $620.6M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.05B | $239.9M | $156.7M |
| FY2021 | $3.75B | $396.9M | $-42.1M |
| FY2022 | $4.13B | $490.7M | $174.7M |
| FY2023 | $4.03B | $465.4M | $546.4M |
| FY2024 | $4.50B | $563.7M | $171.3M |
| FY2025 | $4.42B | $402.9M | $127.7M |
Valuation snapshot
| Market value | $3.09B |
|---|---|
| P/E ratio | 8.4 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
M/I Homes’s market value went from $621.2M at the end of 2016 to $3.09B on Oct 28, 2026, about 5.0 times as much; since the end of 2025 it is down 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.09B | -7.5% |
| 2025 | $3.35B | -7.5% |
| 2024 | $3.62B | -5.7% |
| 2023 | $3.84B | +202.8% |
| 2022 | $1.27B | -30.0% |
| 2021 | $1.81B | +42.1% |
| 2020 | $1.27B | +15.0% |
| 2019 | $1.11B | +88.7% |
| 2018 | $587.0M | -38.0% |
| 2017 | $946.7M | +52.4% |
| 2016 | $621.2M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MHO price data to Oct 28, 2026 | -3.4% | -5.7% | +15.0% | +16.4% | +19.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -3.4% |
| 2025 | -3.8% |
| 2024 | -3.5% |
| 2023 | +198.3% |
| 2022 | -25.7% |
| 2021 | +40.4% |
| 2020 | +12.6% |
| 2019 | +87.2% |
| 2018 | -38.9% |
| 2017 | +36.6% |
| 2016 | +14.9% |
| 2015 | -4.5% |
| 2014 | -9.8% |
| 2013 | -4.0% |
| 2012 | +176.0% |
| 2011 | -37.6% |
| 2010 | +48.0% |
| 2009 | -1.4% |
| 2008 | +0.8% |
| 2007 | -72.3% |
| 2006 | -5.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 67% over that stretch · deepest drop along the way 79.3%, back to its old high 45.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 69.9% over that stretch · deepest drop along the way 77.4%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.2% over that stretch · deepest drop along the way 41.8%, back to its old high 4.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 37 sales ($20.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 18, 2026 | Robert H Schottenstein Chairman, CEO & President, Director | sell | $2.3M |
| Feb 12, 2026 | Robert H Schottenstein Chairman, CEO & President, Director | sell | $2.2M |
| Oct 29, 2026 | Phillip G Creek Ex. Vice President and CFO, Director | sell | $2.0M |
| Feb 18, 2026 | Robert H Schottenstein Chairman, CEO & President, Director | sell | $1.5M |
| Aug 4, 2026 | Phillip G Creek Ex. Vice President and CFO, Director | sell | $1.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.8% | Mar 31, 2025 |
| DONALD SMITH & CO., INC. | 5.4% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5.09% | Mar 31, 2026 |
ETFs with the most weight in MHO
| ZIG Acquirers Fund | 3.53% |
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 1.95% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.09% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.79% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.74% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.66% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.56% |
| SVAL iShares US Small Cap Value Factor ETF | 0.55% |
What could go wrong
- Land bets can turn into write-downs. Homebuilders buy land years before they build on it. If home prices soften, that land can lose value. M/I's latest annual report shows a $47.7 million charge, mostly write-downs, with $41.0 million in its Southern region.
- High mortgage rates are squeezing buyers and margins. High rates make it harder to qualify for a loan. M/I has used incentives and rate buydowns (paying to lower a buyer's loan rate), cutting prices and margins. New contracts fell and cancellations rose in its latest fiscal year.
- Concentrated in 17 markets across ten states. M/I builds in 17 markets, several in Florida and Texas. Southern homebuilding supplied 54.4% of latest-year revenue. A slump or severe weather in a few big markets could hurt results.
- Mortgage unit relies on short-term funding lines. M/I Financial funds home loans through repurchase facilities, a type of short-term borrowing, that are set to expire. Failing to renew them, or investors demanding loan buybacks, could squeeze cash and profits.
- Tariffs and inflation could raise building costs. Changes in U.S. trade policy could raise the cost of building materials or limit supplies. With buyers already stretched, M/I may not be able to pass higher costs on through price increases.
- Defect and warranty claims can be costly. M/I backs homes with a 10-year transferable structural warranty and relies on subcontractors to build them. Faulty work by others can still lead to expensive construction defect and product liability claims.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
M/I Homes paid no dividends from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. That means there is no dividend streak or payout ratio to track, and an investor who needs income would have to sell shares. The company returned cash through buybacks instead: about $551 million over those five years, including $202 million in 2025. Shares outstanding fell 14% between October 2021 and October 2026, which gives each remaining share a larger slice of profits.
The stock has swung hard in downturns. It fell 79.3% from its September 2008 high to its March 2009 low and took about 45 months to recover. In the 2020 COVID crash it dropped 77.4% in less than a month, then recovered by late July 2020. In the 2022 bear market it fell 41.8% before recovering by early February 2023. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does M/I Homes make money?
Mostly by building and selling homes. Homebuilding, including some land and lot sales, made up about 97% of its roughly $4.42 billion in revenue for the year ended December 31, 2025. The average home delivered that year sold for $479,000. The remaining 2.8% came from financial services. M/I Financial writes mortgages for the company's homebuyers and sells them to investors, and title subsidiaries collect fees for title insurance and closing services.
Does M/I Homes pay a dividend?
No. M/I Homes paid no dividends from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. It returned cash through share buybacks instead, spending about $551 million over those five years, including $202 million in 2025. The share count fell 14% between October 2021 and October 2026. Buybacks can lift earnings per share, but they provide no regular income, so holders who need cash would have to sell shares.
Where does M/I Homes build homes?
In 17 markets across ten states, grouped into two regions. The Southern region covers Tampa, Orlando, Sarasota, Fort Myers/Naples, Charlotte, Raleigh, Houston, San Antonio, Austin, Dallas/Fort Worth and Nashville. It supplied 54.4% of revenue for the year ended December 31, 2025. The Northern region covers Columbus, Cincinnati, Indianapolis, Chicago, Minneapolis/St. Paul and Detroit, and it supplied 42.8%. As of December 31, 2025, the company was selling in 232 communities.
What is M/I Homes' P/E ratio?
About 8.4 as of October 28, 2026, based on fiscal 2025 earnings of $14.74 per diluted share. The P/E, or price-to-earnings ratio, compares the share price with a year's profit per share. A low figure can reflect investors' doubts about future profits, and earnings were falling: net income dropped 28.5% in 2025, and net income for the quarter ended September 30, 2026 was 37.5% below a year earlier. Market value was about $3.09 billion on October 28, 2026.
How has M/I Homes stock performed over the long term?
It has risen a lot over long periods, with deep drops along the way. As of October 28, 2026, the share price had gained about 19.2% a year over 10 years (479% in total) and 16.4% a year over five years, but it was down 5.7% over one year. Over its roughly 21 years of price history, its worst fall was 91.5%, and it lost 77.4% in under a month during the 2020 COVID crash. Past gains do not predict future returns.