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M/I Homes, Inc. and subsidiaries is one of the nation s leading builders of single-family homes. The Company commenced homebuilding activities in 1976 marking 2026 as our 50th year in business.
11.47% operating margin is respectable but not wide. ROIC at 12.32%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 1.9% YoY. Margins deteriorated 4.2pp alongside, both lines moving the wrong way.
Free cash flow declined 25% versus the prior year, cash generation momentum has weakened. ROIC dropped from 19.26% to 12.32%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$4.36B
▼ -1.9% YoY
Net Income (TTM)
$360M
▼ -28.5% YoY
Op. Margin
10.35%
▼ -4.2pp YoY
ROIC
10.67%
▼ -6.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$200M
▼ -25.4% YoY
Op. Cash Flow (TTM)
$208M
▼ -23.6% YoY
Net Debt
-$713M
Net Cash Position
Cash & Equiv.
$767M
5Y CAGR: +7.7%
5Y CAGR: -4.0%
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