Latest Ratios: P/E Ratio 10.2x · EV/EBITDA 8.1x · ROE 13.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $3.5B | $3.8B | $4.0B | $1.3B | $1.9B | $1.3B | $1.1B | $613M | $1.1B | $758M |
| Enterprise Value | $4.3B | $3.9B | $4.0B | $4.1B | $2.0B | $2.6B | $2.0B | $1.9B | $1.4B | $1.7B | $1.4B |
| P/E Ratio → | 10.20 | 8.68 | 6.75 | 8.50 | 2.68 | 4.68 | 5.38 | 8.78 | 5.70 | 15.22 | 13.68 |
| P/S Ratio | 0.88 | 0.79 | 0.84 | 0.98 | 0.32 | 0.50 | 0.42 | 0.45 | 0.27 | 0.54 | 0.45 |
| P/B Ratio | 1.30 | 1.10 | 1.29 | 1.57 | 0.63 | 1.14 | 1.03 | 1.12 | 0.72 | 1.41 | 1.16 |
| P/FCF | 32.07 | 28.97 | 22.19 | 7.24 | 7.52 | — | 8.24 | 18.34 | — | — | 35.95 |
| P/OCF | 29.71 | 26.84 | 21.16 | 7.16 | 7.14 | — | 7.67 | 17.07 | — | — | 22.18 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.88 | 0.89 | 1.03 | 0.48 | 0.70 | 0.64 | 0.76 | 0.62 | 0.87 | 0.81 |
| EV / EBITDA | 8.11 | 7.40 | 5.57 | 6.94 | 3.07 | 4.95 | 5.84 | 9.19 | 8.08 | 10.90 | 11.08 |
| EV / EBIT | 8.43 | 7.13 | 5.48 | 6.82 | 3.14 | 5.08 | 6.11 | 10.07 | 8.27 | 11.92 | 12.31 |
| EV / FCF | — | 32.26 | 23.45 | 7.58 | 11.46 | — | 12.48 | 30.89 | — | — | 64.56 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.0% | 23.0% | 26.6% | 25.2% | 25.3% | 24.3% | 22.5% | 19.8% | 19.4% | 20.0% | 19.5% |
| Operating Margin | 11.5% | 11.5% | 15.7% | 14.4% | 15.4% | 13.8% | — | 7.7% | 7.1% | 7.5% | 6.7% |
| Net Profit Margin | 9.1% | 9.1% | 12.5% | 11.6% | 11.9% | 10.6% | 7.9% | 5.1% | 4.7% | 3.7% | 3.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.2% | 13.2% | 20.7% | 20.3% | 26.6% | 27.5% | 21.2% | 13.7% | 13.4% | 10.3% | 9.1% |
| ROA | 8.6% | 8.6% | 13.2% | 12.0% | 14.1% | 13.5% | 10.1% | 6.2% | 5.5% | 4.2% | 3.8% |
| ROIC | 11.3% | 11.3% | 18.1% | 16.0% | 18.5% | 18.0% | — | 8.4% | 8.0% | 8.2% | 6.9% |
| ROCE | 11.4% | 11.4% | 17.6% | 16.3% | 20.3% | 19.7% | — | 10.1% | 9.1% | 9.3% | 8.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.34 | 0.34 | 0.35 | 0.36 | 0.48 | 0.62 | 0.73 | 0.77 | 0.96 | 1.08 | 0.97 |
| Debt / EBITDA | 2.06 | 2.06 | 1.44 | 1.54 | 1.53 | 1.90 | 2.76 | 3.76 | 4.69 | 5.14 | 5.19 |
| Net Debt / Equity | — | 0.13 | 0.07 | 0.07 | 0.33 | 0.48 | 0.53 | 0.76 | 0.93 | 0.88 | 0.92 |
| Net Debt / EBITDA | 0.75 | 0.75 | 0.30 | 0.31 | 1.06 | 1.46 | 1.98 | 3.73 | 4.57 | 4.18 | 4.91 |
| Debt / FCF | — | 3.29 | 1.25 | 0.34 | 3.94 | — | 4.24 | 12.55 | — | — | 28.61 |
| Interest Coverage | 27.28 | 27.28 | 26.66 | — | 283.31 | 240.40 | 33.02 | 8.77 | 8.34 | 7.61 | 6.29 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 24.19 | 24.19 | 15.98 | 13.10 | 10.75 | 8.41 | 9.34 | 12.11 | 11.41 | 12.10 | 11.20 |
| Quick Ratio | 5.51 | 5.51 | 4.44 | 3.44 | 1.96 | 1.45 | 2.09 | 1.19 | 1.17 | 2.25 | 1.50 |
| Cash Ratio | 3.80 | 3.80 | 3.07 | 2.53 | 0.97 | 0.67 | 1.01 | 0.04 | 0.13 | 1.06 | 0.27 |
| Asset Turnover | — | 0.92 | 0.99 | 1.00 | 1.11 | 1.16 | 1.15 | 1.19 | 1.13 | 1.05 | 1.09 |
| Inventory Turnover | 1.00 | 1.00 | 1.07 | 1.08 | 1.09 | 1.16 | 1.26 | 1.15 | 1.10 | 1.11 | 1.12 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 0.3% | 0.6% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.8% | 11.5% | 14.8% | 11.8% | 37.3% | 21.4% | 18.6% | 11.4% | 17.6% | 6.6% | 7.3% |
| FCF Yield | 3.1% | 3.5% | 4.5% | 13.8% | 13.3% | — | 12.1% | 5.5% | — | — | 2.8% |
| Buyback Yield | 5.2% | 5.8% | 4.7% | 1.7% | 4.2% | 2.8% | 0.1% | 0.5% | 4.2% | 4.8% | 0.0% |
| Total Shareholder Yield | 5.2% | 5.8% | 4.7% | 1.7% | 4.2% | 2.8% | 0.1% | 0.5% | 4.2% | 5.1% | 0.6% |
| Shares Outstanding | — | $27M | $29M | $29M | $28M | $30M | $29M | $28M | $29M | $31M | $30M |
Inventory and interest sensitivity
Based on recent financial filings, MHO trades at a forward P/E of 12.39 and a P/S of 0.95, suggesting that the market is pricing in significant cyclical risk compared to larger-cap peers despite the company's historical ability to maintain a disciplined balance sheet and regional market dominance.
