MI 家居 2025年度报告

  FORM 10-K For the Fiscal Year Ended December 31, 2025 For the transition period from ________ to ________ Commission File Number 1-12434 M/I HOMES, INC. (Exact name of registrant as specified in its charter)Ohio31-1210837(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 4131 Worth Avenue, Suite 500, Columbus, Ohio 43219(Address of principal executive offices) (Zip Code) (614) 418-8000(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Shares, par value $.01MHONew York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements for the past 90 days. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periodthat the registrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.q Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). As of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregatemarket value of the registrant's common shares (its only class of common equity) held by non-affiliates (25,809,897 shares) wasapproximately $2.9 billion. The number of common shares of the registrant outstanding as of February 11, 2026 was25,767,709. DOCUMENT INCORPORATED BY REFERENCEPortions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, are incorporated by reference into Part III of thisAnnual Report on Form 10-K. TABLE OF CONTENTS NUMBERPART 1.Item 1.Business3Items 1A.Risk Factors13Item 1B.Unresolved Staff Comments23Item 1C.Cybersecurity24Item 2.Properties25Item 3.Legal Proceedings25Item 4.Mine Safety Disclosures25PART II.Item 5.Market for Registrant’s Common Equity, Related Shareholder Matters and IssuerPurchases of Equity Securities26Item 6.[Reserved]27Item 7.Management's Discussion and Analysis of Financial Condition and Results ofOperations28Item 7A.Quantitative and Qualitative Disclosures About Market Risk45Item 8.Financial Statements and Supplementary Data47Item 9.Changes in and Disagreements With Accountants on Accounting and FinancialDisclosure81Item 9A.Controls and Procedures81Item 9B.Other Information81Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections81PART III.Item 10.Directors, Executive Officers and Corporate Governance83Item 11.Executive Compensation83Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedShareholder Matters84Item 13.Certain Relationships and Related Tran