M/I Homes (MHO - Free Report) came out with quarterly earnings of $3.14 per share, missing the Zacks Consensus Estimate of $3.17 per share. This compares to earnings of $4.42 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -0.95%. A quarter ago, it was expected that this homebuilder would post earnings of $2.64 per share when it actually produced earnings of $2.55, delivering a surprise of -3.41%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
M/I Homes, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $1.06 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.46%. This compares to year-ago revenues of $1.16 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
M/I Homes shares have added about 18.9% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for M/I Homes?While M/I Homes has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for M/I Homes was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.39 on $1.1 billion in revenues for the coming quarter and $12.60 on $4.2 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Toll Brothers (TOL - Free Report) , has yet to report results for the quarter ended July 2026.
This home builder is expected to post quarterly earnings of $2.90 per share in its upcoming report, which represents a year-over-year change of -22.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Toll Brothers' revenues are expected to be $2.6 billion, down 11.8% from the year-ago quarter.
, /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced results for the three and six months ended June 30, 2026.
2026 Second Quarter Results:
New contracts increased 15% to 2,387, a second quarter record Homes delivered decreased 6% to 2,206 Revenue declined 9% to $1.1 billion Gross margin of 22% Pre-tax income of $105 million, including inventory charges of $4 million, 10% of revenue, down 35% Net income of $79 million ($3.02 per diluted share) versus $121 million ($4.42 per diluted share) Shareholders' equity reached a record $3.2 billion, with book value per share increasing to a record $128 Repurchased $50 million of common stock Return on equity of 10% Homebuilding debt to capital ratio of 18% The Company reported pre-tax income of $104.6 million and net income of $79.1 million ($3.02 per diluted share). These results include pre-tax inventory charges of $4.2 million ($0.12 per diluted share). This compares to pre-tax income of $160.1 million and net income of $121.2 million, or $4.42 per diluted share, for the second quarter of 2025. For the six months ended June 30, 2026, pre-tax income was $193.7 million and net income was $146.9 million, or $5.57 per diluted share. This compared to pre-tax income of $306.2 million and net income of $232.5 million, or $8.40 per diluted share, for the same period of 2025.
Homes delivered in 2026's second quarter decreased 6% to 2,206 homes. This compares to 2,348 homes delivered in 2025's second quarter. Homes delivered for the six months ended June 30, 2026 were 4,120 compared to 2025's deliveries of 4,324 for the six months ended June 30, 2025, a decrease of 5%. New contracts increased 15% to a record 2,387 for the second quarter of 2026 compared to 2,078 in last year's second quarter. For the first half of 2026, new contracts were 4,737 compared to 4,370 in 2025, an increase of 8%. Homes in backlog at June 30, 2026 had a total sales value of $1.31 billion, an 8% decrease from a year ago. Backlog units at June 30, 2026 decreased 6% to 2,426 homes, with an average sales price of $538,000. At June 30, 2025, backlog sales value was $1.43 billion, with backlog units of 2,577 and an average sales price of $553,000. M/I Homes had 234 communities at both June 30, 2026 and 2025. The Company's cancellation rate was 8% in the second quarter of 2026 compared to 13% in the second quarter of 2025.
Robert H. Schottenstein, Chief Executive Officer and President, commented, "We delivered solid second quarter results despite continued challenging market conditions. Highlights included a second quarter record of 2,387 new contracts, gross margins of 22%, a pre-tax margin of 10% and a return on equity of 10%."
Mr. Schottenstein added, "Notwithstanding current market conditions, we are confident in the long-term fundamentals of the housing industry and in our ability to navigate this uncertain environment. Our financial condition is excellent, highlighted by S&P's recent upgrade of our credit rating to BB+. We have a very strong balance sheet with record shareholders' equity of $3.2 billion, no borrowings under our $900 million unsecured credit facility, cash of $736 million, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of negative 1%. Given the quality of our geographic footprint, the diversity of our product offering and continued focus on well-located communities, we are well positioned to have a solid 2026."
The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through July 2027.
M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
New contracts
2,387
2,078
4,737
4,370
Average community count
232
230
232
227
Cancellation rate
8 %
13 %
8 %
11 %
Backlog units
2,426
2,577
2,426
2,577
Backlog sales value
$ 1,305,248
$ 1,425,138
$ 1,305,248
$ 1,425,138
Homes delivered
2,206
2,348
4,120
4,324
Average home closing price
$ 459
$ 479
$ 459
$ 477
Homebuilding revenue:
Housing revenue
$ 1,011,974
$ 1,124,475
$ 1,890,584
$ 2,064,506
Land revenue
18,948
6,667
29,814
11,209
Total homebuilding revenue
$ 1,030,922
$ 1,131,142
$ 1,920,398
$ 2,075,715
Financial services revenue
32,336
31,450
63,567
62,970
Total revenue
$ 1,063,258
$ 1,162,592
$ 1,983,965
$ 2,138,685
Cost of sales - operations
823,559
875,973
1,541,675
1,599,283
Cost of sales - inventory charges
4,200
—
4,200
—
Gross margin
$ 235,499
$ 286,619
$ 438,090
$ 539,402
General and administrative expense
70,198
67,247
131,384
126,320
Selling expense
64,023
63,655
119,363
116,441
Operating income
$ 101,278
$ 155,717
$ 187,343
$ 296,641
Interest income, net of interest expense
(3,286)
(4,377)
(6,391)
(9,574)
Income before income taxes
$ 104,564
$ 160,094
$ 193,734
$ 306,215
Provision for income taxes
25,496
38,851
46,834
73,735
Net income
$ 79,068
$ 121,243
$ 146,900
$ 232,480
Earnings per share:
Basic
$ 3.08
$ 4.52
$ 5.69
$ 8.59
Diluted
$ 3.02
$ 4.42
$ 5.57
$ 8.40
Weighted average shares outstanding:
Basic
25,667
26,836
25,836
27,074
Diluted
26,193
27,406
26,376
27,673
M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)
As of
June 30,
2026
2025
Assets:
Total cash, cash equivalents and restricted cash
$ 735,941
$ 800,398
Mortgage loans held for sale
258,965
280,867
Inventory:
Lots, land and land development
1,850,007
1,683,930
Land held for sale
40,887
5,005
Homes under construction
1,387,441
1,403,582
Other inventory
226,963
194,089
Total Inventory
$ 3,505,298
$ 3,286,606
