M/I HOMES, Inc. (MHO) intrinsic value & 10-year financials
M/I HOMES, Inc. (MHO) has a Graham intrinsic value of $489.60 per share. At $124.48 on Oct 17, 2026, the stock trades 75% below that value. Over the last 10 fiscal years revenue grew 11.3% a year to $4.4B, with an average return on invested capital of 18.2%.
- Graham intrinsic value
- $489.60
- Share price (Oct 17, 2026)
- $124.48
- Price vs Graham value
- 75% below
- Market cap
- $3.4B
- Revenue (FY2025)
- $4.4B
- Revenue growth (10-yr CAGR)
- 11.3%
- ROIC (10-yr avg)
- 18.2%
- Free cash flow (FY2025)
- $127.7M
MHO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.4B | $402.9M | $14.74 | $127.7M | 11.5% | 12.7% |
| FY2024 | $4.5B | $563.7M | $19.71 | $171.3M | 15.7% | 19.9% |
| FY2023 | $4.0B | $465.4M | $16.21 | $546.4M | 14.6% | 19.6% |
| FY2022 | $4.1B | $490.7M | $17.24 | $174.7M | 15.4% | 26.7% |
| FY2021 | $3.7B | $396.9M | $13.28 | -$42.1M | 13.8% | 28.0% |
| FY2020 | $3.0B | $239.9M | $8.23 | $156.7M | 10.5% | 21.8% |
| FY2019 | $2.5B | $127.6M | $4.48 | $61.1M | 7.5% | 15.5% |
| FY2018 | $2.3B | $107.7M | $3.70 | -$10.7M | 7.1% | 15.5% |
| FY2017 | $2.0B | $72.1M | $2.26 | -$61.3M | 7.1% | 11.9% |
| FY2016 | $1.7B | $56.6M | $1.84 | $21.1M | 6.4% | 10.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
M/I HOMES, INC. is a consistent compounder, expanding top-line revenue at 11.3% annually over the past decade.
M/I HOMES, INC. has earned high returns on invested capital, averaging 18.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
M/I HOMES, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, M/I HOMES, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $489.60 per share.