Stocks MHO Financial statements
Financial statementsM/I HOMES, INC. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data M/I HOMES, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,691 | 1,962 | 2,286 | 2,500 | 3,046 | 3,746 | 4,131 | 4,034 | 4,505 | 4,418 |
| Cost of revenue | 1,561 | 1,837 | 2,006 | 2,361 | 2,837 | 3,088 | 3,015 | 3,306 | 3,401 | |
| Gross profit | 401 | 450 | 494 | 685 | 909 | 1,044 | 1,019 | 1,199 | 1,017 | |
| General and administrative | 112 | 126 | 138 | 148 | 178 | 192 | 215 | 223 | 258 | 263 |
| Operating income | 109 | 139 | 163 | 187 | 319 | 518 | 637 | 587 | 706 | 507 |
| Interest expense | 17.6 | 18.9 | 20.5 | 21.4 | 9.68 | 2.16 | 2.25 | -20 | ||
| Pre-tax income | 91.8 | 120 | 141 | 166 | 310 | 509 | 635 | 607 | 734 | 527 |
| Income tax | 35.2 | 48.2 | 33.6 | 38.4 | 70.2 | 112 | 145 | 142 | 170 | 124 |
| Net income | 56.6 | 72.1 | 108 | 128 | 240 | 397 | 491 | 465 | 564 | 403 |
| EBITDA | 122 | 153 | 178 | 203 | 337 | 535 | 655 | 603 | 723 | 525 |
| EPS, basic | 2.10 | 2.57 | 3.81 | 4.58 | 8.38 | 13.64 | 17.60 | 16.76 | 20.29 | 15.07 |
| EPS, diluted | 1.84 | 2.26 | 3.70 | 4.48 | 8.23 | 13.28 | 17.24 | 16.21 | 19.71 | 14.74 |
| Shares, basic (weighted) | 24.7 | 25.8 | 28.2 | 27.8 | 28.6 | 29.1 | 27.9 | 27.8 | 27.8 | 26.7 |
| Shares, diluted (weighted) | 30.1 | 30.7 | 29.2 | 28.5 | 29.2 | 29.9 | 28.5 | 28.7 | 28.6 | 27.3 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 34.4 | 152 | 21.5 | 6.08 | 261 | 236 | 312 | 733 | 822 | 689 |
| Property, plant and equipment | 22.3 | 26.8 | 29.4 | 22.1 | 26.6 | 37.6 | 37.4 | 34.9 | 34.5 | 34.3 |
| Lease right-of-use assets | 0 | 18.4 | 52.3 | 51 | 60.4 | 56.4 | 53.9 | 55 | ||
| Goodwill | 0 | 16.4 | 16.4 | 16.4 | 16.4 | 16.4 | 16.4 | 16.4 | 16.4 | |
| Total assets | 1,549 | 1,865 | 2,022 | 2,106 | 2,643 | 3,240 | 3,715 | 4,022 | 4,550 | 4,777 |
| Total liabilities | 894 | 1,117 | 1,166 | 1,102 | 1,384 | 1,616 | 1,644 | 1,506 | 1,610 | 1,611 |
| Paid-in capital | 247 | 306 | 331 | 333 | 339 | 347 | 353 | 350 | 349 | 344 |
| Retained earnings | 407 | 473 | 581 | 709 | 948 | 1,345 | 1,836 | 2,301 | 2,865 | 3,268 |
| Treasury stock | -48 | -32.8 | -56.5 | -38.3 | -29.1 | -68.9 | -118 | -135 | -274 | -446 |
| Shareholders' equity | 654 | 747 | 855 | 1,003 | 1,259 | 1,624 | 2,071 | 2,517 | 2,940 | 3,166 |
| Total equity | 654 | 747 | 855 | 1,003 | 1,259 | 1,624 | 2,071 | 2,517 | 2,940 | 3,166 |
| Total liabilities and equity | 1,549 | 1,865 | 2,022 | 2,106 | 2,643 | 3,240 | 3,715 | 4,022 | 4,550 | 4,777 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 56.6 | 72.1 | 108 | 128 | 240 | 397 | 491 | 465 | 564 | 403 |
| Depreciation and amortization | 13.6 | 14.2 | 14.5 | 16 | 17.6 | 16.9 | 17.2 | 15.8 | 17.4 | 18.9 |
| Stock-based compensation | 5.32 | 6.04 | 5.97 | 5.85 | 7.14 | 8.56 | 8.79 | 11.4 | 14.6 | 17 |
| Deferred income tax | 31.3 | 12.4 | 4.96 | 3.85 | 3.45 | -4.07 | -7.77 | 2.71 | 1.86 | 8.94 |
| Change in inventory | -83.8 | -169 | -158 | -88.4 | -135 | -508 | -349 | 46.7 | -298 | -313 |
| Change in payables | 16.3 | 14 | 3.75 | -6.49 | 60.6 | 58.8 | -15.9 | -23.9 | -6.1 | -17.4 |
| Cash from operations | 34.2 | -53.2 | -2.59 | 65.6 | 168 | -16.8 | 184 | 552 | 180 | 137 |
| Capital expenditures | -13.1 | -8.8 | -8.14 | -4.53 | -11.7 | -25.3 | -9.33 | -5.77 | -8.42 | -9.61 |
| Acquisitions | 0 | -101 | 0 | 0 | ||||||
| Cash from investing | -31.6 | -9.16 | -134 | -27.6 | -33.9 | -51.7 | -27.4 | -18.6 | -54.9 | -59.7 |
| Debt issued | 250 | 0 | 400 | 300 | 0 | 0 | ||||
| Debt repaid | 0 | -300 | -250 | 0 | 0 | |||||
| Stock issued | 0.27 | 57.5 | 20.3 | 19.6 | 9.91 | 11.2 | 1.37 | 33.8 | 21.3 | 8.35 |
| Share buybacks | 0 | 0 | -25.7 | -5.15 | -1.91 | -51.5 | -55.3 | -65.3 | -177 | -202 |
| Dividends paid | 4.88 | -3.66 | 0 | 0 | ||||||
| Cash from financing | 18.8 | 180 | 6.38 | -53.5 | 120 | 44.1 | -81.5 | -112 | -36.1 | -210 |
| Net change in cash | 21.3 | 117 | -130 | -15.4 | 255 | -24.4 | 75.2 | 421 | 88.8 | -132 |
| Free cash flow | 21.1 | -62 | -10.7 | 61.1 | 157 | -42.1 | 175 | 546 | 171 | 128 |
| Interest paid | 6.6 | 10.2 | 17.8 | 19 | 7.81 | 1.96 | 1.89 | 1.48 | 0.64 | 0.82 |
| Income taxes paid | 2.27 | 36.8 | 25.3 | 37 | 63.7 | 110 | 155 | 151 | 160 | 131 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 21.5% | Gross profit / revenue. |
| Operating margin | 9.3% | Operating income / revenue. |
| EBITDA margin | 9.7% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 9.7% | Pre-tax income / revenue. |
| Net margin | 7.4% | Net income / revenue. |
| FCF margin | 4.6% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 4.9% | Cash from operations / revenue. |
