MHONYSEOperative BuildersUS GAAP · USD

M/I Homes, Inc

M/I Homes, Inc. builds and sells single-family homes across a set of Midwest and Sun Belt markets in the United States. The company also runs a financial services arm that provides mortgage origination, title insurance, and closing services to its homebuyers, creating a bundled home purchase experience.

Ask about the company
Revenue4,418m USD
−1.9 %y/y
Operating profit (EBIT)507m USD
−28.3 %y/y
EBIT margin11.5%
−4.2 ppy/y
Net income403m USD
−28.5 %y/y
Free cash flow128m USD
−25.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,0005,000m USD2020: 3,046 m USD2020: EBIT 319 m USD20202021: 3,746 m USD2021: EBIT 518 m USD20212022: 4,131 m USD2022: EBIT 637 m USD20222023: 4,034 m USD2023: EBIT 587 m USD20232024: 4,505 m USD2024: EBIT 706 m USD20242025: 4,418 m USD2025: EBIT 507 m USD20254,418507
RevenueOperating profit (EBIT)

Business

Share of revenue
Homebuilding97 %

Designs, develops, constructs, and sells single-family homes in company markets.

Financial Services3 %

Provides mortgage origination, mortgage sales, and title/closing services to homebuyers.

Products

Reported · share of revenue
96.8%FY2025100 %
  • Construction96.8 %
  • Financial Service2.8 %
  • Land0.4 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The core customers are individual homebuyers, especially first-time buyers, move-up buyers, and empty-nesters seeking new single-family homes. The company sells directly to consumers and also relies on real estate referrals and online lead generation, while its mortgage and title services are designed to simplify the purchase process for those buyers.

First-time homebuyers

Buy entry-level new homes and financing support to reduce the complexity of purchasing a first home.

Move-up buyers

Buy larger or upgraded homes in growing suburban communities where M/I has active land positions.

Empty-nester buyers

Buy smaller, lower-maintenance homes and value community locations and design options.

Mortgage and title customers

Homebuyers who use M/I Financial and title subsidiaries for one-stop financing and closing.

Strategy

Management is focused on disciplined land spending, inventory control, and opening communities that fit long-term growth objectives. The company also emphasizes incentives to support sales, overhead efficiency, and a strong balance sheet so it can stay flexible through housing-cycle volatility.

Manage land spend and inventory levelsShort term

Controls capital intensity and reduces exposure to housing-cycle downturns.

Open new communities in target marketsMedium term

Expands future home delivery capacity and supports long-term growth.

Maintain strong balance sheet and low leverageShort term

Provides resilience when mortgage rates, affordability, or demand weaken.

Geography

M/I Homes operates entirely in the United States, with homebuilding divisions concentrated in the Midwest, Florida, the Carolinas, Texas, and Tennessee. The Northern region includes Ohio, Indiana, Illinois, Minnesota, and Michigan, while the Southern region spans Florida, North Carolina, Texas, and Nashville, making the business highly tied to regional housing demand, land availability, and local labor conditions.

Risks

The business is exposed to cyclical housing demand, mortgage-rate sensitivity, and affordability pressure, which can quickly affect orders, cancellations, and pricing. It also faces execution risks around land acquisition, labor and supply costs, cybersecurity, and the performance of its mortgage and title operations, all of which can affect margins and customer experience.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cyclical homebuilding demand1Mortgage rate and financing availability2Labor, supply chain, and input cost inflation3Dependence on local market conditions4Cybersecurity and data protection5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cyclical homebuilding demandImpact: HighLikelihood: High

    New-home sales depend on consumer confidence, employment, and housing affordability.

    ExposureOrdersPricingClosings across all markets
  2. Mortgage rate and financing availabilityImpact: HighLikelihood: High

    Higher rates reduce buyer affordability and can slow conversion from contracts to closings.

    Exposure: First-time and move-up buyers are especially rate-sensitive

  3. Labor, supply chain, and input cost inflationImpact: MediumLikelihood: High

    Construction costs can rise faster than selling prices, pressuring gross margins.

    Exposure: Homebuilding operations and community delivery schedules

  4. Dependence on local market conditionsImpact: MediumLikelihood: High

    Regional housing demand, land availability, and labor markets vary by city and state.

    Exposure: Northern and Southern region performance

  5. Cybersecurity and data protectionImpact: MediumLikelihood: Low

    The company handles customer, mortgage, and title data through digital systems and third parties.

    ExposureJourney appMortgage originationTitle servicesInternal systems

Accounting

Judgemental items
Revenue recognition at home closing

Revenue and profit are recognized when the sale closes, so timing depends on delivery schedules and buyer financing.

Impact: Quarterly revenue and gross margin can shift with closings and backlog conversion

Inventory and land impairment

Homebuilders must test land and construction inventory for recoverability when market conditions weaken.

Impact: Can create write-downs if expected selling prices or absorption rates decline

Warranty and self-insurance reserves

The company estimates future repair and warranty costs on delivered homes.

Impact: Affects selling, general and administrative expense and operating margin

Mortgage and title service estimates

Financial services revenue depends on loan origination, sale gains, and service fee recognition.

Impact: Can add volatility to the smaller financial services segment

Similar listed companies

Publicly listed companies with a comparable business focus.

PulteGroup, Inc

PHM · Operative Builders

LGI Homes, Inc.

LGIH · Operative Builders

Lennar Corporation

LEN · General Bldg Contractors - Residential Bldgs

Smith Douglas Homes Corp.

SDHC · Operative Builders

Dream Finders Homes, Inc.

DFH · Operative Builders

UMH Properties, Inc

UMH · Real Estate Investment Trusts

Last updated: 24/09/2026