Recent News
April 10, 2026 — Notice of the 2026 Annual Meeting of Shareholders and proxy materials posted; meeting logistics and board matters highlighted. March 12, 2026 — An official municipal district statement noted M/I Homes as the active homebuilder within a Texas development, specifying project status and delivery counts through early 2026.
Technical Analysis
Directional indicators show no strong trend: ADX sits at 19.73, indicating a lack of durable directional strength and implying price likely remains range-bound until trend strength increases. DI+ currently measures 25.63 with a peak-and-reversal reading, which signals waning bullish pressure; DI- at 21.52 shows a dip-and-reversal, signaling rising bearish pressure. Together, these readings bias short-term price momentum to the downside absent renewed DI+ strength.
MACD currently sits at 1.14 with the signal line at 0.24, which constitutes a bullish crossover historically, yet the MACD trend reads peak-and-reversal; the coexistence of a positive crossover and a peak-and-reversal suggests the recent bullish momentum may be rolling over and any bullish MACD signal risks failing without renewed upward momentum.
MRO registers 17.8 and reads peak-and-reversal. Because MRO is positive, price sits above the model target and the indicator implies net downside pressure toward target levels unless the oscillator dips. RSI at 48.38 and rising points to neutral-to-slightly constructive short-term momentum but lacks the level needed for a clear bullish bias.
Price structure: last close $130.09 sits above the 20-day average ($129.25) but below the 200-day average ($134.19), indicating short-term support around the 20–50 day band while longer-term bias remains below the 200-day mean. Ichimoku components place Senkou A at $133.29 and Senkou B at $135.00, leaving the price beneath the cloud and implying resistance in the low-$130s. Bollinger bands range roughly $123.45–$135.05 (1x), with current price centered inside the band—consistent with the ADX reading of no strong trend.
Volatility and liquidity context: 42-day beta 1.34 and 52-week beta 1.05 show elevated sensitivity to market moves over the near term; volume recently tracks below the 10- and 50-day averages, suggesting thinner conviction behind recent moves.
Fundamental Analysis
Earnings and revenue: Reported EPS of $2.55 beat the estimate of $2.51 by $0.04, an EPS surprise of 1.59%, while total revenue came in at $920.7M. Operating income totaled $86.1M and net income $67.8M for the period, with operating (EBIT) margin at 9.35% and gross margin at 22.00%. These results reflect margin compression versus the year-ago period: operating margin declined by 35.25% YoY and by 6.52% QoQ.
Profitability and returns: Return on equity measures 2.13% and return on assets 1.42%, both showing large YoY declines (ROE down ~42.57% YoY, ROA down ~41.77% YoY), indicating near-term pressure on capital efficiency despite positive absolute returns. EBIT/operating margin at 9.35% sits above the industry peer mean operating margin of roughly 5.10% and above the industry peer median of 6.50%, providing a relative profitability edge versus peers on a margin basis.
Balance sheet and liquidity: Cash and short-term investments total $767.4M with a cash ratio of 2.79 and a current ratio of 16.09, both materially above the industry peer mean (current ratio mean ~6.37), indicating ample short-term liquidity and strong capacity to fund development or weather cyclical strains. Net debt stands at $189.4M and debt-to-equity at 0.317, maintaining conservative leverage metrics by homebuilder standards; interest coverage near 12.9x supports low solvency risk.
Working capital and operations: Inventory sits at $3.315B and a cash conversion cycle of ~316 days exceeds the industry peer mean of ~158 days, signalling a materially longer convert-to-cash profile typical for a large land-and-build homebuilder but one that elevates working-capital intensity. Asset turnover registers 19.25% and trended lower QoQ and YoY, consistent with revenue and delivery cadence shifts.