Property and equipment - net
34,446
33,749
Investments in joint venture arrangements
62,018
67,466
Operating lease right-of-use assets
51,929
56,403
Goodwill
16,400
16,400
Deferred income tax asset
4,508
13,451
Other assets
186,538
184,699
Total Assets
$ 4,856,043
$ 4,740,039
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net
$ 398,814
$ 398,040
Senior notes due 2030 - net
298,125
297,621
Total Debt - Homebuilding Operations
$ 696,939
$ 695,661
Notes payable bank - financial services operations
252,366
275,926
Total Debt
$ 949,305
$ 971,587
Accounts payable
244,494
252,476
Operating lease liabilities
53,732
57,997
Other liabilities
381,092
375,843
Total Liabilities
$ 1,628,623
$ 1,657,903
Shareholders' Equity
3,227,420
3,082,136
Total Liabilities and Shareholders' Equity
$ 4,856,043
$ 4,740,039
Book value per common share
$ 127.88
$ 117.01
Homebuilding debt to capital ratio (1)
18 %
18 %
(1)
The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders' equity.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data (unaudited)
(Dollars in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Cash provided by operating activities
$ 36,806
$ 37,755
$ 172,537
$ 102,642
Cash used in investing activities
$ (11,873)
$ (12,318)
$ (6,755)
$ (15,246)
Cash used in financing activities
$ (56,408)
$ (1,417)
$ (119,030)
$ (108,568)
Land/lot purchases
$ 131,056
$ 101,751
$ 210,296
$ 247,734
Land development spending
$ 154,742
$ 139,008
$ 259,105
$ 240,607
Land sale revenue
$ 18,948
$ 6,667
$ 29,814
$ 11,209
Land sale gross profit
$ 5,491
$ 3,202
$ 7,690
$ 3,988
Financial services pre-tax income
$ 14,423
$ 14,476
$ 28,520
$ 30,582
M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income
$ 79,068
$ 121,243
$ 146,900
$ 232,480
Add:
Provision for income taxes
25,496
38,851
46,834
73,735
Interest income - net
(6,156)
(7,726)
(11,996)
(15,767)
Interest amortized to cost of sales
7,952
8,227
14,646
15,128
Depreciation and amortization
5,333
4,904
10,587
9,681
Non-cash charges
8,761
3,916
12,946
8,116
Adjusted EBITDA
$ 120,454
$ 169,415
$ 219,917
$ 323,373
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
NEW CONTRACTS
Three Months Ended
Six Months Ended
June 30,
June 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
1,016
873
16 %
2,042
1,938
5 %
Southern
1,371
1,205
14 %
2,695
2,432
11 %
Total
2,387
2,078
15 %
4,737
4,370
8 %
HOMES DELIVERED
Three Months Ended
Six Months Ended
June 30,
June 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
892
967
(8) %
1,644
1,793
(8) %
Southern
1,314
1,381
(5) %
2,476
2,531
(2) %
Total
2,206
2,348
(6) %
4,120
4,324
(5) %
BACKLOG
June 30, 2026
June 30, 2025
Dollars
Average
Dollars
Average
Region
Units
(millions)
Sales Price
Units
(millions)
Sales Price
Northern
1,234
$ 699
$ 567,000
1,281
$ 721
$ 563,000
Southern
1,192
$ 606
$ 508,000
1,296
$ 704
$ 543,000
Total
2,426
$ 1,305
$ 538,000
2,577
$ 1,425
$ 553,000
LAND POSITION SUMMARY
June 30, 2026
June 30, 2025
Lots
Lots Under
Lots
Lots Under
Region
Owned
Contract
Total
Owned
Contract
Total
Northern
7,138
12,519
19,657
7,104
8,710
15,814
Southern
16,244
13,149
29,393
17,403
17,247
34,650
Total
23,382
25,668
49,050
24,507
25,957
50,464
M/I Homes, Inc. and Subsidiaries
Non-GAAP Reconciliation (1)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Income before income taxes
$ 104,564
$ 160,094
$ 193,734
$ 306,215
Add: Inventory charges (2)
4,200
—
4,200
—
Adjusted income before income taxes
$ 108,764
$ 160,094
$ 197,934
$ 306,215
Net income
$ 79,068
$ 121,243
$ 146,900
$ 232,480
Add: Inventory charges - net of tax (2)
3,176
—
3,185
—
Adjusted net income
$ 82,244
$ 121,243
$ 150,085
$ 232,480
Inventory charges - net of tax (2)
$ 3,176
$ —
$ 3,185
$ —
Divided by: Diluted weighted average shares outstanding
26,193
27,406
26,376
27,673
Diluted earnings per share related to inventory charges (2)
$ 0.12
$ —
$ 0.12
$ —
Add: Diluted earnings per share
3.02
4.42
5.57
8.40
Adjusted diluted earnings per share
$ 3.14
$ 4.42
$ 5.69
$ 8.40
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
(2)
Represents the related charges divided by diluted weighted average shares outstanding during the respective period as presented in the Summary Statement of Income.
M/I Homes (MHO - Free Report) ended the recent trading session at $146.66, demonstrating a -1.92% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.19%. Meanwhile, the Dow experienced a drop of 0.59%, and the technology-dominated Nasdaq saw a decrease of 0.05%.
Shares of the homebuilder witnessed a gain of 0.3% over the previous month, beating the performance of the Construction sector with its loss of 4.61%, and underperforming the S&P 500's gain of 0.55%.
The investment community will be closely monitoring the performance of M/I Homes in its forthcoming earnings report. The company is scheduled to release its earnings on July 29, 2026. It is anticipated that the company will report an EPS of $3.17, marking a 28.28% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1.18 billion, indicating a 1.84% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $12.6 per share and a revenue of $4.37 billion, indicating changes of -14.52% and -0.98%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for M/I Homes. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. M/I Homes presently features a Zacks Rank of #3 (Hold).
In terms of valuation, M/I Homes is currently trading at a Forward P/E ratio of 11.87. Its industry sports an average Forward P/E of 14.47, so one might conclude that M/I Homes is trading at a discount comparatively.
The Building Products - Home Builders industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 188, placing it within the bottom 24% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
M/I Homes (MHO - Free Report) closed at $148.11 in the latest trading session, marking a +1.4% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.38%. Elsewhere, the Dow gained 0.02%, while the tech-heavy Nasdaq added 0.9%.
The homebuilder's stock has climbed by 3.38% in the past month, exceeding the Construction sector's loss of 3.74% and the S&P 500's gain of 1.27%.
The upcoming earnings release of M/I Homes will be of great interest to investors. The company's earnings report is expected on July 29, 2026. In that report, analysts expect M/I Homes to post earnings of $3.17 per share. This would mark a year-over-year decline of 28.28%. At the same time, our most recent consensus estimate is projecting a revenue of $1.18 billion, reflecting a 1.84% rise from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $12.6 per share and a revenue of $4.37 billion, indicating changes of -14.52% and -0.98%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for M/I Homes. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. M/I Homes presently features a Zacks Rank of #3 (Hold).
