Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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

Forensic signals

10.5

P / E (ttm)

12.7%

ROE

$3.7B

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). 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, 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 from 24% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.

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%

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.