MI Homes
MHOMarket price data through August 3, 2026.
Performance
Aug 2021 – Aug 2026
Track record
How this pick has done since Benson first called it.
- Benson Return
- -5%
- How much this stock is up since Benson first picked it — measured from the price at the time of that first pick, not from today.
- First pick price
- ~$156
- Roughly what one share cost when Benson first picked this stock. This is the starting line for the Benson Return.
- Tracking since
- September 2024
- The month this stock first became a Benson pick.
- Tracking duration
- 22 months
- How long Benson has been tracking this pick.
About MI Homes
M/I Homes builds and sells single-family homes and townhomes across 17 markets in the Midwest, South, and Southeast, mainly serving first-time buyers and growing families. The company also runs its own mortgage and title insurance arm, so it makes money on both the home and the financing. They are celebrating their 50th year in business in 2026.
The case for and against
Both sides of the story, in plain English.
- Fortress Balance Sheet
M/I Homes ended the first quarter of 2026 with record shareholders' equity of 3.2 billion dollars and 767 million dollars of cash on hand. They have a 900 million dollar credit line with zero drawn against it. Book value per share hit a record 125 dollars and they returned capital by buying back 50 million dollars of stock during the quarter.
- Demand Inflection
After a tough year for housing, new contracts grew 3% year over year to 2,350 in the first quarter, and the cancellation rate dropped from 10% to 8%. America is structurally short by an estimated 4 to 7 million homes and millennials are hitting peak home-buying age. Once mortgage rates ease, M/I sits in the path of that demand wave.
- Backlog Bleeding
Backlog units fell 21% to 2,245 homes and backlog sales value fell 23% to 1.2 billion dollars. That is the future revenue pipeline shrinking and it points to softer numbers in coming quarters. First quarter pre-tax income already dropped 39% year over year and earnings per share fell from 3.98 dollars to 2.55 dollars.
- Rate Trap
M/I Homes targets entry-level and first-time buyers, the group most squeezed by elevated mortgage rates. The company is leaning on price cuts and rate buydowns to keep contracts moving, which compressed gross margin from roughly 26% a year ago to 22% this quarter. If rates stay high for longer, this margin pressure persists.
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How to read this page
This automated research summary uses Financial Modeling Prep market data through 2026-08-03. Model signals, scores, and risk labels can change and may be incomplete or wrong.
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