Recent News
Mar 6, 2026 — An institutional investor (Segall Bryant & Hamill LLC) disclosed an increased stake in M/I Homes. Apr 2026 — Company investor presentation updated land position and operating metrics as of March 31, 2026. Apr 24, 2026 — Quarterly filings show the company repurchased $50.1 million of common shares in Q1 under its existing repurchase authorization.
Technical Analysis
ADX at 15.49 indicates no strong trend, leaving directional indicators as the primary near-term signal.
DI+ at 25.24 with a dip & reversal signals bullish directional pressure; DI- at 22.98 showing a peak & reversal also supports bullish directional tilt.
MACD sits at 0.83 with a dip & reversal and trades above its signal (0.63), signaling a bullish momentum crossover.
MRO reads 26.96 with a dip & reversal; the positive MRO implies the current price stands above the short-term target, creating potential downward pressure against momentum gains.
RSI at 48.9 with a dip & reversal stays near neutral, indicating momentum remains fragile rather than overbought or oversold.
Price structure shows the close at $130.24 below the 200-day average ($134.52) but above the 50-day average ($128.03), producing a mixed bias where short-term averages support the price while the long-term average resists upside.
Fundamental Analysis
Earnings: Reported EPS of $2.55 versus an estimate of $2.51, a $0.04 upside and a 1.59% surprise. Operating (EBIT) margin stands at 9.35%, which exceeds the industry peer range high (6.525%), but EBIT margin fell -6.52% quarter-over-quarter and -35.25% year-over-year, reflecting margin compression versus prior periods.
Revenue and profitability: Quarter-over-quarter revenue contracted -15.41% while year-over-year revenue grew 3.87%. Gross margin measures 22.00%, down -15.03% YoY, signaling narrower unit economics despite modest YoY top-line growth.
Liquidity and working capital: Cash totals $767.4M with a cash ratio of 2.79 and a current ratio of 16.09, indicating substantial near-term liquidity. The cash conversion cycle stands at 315.87 days versus an industry peer mean near 134.67 days, leaving working capital tied up for an extended period and increasing operational funding needs relative to peers.
Leverage and returns: Debt-to-assets at 21.13% and debt-to-equity 0.317 show moderate leverage; return on equity registers 2.13% while return on assets reads 1.42%, both down materially year-over-year, consistent with the margin declines noted above.
Valuation: Price-to-book at 1.04 sits below the industry peer mean of 1.29, and price-to-earnings at 50.66 lies below the industry peer mean of 76.62; price-to-sales at 3.59 slightly exceeds the industry peer mean of 3.33. WMDST values the stock as under-valued, a view that the company’s large cash balance, ongoing repurchases, and below-peer valuation ratios support despite operational headwinds.
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 median: 57.842 mean: 53.564 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: 0.272 mean: 0.251 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 median: 0.498 mean: 0.49 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: 1.29 MHO: 1.036 median: 0.96 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: 76.619 median: 74.703 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 MHO: 3.591 median: 3.436 mean: 3.332 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: 0.202 median: 0.199 MHO: 0.193 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: 0.5 median: 0.33 MHO: 0.217 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: 349.756 MHO: 315.875 mean: 134.67 median: 128.792 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: 5.244 median: 2.159 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: 1.377 median: 1.226 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: 52.521 median: 46.083 MHO: 12.884 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: -7.023 % mean: -11.395 % 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 % median: -5.0 % mean: -20.053 % low: -97.143 % |
|
| MARGINS | ||
| Gross Margin | 22.004 % | |
| Gross Margin QoQ | 1.88 % | |
| Gross Margin YoY | -15.033 % | |
| Gross Margin IPRWA | high: 100.0 % median: 23.524 % mean: 22.875 % MHO: 22.004 % 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: 5.892 % mean: 4.819 % 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: 5.008 % mean: 4.388 % 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: 0.297 % median: 0.117 % 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: -90.613 % median: -97.059 % 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: 0.852 % mean: 0.748 % 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: 0.014 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 % mean: 1.068 % median: 0.804 % low: -2.581 % |
|