Dream Finders Homes vs M/I Homes
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KIRAβs take AI analyst
I put Dream Finders Homes and M/I Homes side by side, using each oneβs latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Dream Finders Homes
DFH
2/6
5-year growthReturn on equity
M/I Homes
MHO
4/6
Revenue growthNet marginFCF marginShare count change
Side by side
Best in the row
| Latest fiscal year | DFH FY25 | MHO FY25 |
|---|---|---|
| Size | ||
| Market cap | $940M | $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 |
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.