| Effective tax rate | 23.4% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 9.8% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 6.5% | Net income / average total assets. |
| Return on invested capital (ROIC) | 12.2% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| Stock-based pay / revenue | 0.4% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.3% | Capital expenditures / revenue. |
| D&A / revenue | 0.4% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -1.9% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 2.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 7.7% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -15.2% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -0.9% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 8.2% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -28.3% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -7.4% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 9.7% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -27.4% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | -7.1% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 9.3% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -28.5% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -6.4% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 10.9% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -25.2% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -5.1% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 12.4% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -23.6% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -9.3% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -4.0% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -25.4% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -9.9% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -4.0% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 7.7% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 15.2% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 20.3% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 5.0% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 8.7% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 12.6% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -4.4% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -1.3% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -1.3% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 33.5% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 0.3% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $3.21B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.88x | Revenue / average total assets. |
| Fixed asset turnover | 124x | Revenue / average property, plant and equipment. |
| FCF conversion | 61.8% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 5.4% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $12.12 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $162.76 | Revenue / diluted weighted shares. |
| FCF per share | $7.49 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $7.91 | Cash from operations / diluted weighted shares. |
| Book value per share | $123.22 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $122.59 | Tangible book value / shares outstanding. |
| Cash per share | $28.10 | (Cash + short-term investments) / shares outstanding. |
| Buybacks / FCF | 103.0% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $3.51B | Share price x shares outstanding. |
| Enterprise value | $2.77B | Market cap + total debt - cash - short-term investments. |
| P/E | 11.1x | Market cap / net income. Only when net income is positive. |
| P/S | 0.82x | Market cap / revenue. |
| P/B | 1.09x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.09x | Market cap / tangible book value, when positive. |
| P/FCF | 17.9x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 16.9x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.65x | Enterprise value / revenue. |
| EV/EBIT | 6.98x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 6.70x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 14.1x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 5.6% | Free cash flow / market cap. |
| Earnings yield | 9.0% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 5.8% | (Dividends paid + share buybacks) / market cap. |
What was M/I HOMES, INC.'s revenue in fiscal 2025?
M/I HOMES, INC. reported revenue of $4.42B for fiscal 2025, 1.9% lower than the year before.
Was M/I HOMES, INC. profitable in fiscal 2025?
Yes. Net income was $402.9M, a net margin of 9.1%.
How much free cash flow did M/I HOMES, INC. generate in fiscal 2025?
Cash from operations of $137.3M minus capital expenditures of $9.6M left free cash flow of $127.7M.