M/I Homes, Inc. (MHO) Key Metrics
MHO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.15B
- Enterprise value
- $3.87B
- P/E (TTM)
- 10.5 10-yr median 7.6
- Forward P/E
- 11.9
- PEG ratio
- 0.95
- Price / sales
- 0.7 10-yr median 0.5
- Price / book
- 1.1 10-yr median 1.1
- EV / EBITDA
- 8.4 10-yr median 6.8
- Dividend yield
- —
- Beta
- 1.60
MHO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMHO valuation Price multiples at each fiscal year-end price.
MHO returns How much profit the business earns on the capital it uses.
MHO per-share figures Results divided by the shares outstanding at year-end.
MHO financial health Debt, liquidity and how easily interest is covered.
MHO efficiency & capital use Working capital cycle and where the cash goes.
MHO valuation history
MHO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MHO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MHO cash returned to shareholders
MHO price vs earnings per share
MHO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.50B | $3.80B | $3.96B | $1.31B | $1.86B | $1.29B | $1.12B | $613.3M | $1.06B | $758.3M |
| Enterprise value | $3.90B | $4.02B | $4.14B | $2.25B | $2.85B | $1.95B | $1.89B | $1.41B | $1.71B | $1.47B |
| P/E ratio | 8.7 | 6.7 | 8.5 | 2.7 | 4.7 | 5.4 | 8.8 | 5.7 | 14.6 | 13.4 |
| Price / sales | 0.8 | 0.8 | 1.0 | 0.3 | 0.5 | 0.4 | 0.4 | 0.3 | 0.5 | 0.4 |
| Price / book | 1.1 | 1.3 | 1.6 | 0.6 | 1.1 | 1.0 | 1.1 | 0.7 | 1.4 | 1.2 |
| Price / free cash flow | 29.0 | 22.2 | 7.2 | 7.5 | — | 8.2 | 18.3 | — | — | 36.0 |
| Price / operating cash flow | 26.8 | 21.2 | 7.2 | 7.1 | — | 7.7 | 17.1 | — | — | 22.2 |
| EV / sales | 0.9 | 0.9 | 1.0 | 0.5 | 0.8 | 0.6 | 0.8 | 0.6 | 0.9 | 0.9 |
| EV / EBITDA | 6.9 | 5.4 | 6.7 | 3.4 | 5.4 | 5.8 | 9.4 | 7.7 | 11.1 | 12.2 |
| EV / free cash flow | 32.3 | 23.4 | 7.6 | 12.9 | — | 12.5 | 30.9 | — | — | 69.9 |
| Earnings yield | 11.5% | 14.8% | 11.8% | 37.3% | 21.4% | 18.6% | 11.4% | 17.6% | 6.8% | 7.5% |
| Free cash flow yield | 3.5% | 4.5% | 13.8% | 13.3% | −2.3% | 12.1% | 5.5% | −1.7% | −5.8% | 2.8% |
| Dividend yield | — | — | 0.9% | — | 0.6% | 0.8% | 1.8% | 92.3% | 0.3% | 0.6% |
| Shareholder yield (dividends + buybacks) | 5.8% | 4.7% | 2.5% | 4.2% | 3.4% | 0.9% | 2.2% | 96.5% | 5.1% | 0.6% |
| Share price at fiscal year-end | $127.95 | $132.95 | $137.74 | $46.18 | $62.18 | $44.29 | $39.35 | $21.02 | $34.40 | $25.18 |
| Per share | ||||||||||
| Revenue per share | $161.60 | $157.51 | $140.27 | $145.15 | $125.36 | $104.49 | $87.79 | $78.36 | $63.93 | $56.16 |
| Earnings per share | $14.74 | $19.71 | $16.21 | $17.24 | $13.28 | $8.23 | $4.48 | $3.69 | $2.35 | $1.88 |
| Operating cash flow per share | $4.77 | $6.28 | $19.23 | $6.47 | −$0.56 | $5.77 | $2.30 | −$0.09 | −$1.71 | $1.14 |
| Free cash flow per share | $4.42 | $5.99 | $19.03 | $6.14 | −$1.41 | $5.37 | $2.15 | −$0.37 | −$2.00 | $0.70 |
| Cash per share | $25.21 | $28.74 | $25.64 | $10.95 | $7.91 | $8.95 | $0.21 | $0.74 | $4.94 | $1.14 |
| Book value per share | $115.82 | $102.79 | $87.65 | $72.75 | $54.36 | $43.18 | $35.24 | $29.31 | $24.35 | $21.72 |
| Tangible book value per share | $114.83 | $101.87 | $86.71 | $71.62 | $53.53 | $42.30 | $34.33 | $28.53 | $23.84 | $20.96 |
| Dividends per share | — | — | $1.18 | — | $0.38 | $0.34 | $0.69 | $19.39 | $0.12 | $0.16 |
| Capex per share | $0.35 | $0.29 | $0.20 | $0.33 | $0.85 | $0.40 | $0.16 | $0.28 | $0.29 | $0.44 |