Valuation and cash flow: Price-to-earnings sits near 50.66 with forward PE around 34.31; price-to-book near 1.04 and free-cash-flow yield roughly 4.10%. WMDST values the stock as under-valued given the combination of above-peer operating margin, substantial liquidity, and a cash-generative free-cash-flow profile, though the valuation reflects expected near-term earnings headwinds and capital intensity.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-22 |
| NEXT REPORT DATE: | 2026-07-22 |
| CASH FLOW | Begin Period Cash Flow | $ 689.2 M |
| Operating Cash Flow | $ 135.7 M | |
| Capital Expenditures | $ -154.00 K | |
| Change In Working Capital | $ 14.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 78.2 M | |
| End Period Cash Flow | $ 767.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 920.7 M | |
| Forward Revenue | $ 335.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 718.1 M | |
| Depreciation | $ 4.1 M | |
| Depreciation and Amortization | $ 4.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 834.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 202.6 M | |
| EBITDA | $ 90.5 M | |
| EBIT | $ 86.1 M | |
| Operating Income | $ 86.1 M | |
| Interest Income | $ 3.1 M | |
| Interest Expense | — | |
| Net Interest Income | $ 3.1 M | |
| Income Before Tax | $ 89.2 M | |
| Tax Provision | $ 21.3 M | |
| Tax Rate | 23.93 % | |
| Net Income | $ 67.8 M | |
| Net Income From Continuing Operations | $ 67.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.51 | |
| EPS Actual | $ 2.55 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 1.594 % | |
| Forward EPS | $ 3.87 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.8 B | |
| Intangible Assets | $ 16.4 M | |
| Net Tangible Assets | $ 3.2 B | |
| Total Current Assets | $ 4.4 B | |
| Cash and Short-Term Investments | $ 767.4 M | |
| Cash | $ 767.4 M | |
| Net Receivables | — | |
| Inventory | $ 3.3 B | |
| Long-Term Investments | $ 185.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 215.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 275.3 M | |
| Net Debt | $ 189.4 M | |
| Total Debt | $ 1.0 B | |
| Total Liabilities | $ 1.6 B | |
| EQUITY | ||
| Total Equity | $ 3.2 B | |
| Retained Earnings | $ 3.3 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 124.75 | |
| Shares Outstanding | 25.590 M | |
| Revenue Per-Share | $ 35.98 | |
| VALUATION | Market Capitalization | $ 3.3 B |
| Enterprise Value | $ 3.6 B | |
| Enterprise Multiple | 39.242 | |
| Enterprise Multiple QoQ | 22.374 % | |
| Enterprise Multiple YoY | 68.317 % | |
| Enterprise Multiple IPRWA | high: 116.565 mean: 62.736 median: 57.842 MHO: 39.242 low: -118.214 |
|
| EV/R | 3.856 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.5 | |
| Asset To Liability | 3.0 | |
| Debt To Capital | 0.241 | |
| Debt To Assets | 0.211 | |
| Debt To Assets QoQ | -1.995 % | |
| Debt To Assets YoY | -1.372 % | |
| Debt To Assets IPRWA | high: 0.454 median: 0.279 mean: 0.276 MHO: 0.211 low: 0.125 |
|
| Debt To Equity | 0.317 | |
| Debt To Equity QoQ | -2.567 % | |
| Debt To Equity YoY | -3.006 % | |
| Debt To Equity IPRWA | high: 1.328 mean: 0.559 median: 0.545 MHO: 0.317 low: 0.166 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.036 | |
| Price To Book QoQ | -5.747 % | |
| Price To Book YoY | -1.84 % | |
| Price To Book IPRWA | high: 2.383 mean: 1.471 MHO: 1.036 median: 1.019 low: 0.533 |
|
| Price To Earnings (P/E) | 50.662 | |
| Price To Earnings QoQ | -8.988 % | |
| Price To Earnings YoY | 70.204 % | |
| Price To Earnings IPRWA | high: 163.31 mean: 84.288 median: 78.468 MHO: 50.662 low: -11.736 |
|
| PE/G Ratio | 7.567 | |
| Price To Sales (P/S) | 3.591 | |
| Price To Sales QoQ | 18.42 % | |
| Price To Sales YoY | 10.504 % | |
| Price To Sales IPRWA | high: 4.265 median: 4.004 mean: 3.658 MHO: 3.591 low: 0.929 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 34.307 | |
| Forward PE/G | 5.124 | |
| Forward P/S | 9.85 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.265 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.193 | |
| Asset Turnover Ratio QoQ | -19.908 % | |
| Asset Turnover Ratio YoY | -9.916 % | |
