M/I HOMES, INC. — Form 8-K
Filed October 21, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
Q3 2026 net income fell to $67M ($2.56/share) from $107M ($3.92/share) YoY, a 38% decline. Revenue dropped 5% to $1.1B; homes delivered fell 2% to 2,241 units; new contracts declined 2% to 1,861. Backlog units decreased 7% to 2,046 homes valued at $1.1B (down 9% YoY). CEO cited higher mortgage rates, weaker demand, and economic uncertainty. Balance sheet remains strong: $3.3B shareholders' equity (record), $621M cash, 18% debt-to-capital ratio, no borrowings under $900M credit facility.
Why this rating
38% earnings decline is material, but offset by record equity and strong balance sheet. Backlog weakness signals near-term softness; relative to $2.9B market cap, ~$230M quarterly revenue dip is meaningful but manageable.
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