| Debt per share | $39.74 | $36.24 | $31.94 | $43.75 | $41.10 | $31.71 | $27.15 | $28.14 | $26.32 | $24.92 |
| Shares outstanding | 27.3M | 28.6M | 28.7M | 28.5M | 29.9M | 29.2M | 28.5M | 29.2M | 30.7M | 30.1M |
| Change in shares outstanding | −4.4% | −0.4% | +0.9% | −4.7% | +2.5% | +2.4% | −2.4% | −4.9% | +1.9% | +0.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.2% | 20.7% | 20.3% | 26.6% | 27.5% | 21.2% | 13.7% | 13.4% | 10.3% | 9.1% |
| Return on invested capital (ROIC) | 11.5% | 18.5% | 15.6% | 17.5% | 17.8% | 13.8% | 8.6% | 8.1% | 6.3% | 5.4% |
| Return on assets (ROA) | 8.6% | 13.2% | 12.0% | 14.1% | 13.5% | 10.1% | 6.2% | 5.5% | 4.2% | 3.8% |
| Return on tangible assets | 8.5% | 12.5% | 11.6% | 13.3% | 12.3% | 9.2% | 6.1% | 5.4% | 3.9% | 3.7% |
| Free cash flow margin | 2.7% | 3.8% | 13.6% | 4.2% | −1.1% | 5.1% | 2.4% | −0.5% | −3.1% | 1.2% |
| Income quality (OCF / net income) | 0.32 | 0.32 | 1.19 | 0.38 | −0.04 | 0.70 | 0.51 | −0.02 | −0.73 | 0.60 |
| Financial health | ||||||||||
| Total debt | $1.09B | $1.04B | $917.2M | $1.25B | $1.23B | $924.4M | $773.2M | $821.0M | $807.7M | $750.4M |
| Cash & short-term investments | $689.2M | $822.0M | $736.2M | $311.5M | $236.4M | $260.8M | $6.1M | $21.5M | $151.7M | $34.4M |
| Net debt | $397.3M | $214.5M | $180.9M | $933.7M | $991.8M | $663.5M | $767.1M | $799.4M | $656.0M | $716.0M |
| Debt / equity | 0.34 | 0.35 | 0.36 | 0.60 | 0.76 | 0.73 | 0.77 | 0.96 | 1.08 | 1.15 |
| Debt / assets | 0.23 | 0.23 | 0.23 | 0.34 | 0.38 | 0.35 | 0.37 | 0.41 | 0.43 | 0.48 |
| Net debt / EBITDA | 0.71 | 0.29 | 0.29 | 1.43 | 1.89 | 1.98 | 3.82 | 4.38 | 4.25 | 5.93 |
| Current ratio | 24.19 | 15.98 | 13.10 | 14.80 | 12.12 | 9.34 | 12.11 | 11.41 | 12.10 | 13.61 |
| Quick ratio | 5.92 | 4.44 | 3.44 | 2.42 | 2.09 | 2.09 | 1.19 | 1.17 | 2.25 | 1.83 |
| Interest coverage | 25.3 | 25.7 | 16.2 | 283.3 | 240.4 | 33.9 | 9.0 | 8.0 | 7.8 | 6.4 |
| Working capital | $4.20B | $4.01B | $3.51B | $3.15B | $2.72B | $2.15B | $1.77B | $1.70B | $1.59B | $1.30B |
| Invested capital | $3.56B | $3.15B | $2.70B | $3.00B | $2.62B | $1.92B | $1.77B | $1.65B | $1.40B | $1.37B |
| Tangible asset value | $3.14B | $2.91B | $2.49B | $2.04B | $1.60B | $1.23B | $977.5M | $832.4M | $731.7M | $631.3M |
| Net current asset value | $2.77B | $2.67B | $2.29B | $1.74B | $1.35B | $1.03B | $828.7M | $699.4M | $620.4M | $510.1M |
| Graham number | $195.98 | $213.51 | $178.77 | $167.98 | $127.45 | $89.41 | $59.61 | $49.33 | $35.87 | $30.31 |
| Graham net-net per share | $26.81 | $26.50 | $21.41 | $2.85 | −$5.12 | −$6.86 | −$8.29 | −$10.76 | −$8.64 | −$8.37 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $33.8M | — | $11.2M | $9.9M | $19.6M | $565.9M | $3.7M | $4.9M |
| Share buybacks (net) | $202.0M | $177.0M | $65.3M | $55.3M | $51.5M | $1.9M | $5.2M | $25.7M | $50.4M | $0 |
| Dividend payout ratio | — | — | 7.3% | — | 2.8% | 4.1% | 15.4% | 525.6% | 5.1% | 8.6% |
| Dividends + buybacks / free cash flow | 167.3% | 103.3% | 18.1% | 31.7% | — | 7.5% | 40.6% | — | — | 23.1% |
| Capex / revenue | 0.2% | 0.2% | 0.1% | 0.2% | 0.7% | 0.4% | 0.2% | 0.4% | 0.4% | 0.8% |
| Capex / operating cash flow | 7.4% | 4.7% | 1.0% | 5.1% | — | 6.9% | 6.9% | — | — | 38.3% |
| Capex / depreciation | 0.58 | 0.54 | 0.40 | 0.64 | 1.77 | 0.78 | 0.34 | 0.69 | 0.82 | 1.28 |
| Stock-based compensation / revenue | 0.4% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% |
