M/I Homes vs Toll Brothers
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KIRA’s take AI analyst
I put M/I Homes and Toll Brothers side by side, using each one’s latest annual report. Here is what stands out:
- Toll Brothers is the larger business, with $11.0B of revenue in fiscal 2025 against $4.4B for M/I Homes, about 2.5 times as much.
- Toll Brothers grew revenue faster (1.1%, against −1.9%).
- Toll Brothers kept more of each dollar of sales as operating profit (15.7% operating margin, against 11.5%).
- Toll Brothers turned more of its sales into free cash flow (9.4% FCF margin, against 2.9%).
- Investors pay more for each dollar of M/I Homes’s earnings: a P/E of 11.8x against 11.3x for Toll Brothers.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
M/I Homes
MHO
0/8
Toll Brothers
TOL
8/8
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | MHO FY25 | TOL FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.2B | $13.3B |
| Revenue | $4.4B | $11.0B |
| Free cash flow | $128M | $1.0B |
| Net income | $403M | $1.3B |
| Growth | ||
| Revenue growth | −1.9% | 1.1% |
| 5-year growth | 7.7% | 9.2% |
| Share count change | −4.4% | −4.7% |
| Profitability | ||
| Gross margin | 23.0% | 25.1% |
| Operating margin | 11.5% | 15.7% |
| Net margin | 9.1% | 12.3% |
| FCF margin | 2.9% | 9.4% |
| Return on capital | — | 13.6% |
| Return on equity | 13.2% | 16.9% |
| Balance sheet | ||
| Net debt | — | $1.5B |
| Net debt / EBITDA | — | 0.9x |
| Dividends and buybacks | $202M | $748M |
| Valuation & quality | ||
| P/E | 11.8x | 11.3x |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
MHO $1.7B
TOL —
FY17
MHO $2.0B
TOL $5.8B
FY18
MHO $2.3B
TOL $7.1B
FY19
MHO $2.5B
TOL $7.2B
FY20
MHO $3.0B
TOL $7.1B
FY21
MHO $3.7B
TOL $8.8B
FY22
MHO $4.1B
TOL $10.3B
FY23
MHO $4.0B
TOL $10.0B
FY24
MHO $4.5B
TOL $10.8B
FY25
MHO $4.4B
TOL $11.0B
MHO
TOL
Operating margin
FY16
MHO 6.4%
TOL —
FY17
MHO 7.1%
TOL 11.1%
FY18
MHO 7.1%
TOL 11.0%
FY19
MHO 7.5%
TOL 9.4%
FY20
MHO 10.5%
TOL 7.8%
FY21
MHO 13.8%
TOL 11.6%
FY22
MHO 15.4%
TOL 14.7%
FY23
MHO 14.6%
TOL 17.3%
FY24
MHO 15.7%
TOL 18.8%
FY25
MHO 11.5%
TOL 15.7%
MHO
TOL
Free cash flow
FY16
MHO $21.1M
TOL $122M
FY17
MHO −$62.0M
TOL $833M
FY18
MHO −$10.7M
TOL $560M
FY19
MHO $61.1M
TOL $351M
FY20
MHO $157M
TOL $899M
FY21
MHO −$42.1M
TOL $1.2B
FY22
MHO $175M
TOL $915M
FY23
MHO $546M
TOL $1.2B
FY24
MHO $171M
TOL $937M
FY25
MHO $128M
TOL $1.0B
MHO
TOL
Return on capital
FY16
MHO —
TOL 4.4%
FY17
MHO —
TOL 5.9%
FY18
MHO —
TOL 8.8%
FY19
MHO —
TOL 6.8%
FY20
MHO —
TOL 5.5%
FY21
MHO —
TOL 10.5%
FY22
MHO —
TOL 14.9%
FY23
MHO —
TOL 15.7%
FY24
MHO —
TOL 17.5%
FY25
MHO —
TOL 13.6%
MHO
TOL
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.