M/i Homes, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $4.2 billion, a 6.0% decline on the year before. That growth rate was down 1.0 percentage points from a quarter earlier.
What stands out
Capital spending rose 80.8%, while operating cash flow fell 39.9%. As a result, less of the cash generated was left over.
Profitability
The business is profitable. The trailing gross margin was 20.7%. The trailing operating margin was 8.2%, down 5.1 percentage points from a year earlier. At the same time, the trailing net margin was 6.6%. Net income over the twelve months was $277.4 million, which fell 41.3% on the year before.
Cash flow
Spending is outrunning the cash the business brings in, so less is left over. Operating cash flow over the twelve months was $150.5 million, down 39.9% on the year before. Capital spending was $13.4 million, or 0.3% of revenue. Free cash flow, operating cash flow less capital spending, was $137.1 million, down 43.6% on the year before. This represented a free-cash-flow margin of 3.3%, down 2.2 percentage points from a year earlier.
Share count
The average diluted share count fell 4.8% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 3.3% is higher than 74% of the company’s own past quarterly readings, which have ranged from −13.1% to 16.0%. Today’s operating margin of 8.2% is higher than 57% of past readings (−1.0% to 15.9%). Today’s twelve-month revenue growth rate of −6.0% is below every past reading (−5.0% to 42.6%).
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 19.8%, and 5 percentage points higher would raise it by 26.0%. A free-cash-flow margin 1 percentage point lower would lower it by 24.1%.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
