The continued decline in revenue, earnings, and backlog, combined with management's acknowledgment of 'increasingly difficult market conditions,' suggests further downside risk. Monitor the Q4 2026 earnings for any guidance revision or further deterioration in new contracts and backlog.
Price Chart
Executive Summary
M/I Homes reported Q3 2026 GAAP diluted EPS of $2.56, well below the consensus estimate of $3.30, and total revenue of $1.076 billion, slightly below the $1.11 billion consensus. Revenue declined 5% YoY, net income fell 38%, and pre-tax income dropped 38%, reflecting higher mortgage rates, weaker demand, and economic uncertainty. The company maintained a strong balance sheet with record equity of $3.3 billion and no borrowings on its $900 million credit facility.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $2.56 vs consensus $3.30 (miss of ~22.4%)
- Total revenue of $1.076 billion vs consensus $1.11 billion
- Revenue declined 5% YoY from $1.132 billion
- Net income fell 38% to $66.6 million from $106.5 million
- Pre-tax income down 38% to $86.9 million from $139.8 million
- New contracts decreased 2% to 1,861; homes delivered down 2% to 2,241
- Backlog sales value down 9% to $1.1 billion; backlog units down 7% to 2,046
- Gross margin contracted to 20.9% from 23.9% in Q3 2025
- Adjusted diluted EPS (ex-inventory charges) was $2.70 vs $4.14 a year ago
- Repurchased $50 million of common stock during the quarter
- Shareholders' equity reached a record $3.3 billion; book value per share $129.94
- Homebuilding debt-to-capital ratio unchanged at 18%
Financial Impact
EPS miss of ~22% vs consensus; revenue miss of ~3%; net income decline of 38% YoY
Segment Breakdown
| Segment |
|---|
| Northern |
| Southern |
Risk Factors
- Higher mortgage interest rates and economic uncertainty pressuring housing demand
- Backlog sales value and units declining, signaling lower future revenue
- Gross margin compression from 23.9% to 20.9%
- Inventory charges of $4.7 million in the quarter
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000799292-26-000030 |
| Document: mho-20261021.htm | 0000799292-26-000030 |
| Document: 0000799292-26-000030-index-headers.html | 0000799292-26-000030 |
| Document: 0000799292-26-000030-index.html | 0000799292-26-000030 |
| Document: 0000799292-26-000030.txt | 0000799292-26-000030 |
| 8-K Data (Synthetic) | 0000799292-26-000030 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 8-K | $114.04 $123.30 | ▼ −8.12% | ▼ −9.30% | $126.17 (−10.64%) |
Oct 21, 2026 6d ago | Press Release | $114.04 $123.30 | ▼ −8.12% | ▼ −9.30% | $126.17 (−10.64%) |
Sep 10, 2026 6w ago | Press Release | $139.10 | awaiting T+1 | awaiting T+1 | $126.17 (−9.30%) |
Jul 29, 2026 12w ago | 8-K | $154.48 $151.33 | ▲ +2.04% | ▲ +3.72% | $126.17 (+18.33%) |
Apr 22, 2026 26w ago | 8-K | $133.64 $134.67 | ▲ +0.77% | ▲ +1.16% | $126.17 (−5.59%) |
Mar 4, 2026 33w ago | 8-K | $138.37 $135.62 | ▼ −1.99% | ▼ −0.67% | $126.17 (−8.82%) |
US Market Status
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