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M/I Homes, Inc. (MHO) stock analysis

MHONYSEOperative BuildersFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 23, 2026Score 11/3015% above fair value
$126.65−1.82 (-1.42%)

Close on Nov 12, 2026Market cap $3.17BP/E 12.0Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value2Growth1Performance3Health5Dividend0

Mixed11 of 30 checks passed

M/I Homes passes 11 of the 30 checks behind our score; 7 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
2/6
Growth
1/6
Past performance
3/6
Financial health
5/6
Dividend
0/6

What stands out

  • Return on capital over 10%

    Return on invested capital was 10.8%, above the 10% that usually covers the cost of capital.

  • No debt

    M/I Homes has no borrowings on its latest balance sheet.

  • Earnings grew over 5 years

    Net income grew 10.9% a year on average over the last five fiscal years.

  • Interest well covered

    No meaningful interest expense to cover.

What to watch

  • Margin of safety under 20%

    The price is 15.1% above fair value, so there is no margin of safety.

  • Trading above fair value

    The share price of $128.47 is above our fair value estimate of $111.58.

  • Return on equity under 15%

    Return on equity was 8.7% over the last twelve months and averaged 21.6% over five years; we look for 15% on both.

  • Revenue growing under 10% a year

    Revenue grew 2.3% a year over the last three fiscal years, short of the 10% we look for.

Valuation2/6

  • P/E above its 5-year median

    M/I Homes's P/E of 12.2 is above its own 5-year median of 6.4.

  • P/E below the industry

    M/I Homes's P/E of 12.2 is below the Operative Builders median of 14.1.

  • EV/EBITDA above its 5-year median

    M/I Homes's EV/EBITDA of 7.5 is above its 5-year median of 3.9.

  • P/B below the industry

    M/I Homes's price-to-book of 0.99 is below the Operative Builders median of 1.00.

  • Trading above fair value

    The share price of $128.47 is above our fair value estimate of $111.58.

  • Margin of safety under 20%

    The price is 15.1% above fair value, so there is no margin of safety.

Growth1/6

  • Revenue growing under 10% a year

    Revenue grew 2.3% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew -5.1% a year over the last three fiscal years.

  • Earnings growth not accelerating

    Net income grew -41.3% over the last twelve months, against a 5-year average of 10.9% a year.

  • Growing faster than the industry

    Revenue grew -6.0% over the last twelve months; the Operative Builders median is -7.3%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin slipping

    Gross margin was 20.7% over the last twelve months, against 24.7% a year earlier.

Past performance3/6

  • Return on equity under 15%

    Return on equity was 8.7% over the last twelve months and averaged 21.6% over five years; we look for 15% on both.

  • Return on capital over 10%

    Return on invested capital was 10.8%, above the 10% that usually covers the cost of capital.

  • Return on equity below the industry

    M/I Homes's return on equity of 8.7% is below the Operative Builders median of 10.7%.

  • Earnings grew over 5 years

    Net income grew 10.9% a year on average over the last five fiscal years.

  • Net margin below its 5-year average

    Net margin was 6.6% over the last twelve months, against a 5-year average of 11.1%.

  • Net margin above the industry

    M/I Homes's net margin of 6.6% is above the Operative Builders median of 4.3%.

Financial health5/6

  • No debt

    M/I Homes has no borrowings on its latest balance sheet.

  • Debt not rising

    With no debt today, leverage cannot have risen.

  • Debt covered by cash flow

    There is no debt to cover.

  • Interest well covered

    No meaningful interest expense to cover.

  • Short-term liquidity

    The balance sheet is not split into current and non-current items.

  • Low bankruptcy risk

    The Altman Z-score is 3.30; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    M/I Homes has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$111.58

The share price is 15% above this estimate.

20%+ below
Near fair value
20%+ above
$128.47Price$111.58Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E10.2×6.4×14.1×$107.4240%
EV/EBITDA6.3×3.9×8.6×$111.1635%
P/B1.1×1.1×1.0×$138.9910%
Earnings power10.7% cost of equity––$105.3515%
Fair value$111.58100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 6.4
  • Operative Builders median 14.1

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$43.03M
Value traded per 1% price move
$19.89M

Downside

Low risk

Typical loss in a bad month
14.8%
Volatility (annualized)
35%
Sharpe ratio, 1 year
-0.14
Beta to the S&P 500 (5Y)
1.16

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

23.0%+0.5 pts over 5 years

Operating margin

11.5%+1.0 pts over 5 years

Net margin

9.1%+1.2 pts over 5 years

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