M/I Homes, Inc. (MHO) Balance Sheet
MHO balance sheet, 2025
December 31, 2025 · U.S. dollars$4.78B assets = $1.61B liabilities + $3.17B equity
Both columns are drawn to the same scale: what MHO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MHO financial health
Descriptive bands, not a rating. Fiscal 2025.
MHO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.55B2016 | $4.78B2025 | +13.3%/yr | |
| Total liabilities | $894.3M2016 | $1.61B2025 | +6.8%/yr | |
| Shareholders’ equity | $654.2M2016 | $3.17B2025 | +19.1%/yr | |
| Cash & short-term investments | $34.4M2016 | $689.2M2025 | +39.5%/yr | |
| Total debt | $750.4M2016 | $1.09B2025 | +4.2%/yr | |
| Net cash (debt) | −$716.0M2016 | −$397.3M2025 | +$318.6M | |
| Working capital | $1.30B2016 | $4.20B2025 | +$2.9B | |
| Book value per share | $21.722016 | $115.822025 | +20.4%/yr | |
| Debt / equity | 1.152016 | 0.342025 | −0.80 | |
| Shares outstanding | 30.1M2016 | 27.3M2025 | −1.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MHO assets
MHO liabilities and equity
MHO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MHO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $689.2M | $822.0M | $736.2M | $311.5M | $236.4M | $260.8M | $6.1M | $21.5M | $151.7M | $34.4M |
| Cash & equivalents | $689.2M | $821.5M | $732.6M | $311.5M | $236.4M | $260.8M | $6.1M | $21.5M | $151.7M | $34.4M |
| Short-term investments | — | — | $3.6M | $51.6M | $57.1M | $1.7M | $654,000 | $989,000 | $271,000 | $250,000 |
| Receivables | $0 | $0 | −$19.1M | −$787,000 | $1 | −$15.9M | −$13.8M | −$8.6M | −$9.0M | −$250,000 |
| Inventory | $3.31B | $3.09B | $2.80B | $2.83B | $2.45B | $1.87B | $1.74B | $1.67B | $1.41B | $1.22B |
| Other current assets | $383.6M | $368.2M | $281.2M | $243.3M | $275.7M | $295.6M | $197.6M | $178.3M | $180.6M | $154.3M |
| Total current assets | $4.38B | $4.28B | $3.80B | $3.38B | $2.96B | $2.41B | $1.93B | $1.87B | $1.74B | $1.40B |
| Property, plant & equipment (net) | $89.3M | $88.4M | $91.3M | $97.9M | $88.6M | $78.9M | $40.5M | $29.4M | $26.8M | $22.3M |
| Goodwill & intangible assets | $26.8M | $26.3M | $27.1M | $32.2M | $24.8M | $25.6M | $26.0M | $22.9M | $15.6M | $22.9M |
| Long-term investments | $106.3M | $65.3M | $44.0M | $51.6M | $57.1M | $269.0M | $193.1M | $205.5M | $192.1M | $182.0M |
| Other non-current assets | $172.4M | $87.7M | $64.7M | $150.6M | $104.9M | $0 | $0 | $0 | $0 | $0 |
| Total assets | $4.78B | $4.55B | $4.02B | $3.71B | $3.24B | $2.64B | $2.11B | $2.02B | $1.86B | $1.55B |
| Liabilities | ||||||||||
| Accounts payable | $181.2M | $198.6M | $204.7M | $228.6M | $244.5M | $185.7M | $125.0M | $131.5M | $117.2M | $103.2M |
| Short-term debt | $0 | $292.2M | $165.8M | $307.1M | $266.2M | $225.6M | $142.4M | $153.2M | $168.2M | $152.9M |
| Deferred revenue | — | $69.3M | $85.1M | $93.1M | $107.9M | $72.6M | $34.5M | $32.1M | $26.4M | −$182.6M |
| Total current liabilities | $181.2M | $267.9M | $289.8M | $228.6M | $244.5M | $258.3M | $159.5M | $163.6M | $143.6M | $103.2M |
| Long-term debt | $973.2M | $981.2M | $859.6M | $938.2M | $962.0M | $229.7M | $142.7M | $159.1M | $264.9M | $597.5M |
| Lease obligations | $56.7M | $55.4M | $57.6M | $61.3M | $51.5M | $52.5M | $18.4M | — | — | — |
| Other long-term liabilities | $456.6M | $361.0M | $356.1M | $477.4M | $409.2M | $896.3M | $799.9M | $843.6M | $709.0M | $193.6M |
| Total liabilities | $1.61B | $1.61B | $1.51B | $1.64B | $1.62B | $1.38B | $1.10B | $1.17B | $1.12B | $894.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $306.8M | $246.8M |
| Retained earnings (deficit) | $3.27B | $2.87B | $2.30B | $1.84B | $1.35B | $948.5M | $708.6M | $581.0M | $473.3M | $407.2M |
