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Residential construction · Consumer Cyclical · Fiscal year ends Dec 31
M/I Homes reported revenue of $4.4B in the fiscal year ended Dec 2025, down 1.9% from the year before. Operating income was $507M, an operating margin of 11.5%, and net income was $403M. Operating cash flow of $137M less capital expenditure of $10M left free cash flow of $128M.
Ranks among the 13 residential construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,746 | 4,131 | 4,034 | 4,505 | 4,418 |
| Cost of revenue | 2,837 | 3,088 | 3,015 | 3,306 | 3,401 |
| Gross profit | 909 | 1,044 | 1,019 | 1,199 | 1,017 |
| Selling, general & admin | 391 | 406 | 432 | 493 | 511 |
| Operating income | 518 | 637 | 587 | 706 | 507 |
| Interest expense | 2.2 | 2.3 | −20.0 | – | – |
| Income tax | 112 | 145 | 142 | 170 | 124 |
| Net income | 397 | 491 | 465 | 564 | 403 |
| Diluted EPS | 13.28 | 17.24 | 16.21 | 19.71 | 14.74 |
| Diluted shares | 29.9 | 28.5 | 28.7 | 28.6 | 27.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 236 | 312 | 733 | 822 | 689 |
| Net PP&E | 37.6 | 37.4 | 34.9 | 34.5 | 34.3 |
| Goodwill | 16.4 | 16.4 | 16.4 | 16.4 | 16.4 |
| Total assets | 3,240 | 3,715 | 4,022 | 4,550 | 4,777 |
| Total liabilities | 1,616 | 1,644 | 1,506 | 1,610 | 1,611 |
| Shareholders' equity | 1,624 | 2,071 | 2,517 | 2,940 | 3,166 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −16.8 | 184 | 552 | 180 | 137 |
| Capital expenditure | 25.3 | 9.3 | 5.8 | 8.4 | 9.6 |
| Free cash flow | −42.1 | 175 | 546 | 171 | 128 |
| Depreciation & amortisation | 16.9 | 17.2 | 15.8 | 17.4 | 18.9 |
| Stock-based compensation | 8.6 | 8.8 | 11.4 | 14.6 | 17.0 |
| Share buybacks | 51.5 | 55.3 | 65.3 | 177 | 202 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.3% | −2.4% | 11.7% | −1.9% |
| Operating income growth (YoY) | – | 23.0% | −7.9% | 20.2% | −28.3% |
| EPS growth (YoY) | – | 29.8% | −6.0% | 21.6% | −25.2% |
| Gross margin | 24.3% | 25.3% | 25.3% | 26.6% | 23.0% |
| Operating margin | 13.8% | 15.4% | 14.6% | 15.7% | 11.5% |
| Net margin | 10.6% | 11.9% | 11.5% | 12.5% | 9.1% |
| Return on equityBlank when equity is negative | 24.4% | 23.7% | 18.5% | 19.2% | 12.7% |
| Free cash flow margin | −1.1% | 4.2% | 13.5% | 3.8% | 2.9% |
| Cash conversion (CFO ÷ net income) | −0.04x | 0.38x | 1.19x | 0.32x | 0.34x |
| Interest cover | 240x | 283x | −29.3x | – | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.