/MHOFinancial History
Annual Financials
| Fiscal Year | Revenue | Gross Profit | Gross Margin | Net Income | EPS (Diluted) | Total Assets | Total Equity |
|---|---|---|---|---|---|---|---|
| FY2025 | $4.4B | $1.0B | 23.0% | $403M | $14.74 | $4.8B | $3.2B |
| FY2024 | $4.5B | $1.2B | 26.6% | $564M | $19.71 | $4.5B | $2.9B |
| FY2023 | $4.0B | $1.0B | 25.3% | $465M | $16.21 | $4.0B | $2.5B |
| FY2022 | $4.1B | $1.0B | 25.3% | $491M | $17.24 | $3.7B | $2.1B |
| FY2021 | $3.7B | $909M | 24.3% | $397M | $13.28 | $3.2B | $1.6B |
| FY2020 | $3.0B | $685M | 22.5% | $240M | $8.23 | $2.6B | $1.3B |
| FY2019 | $2.5B | $489M | 19.6% | $128M | $4.48 | $2.1B | $1.0B |
| FY2018 | $2.3B | $402M | 17.6% | $108M | $3.70 | $2.0B | $855M |
| FY2017 | $2.0B | $355M | 18.1% | $72M | $2.26 | $1.9B | $747M |
| FY2016 | $1.7B | $298M | 17.6% | $57M | $1.84 | $1.5B | $654M |
| FY2015 | $1.4B | $272M | 19.2% | $52M | $1.68 | $1.4B | $597M |
| FY2014 | $1.2B | $228M | 18.8% | $51M | $1.65 | $1.2B | $544M |
Builder Operating KPIsExtracted from earnings releases
| Period | Orders | Closings | Cancel % | Backlog | Backlog $ | ASP | Communities | Lots Owned | Lots Ctrl | Inventory | Specs |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q4 FY2025 | 1,921 | 2,301 | 10.0% | 1,809 | $1.4B | $484K | 232 | 25,652 | 49,981 | — | — |
| Q3 FY2025 | 1,908 | 2,296 | 12.0% | 2,189 | $1.2B | $477K | 233 | 24,408 | 50,625 | — | — |
| Q2 FY2025 | 2,078 | 2,348 | 13.0% | 2,577 | $1.4B | $479K | 234 | 24,507 | 50,464 | — | — |
| Q1 FY2025 | 2,292 | 1,976 | 10.0% | 2,847 | $1.6B | $476K | 226 | 25,210 | 51,097 | — | — |
| Q4 FY2024 | 1,759 | 2,402 | 14.0% | 2,531 | $1.4B | $490K | 220 | 23,836 | 52,156 | — | — |
| Q3 FY2024 | 2,023 | 2,271 | 10.0% | 3,174 | $1.7B | $489K | 217 | 23,642 | 52,205 | — | — |
| Q2 FY2024 | 2,255 | 2,224 | 10.0% | 3,422 | $1.8B | $482K | 211 | 23,304 | 49,452 | — | — |
| Q1 FY2024 | 2,547 | 2,158 | 8.0% | 3,391 | $1.8B | $471K | 219 | 23,826 | 47,457 | — | — |
| Q4 FY2023 | 1,588 | 2,019 | 13.0% | 3,002 | $1.6B | $471K | 213 | 24,374 | 45,660 | — | — |
| Q3 FY2023 | 2,021 | 2,096 | 10.0% | 3,433 | $1.8B | $481K | 204 | 23,176 | 44,828 | — | — |
| Q2 FY2023 | 2,197 | 1,990 | 10.0% | 3,508 | $1.8B | $493K | 195 | 23,438 | 41,332 | — | — |
| Q1 FY2023 | 2,171 | 2,007 | 13.0% | 3,301 | $1.7B | $486K | 200 | 23,766 | 40,741 | — | — |
| Q4 FY2022 | 985 | 2,384 | 30.0% | 3,137 | $1.7B | $492K | 92 | 25,004 | 42,053 | — | — |
| Q3 FY2022 | 1,349 | 2,026 | 17.0% | 4,536 | $2.4B | $487K | 178 | 24,917 | 46,072 | — | — |
| Q2 FY2022 | 1,820 | 2,133 | 11.0% | 5,213 | $2.7B | $477K | 168 | 24,797 | 47,846 | — | — |
| Q1 FY2022 | 2,514 | 1,823 | 7.0% | 5,479 | $2.8B | $457K | 92 | 24,230 | 45,782 | — | — |
| Q4 FY2021 | 1,744 | 2,316 | 10.0% | 4,835 | $2.4B | $443K | 86 | 24,593 | 43,957 | — | — |
| Q3 FY2021 | 1,964 | 2,045 | 8.0% | 4,503 | $2.5B | $430K | 176 | 22,664 | 42,995 | — | — |
| Q2 FY2021 | 2,267 | 2,258 | 7.0% | 5,488 | $2.5B | $411K | 83 | 18,263 | 44,040 | — | — |
| Q1 FY2021 | 3,109 | 2,019 | 7.0% | 3,265 | $2.4B | $395K | 89 | 16,764 | 41,983 | — | — |
Source: SEC 8-K earnings releases, extracted via regex with provenance tracking. Showing most recent 20 quarters.
Management Sentiment Analysis
Scored from earnings release language using ML analysis. Range: -1.0 (negative) to +1.0 (positive).
Current Posture
Q4 FY2025
Score: -0.10
New contracts declined 4% for the year and backlog units fell 29%, indicating weakening demand despite a 9% Q4 contract increase.
Gross margin compressed to 18.1% including significant $59 million inventory and warranty charges, reflecting margin pressure and cost challenges.
No explicit commentary on labor conditions or wage pressures, suggesting a neutral stance on workforce availability and costs.
Lot supply increased slightly with 232 communities versus 220 last year and land inventory grew, though backlog sales value declined.
Management expressed confidence in long-term fundamentals and strong financial position but acknowledged choppy, challenging homebuilding conditions.
Significant inventory impairments and warranty charges, plus macroeconomic headwinds and market uncertainty, highlight elevated near-term risks.
Recent Trend
Sentiment for M/I Homes in FY2025 reflects a cautious trajectory marked by weakening demand and margin pressures despite stable land positions and steady labor conditions. While new contracts and backlog units consistently declined across quarters, management maintained confidence in long-term fundamentals and financial strength, supported by a growing community count and credit rating upgrade. However, rising cancellations, significant inventory charges, and macroeconomic uncertainties have elevated near-term risks, contributing to a subdued overall outlook.
Builder vs. Industry Sentiment
Orange = MHO · Gray = Industry average (Q1 FY2026)