| Treasury stock | — | — | — | −$118.2M | −$68.9M | −$29.1M | −$38.3M | −$56.5M | −$32.8M | −$48.0M |
| Accumulated other comprehensive income | — | $0 | $0 | $0 | $0 | $0 | $0 | −$22.4M | −$25.5M | −$25.5M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $3.17B | $2.94B | $2.52B | $2.07B | $1.62B | $1.26B | $1.00B | $855.3M | $747.3M | $654.2M |
| Key figures | ||||||||||
| Total debt | $1.09B | $1.04B | $917.2M | $1.25B | $1.23B | $924.4M | $773.2M | $821.0M | $807.7M | $750.4M |
| Net cash (debt) | −$397.3M | −$214.5M | −$180.9M | −$933.7M | −$991.8M | −$663.5M | −$767.1M | −$799.4M | −$656.0M | −$716.0M |
| Working capital | $4.20B | $4.01B | $3.51B | $3.15B | $2.72B | $2.15B | $1.77B | $1.70B | $1.59B | $1.30B |
| Tangible book value | $3.14B | $2.91B | $2.49B | $2.04B | $1.60B | $1.23B | $977.5M | $832.4M | $731.7M | $631.3M |
| Book value per share | $115.82 | $102.79 | $87.65 | $72.75 | $54.36 | $43.18 | $35.24 | $29.31 | $24.35 | $21.72 |
| Shares outstanding | 27.3M | 28.6M | 28.7M | 28.5M | 29.9M | 29.2M | 28.5M | 29.2M | 30.7M | 30.1M |
| Current ratio | 24.19 | 15.98 | 13.10 | 14.80 | 12.12 | 9.34 | 12.11 | 11.41 | 12.10 | 13.61 |
| Quick ratio | 3.80 | 3.07 | 2.47 | 1.36 | 0.97 | 0.95 | −0.05 | 0.08 | 0.99 | 0.33 |
| Debt / equity | 0.34 | 0.35 | 0.36 | 0.60 | 0.76 | 0.73 | 0.77 | 0.96 | 1.08 | 1.15 |
| Equity / assets | 66.3% | 64.6% | 62.6% | 55.7% | 50.1% | 47.6% | 47.7% | 42.3% | 40.1% | 42.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $735.9M | $767.4M | $689.2M | $734.2M | $800.4M | $776.4M | $822.0M | $719.9M | $837.5M | $870.2M | $736.2M | $736.1M |
| Cash & equivalents | $735.9M | $767.4M | $689.2M | $734.2M | $800.4M | $776.4M | $821.5M | $719.9M | $837.5M | $870.2M | $732.6M | $736.1M |
| Short-term investments | — | — | — | — | — | — | — | — | $1.4M | $500,000 | $3.6M | $47,000 |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | −$353.0M | −$242.8M | −$1.4M | −$2.8M | −$19.1M | $200,000 |
| Inventory | $227.0M | $233.7M | $3.31B | $3.33B | $3.21B | $3.13B | $3.09B | $3.07B | $2.88B | $2.72B | $2.80B | $2.74B |
| Other current assets | $0 | $0 | $383.6M | $321.1M | $357.6M | $312.2M | $721.2M | $549.4M | $291.6M | $289.3M | $281.2M | $207.2M |
| Total current assets | $962.9M | $1.00B | $4.38B | $4.39B | $4.37B | $4.22B | $4.28B | $4.10B | $4.00B | $3.88B | $3.80B | $3.68B |
| Property, plant & equipment (net) | $140.1M | $139.9M | $89.3M | $83.0M | $90.2M | $91.0M | $88.4M | $90.0M | $93.1M | $91.0M | $91.3M | $94.3M |
| Goodwill & intangible assets | $16.4M | $16.4M | $26.8M | $16.4M | $16.4M | $16.4M | $26.3M | $24.9M | $16.4M | $16.4M | $27.1M | $16.4M |
| Long-term investments | $62.0M | $68.4M | $106.3M | $81.5M | $67.5M | $70.7M | $65.3M | $63.1M | $46.2M | $59.1M | $44.0M | $44.9M |
| Other non-current assets | $3.67B | $3.56B | $202.0M | $202.1M | $198.2M | $187.4M | $87.7M | $186.5M | $181.2M | $166.0M | $64.7M | $163.8M |
| Total assets | $4.86B | $4.79B | $4.81B | $4.77B | $4.74B | $4.59B | $4.55B | $4.46B | $4.34B | $4.21B | $4.02B | $4.00B |
| Liabilities | ||||||||||||
| Accounts payable | $244.5M | $215.8M | $181.2M | $258.0M | $252.5M | $228.9M | $198.6M | $256.7M | $278.9M | $225.0M | $204.7M | $250.9M |
| Short-term debt | — | — | $289.7M | $232.0M | $275.9M | $228.0M | $6.1M | $235.4M | $222.8M | $224.3M | $165.8M | $200.6M |
| Deferred revenue | — | — | — | $61.6M | $72.2M | $78.7M | $69.3M | $87.3M | $93.3M | $92.5M | $85.1M | $94.7M |
| Total current liabilities | $244.5M | $215.8M | $552.1M | $319.6M | $324.6M | $307.6M | $267.9M | $344.1M | $372.1M | $317.5M | $289.8M | $250.9M |
| Long-term debt | $949.3M | $956.8M | $973.2M | $928.0M | $971.6M | $923.3M | $981.2M | $930.1M | $917.2M | $918.4M | $859.6M | $894.0M |
