M/I Homes
Builds single-family homes and townhomes with in-house mortgage and title services.
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Profile
Builds and sells single-family homes and attached townhomes for first-time, move-up, empty-nester, and luxury buyers across Midwestern and Sun Belt markets. Home sales generate nearly all revenue, while mortgage origination, loan sales, title insurance, and closing services extend the purchase process.
Designs, markets, builds, and sells single-family detached homes and attached townhomes for first-time, move-up, empty-nester, and luxury buyers. Northern and Southern homebuilding divisions operate across the Midwest and Sun Belt, primarily in planned and mixed-use communities. Local teams select land and tailor product and sales plans, while centralized functions approve acquisitions and allocate capital.
Extends the home sale through mortgage origination by M/I Financial and title and closing services from wholly owned agencies; mortgages and servicing rights are generally sold to outside lenders. Execution centers on standardized designs, subcontractor coordination, inventory control, and buyer financing. Demand depends on mortgage availability and affordability, while zoning, building, environmental, and consumer-finance rules shape development and closing timelines.
Company facts
Key statistics
Year to date +18.4% · Average volume (30d) 207.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | New Street | Target | $172 | |||
| Jul 7, 2026 | Zelman | Downgrade | Outperform | Neutral | ||
| Jul 7, 2026 | Zelman & Assoc | Downgrade | Outperform | Neutral | ||
| Apr 7, 2026 | Seaport Global | Downgrade | Buy | Neutral | ||
| Jan 30, 2026 | Oppenheimer | Target | $165 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $3.13 | $3.14 | +0.3% | $1.05B | $1.06B | +1.5% | +1.54% |
| Apr 22, 2026Q1 FY26 | $2.64 | $2.55 | −3.4% | $921.7M | $920.7M | −0.1% | +0.77% |
| Jan 28, 2026Q4 FY25 | $3.88 | $3.91 | +0.8% | $1.11B | $1.15B | +3.3% | +3.03% |
| Oct 22, 2025Q3 FY25 | $4.36 | $4.14 | −5.0% | $1.16B | $1.13B | −2.1% | +0.39% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $973.4M | $1.16B | $1.13B | $1.15B | $920.7M | $1.06B | |
| Gross profit | $250.1M | $286.6M | $272.7M | $207.7M | $202.6M | $235.5M | |
| Operating income | $138.2M | $155.7M | $138.0M | $74.6M | $86.1M | $101.3M | |
| Net income | $111.2M | $121.2M | $106.5M | $64.0M | $67.8M | $79.1M | |
| Diluted EPS | $3.98 | $4.42 | $3.92 | $2.39 | $2.55 | $3.02 | |
| Gross margin | 25.7% | 24.7% | 24.1% | 18.1% | 22.0% | 22.1% | |
| Operating margin | 14.2% | 13.4% | 12.2% | 6.5% | 9.3% | 9.5% |
Fiscal years (4-quarter sums)FY21 $3.75B · FY22 $4.13B · FY23 $4.03B · FY24 $4.50B · FY25 $4.42B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $735.9M · Total debt $1.00B · Total assets $4.86B · Shareholders' equity $3.23B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 25.28M · Float 24.72M · 97.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.79M | 18.94% | 13F | Aug 7, 2026 |
| Donald Smith & Co., Inc. | 1.39M | 5.50% | 13F | Aug 11, 2026 |
| State Street Corporation | 1.33M | 5.20% | 13G | Aug 7, 2026 |
| FMR LLC | 1.23M | 4.87% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 1.11M | 4.37% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 4, 2026 | Phillip G. Creek | director, officer: Ex. Vice President and CFO | −20,000 | $149.56 |
| Aug 5, 2026 | Phillip G. Creek | director, officer: Ex. Vice President and CFO | −10,000 | $151.28 |
| Aug 3, 2026 | Phillip G. Creek | director, officer: Ex. Vice President and CFO | −10,000 | $148.00 |
| Jul 31, 2026 | Phillip G. Creek | director, officer: Ex. Vice President and CFO | −10,000 | $150.00 |
| May 21, 2026 | Nancy J. Kramer | director | −1,822 | $125.56 |
Peers
- D.R. Horton
Broad public overlap in production homebuilding and buyer financing
- Lennar
National builder overlap in homes, buyer segments, and finance
- PulteGroup
Broad builder overlap in Sun Belt, Midwest, and active-adult buyers
- NVR
Midwest/Southeast homebuilding overlap with captive mortgage
- Meritage Homes
Focused Sun Belt affordable-home peer with attached services
- Toll Brothers
Luxury builder overlapping in upmarket homes and financing
- KB Home
Southern-market builder overlapping in first-time and move-up homes
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| M/I Homes | $151.40 | −0.01% | $3.83B | 12.7 | 11.3 | 0.9 | −8.5% |
| D.R. Horton | $147.39 | 0.00% | $41.23B | 14.1 | 13.1 | 1.2 | +0.0% |
| Lennar | $86.50 | +0.19% | $21.44B | 13.5 | 15.2 | 0.7 | −5.0% |
| PulteGroup | $128.55 | +0.02% | $24.81B | 13.2 | 12.0 | 1.5 | −9.6% |
| NVR | $6,396.27 | −0.21% | $17.27B | 16.6 | 16.6 | 1.8 | −10.6% |
| Meritage Homes | $71.02 | −0.14% | $4.74B | 14.9 | 12.9 | 0.9 | −14.3% |
| Toll Brothers | $146.22 | +0.02% | $13.67B | 11.7 | 10.6 | 1.3 | −9.7% |
| KB Home | $54.96 | +0.18% | $3.36B | 13.3 | 13.6 | 0.6 | −27.3% |
| Median | 13.5 | 13.1 | 1.2 | −9.7% |