With respect to valuation, M/I Homes is currently being traded at a Forward P/E ratio of 11.59. This expresses a discount compared to the average Forward P/E of 14.45 of its industry.
The Building Products - Home Builders industry is part of the Construction sector. This industry, currently bearing a Zacks Industry Rank of 194, finds itself in the bottom 22% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
In the latest trading session, M/I Homes (MHO - Free Report) closed at $152.37, marking a -2.85% move from the previous day. This change lagged the S&P 500's 0.72% gain on the day. On the other hand, the Dow registered a gain of 0.3%, and the technology-centric Nasdaq increased by 1.12%.
Shares of the homebuilder witnessed a gain of 14.21% over the previous month, beating the performance of the Construction sector with its gain of 0.11%, and the S&P 500's loss of 0.9%.
The investment community will be closely monitoring the performance of M/I Homes in its forthcoming earnings report. The company is scheduled to release its earnings on July 29, 2026. The company's upcoming EPS is projected at $3.17, signifying a 28.28% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $1.18 billion, indicating a 1.84% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $12.6 per share and revenue of $4.37 billion, indicating changes of -14.52% and -0.98%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for M/I Homes. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. M/I Homes is currently sporting a Zacks Rank of #3 (Hold).
From a valuation perspective, M/I Homes is currently exchanging hands at a Forward P/E ratio of 12.45. Its industry sports an average Forward P/E of 15.51, so one might conclude that M/I Homes is trading at a discount comparatively.
The Building Products - Home Builders industry is part of the Construction sector. This group has a Zacks Industry Rank of 225, putting it in the bottom 9% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
M/I Homes (MHO - Free Report) ended the recent trading session at $163.00, demonstrating a +2.39% change from the preceding day's closing price. The stock's change was more than the S&P 500's daily loss of 0.05%. Elsewhere, the Dow lost 0.09%, while the tech-heavy Nasdaq lost 0.24%.
Prior to today's trading, shares of the homebuilder had gained 20.13% outpaced the Construction sector's gain of 10.65% and the S&P 500's loss of 1.42%.
Analysts and investors alike will be keeping a close eye on the performance of M/I Homes in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $3.17, reflecting a 28.28% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.18 billion, indicating a 1.84% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $12.6 per share and revenue of $4.37 billion, which would represent changes of -14.52% and -0.98%, respectively, from the prior year.
Any recent changes to analyst estimates for M/I Homes should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. M/I Homes is currently a Zacks Rank #5 (Strong Sell).
Investors should also note M/I Homes's current valuation metrics, including its Forward P/E ratio of 12.63. This valuation marks a discount compared to its industry average Forward P/E of 16.76.
The Building Products - Home Builders industry is part of the Construction sector. This industry currently has a Zacks Industry Rank of 231, which puts it in the bottom 6% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
M/I Homes (MHO - Free Report) ended the recent trading session at $145.04, demonstrating a +2.65% change from the preceding day's closing price. This move outpaced the S&P 500's daily loss of 0.57%. Elsewhere, the Dow saw an upswing of 0.64%, while the tech-heavy Nasdaq depreciated by 1.15%.
Prior to today's trading, shares of the homebuilder had gained 14.05% outpaced the Construction sector's gain of 4.86% and the S&P 500's gain of 2.14%.
The investment community will be closely monitoring the performance of M/I Homes in its forthcoming earnings report. The company's upcoming EPS is projected at $3.17, signifying a 28.28% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $1.18 billion, reflecting a 1.84% rise from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $12.6 per share and revenue of $4.37 billion, indicating changes of -14.52% and -0.98%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for M/I Homes. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. M/I Homes is currently a Zacks Rank #5 (Strong Sell).
With respect to valuation, M/I Homes is currently being traded at a Forward P/E ratio of 11.21. This represents a discount compared to its industry average Forward P/E of 14.67.
The Building Products - Home Builders industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 228, positioning it in the bottom 7% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Shares of M/I Homes, Inc. (NYSE: MHO - Get Free Report) have been given a consensus rating of "Moderate Buy" by the six research firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a
In the latest close session, M/I Homes (MHO - Free Report) was down 1.12% at $121.62. This change lagged the S&P 500's 0.11% gain on the day. Elsewhere, the Dow saw a downswing of 0.13%, while the tech-heavy Nasdaq appreciated by 0.18%.
Shares of the homebuilder have depreciated by 14.51% over the course of the past month, underperforming the Construction sector's loss of 9.15%, and the S&P 500's loss of 4.28%.
Analysts and investors alike will be keeping a close eye on the performance of M/I Homes in its upcoming earnings disclosure. The company's earnings report is set to go public on April 22, 2026. It is anticipated that the company will report an EPS of $2.64, marking a 33.67% fall compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $929.65 million, indicating a 4.76% decrease compared to the same quarter of the previous year.
MHO's full-year Zacks Consensus Estimates are calling for earnings of $13.63 per share and revenue of $4.48 billion. These results would represent year-over-year changes of -7.53% and +1.36%, respectively.
Investors should also pay attention to any latest changes in analyst estimates for M/I Homes. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. As of now, M/I Homes holds a Zacks Rank of #4 (Sell).
In terms of valuation, M/I Homes is currently trading at a Forward P/E ratio of 9.02. This denotes a discount relative to the industry average Forward P/E of 12.37.
The Building Products - Home Builders industry is part of the Construction sector. This industry, currently bearing a Zacks Industry Rank of 231, finds itself in the bottom 6% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
M/I Homes (MHO - Free Report) ended the recent trading session at $120.47, demonstrating a -2.97% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.8%. Elsewhere, the Dow saw a downswing of 0.15%, while the tech-heavy Nasdaq appreciated by 1.6%.
The homebuilder's shares have seen a decrease of 3.71% over the last month, not keeping up with the Construction sector's gain of 7.69% and the S&P 500's gain of 5.15%.
Investors will be eagerly watching for the performance of M/I Homes in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 22, 2026. It is anticipated that the company will report an EPS of $2.64, marking a 33.67% fall compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $929.65 million, reflecting a 4.76% fall from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $13.63 per share and a revenue of $4.48 billion, indicating changes of -7.53% and +1.36%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for M/I Homes. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, M/I Homes holds a Zacks Rank of #3 (Hold).
Investors should also note M/I Homes's current valuation metrics, including its Forward P/E ratio of 9.11. This represents a discount compared to its industry average Forward P/E of 13.45.
The Building Products - Home Builders industry is part of the Construction sector. With its current Zacks Industry Rank of 216, this industry ranks in the bottom 12% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Let's take a look at what these Wall Street heavyweights have to say about M/I Homes (MHO - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.
M/I Homes currently has an average brokerage recommendation (ABR) of 1.80, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by five brokerage firms. An ABR of 1.80 approximates between Strong Buy and Buy.