| Lease obligations | $53.7M | $54.9M | $56.7M | $52.0M | $58.0M | $59.0M | $55.4M | $56.7M | $58.0M | $59.2M | $57.6M | $59.4M |
| Other long-term liabilities | $434.8M | $423.4M | $115.3M | $372.6M | $361.7M | $348.0M | $361.0M | $340.3M | $309.7M | $337.3M | $356.1M | $432.7M |
| Total liabilities | $1.63B | $1.60B | $1.64B | $1.62B | $1.66B | $1.58B | $1.61B | $1.61B | $1.60B | $1.57B | $1.51B | $1.58B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 | $301,000 |
| Retained earnings (deficit) | $3.41B | $3.34B | $3.27B | $3.20B | $3.10B | $2.98B | $2.87B | $2.73B | $2.59B | $2.44B | $2.30B | $2.20B |
| Accumulated other comprehensive income | — | — | — | — | — | — | $0 | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $3.23B | $3.19B | $3.17B | $3.15B | $3.08B | $3.01B | $2.94B | $2.85B | $2.74B | $2.64B | $2.52B | $2.43B |
| Key figures | ||||||||||||
| Total debt | $1.00B | $1.01B | $1.09B | $979.9M | $1.03B | $982.3M | $1.04B | $986.8M | $975.2M | $977.5M | $917.2M | $1.09B |
| Net cash (debt) | −$267.1M | −$244.3M | −$397.3M | −$245.8M | −$229.2M | −$205.9M | −$214.5M | −$266.9M | −$137.8M | −$107.4M | −$180.9M | −$358.6M |
| Working capital | $718.4M | $785.3M | $3.83B | $4.07B | $4.04B | $3.91B | $4.01B | $3.75B | $3.63B | $3.56B | $3.51B | $3.43B |
| Tangible book value | $3.21B | $3.18B | $3.14B | $3.13B | $3.07B | $2.99B | $2.91B | $2.82B | $2.72B | $2.62B | $2.49B | $2.41B |
| Book value per share | $123.22 | $120.18 | $118.08 | $114.47 | $111.38 | $107.60 | $102.79 | $99.72 | $95.62 | $91.35 | $87.53 | $84.12 |
| Shares outstanding | 26.2M | 26.6M | 26.8M | 27.5M | 27.7M | 27.9M | 28.6M | 28.5M | 28.7M | 28.9M | 28.8M | 28.8M |
| Current ratio | 3.94 | 4.64 | 7.94 | 13.73 | 13.45 | 13.72 | 15.98 | 11.90 | 10.76 | 12.22 | 13.10 | 14.68 |
| Quick ratio | 3.01 | 3.56 | 1.25 | 2.30 | 2.47 | 2.52 | 1.75 | 1.39 | 2.25 | 2.73 | 2.47 | 2.93 |
| Debt / equity | 0.31 | 0.32 | 0.34 | 0.31 | 0.33 | 0.33 | 0.35 | 0.35 | 0.36 | 0.37 | 0.36 | 0.45 |
| Equity / assets | 66.5% | 66.7% | 65.9% | 66.0% | 65.0% | 65.6% | 64.6% | 63.8% | 63.2% | 62.6% | 62.6% | 60.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
MHO financial position
At the end of fiscal 2025 (December 31, 2025), M/I Homes had total assets of $4.8 billion (up 5.0% from a year earlier), total liabilities of $1.6 billion and shareholders' equity of $3.2 billion. It held $689.2 million in cash and short-term investments against $1.1 billion of debt, net debt of $397.3 million. Its current ratio was 24.19. In the latest quarter (ended June 30, 2026) total assets were $4.9 billion and equity $3.2 billion.
Related: MHO income statement, MHO cash flow statement, MHO key metrics. See the MHO stock overview for the latest quote and news.
MHO balance sheet FAQ
What are M/I Homes's total assets?
M/I Homes reported total assets of $4.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.5 billion a year earlier.
How much debt does M/I Homes have?
M/I Homes had $1.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.34.
How much cash does M/I Homes have?
M/I Homes held $689.2 million in cash and short-term investments at the end of fiscal 2025; with $1.1 billion of debt that is net debt of $397.3 million.
What is M/I Homes's book value?
M/I Homes's shareholders' equity (book value) was $3.2 billion at the end of fiscal 2025, or $115.82 per share.
What is M/I Homes's current ratio?
M/I Homes had current assets of $4.4 billion and current liabilities of $181.2 million, a current ratio of 24.19 (it can cover its short-term obligations).
How much goodwill does M/I Homes have?
M/I Homes carried $26.8 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.