M/I HOMES, INC. — Form 8-K
Filed July 29, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
M/I Homes reported Q2 2026 new contracts of 2,387 (up 15% YoY, a second-quarter record), but homes delivered fell 6% to 2,206. Revenue declined 9% to $1.1 billion; pre-tax income fell 35% to $105 million ($104.6M) including $4.2M inventory charges; net income dropped 35% to $79 million ($3.02/diluted share vs. $4.42 prior year). Six-month pre-tax income fell 37% to $193.7M from $306.2M. Gross margin was 22%; homebuilding debt-to-capital ratio 18%. Shareholders' equity reached record $3.2 billion (book value $127.88/share); company repurchased $50M stock and holds $736M cash with no borrowings on $900M credit facility.
Why this rating
Earnings down 35% YoY despite record contract orders signals execution/margin pressure. Event material to operations but balance sheet strong; profitability decline is 3-4% of market cap.
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