M/I HOMES, INC.

Listed Company

MHOCIK 0000799292NYSELarge AcceleratedOperative BuildersOhioFY ends Dec 31

Period

FY 2025

Revenue

$4.42B

Net Income

$402.94M

Total Assets

$4.78B

Equity

$3.17B

Shares Out

25.59M

Op. Cash Flow

$137.35M

Business

M/I Homes, Inc. is one of the nation’s leading builders of single-family homes and operates financial services supporting its home sales. The company designs, markets, constructs and sells single-family detached homes, attached townhomes, land and lots, and provides mortgage origination and title and closing services. Operations are reported across two homebuilding segments—Northern and Southern regions—and an independent financial services segment (M/I Financial and title subsidiaries). It operates in 17 homebuilding divisions across ten states, selling homes in about 220 communities through sales consultants, model homes and online design tools.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	4,418	4,505	4,034	4,131	3,746
Cost of Product and Service Sold, excluding Impairment of Real Estate	3,353	—	—	—	—
Land and Housing	3,401	3,306	3,015	3,088	2,837
Impairment of inventory and investment in joint venture arrangements	48	0	0	18	0
General and administrative	263	258	223	215	192
Selling	248	234	209	192	199
Other Income	0	0	−33,000	−6,000	−2
Interest Income, net of Interest Expense	20	28	−20	2	—
Total costs and expenses	3,891	3,771	3,426	3,496	3,237
Income before income taxes	527	734	607	635	509
Provision for income taxes	124	170	142	145	112
Net income	403	564	465	491	397
Basic (per share)	15.07	20.29	16.76	17.6	13.64
Diluted (per share)	14.74	19.71	16.21	17.24	13.28
Basic (shares)	27	28	28	28	29
Diluted (shares)	27	29	29	28	30

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, Cash Equivalents, and Restricted Cash	689	822	733	312	236
Mortgage loans Held-for-sale	309	284	176	243	276
Inventory	3,384	3,092	2,797	2,829	2,452
Property and equipment - net	34	35	35	37	38
Investment in joint venture arrangements	106	65	44	52	57
Operating Lease, Right-of-Use Asset	55	54	56	60	51
Deferred Income Tax Assets, Net	5	13	16	18	10
Goodwill	16	16	16	16	16
Other assets	178	169	148	148	103
TOTAL ASSETS	4,777	4,550	4,022	3,715	3,240
Accounts payable	181	199	205	229	245
Customer deposits	51	69	85	93	108
Operating Lease, Liability	57	55	58	61	51
Other liabilities	309	281	252	276	227
Community Development District Obligation	10	13	19	30	20
Obligation for consolidated inventory not owned	30	12	27	17	3
Notes payable bank - homebuilding operations	0	0	0	0	0
Notes payable bank - financial services operations	277	286	166	246	266
Senior Notes due 2028 - net	398	398	397	396	395
Senior Notes due 2030 - net	298	297	297	296	296
TOTAL LIABILITIES	1,611	1,610	1,506	1,644	1,616
Commitments and contingencies (Note 8)	0	0	0	0	0
Common shares - $0.01 par value; authorized 58,000,000 shares at both December 31, 2025 and 2024; issued 30,137,141 shares at both December 31, 2025 and 2024	301,000	301,000	301,000	301,000	301,000
Additional paid-in capital	344	349	350	353	347
Retained earnings	3,268	2,865	2,301	1,836	1,345
Treasury shares - at cost - 4,374,432 and 3,074,118 shares at December 31, 2025 and 2024, respectively	−446	−274	−135	−118	−69
TOTAL SHAREHOLDERS' EQUITY	3,166	2,940	2,517	2,071	1,624
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	4,777	4,550	4,022	3,715	3,240

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Impairment of inventory and abandoned land transaction write-offs	48	9	11	18	0
Equity in income from joint venture arrangements	0	0	−33,000	−6,000	−103,000
Mortgage loan originations	−2,897	−2,685	−2,119	−2,070	−2,240
Proceeds from the sale of mortgage loans	2,876	2,571	2,192	2,103	2,196
Fair value adjustment of mortgage loans held for sale	−5	7	−7	−408,000	3
Capitalization of originated mortgage servicing rights	−7	−6	−6	−9	−16
Amortization of mortgage servicing rights	1	1	2	2	2
Gain on sale of mortgage servicing rights	2	3	936,000	—	1
Depreciation	16	14	13	13	13
Amortization of debt discount and debt issue costs	3	3	3	3	3
Deferred Income Tax Expense	9	2	3	−8	−4
Effective Income Tax Rate Reconciliation, Equity Compensation	−2	−5	−6	−166,000	—
Inventory	−313	−298	47	−349	−508
Other assets	−4	−20	3	−31	2
Accounts payable	−17	−6	−24	−16	59
Customer deposits	−18	−16	−8	−15	35
Accrued compensation	−5	9	3	9	8
Other liabilities	37	23	−29	35	28
Net cash (used in) provided by operating activities	137	180	552	184	−17
Purchase of property and equipment	−10	−8	−6	−9	−25
Return of Capital from Joint Venture Arrangements	2	0	0	2	1
Investment in and advances to joint venture arrangements	−59	−54	−24	−20	−52
Proceeds from the sale of mortgage servicing rights	7	8	11	200,000	15
Net cash provided by (used in) investing activities	−60	−55	−19	−27	−52
(Net repayment of) net proceeds from bank borrowings - financial services operations	−9	120	−80	−20	41
Repurchase of common shares	−202	−177	−65	−55	−52
Debt issue costs	−7	−723,000	−791,000	−3	−7
Proceeds from exercise of stock options	8	21	34	1	11
Net cash provided (used in) by financing activities	−210	−36	−112	−82	44
Net (decrease) increase in cash, cash equivalents and restricted cash	−132	89	421	75	−24
Interest net of amount capitalized	−822,000	−638,000	−1	−2	2
Income taxes	131	160	151	155	110
Community development district infrastructure	−3	−7	−10	10	12
Consolidated inventory not owned	19	−15	10	14	−7
Distribution of single-family lots from unconsolidated LLC's	16	33	31	24	28

Filings

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