M/I Homes Inc
F:4MI
Decide at what price you'd be comfortable buying and we'll help you stay ready.
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M/I Homes Inc
F:4MI
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M/I Homes Inc
M/I Homes is a homebuilder that develops, builds, and sells new single-family houses. It buys land, plans neighborhoods, constructs the homes, and often works with buyers through the design and purchasing process. The company focuses on residential communities in markets where people want newly built homes rather than existing ones. Its customers are mainly individual homebuyers, including first-time buyers, families moving up to larger homes, and buyers looking for a new home in a planned community. M/I Homes makes money by selling completed homes and, in some cases, by taking customer deposits and related homebuilding fees tied to the purchase process. It also earns value from controlling land and turning it into finished homes that can be sold at a higher price than the raw site cost and construction expense. What makes M/I Homes different from many other businesses is that it sits in the middle of the housing value chain. It is not just a contractor and not just a landowner; it combines land development, construction, sales, and customer support under one roof. That gives it direct control over the type of homes it offers and the neighborhoods it creates, which is the core of its business model.
M/I Homes is a homebuilder that develops, builds, and sells new single-family houses. It buys land, plans neighborhoods, constructs the homes, and often works with buyers through the design and purchasing process. The company focuses on residential communities in markets where people want newly built homes rather than existing ones.
Its customers are mainly individual homebuyers, including first-time buyers, families moving up to larger homes, and buyers looking for a new home in a planned community. M/I Homes makes money by selling completed homes and, in some cases, by taking customer deposits and related homebuilding fees tied to the purchase process. It also earns value from controlling land and turning it into finished homes that can be sold at a higher price than the raw site cost and construction expense.
What makes M/I Homes different from many other businesses is that it sits in the middle of the housing value chain. It is not just a contractor and not just a landowner; it combines land development, construction, sales, and customer support under one roof. That gives it direct control over the type of homes it offers and the neighborhoods it creates, which is the core of its business model.
Solid quarter: M/I Homes said first-quarter revenue was $921 million, pretax income was $89 million, and pretax margin was 10%, even as affordability and broader uncertainty continued to weigh on demand.
Sales held up: New contracts rose 3% year over year to 2,350 homes, helped by rate buydowns and improved traffic early in the quarter, though March softened after mortgage rates moved higher.
Margins under pressure: Gross margin fell to 22%, down 390 basis points from a year ago, mainly because of higher incentives and higher lot costs.
Balance sheet strength: The company ended with a record $3.2 billion of shareholders’ equity, $767 million of cash, no borrowings on its revolver, and a negative 2% net debt-to-capital ratio.
Guidance tone: Management did not give margin guidance, saying the environment is too volatile, but it sounded constructive on housing demand and said 2026 should be one of the company’s best years.
Capital return: M/I Homes bought back $50 million of stock in the quarter and said it will keep reviewing the pace of repurchases with its board.