Of the five recommendations that derive the current ABR, three are Strong Buy, representing 60% of all recommendations.
Brokerage Recommendation Trends for MHO
Check price target & stock forecast for M/I Homes here>>>
The ABR suggests buying M/I Homes, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.
Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.
In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.
With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.
ABR Should Not Be Confused With Zacks RankAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.
The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.
On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Is MHO a Good Investment?In terms of earnings estimate revisions for M/I Homes, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $13.63.
Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for M/I Homes. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for M/I Homes.
M/I Homes, Inc. (NYSE:MHO – Get Free Report) has been given an average rating of “Moderate Buy” by the six ratings firms that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $161.6667.
Several brokerages have weighed in on MHO. Citigroup reaffirmed a “market outperform” rating on shares of M/I Homes in a research note on Friday, January 30th. Seaport Research Partners reaffirmed a “neutral” rating on shares of M/I Homes in a research note on Tuesday, April 7th. Zacks Research raised shares of M/I Homes from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of M/I Homes in a research note on Thursday, January 22nd. Finally, Oppenheimer set a $165.00 price objective on shares of M/I Homes in a research note on Friday, January 30th.
Read Our Latest Analysis on M/I Homes
M/I Homes Stock Performance NYSE:MHO opened at $126.48 on Friday. M/I Homes has a 12-month low of $102.44 and a 12-month high of $158.92. The company has a quick ratio of 1.86, a current ratio of 8.12 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $3.24 billion, a PE ratio of 8.60 and a beta of 1.77. The firm has a 50-day moving average price of $131.73 and a 200 day moving average price of $132.51.
M/I Homes (NYSE:MHO – Get Free Report) last posted its quarterly earnings results on Wednesday, January 28th. The construction company reported $3.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.88 by $0.03. M/I Homes had a net margin of 9.12% and a return on equity of 14.50%. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business posted $4.71 earnings per share. The company’s quarterly revenue was down 4.9% compared to the same quarter last year. Research analysts anticipate that M/I Homes will post 18.44 earnings per share for the current fiscal year.
Insiders Place Their Bets In other news, CEO Robert H. Schottenstein sold 14,974 shares of the stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $146.80, for a total transaction of $2,198,183.20. Following the sale, the chief executive officer directly owned 348,513 shares of the company’s stock, valued at $51,161,708.40. This represents a 4.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Phillip G. Creek sold 8,616 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $146.80, for a total transaction of $1,264,828.80. Following the completion of the sale, the chief financial officer directly owned 45,815 shares of the company’s stock, valued at approximately $6,725,642. This represents a 15.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 49,213 shares of company stock valued at $7,115,268. 3.50% of the stock is currently owned by insiders.
Institutional Trading of M/I Homes A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Donald Smith & CO. Inc. increased its holdings in shares of M/I Homes by 5.9% in the fourth quarter. Donald Smith & CO. Inc. now owns 1,463,340 shares of the construction company’s stock valued at $187,234,000 after purchasing an additional 82,090 shares in the last quarter. State Street Corp increased its holdings in shares of M/I Homes by 2.2% in the fourth quarter. State Street Corp now owns 1,337,188 shares of the construction company’s stock valued at $171,093,000 after purchasing an additional 28,187 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of M/I Homes by 10.9% in the third quarter. American Century Companies Inc. now owns 936,597 shares of the construction company’s stock valued at $135,282,000 after purchasing an additional 91,732 shares in the last quarter. Millennium Management LLC increased its holdings in shares of M/I Homes by 107.5% in the fourth quarter. Millennium Management LLC now owns 434,484 shares of the construction company’s stock valued at $55,592,000 after purchasing an additional 225,120 shares in the last quarter. Finally, Royce & Associates LP increased its holdings in shares of M/I Homes by 5.3% in the fourth quarter. Royce & Associates LP now owns 326,606 shares of the construction company’s stock valued at $41,789,000 after purchasing an additional 16,445 shares in the last quarter. Institutional investors and hedge funds own 95.14% of the company’s stock.
M/I Homes Company Profile (Get Free Report)
M/I Homes, Inc is a publicly traded residential homebuilder founded in 1976 and headquartered in Columbus, Ohio. The company designs, markets and constructs single-family homes and townhome communities across the United States, offering a range of floor plans with customizable design options. Its product portfolio includes starter homes, move-up homes and luxury models, as well as multi-family residences in urban and suburban infill locations.
In addition to its core homebuilding operations, M/I Homes provides mortgage, title and closing services through its in-house affiliate M/I Financial Services.
See Also Five stocks we like better than M/I Homes
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, /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three months ended March 31, 2026.
2026 First Quarter Highlights:
New contracts increased 3% to 2,350 Homes delivered decreased 3% to 1,914 Revenue declined 6% to $921 million Gross margin of 22% Pre-tax income of $89 million, 10% of revenue, down 39% Net income of $68 million ($2.55 per diluted share) versus $111 million ($3.98 per diluted share) Shareholders' equity reached a record $3.2 billion, with book value per share increasing to a record $125 Repurchased $50 million of common stock Return on equity of 12% The Company reported pre-tax income of $89.2 million and net income of $67.8 million ($2.55 per diluted share). This compares to pre-tax income of $146.1 million and net income of $111.2 million, or $3.98 per diluted share, for the first quarter of 2025.
Homes delivered in 2026's first quarter decreased 3% to 1,914 homes. This compares to 1,976 homes delivered in 2025's first quarter. New contracts increased 3% to 2,350 for the first quarter of 2026 compared to 2,292 in last year's first quarter. Homes in backlog at March 31, 2026 had a total sales value of $1.20 billion, a 23% decrease from a year ago. Backlog units at March 31, 2026 decreased 21% to 2,245 homes, with an average sales price of $536,000. At March 31, 2025, backlog sales value was $1.56 billion, with backlog units of 2,847 and an average sales price of $548,000. M/I Homes had 230 communities at March 31, 2026 compared to 226 communities at March 31, 2025. The Company's cancellation rate was 8% in the first quarter of 2026 compared to 10% in the first quarter of 2025.
Robert H. Schottenstein, Chief Executive Officer and President, commented, "In the face of challenging market conditions, we produced very solid first quarter results – led by increased new contracts, gross margins of 22%, pre-tax income of 10%, and a return on equity of 12%. We continue to believe that long-term housing demand is supported by favorable demographic trends and an undersupply of housing. We have a strong financial position with record shareholders' equity of $3.2 billion, cash of $767 million, and no borrowings under our $900 million credit facility. With a strong balance sheet, a diverse product offering, and well-located communities, we believe we are well positioned to continue delivering solid results despite all of the market uncertainty."
The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through April 2027.