| Asset Turnover Ratio IPRWA | high: 0.39 mean: 0.204 MHO: 0.193 median: 0.189 low: 0.116 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | 0.217 | |
| Inventory Turnover Ratio QoQ | -19.973 % | |
| Inventory Turnover Ratio YoY | -7.78 % | |
| Inventory Turnover Ratio IPRWA | high: 1.338 mean: 0.344 MHO: 0.217 median: 0.16 low: 0.155 |
|
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 315.875 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 595.457 MHO: 315.875 mean: 158.44 median: 59.459 low: 24.92 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.222 | |
| CapEx To Revenue | -0.0 | |
| CapEx To Depreciation | -0.038 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.1 B | |
| Net Invested Capital | $ 4.1 B | |
| Invested Capital | $ 4.1 B | |
| Net Tangible Assets | $ 3.2 B | |
| Net Working Capital | $ 4.2 B | |
| LIQUIDITY | ||
| Cash Ratio | 2.788 | |
| Current Ratio | 16.088 | |
| Current Ratio QoQ | -14.817 % | |
| Current Ratio YoY | 17.275 % | |
| Current Ratio IPRWA | MHO: 16.088 high: 15.178 mean: 6.368 median: 3.242 low: 1.659 |
|
| Quick Ratio | 4.044 | |
| Quick Ratio QoQ | -12.535 % | |
| Quick Ratio YoY | 14.269 % | |
| Quick Ratio IPRWA | MHO: 4.044 high: 2.567 mean: 1.461 median: 1.177 low: 0.585 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 11.183 | |
| Cost Of Debt | 0.498 % | |
| Interest Coverage Ratio | 12.884 | |
| Interest Coverage Ratio QoQ | -24.983 % | |
| Interest Coverage Ratio YoY | -38.928 % | |
| Interest Coverage Ratio IPRWA | high: 200.692 mean: 54.882 MHO: 12.884 median: 6.082 low: -16.158 |
|
| Operating Cash Flow Ratio | 0.367 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 20.137 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.236 % | |
| Revenue Growth | -19.75 % | |
| Revenue Growth QoQ | -1540.554 % | |
| Revenue Growth YoY | 3.865 % | |
| Revenue Growth IPRWA | high: 12.753 % median: -9.393 % mean: -15.942 % MHO: -19.75 % low: -45.05 % |
|
| Earnings Growth | 6.695 % | |
| Earnings Growth QoQ | -117.153 % | |
| Earnings Growth YoY | -143.196 % | |
| Earnings Growth IPRWA | high: 30.435 % MHO: 6.695 % mean: -25.846 % median: -28.333 % low: -97.143 % |
|
| MARGINS | ||
| Gross Margin | 22.004 % | |
| Gross Margin QoQ | 1.88 % | |
| Gross Margin YoY | -15.033 % | |
| Gross Margin IPRWA | high: 100.0 % mean: 22.638 % MHO: 22.004 % median: 17.524 % low: 11.098 % |
|
| EBIT Margin | 9.348 % | |
| EBIT Margin QoQ | -6.52 % | |
| EBIT Margin YoY | -35.254 % | |
| EBIT Margin IPRWA | MHO: 9.348 % high: 6.525 % median: 6.503 % mean: 5.099 % low: -37.813 % |
|
| Return On Sales (ROS) | 9.348 % | |
| Return On Sales QoQ | -6.52 % | |
| Return On Sales YoY | -35.254 % | |
| Return On Sales IPRWA | MHO: 9.348 % high: 6.003 % median: 5.883 % mean: 4.494 % low: -37.916 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 135.6 M | |
| Free Cash Flow Yield | 4.101 % | |
| Free Cash Flow Yield QoQ | -1199.464 % | |
| Free Cash Flow Yield YoY | 104.641 % | |
| Free Cash Flow Yield IPRWA | high: 18.514 % MHO: 4.101 % mean: 0.362 % median: -0.295 % low: -11.415 % |
|
| Free Cash Growth | -1145.796 % | |
| Free Cash Growth QoQ | 775.596 % | |
| Free Cash Growth YoY | 2923.368 % | |
| Free Cash Growth IPRWA | high: 159.804 % mean: -88.263 % median: -113.735 % low: -356.13 % MHO: -1145.796 % |
|
| Free Cash To Net Income | 1.999 | |
| Cash Flow Margin | 10.981 % | |
| Cash Flow To Earnings | 1.49 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.418 % | |
| Return On Assets QoQ | 5.821 % | |
| Return On Assets YoY | -41.766 % | |
| Return On Assets IPRWA | MHO: 1.418 % high: 1.07 % median: 0.777 % mean: 0.71 % low: -3.949 % |
|
| Return On Capital Employed (ROCE) | 1.907 % | |
| Return On Equity (ROE) | 0.021 | |
| Return On Equity QoQ | 5.198 % | |
| Return On Equity YoY | -42.568 % | |
| Return On Equity IPRWA | high: 0.03 MHO: 0.021 mean: 0.014 median: 0.013 low: -0.068 |
|
| DuPont ROE | 2.134 % | |
| Return On Invested Capital (ROIC) | 1.578 % | |
| Return On Invested Capital QoQ | -28.305 % | |
| Return On Invested Capital YoY | -42.177 % | |
| Return On Invested Capital IPRWA | high: 2.102 % MHO: 1.578 % median: 1.261 % mean: 1.184 % low: -6.4 % |
|