$MHO M/I Homes Inc | Understand Stock

What Do They Do?

Builds and sells single-family homes and attached townhomes to first-time, move-up and other homebuyers, and offers mortgage and title services to its homebuyers.

How Do They Make Money?

Homebuyers pay for homes and buyers pay for land when each sale closes. Mortgage revenue comes when loans or servicing rights are sold; title fees come when homes are delivered and closing services are completed.

revenue

Segment	Share	How money arrives
Construction Sold outright	97% FY2022: 97%	Sold outright
Land Sold outright	0.4% FY2022: 0.8%	Sold outright
Financial Service Mix	2.8% FY2022: 2.1%	Mix

Who Are Their Customers?

Homebuyers purchase homes directly from the company; its financial services operations provide mortgage and title services primarily to those homebuyers.

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.

Operating income, FY2025

11% of revenue

▼ −28% vs FY2024 ($706.1M, 16%)

Net income, FY2025

9% of revenue

▼ −29% vs FY2024 ($563.7M, 13%)

Free cash flow, FY2025

3% of revenue

▼ −25% vs FY2024 ($171.3M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▼ −5%; vs $1.1B in Q3 FY2025
Net income: ▼ −38%; vs $106.5M in Q3 FY2025

Construction share of revenue vs 96.8% in Q3 FY2025

Jul 29, 2026 Reported second-quarter results and lower future-period results Revenue declined 9% and net income was $79.1 million versus $121.2 million a year earlier.

Growing. Revenue grew 18% in 4 years, from $3.7B in FY2021 to $4.4B in FY2025, about 4% a year.

Revenue over time

Construction Land Financial Service

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025