M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
March 31,
2026
2025
New contracts
2,350
2,292
Average community count
231
223
Cancellation rate
8 %
10 %
Backlog units
2,245
2,847
Backlog sales value
$ 1,204,172
$ 1,559,251
Homes delivered
1,914
1,976
Average home closing price
$ 459
$ 476
Homebuilding revenue:
Housing revenue
$ 878,610
$ 940,031
Land revenue
10,866
4,542
Total homebuilding revenue
$ 889,476
$ 944,573
Financial services revenue
31,231
31,520
Total revenue
$ 920,707
$ 976,093
Cost of sales - operations
718,116
723,310
Gross margin
$ 202,591
$ 252,783
General and administrative expense
61,186
59,073
Selling expense
55,340
52,786
Operating income
$ 86,065
$ 140,924
Interest income, net of interest expense
(3,105)
(5,197)
Income before income taxes
$ 89,170
$ 146,121
Provision for income taxes
21,338
34,884
Net income
$ 67,832
$ 111,237
Earnings per share:
Basic
$ 2.61
$ 4.07
Diluted
$ 2.55
$ 3.98
Weighted average shares outstanding:
Basic
26,007
27,314
Diluted
26,562
27,941
M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)
As of
March 31,
2026
2025
Assets:
Total cash, cash equivalents and restricted cash
$ 767,416
$ 776,378
Mortgage loans held for sale
261,807
238,583
Inventory:
Lots, land and land development
1,866,252
1,666,045
Land held for sale
31,961
3,903
Homes under construction
1,267,202
1,342,424
Other inventory
233,686
192,333
Total Inventory
$ 3,399,101
$ 3,204,705
Property and equipment - net
31,879
33,569
Investments in joint venture arrangements
68,357
70,727
Operating lease right-of-use assets
53,116
57,428
Goodwill
16,400
16,400
Deferred income tax asset
4,508
13,451
Other assets
185,802
173,982
Total Assets
$ 4,788,386
$ 4,585,223
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net
$ 398,620
$ 397,846
Senior notes due 2030 - net
297,999
297,495
Total Debt - Homebuilding Operations
$ 696,619
$ 695,341
Notes payable bank - financial services operations
260,201
227,957
Total Debt
$ 956,820
$ 923,298
Accounts payable
215,817
228,909
Operating lease liabilities
54,867
58,960
Other liabilities
368,550
367,722
Total Liabilities
$ 1,596,054
$ 1,578,889
Shareholders' Equity
3,192,332
3,006,334
Total Liabilities and Shareholders' Equity
$ 4,788,386
$ 4,585,223
Book value per common share
$ 124.75
$ 112.29
Homebuilding debt to capital ratio (1)
18 %
19 %
(1)
The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders' equity.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
2026
2025
Cash provided by operating activities
$ 135,731
$ 64,887
Cash provided by (used in) investing activities
$ 5,118
$ (2,928)
Cash used in financing activities
$ (62,622)
$ (107,151)
Land/lot purchases
$ 79,240
$ 145,983
Land development spending
$ 104,363
$ 101,599
Land sale revenue
$ 10,866
$ 4,542
Land sale gross profit
$ 2,199
$ 786
Financial services pre-tax income
$ 14,097
$ 16,106
M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months Ended
March 31,
2026
2025
Net income
$ 67,832
$ 111,237
Add:
Provision for income taxes
21,338
34,884
Interest income - net
(5,840)
(8,041)
Interest amortized to cost of sales
6,694
6,901
Depreciation and amortization
5,254
4,777
Non-cash charges
4,185
4,200
Adjusted EBITDA
$ 99,463
$ 153,958
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
M/I Homes (MHO - Free Report) came out with quarterly earnings of $2.55 per share, missing the Zacks Consensus Estimate of $2.64 per share. This compares to earnings of $3.98 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -3.23%. A quarter ago, it was expected that this homebuilder would post earnings of $3.88 per share when it actually produced earnings of $3.91, delivering a surprise of +0.77%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
M/I Homes, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $920.71 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.96%. This compares to year-ago revenues of $976.09 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
M/I Homes shares have added about 0.7% since the beginning of the year versus the S&P 500's gain of 3.2%.
What's Next for M/I Homes?While M/I Homes has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for M/I Homes was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.86 on $1.24 billion in revenues for the coming quarter and $13.63 on $4.48 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Tri Pointe Homes , has yet to report results for the quarter ended March 2026.
This home builder is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of -57.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Tri Pointe Homes' revenues are expected to be $622.7 million, down 13.6% from the year-ago quarter.
M/I Homes, Inc. reported Q1 revenues of $921M, down 5.7% y/y, with gross margins declining 400bps to 22%. New contracts rose 3% and cancellation rates improved, but backlog units and average home prices continued to fall. Profitability remains pressured, with Q1 GAAP EPS at $2.55 versus $3.98 last year; backlog sales value dropped to $1.2B.
M/I Homes (NYSE:MHO) reported what management called a “very solid” first quarter, posting $921 million of revenue and $89.2 million of pre-tax income, while navigating a housing market shaped by affordability pressures, shifting consumer confidence, and higher mortgage-rate volatility.
On the company’s April 22 earnings call, CEO and President Robert H. Schottenstein said results were highlighted by a 10% pre-tax income return and 12% return on equity, even as demand remained “challenging and impacted by affordability, uneven consumer confidence, the conflict in the Middle East, and general uncertainty and volatility in the broader economy.”
First-quarter results and operating trends Schottenstein said new contracts increased 3% year over year to 2,350 homes, supported by sales momentum that carried from late 2025 into January and February. He noted winter storms affected multiple markets early in the quarter, but traffic and buyer activity improved as the spring selling season began. Conditions then “slightly shifted” late in February and into March, he said, as events in the Middle East contributed to higher mortgage rates, higher gas prices, and increased uncertainty.
During the quarter, M/I Homes delivered 1,914 homes, down 3% from a year earlier. Total revenue declined 6% to $921 million and pre-tax income fell 39% to $89.2 million. Schottenstein also highlighted a record $3.2 billion of shareholders’ equity and record book value per share of $125, up 11% from last year.
EVP and CFO Phillip G. Creek provided additional detail on the quarterly cadence: new contracts were up 11% in January, up 7% in February, and down 6% in March, with March 2025 described as the highest monthly contract total of last year. Creek said the cancellation rate was 8%.
Creek said 50% of first-quarter sales were to first-time buyers and 70% were inventory homes. The company’s average monthly sales pace was 3.4 homes per community, consistent with 2025. Schottenstein said buyers remained “high-quality” from a credit perspective, with average credit scores of 747 and average down payments of 15%.
Margins pressured by incentives and lot costs Creek said gross margin was 22% in the first quarter, down 390 basis points year over year, primarily due to higher homebuyer incentives and higher lot costs. SG&A expenses rose to 12.7% of revenue from 11.5% a year ago, with costs up 4% due mainly to higher selling expenses, a larger community count, and added headcount.
