M/I Homes Reports 2026 Third Quarter Results
M/I Homes reported Q3 2026 net income of $67 million, or $2.56 per diluted share, down sharply from $107 million ($3.92) a year ago, as revenue slipped 5% to $1.1 billion. Operating metrics weakened across the board: new contracts fell 2% to 1,861, deliveries fell 2% to 2,241, and backlog value dropped 9% to $1.1 billion, with average backlog pricing down to $539,000 from $553,000. Results included $4.7 million of pre-tax inventory charges.
Key figures
- Eps
- 2.56
- Revenue
- 1076069000
- Revenue Yoy
- -5%
- Cash
- 620595000
- Communities
- 246
- Gross margin
- 20.9%
- Backlog units
- 2046
- New contracts
- 1861
- Pretax income
- 86876000
- Buyback amount
- 50000000
- Adjusted ebitda
- 103439000
- Homes delivered
- 2241
- Avg closing price
- 460000
- Cancellation rate
- 12%
- Inventory charges
- 4723000
- Backlog sales value
- 1103044000
- Net debt to capital
- 2%
- Shareholders equity
- 3252567000
- Adjusted diluted eps
- 2.7
- Book value per share
- 129.94
- Avg backlog sales price
- 539000
- Backlog value yoy change
- -9%
- New contracts yoy change
- -2%
- Pretax income yoy change
- -38%
- Homes delivered yoy change
- -2%
- Homebuilding debt to capital
- 18%
- Gross margin ex inventory charges
- 21.3%
AI analysis
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