| SG&A / revenue | 11.6% | 10.9% | 10.7% | 9.8% | 10.4% | 11.7% | 12.1% | 12.3% | 13.0% | 13.0% |
| Efficiency | ||||||||||
| Days sales outstanding | — | — | -0.9 | -0.0 | -0.8 | -1.8 | -1.6 | -1.4 | -0.9 | -0.7 |
| Days of inventory on hand | 343.5 | 325.1 | 340.6 | 312.2 | 278.1 | 279.2 | 310.8 | 306.0 | 306.0 | 311.9 |
| Days payables outstanding | 20.4 | 22.3 | 26.2 | 28.0 | 27.7 | 24.0 | 23.3 | 24.6 | 25.6 | 25.5 |
| Cash conversion cycle (days) | — | — | 313.4 | 284.2 | 249.7 | 253.4 | 285.9 | 279.9 | 279.5 | 285.7 |
| Payables turnover | 17.91 | 16.40 | 13.92 | 13.05 | 13.19 | 15.20 | 15.63 | 14.81 | 14.23 | 14.33 |
| Inventory turnover | 1.06 | 1.12 | 1.07 | 1.17 | 1.31 | 1.31 | 1.17 | 1.19 | 1.19 | 1.17 |
| Asset turnover | 0.95 | 1.05 | 1.04 | 1.19 | 1.27 | 1.28 | 1.21 | 1.18 | 1.15 | 1.14 |
| Average receivables | — | — | −$10.0M | −$393,500 | −$8.0M | −$14.9M | −$11.2M | −$8.8M | −$4.6M | −$3.1M |
| Average payables | $189.9M | $201.6M | $216.6M | $236.6M | $215.1M | $155.3M | $128.3M | $124.4M | $110.2M | $95.0M |
| Average inventory | $3.20B | $2.94B | $2.81B | $2.64B | $2.16B | $1.81B | $1.71B | $1.54B | $1.32B | $1.16B |
| Intangibles / total assets | 0.6% | 0.6% | 0.7% | 0.9% | 0.8% | 1.0% | 1.2% | 1.1% | 0.8% | 1.5% |
Computed from MHO's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MHO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), M/I Homes traded at 8.7 times earnings, against a 10-year median of 7.6. Based on the latest twelve months, the trailing P/E is 10.5 and the forward P/E is 11.9. M/I Homes earned a return on equity of 13.2% and a return on invested capital of 11.5% in fiscal 2025. It ended the year with $1.1 billion of debt and $689.2 million in cash and short-term investments, net debt of $397.3 million. It returned $202.0 million to shareholders: $0 in dividends and $202.0 million in share buybacks, 167% of free cash flow. The share count fell 9.2% from 30.1M to 27.3M over 9 years.
See the MHO income statement, the MHO chart for price history, or the MHO stock overview for the latest quote and news.
MHO key metrics FAQ
What is M/I Homes's P/E ratio?
M/I Homes's trailing P/E ratio is 10.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.9. At the end of fiscal 2025 it was 8.7, compared with a 10-year median of 7.6.
What is M/I Homes's EV/EBITDA?
M/I Homes's enterprise value was 6.9 times EBITDA at the end of fiscal 2025 (enterprise value $3.9 billion, EBITDA $563.3 million); the current EV/EBITDA is 8.4.
What is M/I Homes's return on equity?
M/I Homes's return on equity (ROE) was 13.2% in fiscal 2025: net income of $402.9 million on average shareholders' equity of $3.1 billion.
What is M/I Homes's ROIC?
M/I Homes's return on invested capital was 11.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does M/I Homes have?
M/I Homes had total debt of $1.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.34 and $397.3 million of net debt (0.71 times EBITDA).
Does M/I Homes buy back its shares?
Yes. M/I Homes spent $202.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.4% over the year, to 27.3M..
What is M/I Homes's free cash flow yield?
M/I Homes generated $120.7 million of free cash flow in fiscal 2025, a free cash flow yield of 3.5% on its market value at year-end ($3.5 billion).
What is M/I Homes's current ratio?
M/I Homes's current ratio was 24.19 at the end of fiscal 2025: current assets were 24.19 times current liabilities.