M/I Homes, Inc. (MHO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+12.3%

$148.47

vs $132.24 price

Levered DCF

$67.37

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.26

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.49×	6.55×	8.22×	2.62×	4.56×	5.29×	8.59×	5.52×
P/B	1.08×	1.26×	1.52×	0.62×	1.11×	1.01×	1.09×	0.69×
P/S	0.77×	0.82×	0.95×	0.31×	0.48×	0.42×	0.44×	0.26×
EV / EBITDA	6.78×	5.22×	6.45×	3.03×	4.92×	5.77×	9.28×	7.63×
Gross margin	23.0%	26.6%	25.2%	25.3%	24.3%	22.5%	19.8%	19.4%
Operating margin	11.5%	15.7%	14.4%	15.4%	13.8%	0.0%	7.7%	7.1%
Net margin	9.1%	12.5%	11.6%	11.9%	10.6%	7.9%	5.1%	4.7%
Current ratio	24.19×	15.98×	13.1×	10.75×	8.41×	9.34×	12.11×	11.41×
Debt / equity	0.34×	0.35×	0.36×	0.48×	0.62×	0.73×	0.77×	0.96×
Interest coverage	25.28×	-25.67×	0×	283.31×	240.4×	0×	8.99×	7.97×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	19.2%	18.5%	23.7%	24.4%	19.1%	12.7%	12.6%
Return on invested capital	8.4%	12.7%	11.9%	14.5%	14.0%	0.0%	7.6%	6.7%
Return on assets	8.4%	12.4%	11.6%	13.2%	12.2%	9.1%	6.1%	5.3%
Free cash flow yield	3.5%	4.6%	14.3%	13.6%	-2.3%	12.4%	5.6%	-1.8%
Earnings yield	11.8%	15.3%	12.2%	38.1%	21.9%	18.9%	11.6%	18.1%
Enterprise value	$3.8B	$3.9B	$4B	$2B	$2.6B	$1.9B	$1.9B	$1.4B
Net debt / EBITDA	0.71×	0.29×	0.3×	1.06×	1.48×	1.98×	3.82×	4.38×
Cash conversion cycle (days)	336	319	314	307	277	261	294	304