Earnings per diluted share were $2.55, down from $3.98 a year earlier. EBITDA was $99 million compared with $154 million in the prior-year period. The effective tax rate was 24%, unchanged from last year’s first quarter. Creek also reported net interest income of $3.1 million, with $9 million of interest incurred.
Schottenstein emphasized the role of incentives, saying mortgage rate buydowns continued to be “an important part of our sales strategy.” He said the company has worked to balance margins and sales pace at the community level, offering buydowns for both spec and to-be-built homes.
In response to a question about whether incentives increased during March’s volatility, Schottenstein described the company’s approach as “pretty consistent.” He said most buyers prefer a 30-year fixed-rate mortgage, and M/I Homes has generally led with a 4 7/8 rate on inventory homes deliverable within roughly 60 days, and “a rate in the very low fives” for to-be-built homes with a long-term rate lock, while noting there are exceptions across the company’s 200-plus communities.
Community count, regional mix, and land position M/I Homes ended the quarter with 230 communities, up from 226 a year ago. Creek said the company opened 22 new communities and closed 24 during the quarter, finishing with 91 communities in the northern region and 139 in the southern region.
Schottenstein said division income contributions in the quarter were led by Chicago, Columbus, Dallas, Orlando, and Raleigh. He added that new contracts in the northern region decreased 4% while southern-region contracts increased 8% year over year. Deliveries in the northern region fell 9% and represented just under 40% of total deliveries, while southern deliveries increased 1% and represented the remaining 60%.
On market-level trends, Schottenstein said margins over the past year have generally held up better in Midwest markets than in Florida, and he pointed to the west coast of Florida—“from Tampa, down through Sarasota”—as the most challenging area currently. Creek said the company believes its diversification across 17 markets and multiple price points has been beneficial, particularly as Florida and Texas have cooled from earlier strength.
Schottenstein outlined the company’s owned and controlled lot position, saying the company owns about 24,200 lots (slightly under a three-year supply) and controls roughly 25,800 lots via option contracts, for approximately 50,000 total lots, equating to “about a five-year supply.” Creek added that unsold land investment was $1.9 billion at quarter-end, including $844 million of raw land and land under development and $1 billion of finished unsold lots.
M/I Financial results and capture rate Derek Klutch, president of M/I Financial, said mortgage and title operations produced pre-tax income of $14.1 million, down 12% from $16.1 million in the prior-year quarter. Revenue decreased 1% to $31.2 million, which Klutch attributed to slightly lower margins on loans sold and a lower average loan amount, partially offset by an increase in originations.
Klutch said the average loan-to-value on first mortgages was 85%, up from 83% a year ago. He also noted a shift in product mix: 66% of loans closed were conventional and 34% were FHA or VA, compared to 57% and 43%, respectively, in last year’s first quarter. The average mortgage amount declined to $401,000 from $406,000, while loans originated rose 3% to 1,579 and the volume of loans sold increased 1%.
Klutch said the mortgage operation captured 96% of the company’s business in the quarter, up from 92% last year. Schottenstein later said M/I Homes’ capture rate is “the highest in the industry” and described the mortgage platform as a contributor to profitability, particularly amid widespread use of rate buydowns.
Balance sheet, inventory, and capital returns Management emphasized liquidity and leverage. Schottenstein said the company ended the quarter with zero borrowings under its $900 million unsecured revolving credit facility and more than $750 million in cash, producing a debt-to-capital ratio of 18% and a net debt-to-capital ratio of negative 2%. Creek put the cash balance at $767 million and said the company’s public debt matures in 2028 and 2030 and carries interest rates below 5%.
Creek said the company had 4,600 homes in the field at March 31, compared with 4,800 a year ago. Inventory at quarter-end included 740 completed inventory homes and 2,584 total inventory homes, with 999 in the northern region and 1,585 in the southern region.
On capital returns, Creek said the company repurchased $50 million of stock during the quarter and had $170 million remaining under its board authorization. He added that M/I Homes has repurchased 18% of its outstanding shares over the last four years. Asked whether repurchases could accelerate given cash generation, Schottenstein said the company discusses buybacks regularly with the board but added, “I don’t really see any change,” while acknowledging it is possible.
Looking ahead, Schottenstein said 2026 marks the company’s 50th year in business and reiterated confidence in its positioning, citing the balance sheet, land supply, geographic footprint, and product diversity. He added that while uncertainty has increased, he believes housing is “holding up pretty damn well” and said the company expects 2026 to be “one of our five or six best years” in its history.
About M/I Homes (NYSE:MHO) M/I Homes, Inc is a publicly traded residential homebuilder founded in 1976 and headquartered in Columbus, Ohio. The company designs, markets and constructs single-family homes and townhome communities across the United States, offering a range of floor plans with customizable design options. Its product portfolio includes starter homes, move-up homes and luxury models, as well as multi-family residences in urban and suburban infill locations.
In addition to its core homebuilding operations, M/I Homes provides mortgage, title and closing services through its in-house affiliate M/I Financial Services.
Read More Five stocks we like better than M/I Homes
MI Homes (MHO - Free Report) is a Zacks Rank #5 (Strong Sell) after missing the Zacks Consensus Estimate in each of the last five quaters. The stock has a Zacks Style Score for Value of B and an D for Growth. This company is highly impacted by interest rates and the dream of multiple interest rate cuts is turning into a nightmare. This article will look at why this stock is a Zacks Rank #5 (Strong Sell) as it is the Bear of the Day.
Description
M/I Homes, Inc. engages in the construction and development of residential properties. It operates through the following segments: Northern Homebuilding, Southern Homebuilding, and Financial Services. The Northern Homebuilding segment includes Chicago, Illinois, Cincinnati, Ohio, Columbus, Ohio, Indianapolis, Indiana, Minneapolis or St. Paul, Minnesota, and Detroit, Michigan. The Southern Homebuilding segment refers to Orlando, Florida, Sarasota, Florida, Tampa, Florida, Fort Myers or Naples, Florida, Austin, Texas, Dallas or Fort Worth, Texas, Houston, Texas, San Antonio, Texas, Charlotte, North Carolina, Raleigh, North Carolina, and Nashville, Tennessee. The Financial Services segment offers mortgage banking services to homebuyers. The company was founded by Irving E. Schottenstein and Melvin Schottenstein in 1976 and is headquartered in Columbus, OH.
Earnings History
When I look at a stock, the first thing I do is look to see if the company is beating the number. This tells me right away where the market’s expectations have been for the company and how management has communicated to the market. A stock that consistently beats has management communicating expectations to Wall Street that can be achieved. That is what you want to see.