The current valuation multiples appear to reflect a cautious market sentiment regarding the sustainability of margins in a high-interest-rate environment. Investors should monitor whether the PEG ratio of 0.89 indicates an undervalued growth profile or if the market is correctly anticipating a further deceleration in earnings as the company navigates inventory-heavy strategies.
As reported in financial statements, MHO's ROIC has trended downward from 5.0% in 2024Q2 to 1.8% in 2026Q1, indicating that the company's ability to compound returns on invested capital is currently being challenged by margin compression and the capital-intensive nature of its recent inventory expansion strategy.
The decline in ROIC suggests that the returns generated from land development and home construction are failing to keep pace with the capital deployed into the business. This trend warrants further investigation into whether the current land-acquisition strategy is yielding sufficient incremental returns or if the company is over-capitalizing its balance sheet relative to current absorption rates.
According to recent SEC filings, MHO's days inventory outstanding (DIO) has risen from 312 days in 2024Q4 to 227 days in 2026Q1, reflecting a shift in operational efficiency as the company increases its reliance on spec home starts to maintain sales volume in a volatile market.
The lengthening of the inventory cycle suggests that capital is being tied up for longer periods, which may increase the risk of impairment if market conditions deteriorate. Investors should monitor the cash conversion cycle closely, as any further extension in DIO could necessitate increased reliance on external financing to support ongoing operations.
Based on reported figures, MHO maintains a disciplined debt-to-equity ratio that has remained stable between 0.32 and 0.37 over the last ten quarters, providing a robust financial cushion that distinguishes the company from more aggressively leveraged peers in the residential construction sector.
This conservative capital structure appears to be a deliberate strategy to mitigate the inherent cyclicality of the homebuilding industry. While the company's interest coverage ratio has shown volatility, the overall low leverage suggests that MHO is well-positioned to navigate potential downturns without facing immediate refinancing or covenant risks.
The price-to-book (P/B) ratio is frequently misapplied to MHO, as it fails to account for the significant difference between the historical cost of land assets on the balance sheet and their current market value, which can lead to a distorted view of the company's true intrinsic value.
Investors should instead focus on metrics like return on invested capital (ROIC) or adjusted book value, which better reflect the economic reality of the company's land bank. Relying solely on P/B may obscure the value created through MHO's localized land entitlement expertise, which is not fully captured by traditional accounting methods.
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Quick answers to the most common questions about buying MHO stock.
M/I Homes, Inc.'s current P/E ratio is 10.2x. The historical average is 9.2x. This places it at the 76th percentile of its historical range.
M/I Homes, Inc.'s current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
M/I Homes, Inc.'s return on equity (ROE) is 13.2%. The historical average is 10.8%.
Based on historical data, M/I Homes, Inc. is trading at a P/E of 10.2x. This is at the 76th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
M/I Homes, Inc. has 23.0% gross margin and 11.5% operating margin. Operating margin between 10-20% is typical for established companies.
M/I Homes, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.