Dream Finders Homes vs M/I Homes
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The short version
- M/I Homes is the larger business, with $4.4B of revenue in fiscal 2025 against $4.3B for Dream Finders Homes.
- M/I Homes grew revenue faster (β1.9%, against β2.9%).
- M/I Homes turned more of its sales into free cash flow (2.9% FCF margin, against β2.9%).
- Investors pay more for each dollar of M/I Homesβs earnings: a P/E of 11.8x against 7.2x for Dream Finders Homes.
| Latest fiscal year | DFH Β· FY25 | MHO Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $936M | $3.2B |
| Revenue | $4.3B | $4.4B |
| Free cash flow | β$126M | $128M |
| Net income | $217M | $403M |
| Growth | ||
| Revenue growth | β2.9% | β1.9% |
| 5-year growth | 30.7% | 7.7% |
| Share count change | 1.0% | β4.4% |
| Profitability | ||
| Gross margin | β | 23.0% |
| Operating margin | β | 11.5% |
| Net margin | 5.0% | 9.1% |
| FCF margin | β2.9% | 2.9% |
| Return on capital | 17.2% | β |
| Return on equity | 16.3% | 13.2% |
| Balance sheet | ||
| Net debt | $1.4B | β |
| Net debt / EBITDA | 2.4x | β |
| Dividends and buybacks | $41.7M | $202M |
| Valuation & quality | ||
| P/E | 7.2x | 11.8x |
| Piotroski F-score | β | β |
Revenue
FY16
DFH β
MHO $1.7B
FY17
DFH β
MHO $2.0B
FY18
DFH β
MHO $2.3B
FY19
DFH $744M
MHO $2.5B
FY20
DFH $1.1B
MHO $3.0B
FY21
DFH $1.9B
MHO $3.7B
FY22
DFH $3.3B
MHO $4.1B
FY23
DFH $3.7B
MHO $4.0B
FY24
DFH $4.4B
MHO $4.5B
FY25
DFH $4.3B
MHO $4.4B
DFH
MHO
Operating margin
FY16
DFH β
MHO 6.4%
FY17
DFH β
MHO 7.1%
FY18
DFH β
MHO 7.1%
FY19
DFH β
MHO 7.5%
FY20
DFH β
MHO 10.5%
FY21
DFH β
MHO 13.8%
FY22
DFH β
MHO 15.4%
FY23
DFH β
MHO 14.6%
FY24
DFH β
MHO 15.7%
FY25
DFH β
MHO 11.5%
DFH
MHO
Free cash flow
FY16
DFH β
MHO $21.1M
FY17
DFH β
MHO β$62.0M
FY18
DFH β
MHO β$10.7M
FY19
DFH $27.5M
MHO $61.1M
FY20
DFH $94.0M
MHO $157M
FY21
DFH $62.2M
MHO β$42.1M
FY22
DFH β$33.2M
MHO $175M
FY23
DFH $369M
MHO $546M
FY24
DFH β$282M
MHO $171M
FY25
DFH β$126M
MHO $128M
DFH
MHO
Return on capital
FY16
DFH β
MHO β
FY17
DFH β
MHO β
FY18
DFH β
MHO β
FY19
DFH β
MHO β
FY20
DFH β
MHO β
FY21
DFH β
MHO β
FY22
DFH β
MHO β
FY23
DFH β
MHO β
FY24
DFH β
MHO β
FY25
DFH 17.2%
MHO β
DFH
MHO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.