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.

Kysy yhtiöstä
Liikevaihto4 418milj. USD
−1,9 %v/v
Liikevoitto (EBIT)507milj. USD
−28,3 %v/v
EBIT-marginaali11,5%
−4,2 %-yks.v/v
Nettotulos403milj. USD
−28,5 %v/v
Vapaa kassavirta128milj. USD
−25,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

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

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
96,8%FY2025100 %
  • Construction96,8 %
  • Financial Service2,8 %
  • Land0,4 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

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.

Strategia

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 levelsLyhyt aikaväli

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

Open new communities in target marketsKeskipitkä aikaväli

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

Maintain strong balance sheet and low leverageLyhyt aikaväli

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

Maantiede

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.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Cyclical homebuilding demand1Mortgage rate and financing availability2Labor, supply chain, and input cost inflation3Dependence on local market conditions4Cybersecurity and data protection5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Cyclical homebuilding demandVaikutus: KorkeaTodennäköisyys: Korkea

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

    KohdistuuOrdersPricingClosings across all markets
  2. Mortgage rate and financing availabilityVaikutus: KorkeaTodennäköisyys: Korkea

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

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

  3. Labor, supply chain, and input cost inflationVaikutus: KeskitasoTodennäköisyys: Korkea

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

    Kohdistuu: Homebuilding operations and community delivery schedules

  4. Dependence on local market conditionsVaikutus: KeskitasoTodennäköisyys: Korkea

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

    Kohdistuu: Northern and Southern region performance

  5. Cybersecurity and data protectionVaikutus: KeskitasoTodennäköisyys: Matala

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

    KohdistuuJourney appMortgage originationTitle servicesInternal systems

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition at home closing

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

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: Can add volatility to the smaller financial services segment

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026