M/I HOMES, INC. (MHO) FY2025 10-K Annual Report
M/I HOMES, INC. (MHO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
M/I HOMES, INC. FY2025 10-K Analysis
Business Overview
- • Core business: design, construct, market, and sell single-family homes and townhomes, plus ancillary mortgage and title services
- • New emphasis on inventory homes with 68% of 2025 deliveries as inventory, up from 60% in 2024, supporting Ready Now Homes program for faster closings
- • Strategic focus on affordability via “Smart Series” homes, now 52% of 2025 sales, targeting entry-level and move-down buyers with multi-family expansions
- • Backlog declined to 1,809 homes ($989.9M) at 2025 year-end from 2,531 homes ($1.4B) in 2024, reflecting lower demand and increased inventory home sales
- • Celebrated 50th year in business in 2026, reinforcing brand trust during challenging housing market with elevated mortgage rates and affordability concerns
Management Discussion & Analysis
- • Revenue $4.29B, net income $369M, net income declined $160.8M YoY, home deliveries 8,921 units down from prior year
- • Operating margin impacted by increased land and housing costs of $3.35B and SG&A of $452M, net income margin approx. 8.6% on $4.29B revenue
- • Best segment: Homebuilding with $4.29B revenue; financial services had weighted borrowings $725M at 5.37% interest
- • Cash from operations $137.3M vs $179.7M in 2024, used $210M in financing primarily for $202M buybacks, invested $59.7M in investing activities
- • 2026 outlook: Expect continued share repurchases, cautious land spending, offering mortgage interest rate buydown incentives amid high mortgage rates and inflation risks
Risk Factors
- • Regulatory risk: Warranty claims in Florida—$11.2M warranty charges for attic ventilation issues in two Florida communities impacting reserves
- • Macroeconomic threat: Elevated mortgage rates contributed to 4% decrease in new contracts and 2% revenue decline to $4.4B in 2025
- • Operational vulnerability: Inventory impairment charges totaled $47.7M in 2025 including $30.9M in Southern region, affecting margins and costs
- • Competitive risk: Increased realtor commissions rose $8.9M in 2025 due to higher competition for homebuyers and larger community count
- • Financial risk: Homebuilding debt-to-capital ratio improved to 18% in 2025 but slower absorption pace declined to 3.0 homes/month from 3.3 in 2024
M/I HOMES, INC. FY2025 Key Financial MetricsXBRL
Revenue
$4.4B
▼ -1.9% YoY
Net Income
$403M
▼ -28.5% YoY
Operating Margin
11.5%
▼ -421bp YoY
Net Margin
9.1%
▼ -339bp YoY
ROE
12.7%
▼ -645bp YoY
Total Assets
$4.8B
▲ +5.0% YoY
EPS (Diluted)
$14.74
▼ -25.2% YoY
Operating Cash Flow
$137M
▼ -23.6% YoY
Source: XBRL data from M/I HOMES, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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