Does M/I Homes have an economic moat?
Maybe
M/I Homes earns 13.9% a year on the money invested in it: decent, but not the clear sign of a wide moat.
The numbers behind it
Return on invested capital, average of recent years13.9%
Return on invested capital, latest year10.7%
Gross margin24.1%Share of each sale left after production costs
Net margin9.1%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about M/I Homes
Data as of Nov 13, 2026.