M/I Homes, Inc. (MHO) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 24, 2026
M/I Homes, Inc. (MHO)
A forensic read on M/I Homes, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Clean
Earnings quality
3
Forensic signals
11.1
P / E (ttm)
12.7%
ROE
$3.5B
Market cap
-1.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
M/I Homes, Inc. earns a D (Weak — demands caution) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.61×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.61× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
158% of FCF
FY2025
Shareholder returns.Returned $202M to shareholders (buybacks + dividends) in FY2025 — 158% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $17M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 171%.
12.6%
FY2025
Return on invested capital.Return on invested capital is 12.6% in the latest fiscal year and slipping across FY2021–FY2025 from 25% — a modest positive spread over the ~9% cost of capital we hold this sector to — the capital already deployed adds value, though not dramatically. The capital base behind it grew +95% across FY2021–FY2025, from $1.6B to $3.2B, while the return fell 12.6 points, so the dollars added over that window earned less than the 25% the older base was already earning.
Key fundamentals
Latest Revenue$4.42B
Revenue Growth YoY-1.9%
Revenue CAGR (3yr)+2.3%
Net Margin9.1%
Free Cash Flow$127.7M
Return on Equity12.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from M/I Homes, Inc.'s actual 10-K/10-Q/8-K filings?