M/I Homes vs Toll Brothers
Toll Brothers reported revenue of $11.0 billion in fiscal 2025, 2.5 times M/I Homes' $4.4 billion in fiscal 2025. M/I Homes' revenue fell 1.9% in its latest year, and Toll Brothers' grew 1.1%. M/I Homes had an operating margin of 11.5%, against 15.7% at Toll Brothers. Free cash flow was $128 million at M/I Homes and $1.0 billion at Toll Brothers. Their fiscal years end in different months (December 31 and October 31), so the periods don't line up exactly.
Side by side
| M/I Homes | Toll Brothers | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Oct 31, 2025 |
| Revenue | $4.4B | $11.0B |
| Revenue growth | −1.9% | 1.1% |
| Revenue growth a year, last 5 years | 7.7% | 9.2% |
| Gross margin | 23.0% | 25.1% |
| Operating margin | 11.5% | 15.7% |
| Net margin | 9.1% | 12.3% |
| Free cash flow | $128M | $1.0B |
| Free cash flow margin | 2.9% | 9.4% |
| Return on capital | — | 13.6% |
| Net debt to EBITDA | — | 0.8x |
| Dividends and buybacks | $202M | $748M |
| Change in diluted share count | −4.4% | −4.7% |
| Last close | $124.53 | $140.40 |
| P/E at the last close | 11.8× | 11.3× |
| Insider trades, last 12 months | sold $22.8 million | sold $26.1 million |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
M/I HomesToll Brothers
Operating margin
Percent of revenue
M/I HomesToll Brothers
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
M/I HomesToll Brothers
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the M/I Homes and Toll Brothers pages.