M/I HOMES, INC. vs Toll Brothers, Inc., two Homebuilders stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Toll Brothers builds luxury homes, M/I Homes builds for the broader market, and Toll earns the better economics: a 15.18% return on equity against M/I's 11.26% and an 11.66% margin against 8.24%. Both run debt-free and trade near book, Toll at 1.85 times and M/I at 1.36, and both trade at near-identical earnings multiples around 12.3 times. Toll converts more free cash, 7.73% against 4.61%. The pair splits homebuilding by price tier: Toll earns luxury margins and higher returns, M/I earns solid mid-market ones at a slightly lower book multiple, and Toll's superior profitability at the same earnings multiple gives it the edge.
Comparison updated 2026-07-11.
| Metric | MHO | TOL |
|---|---|---|
| Price | $147.40 | $149.36 |
| Market cap | $3.9B | $14.3B |
| Sector | Homebuilders | Homebuilders |
| Stage | Mature | Mature |
| Implied growth (priced in) | -4.1% | +0.6% |
| P/E | 11.1 | 11.3 |
| P/B | 1.23 | 1.69 |
| P/S | 0.90 | 1.29 |
| EV/EBITDA | 8.6 | 8.1 |
| Revenue growth | -1.7% | +4.6% |
| Operating margin | 9.3% | 13.7% |
| Net margin | 8.2% | 11.7% |
| Return on equity | 11.3% | 15.2% |
| Return on assets | 7.5% | 8.9% |
| Return on invested capital | 11.2% | 15.1% |
| FCF yield | 5.1% | 8.5% |
| Dividend yield | — | 0.7% |
| Debt / equity | 0.00 | 0.00 |
| Altman Z (solvency) | 3.42 | 3.12 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.