M/I HOMES, INC.

MHO · Industrials · $3.9B mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power33

Median gross margin 23.0% over 9y, stable.

Returns on capital100

Median ROIC 20.2%, above the 9% hurdle in 100% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline72

Owner earnings +24.6%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

35% below value

Owner earnings (normalized): $475.4M
Est. intrinsic value / share: $229.29
Recent price: $149.49
Discount to value: 35% below value

Conservative model: 9% discount rate, 1% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MHO. See the disclaimer.