In the case of MI Homes (MHO - Free Report) I see the company has missed the Zacks Consensus Estimate in each of the last four quarters. This alone does not make the stock a Zacks Rank #1 (Strong Buy) and it doesn’t make it a Zacks Rank #5 (Strong Sell) either.
The Zacks Rank does care about the earnings history, but it is much more heavily influenced by the movement of earnings estimates.
The most recent earnings report from MI Homes (MHO - Free Report) saw the company post $2.55 in EPS when the Zacks Consensus Estimate was calling for $2.64. That 9 cent miss translates to a -3.4% earnings surprise.
Earnings Estimate Revisions
The Zacks Rank tells us which stocks are seeing earnings estimates move higher or in this case lower. For MI Homes (MHO - Free Report) I see annual estimates for next year moving lower of late.
The current fiscal year consensus number has decreased from $13.10 to $12.60 over the last 30 days.
The next fiscal year has estimates that have also declined, moving from $17.05 to $15.55 over the last 30 days.
Negative movement in earnings estimates are the primary is why this stock is a Zacks Rank #5 (Strong Sell).
It should be noted that a lot of stocks in the Zacks universe are seeing negative earnings estimate revisions. That means that the stocks that are seeing small but negative earnings estimate revisions are falling to a Zacks Rank #5 (Strong Sell).
, /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) today announced that Eugene D. Smith, formerly Senior Vice President and Director of Athletics at The Ohio State University and currently President of Gene Smith Consulting, LLC, was elected to the Company's Board of Directors at its 2026 Annual Meeting of Shareholders held on May 13, 2026. Mr. Smith succeeds Norman L. Traeger, who retired from the Board at the Annual Meeting.
In making the announcement, M/I Homes Chairman and CEO Robert H. Schottenstein stated: "We are very pleased to have Gene join our Board. He is a highly respected and accomplished leader, and his experience leading large, complex organizations, strategic perspective and sound judgment will benefit our Board and our Company. We also want to thank Norm Traeger for his many years of dedicated service and significant contributions to M/I Homes."
As President of Gene Smith Consulting, LLC, Mr. Smith provides leadership training services, with a particular focus on assisting athletic conference commissioners, athletic directors and coaches in the collegiate environment. Prior to founding Gene Smith Consulting, LLC, Mr. Smith was Director of Athletics at The Ohio State University, Arizona State University, Iowa State University and Eastern Michigan University. Mr. Smith currently serves as a director of Under Armour, Inc. In addition, he serves on the boards of the Big Ten Network, Arizona Sports Foundation, National Football Foundation and National Coalition of Minority Football Coaches.
M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
Collaboration supports evaluation of land opportunities across M/I Homes' markets
, /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) has engaged Prophetic, a technology provider focused on land acquisition tools, to support aspects of its land evaluation processes across markets. The deployment unifies parcel discovery, regulatory and environmental analysis, competitive and market intelligence, yield estimates, and pipeline management in an AI-native system across M/I Homes' operations.
The decision addresses a challenge facing every national homebuilder: how to evaluate significantly more land opportunities to enable continued growth, while reaching confident decisions faster.
"At the end of the day, this is about how quickly we can turn data into a confident decision," said Ron Frissora, Chief Information Officer, M/I Homes. "Being able to evaluate more sites, eliminate dead ends earlier, and focus our teams on the right opportunities has a direct impact on how we grow."
"Housing demand continues to outpace supply, and the builders who can evaluate more land faster are the ones best positioned to bring new homes to market and fuel continued growth," said Oliver Alexander, Founder and CEO, Prophetic. "M/I Homes has made a decision that we believe reflects where the industry is going: a platform for land intelligence that every division, every market, and every leader can trust."
Why It Matters
The U.S. remains short an estimated 4.7 million homes, and land acquisition has become the gating constraint on bringing new supply to market. Manual diligence, pulling zoning codes, checking parcel records across multiple counties, and stitching together data from disconnected systems limits how many opportunities a team can realistically evaluate. For a national builder like M/I Homes, that constraint compounds across every division and every market.
The platform's ZoneAI™ capability interprets zoning regulations across U.S. municipalities with high accuracy, giving land teams a consistent understanding of what can be built, regardless of where they're evaluating.
Work that once took weeks now happens in minutes, enabling teams to evaluate more opportunities, move faster in their decision making, and win more of the ones that matter.
A Different Operating Model for Land Acquisition
The M/I Homes deployment addresses three challenges common across the industry, but exponentially harder at national scale.
The first is finding opportunities. Land teams historically rely on broker relationships, county GIS portals, and manual research to identify sites, a process that limits how many opportunities a homebuilder can evaluate. Prophetic's SearchAI™ lets teams search by intended development type, surfacing qualified parcels and off-market opportunities across entire markets in seconds.
The second is making confident decisions. Zoning research and feasibility analysis have traditionally taken days or weeks per site, with information scattered across multiple systems. Prophetic consolidates that work into a single environment where teams can interpret zoning with ZoneAI, generate preliminary site plans with SiteAI™, track development activity with DevMap™, and reach a defensible go/no-go decision without leaving the platform. Every value is verified and cites its source.
The third is building organizational intelligence that compounds. Prophetic's Land Relationship Manager (LRM™) centralizes deal tracking, analysis, and team collaboration, including an executive dashboard with AI-enabled insights for rapid corporate decision-making, an intelligence layer that grows more valuable with every parcel evaluated and every decision made.
About M/I Homes
M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
About Prophetic
Prophetic is the AI-native platform for land acquisition. Built from the ground up for homebuilders, developers, brokers, and investors, Prophetic unifies the entire land acquisition workflow in one system, from parcel discovery and off-market landowner outreach to zoning analysis, automated site planning, regulatory and environmental review, competitive and market intelligence, yield estimates, and pipeline management. What used to require multiple tools, multiple teams, and multiple weeks now happens in one platform in minutes. For more information, visit propheticsoftware.ai.
Media Contacts:
Prophetic: Mike Lizun, Signal+Co • [email protected] • 215-808-0578
M/I Homes: Will Duderstadt • [email protected] • 614-418-8053
Investors in M/I Homes, Inc. (MHO - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the July 17, 2026 $85.00 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for M/I Homes shares, but what is the fundamental picture for the company? Currently, M/I Homes is a Zacks Rank #4 (Sell) in the Building Products - Home Builders industry that ranks in the Bottom 14% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $3.43 per share to $3.17 in that period.
Given the way analysts feel about M/I Homes right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
M/I Homes (MHO - Free Report) closed at $135.93 in the latest trading session, marking a -1.81% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 0.74%. Meanwhile, the Dow experienced a drop of 1.21%, and the technology-dominated Nasdaq saw a decrease of 0.89%.
