Installed Building Products vs M/I Homes
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KIRA’s take AI analyst
I put Installed Building Products and M/I Homes side by side, using each one’s latest annual report. Here is what stands out:
- M/I Homes is the larger business, with $4.4B of revenue in fiscal 2025 against $3.0B for Installed Building Products.
- Installed Building Products grew revenue faster (1.0%, against −1.9%).
- Installed Building Products kept more of each dollar of sales as operating profit (13.0% operating margin, against 11.5%).
- Installed Building Products turned more of its sales into free cash flow (10.1% FCF margin, against 2.9%).
- Investors pay more for each dollar of Installed Building Products’s earnings: a P/E of 21.8x against 11.8x for M/I Homes.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Installed Building Products
IBP
6/8
Revenue growth5-year growthGross marginOperating marginFCF marginReturn on equity
M/I Homes
MHO
2/8
Net marginShare count change
Side by side
Best in the row
| Latest fiscal year | IBP FY25 | MHO FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $3.2B |
| Revenue | $3.0B | $4.4B |
| Free cash flow | $301M | $128M |
| Net income | $265M | $403M |
| Growth | ||
| Revenue growth | 1.0% | −1.9% |
| 5-year growth | 12.4% | 7.7% |
| Share count change | −3.1% | −4.4% |
| Profitability | ||
| Gross margin | 34.0% | 23.0% |
| Operating margin | 13.0% | 11.5% |
| Net margin | 8.9% | 9.1% |
| FCF margin | 10.1% | 2.9% |
| Return on capital | 22.6% | — |
| Return on equity | 37.5% | 13.2% |
| Balance sheet | ||
| Net debt | $571M | — |
| Net debt / EBITDA | 1.3x | — |
| Dividends and buybacks | $260M | $202M |
| Valuation & quality | ||
| P/E | 21.8x | 11.8x |
| Piotroski F-score | 7 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.