M/I Homes vs NVR
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KIRAβs take AI analyst
I put M/I Homes and NVR side by side, using each oneβs latest annual report. Here is what stands out:
- NVR is the larger business, with $10.3B of revenue in fiscal 2025 against $4.4B for M/I Homes, about 2.3 times as much.
- NVR turned more of its sales into free cash flow (10.6% FCF margin, against 2.9%).
- Investors pay more for each dollar of NVRβs earnings: a P/E of 14.9x against 11.8x for M/I Homes.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
M/I Homes
MHO
1/6
5-year growth
NVR
NVR
5/6
Revenue growthNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | MHO FY25 | NVR FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.2B | $16.0B |
| Revenue | $4.4B | $10.3B |
| Free cash flow | $128M | $1.1B |
| Net income | $403M | $1.3B |
| Growth | ||
| Revenue growth | β1.9% | β1.9% |
| 5-year growth | 7.7% | 6.5% |
| Share count change | β4.4% | β7.5% |
| Profitability | ||
| Gross margin | 23.0% | β |
| Operating margin | 11.5% | β |
| Net margin | 9.1% | 13.0% |
| FCF margin | 2.9% | 10.6% |
| Return on capital | β | β |
| Return on equity | 13.2% | 33.2% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $202M | $1.8B |
| Valuation & quality | ||
| P/E | 11.8x | 14.9x |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
MHO $1.7B
NVR $5.8B
FY17
MHO $2.0B
NVR $6.3B
FY18
MHO $2.3B
NVR $7.2B
FY19
MHO $2.5B
NVR $7.4B
FY20
MHO $3.0B
NVR $7.5B
FY21
MHO $3.7B
NVR $9.0B
FY22
MHO $4.1B
NVR $10.5B
FY23
MHO $4.0B
NVR $9.5B
FY24
MHO $4.5B
NVR $10.5B
FY25
MHO $4.4B
NVR $10.3B
MHO
NVR
Operating margin
FY16
MHO 6.4%
NVR β
FY17
MHO 7.1%
NVR β
FY18
MHO 7.1%
NVR β
FY19
MHO 7.5%
NVR β
FY20
MHO 10.5%
NVR β
FY21
MHO 13.8%
NVR β
FY22
MHO 15.4%
NVR β
FY23
MHO 14.6%
NVR β
FY24
MHO 15.7%
NVR β
FY25
MHO 11.5%
NVR β
MHO
NVR
Free cash flow
FY16
MHO $21.1M
NVR $371M
FY17
MHO β$62.0M
NVR $550M
FY18
MHO β$10.7M
NVR $703M
FY19
MHO $61.1M
NVR $844M
FY20
MHO $157M
NVR $909M
FY21
MHO β$42.1M
NVR $1.2B
FY22
MHO $175M
NVR $1.9B
FY23
MHO $546M
NVR $1.5B
FY24
MHO $171M
NVR $1.3B
FY25
MHO $128M
NVR $1.1B
MHO
NVR
Return on capital
FY16
MHO β
NVR β
FY17
MHO β
NVR β
FY18
MHO β
NVR β
FY19
MHO β
NVR β
FY20
MHO β
NVR β
FY21
MHO β
NVR β
FY22
MHO β
NVR β
FY23
MHO β
NVR β
FY24
MHO β
NVR β
FY25
MHO β
NVR β
MHO
NVR
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.