M

Consumer Discretionary
Homebuilding
www.mihomes.com

Earnings Score
Moat Score

Market Cap $4.41B
PE 8
Debt $NaN
Cash $719.92M
EV $NaN
FCF $122.74M

Earnings

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Sales & Net Margins

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Earnings	$535.54M
EBIT	$671.95M
ROE	19%
ROA	15%
FCF	$122.74M
Equity	$2.85B
Growth Stability	100%
PE	8.23
PEG	0.25
PB	1.55
P/FCF	35.89
P/S	1.03
Price/Cash	0.16
Net Margins	13%
Gross Margins	27%
Op. Margins	16%
Earnings CAGR	40%
Sales Growth YoY	9%
Sales Growth QoQ	3%
Sales CAGR	15%
FCF CAGR	13%
Equity CAGR	20%
Earnings Stability	0.96

Earnings Growth YoY	5%
Earnings Growth QoQ	-1%
Earnings CAGR 5Y	33%
Sales CAGR 5Y	12%
FCF CAGR 5Y	21%
Equity CAGR 5Y	26%
Earnings CAGR 3Y	4%
Sales CAGR 3Y	4%
FCF CAGR 3Y	-18%
Equity CAGR 3Y	23%
Market Cap	$4.41B
Revenue	$4.27B
Assets	$4.46B
Cash	$719.92M
Shares Outstanding	27.64M
Earnings Score	96%
Moat Score	94%
Gross Profit	$1.15B
Shares Growth 3y	-1%
Equity Growth QoQ	4%
Equity Growth YoY	17%

Assets & ROA

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Stockholders Equity & ROE

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M/I Homes Inc is an American construction company that focuses on residential construction. It consists of two distinct operations: homebuilding and financial services. The homebuilding operations are spread into the Midwest, Mid-Atlantic and Southern regions and the financial services operations support homebuilding operations by providing mortgage loans and title services to the customers of homebuilding operations. The homebuilding operations comprise the most significant portion of the revenue. The company builds homes and communities that target entry-level, move-up, and luxury homebuyers.

SEC Filings

Direct access to M (MHO) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does M compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of M compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 40%

Stability 96%

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M Discounted Cash Flow

Fully customizable DCF calculator online for M.

Years

Calculation mode

= $3B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$123M	$139M	$157M	$177M	$200M	$226M	$256M	$289M	$327M	$369M	$417M	$4.2B
DCF		$126M	$130M	$133M	$137M	$141M	$144M	$148M	$152M	$157M	$161M	$1.6B
Value	$3B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	4%	3%	3%	3%	5%	5%	8%	11%	12%	12%	13%
ROA	-	8%	7%	7%	8%	9%	12%	16%	17%	15%	15%
ROE	-	8%	8%	9%	13%	13%	19%	24%	24%	18%	19%

Good Net Margins (13.04%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	100%	100%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	17%	19%	16%	17%	9%	22%	23%	10%	-2%	12%
Earnings YoY growth	-	2%	10%	28%	63%	19%	88%	65%	24%	-5%	33%
Equity YoY growth	-	10%	10%	14%	14%	17%	25%	29%	27%	22%	26%
FCF YoY growth	-	-37%	-125%	-391%	-82%	-669%	156%	-127%	-515%	213%	21%