# M/I Homes, Inc. (MHO)

> Source: Nexqual · https://nexqual.com/MHO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, M/I Homes, Inc. (MHO), nexqual.com/MHO" · informational, not investment advice.

**Price:** USD 123.3 (+8.12% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 114.04 · day 113.78–123.89 · 52w 113.4–163.66 · market cap $3.12B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.26B, net income $317M (7.4% margin), free cash flow $196M (SEC filings).
- Valuation: P/E 9.8x (avg 8.0x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $7.7M; 3 not under a Rule 10b5-1 plan ($7.7M); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 162.33 (range 150–172).
- Total return with dividends: 1Y -6.7% vs S&P 500 +14.9%; 5Y +99.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 2.62, revenue estimate $1.09B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.75B | $4.13B | $4.03B | $4.50B | $4.42B | $4.26B |
| Gross profit | $909M | $1.04B | $1.02B | $1.20B | $1.02B | — |
| Operating income | $518M | $637M | $587M | $706M | $507M | $397M |
| Net income | $397M | $491M | $465M | $564M | $403M | $317M |
| EPS (diluted) | $13.28 | $17.24 | $16.21 | $19.71 | $14.74 | — |
| Free cash flow | -$42.1M | $175M | $546M | $171M | $128M | $196M |
| Gross margin | 24.3% | 25.3% | 25.3% | 26.6% | 23.0% | — |
| Operating margin | 13.8% | 15.4% | 14.6% | 15.7% | 11.5% | 9.3% |
| Net margin | 10.6% | 11.9% | 11.5% | 12.5% | 9.1% | 7.4% |
| Revenue growth | +23.0% | +10.3% | -2.4% | +11.7% | -1.9% | — |
| Cash + short-term investments | $236M | $312M | $733M | $822M | $689M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.8x · P/S 0.7x · P/FCF 15.9x · P/B 1.0x · FCF yield 6.29% · Earnings yield 10.18% · Buyback yield (TTM) 6.48%
P/E at fiscal year-ends: Dec 2025 8.7x, Dec 2024 6.7x, Dec 2023 8.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-04…2026-08-05 | Creek Phillip G | Ex. Vice President and CFO | 30,000 | $4.5M | 49.2% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-07-31…2026-08-03 | Creek Phillip G | Ex. Vice President and CFO | 20,000 | $3.0M | 39.3% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-21 | Kramer Nancy J | Director | 1,822 | $229K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 162.33 (low 150, high 172).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-07 | Zelman & Assoc | Downgrade | Outperform → Neutral |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -6.7% | +99.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -6.8% | +14.8% |
| Volatility (annualized) | 33.8% | 39.2% |
| Max drawdown | -30.0% (Jun 2026→Oct 2026) | -44.4% (Dec 2021→Jun 2022) |

## Peers (Residential Construction)
KBH (KB Home) USD 46.19 +7.39% · GRBK (Green Brick Partners, Inc.) USD 64.94 +7.02% · MTH (Meritage Homes Corporation) USD 63.63 +7.27% · CVCO (Cavco Industries, Inc.) USD 547.44 +6.04% · SKY (Champion Homes, Inc.) USD 79.72 +5.27% · IBP (Installed Building Products, In) USD 198.13 +5.46%

## More
Full page: https://nexqual.com/MHO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MHO's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/799292/000079929226000006/mho-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | I Financial | "M/I Financial offers our homebuyers "one-stop" shopping by providing mortgage and title services for the purchase of their home, which we believe saves our customers both time and money." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Construction | $1.01B | 95.2% | -10.0% |
| Financial Service | $32.3M | 3.0% | +2.8% |
| Land | $18.9M | 1.8% | +184.2% |
| Total revenue | $1.06B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Southern Homebuilding | $578.3M | 54.4% | -10.0% |
| Northern Homebuilding | $452.6M | 42.6% | -7.3% |
| Financial Service | $32.3M | 3.0% | +2.8% |
| Total revenue | $1.06B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.62 | $3.65 | -28.1% | $1.09B | 2 |
| Next quarter (ends 2027-03-31) | $2.47 | $2.88 | -14.2% | $931.4M | 3 |
| Current fiscal year (ends 2026-12-31) | $10.76 | $12.50 | -13.9% | $4.15B | 2 |
| Next fiscal year (ends 2027-12-31) | $12.17 | $15.23 | -20.1% | $4.17B | 4 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 37.9% | ±8.6% |
| 2026-12-18 | 56 | 35.8% | ±11.4% |
| 2027-01-15 | 84 | 33.9% | ±13.1% |
| 2027-04-16 | 175 | 33.1% | ±18.4% |
| 2027-05-21 | 210 | 34.1% | ±20.8% |
| 2027-06-17 | 237 | 33.6% | ±21.7% |