Prior to today's trading, shares of the homebuilder had gained 7.74% outpaced the Construction sector's loss of 1.64% and the S&P 500's gain of 5.39%.
Analysts and investors alike will be keeping a close eye on the performance of M/I Homes in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $3.17, reflecting a 28.28% decrease from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.18 billion, up 1.84% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $12.6 per share and a revenue of $4.37 billion, representing changes of -14.52% and -0.98%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for M/I Homes. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. M/I Homes is holding a Zacks Rank of #4 (Sell) right now.
In terms of valuation, M/I Homes is currently trading at a Forward P/E ratio of 10.99. For comparison, its industry has an average Forward P/E of 13.99, which means M/I Homes is trading at a discount to the group.
The Building Products - Home Builders industry is part of the Construction sector. This industry, currently bearing a Zacks Industry Rank of 212, finds itself in the bottom 14% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
The housing market remains a focal point for investors as supply shortages clash with high borrowing costs. Deciding between M/I Homes (MHO +0.49%) and Champion Homes (SKY 1.00%) requires looking at two different building models.
M/I Homes focuses on traditional single-family residential construction across several major U.S. regions. Champion Homes takes a different approach by specializing in factory-built housing, including manufactured and modular units. Both companies serve the urgent need for residential supply, yet they operate with distinct cost structures and growth trajectories.
The case for M/I HomesM/I Homes builds single-family homes across 17 markets in the United States. It manages the entire process from construction to title and closing services. The company currently offers homes in 232 communities and targets a mix of first-time and move-up buyers looking for reliability.
In FY 2025, revenue reached nearly $4.4 billion, which represented a decrease of approximately 1.9% compared to the prior year. Net income for the fiscal year was roughly $402.9 million. This resulted in a net margin of approximately 9.1% for the period even as the company navigated higher material costs.
As of its December 2025 balance sheet, the company maintained a current ratio of nearly 24.2x, which measures its ability to cover short-term liabilities with liquid assets. The debt-to-equity ratio was approximately 0.3x, indicating that total debt is low relative to shareholder equity. Free cash flow for the year reached close to $120.7 million, providing capital to navigate the consumer discretionary stocks landscape.
The case for Champion HomesChampion Homes specializes in factory-built housing, producing everything from manufactured and modular homes to accessory dwelling units. The company operates 46 manufacturing facilities and dozens of retail locations across the U.S. and western Canada. This factory-controlled environment allows for higher production efficiency compared to traditional building methods.
During FY 2025, revenue grew by roughly 7.3% to reach approximately $2.7 billion. Net income for the year was nearly $214.2 million, showing consistent profitability across its retail and manufacturing segments. The company achieved a net margin of approximately 8.0% during this fiscal period as demand for affordable housing grew.
The debt-to-equity ratio for the company was approximately 0.1x as of the March 2026 balance sheet. This suggests a very conservative use of debt, which is defined as total debt divided by shareholder equity. Free cash flow for FY 2025 was nearly $269.7 million, demonstrating a strong ability to generate cash after paying for capital expenditures.
Risk profile comparisonM/I Homes faces pressure from the cyclical housing market and high interest rates. In 2025, the company recorded roughly $35.9 million in inventory impairments, which occur when the market value of land falls below its cost. It also deals with potential construction defect claims and regulatory delays in local municipalities.
Champion Homes navigates volatile raw material costs for lumber and steel. The company also carries significant contingent liabilities for wholesale financing provided to independent retailers. It competes in a highly concentrated industry against large players like Berkshire Hathaway and Cavco Industries.
Valuation comparisonM/I Homes appears to be the more value-oriented choice based on its lower earnings and sales multiples compared to its peer.
You can evaluate this by looking at the Forward P/E, which compares the stock price to future earnings estimates. Another useful metric is the P/S ratio, which measures the market value against total revenue.
MetricM/I HomesChampion HomesSector BenchmarkForward P/E10.4x22.0x29.5xP/S ratio0.8x1.5xn/aSector benchmark uses the SPDR XLY sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
The housing shortage throughout the U.S. means homebuilders remain in high demand, although growth potential depends heavily on mortgage rates and other economic factors. So, when comparing M/I Homes and Champion Homes, which one offers the better opportunity?
Champion and M/I serve different segments of the housing market. Champion focuses on manufactured, factory-built housing and accessory structures, providing a lower-cost option for consumers. This is especially important during periods of economic uncertainty and in high-interest-rate environments. It has retained a strong market share and substantial cash reserves to help it weather downturns in the homebuilding industry.
M/I Homes is a traditional site-built homebuilder. Although it has a history of strong performance, high interest rates may be affecting demand. But the company still has a backlog, strong free cash flow, and a low debt-to-equity ratio, indicating that it is financially disciplined.
So, which housing trend will dominate in the long term? Investors choosing between these two established homebuilders must consider that factor, along with the companies' financial metrics. But my preferred choice for 2026 is Champion, due to its emphasis on affordability and its stronger cash position.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announces the following Webcast:
What:
M/I Homes, Inc. Announces Second Quarter Webcast
When:
July 29, 2026 @ 10:30AM Eastern Time
Where:
http://www.mihomes.com
How:
Live over the Internet -- Simply log on to the web at the address above
Contact:
Ann Marie Hunker, Vice President, Chief Accounting Officer, Controller of M/I Homes, Inc.,
[email protected], or 614-418-8225
Mark Kirkendall, Vice President, Treasurer of M/I Homes, Inc.,
[email protected], or 614-418-8021
If you are unable to participate during the live webcast, the call will be archived on the Web site http://www.mihomes.com
The company is expected to report second quarter earnings before the market opens on Wednesday, July 29, 2026.
M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Ft. Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
M/I Homes (MHO - Free Report) closed the most recent trading day at $137.40, moving -2.4% from the previous trading session. This change lagged the S&P 500's 1.62% loss on the day. Elsewhere, the Dow lost 1.87%, while the tech-heavy Nasdaq lost 1.98%.
The stock of homebuilder has risen by 9.99% in the past month, leading the Construction sector's loss of 1.1% and the S&P 500's loss of 0.03%.
The investment community will be paying close attention to the earnings performance of M/I Homes in its upcoming release. The company is forecasted to report an EPS of $3.17, showcasing a 28.28% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $1.18 billion, up 1.84% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $12.6 per share and a revenue of $4.37 billion, representing changes of -14.52% and -0.98%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for M/I Homes. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. M/I Homes currently has a Zacks Rank of #5 (Strong Sell).
In terms of valuation, M/I Homes is presently being traded at a Forward P/E ratio of 11.17. This denotes a discount relative to the industry average Forward P/E of 14.39.
The Building Products - Home Builders industry is part of the Construction sector. This group has a Zacks Industry Rank of 227, putting it in the bottom 7% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
