| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 86 | 11.7x | 17.8x | Top tier | |
Growth | 11 | -5.0% | 7.1% | Bottom tier | |
Quality | 40 | 7.2% | 4.5% | Around median | |
Safety | 81 | 0.6x | 2.6x | Top tier | |
Capital Return | 79 | — | 2.12% | Top tier | |
Momentum | 55 | 2.5% | 2.9% | Around median | |
Sentiment | 22 | 2 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
M/I Homes, Inc. builds and sells homes across 17 markets, benefiting from a portfolio that combines Smart Series, primarily aimed at first-time homebuyers, with higher-priced homes for move-up buyers. The company relies on residential communities in selected locations and uses mortgage rate buydowns as a key sales incentive, while also generating supplementary income from mortgage and title operations; its mortgage subsidiary captured 96% of financing business in Q2 FY2026.
In Q2 FY2026, revenue reached $1.1 billion, down 9% year over year, with 2.21 thousand homes delivered, down 6%, due to a decline in both the number of homes delivered and the average selling price. Net income was $79.1 million and diluted earnings per share were $3.02, while pre-tax income was $105 million, down 35%, and equaled 10% of revenue. Gross profit according to EDGAR data was approximately $235.5 million, while the company reported a gross margin of 22.1%, including $4 million in inventory charges, or 22.5% excluding them.
In Q2 FY2026, 60% of deliveries came from the Southern region and 40% from the Northern region, while Smart Series represented 43% of sales versus 52% a year ago, reflecting a limited shift toward higher-priced homes. Mortgage and title operations generated revenue of $32.3 million, up 3%, and pre-tax income of $14.4 million, nearly unchanged from $14.5 million in Q2 FY2025.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $172, a single target with no dispersion between the high and low estimates, and approximately 5.1% above the 52-week range high of $163.66, while the low end of the range is $116.78. However, the analyst consensus is “Neutral,” and the absence of target variation limits the strength of conclusions drawn from the consensus, while results show a 9% decline in revenue and a 35% decline in pre-tax income in Q2 FY2026 despite contract growth.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
New contracts reached 2.39 thousand, up 15% year over year, and the sales pace increased to 3.4 homes per month per community from 3 homes. Management attributed the performance to community locations and product quality, alongside the continued use of mortgage rate buydowns. Contracts increased by 16% in the Northern region and 14% in the Southern region, with the Carolinas leading geographic growth.
The reported gross margin was 22.1%, or 22.5% excluding $4 million in inventory charges, and improved slightly compared with the previous quarter. However, pre-tax income declined by 35% to $105 million, and diluted earnings per share fell to $3.02 from $4.42 a year ago. Selling, general, and administrative expenses also increased to 12.6% of revenue from 11.3% in Q2 FY2025.
Smart Series is the company’s most affordable product line and primarily targets first-time homebuyers. It represented 43% of Q2 FY2026 sales, down from 52% a year ago, while first-time buyers accounted for 50% of total sales. This reflects a limited shift toward move-up homes, and the average selling price in the 49 communities opened during the first half was approximately $575 thousand.
The mortgage subsidiary captured a record 96% of the company’s business in Q2 FY2026, up from 92% a year ago. Mortgage and title operations generated revenue of $32.3 million and pre-tax income of $14.4 million. The average mortgage amount was $405 thousand, while the average loan-to-value ratio was 85%, and 65% of loans were conventional and 35% were under FHA or VA programs.
Cash totaled $736 million, and there were no borrowings under the $900 million unsecured credit facility. Shareholders’ equity reached a record $3.2 billion, and book value was $128 per share, up $11 year over year. The debt-to-capital ratio was also 18%, the net debt-to-capital ratio was negative 1%, and S&P upgraded the credit rating to BB+.
Management described demand as volatile and constrained by high interest rates, economic uncertainty, and weak affordability. Sales depend on mortgage rate buydowns, and the company spent more on them in Q2 FY2026 than in the previous quarter. Tampa and Sarasota also face local economic pressures, while Austin is still recovering slowly despite positive sales growth in Texas and Florida.
