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Side-by-side financial comparison of Alexandria Real Estate Equities (ARE) and M/I HOMES, INC. (MHO). Click either name above to swap in a different company.
M/I HOMES, INC. is the larger business by last-quarter revenue ($1.1B vs $671.0M, roughly 1.7× Alexandria Real Estate Equities). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs 5.6%, a 53.8% gap on every dollar of revenue. On growth, M/I HOMES, INC. posted the faster year-over-year revenue change (-4.8% vs -11.5%). Over the past eight quarters, M/I HOMES, INC.'s revenue compounded faster (4.7% CAGR vs -6.4%).
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
ARE vs MHO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $671.0M | $1.1B |
| Net Profit | $398.4M | $64.0M |
| Gross Margin | — | 17.4% |
| Operating Margin | — | 6.5% |
| Net Margin | 59.4% | 5.6% |
| Revenue YoY | -11.5% | -4.8% |
| Net Profit YoY | 740.6% | -52.1% |
| EPS (diluted) | $2.10 | $2.42 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $1.1B | ||
| Q3 25 | $751.9M | $1.1B | ||
| Q2 25 | $762.0M | $1.2B | ||
| Q1 25 | $758.2M | $976.1M | ||
| Q4 24 | $788.9M | $1.2B | ||
| Q3 24 | $791.6M | $1.1B | ||
| Q2 24 | $766.7M | $1.1B |
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $64.0M | ||
| Q3 25 | $-232.8M | $106.5M | ||
| Q2 25 | $-107.0M | $121.2M | ||
| Q1 25 | $-8.9M | $111.2M | ||
| Q4 24 | $-62.2M | $133.5M | ||
| Q3 24 | $167.9M | $145.4M | ||
| Q2 24 | $46.7M | $146.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 24.5% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 27.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 14.4% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 15.9% | ||
| Q2 24 | — | 16.8% |
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | 5.6% | ||
| Q3 25 | -31.0% | 9.4% | ||
| Q2 25 | -14.0% | 10.4% | ||
| Q1 25 | -1.2% | 11.4% | ||
| Q4 24 | -7.9% | 11.1% | ||
| Q3 24 | 21.2% | 12.7% | ||
| Q2 24 | 6.1% | 13.2% |
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $2.42 | ||
| Q3 25 | $-1.38 | $3.92 | ||
| Q2 25 | $-0.64 | $4.42 | ||
| Q1 25 | $-0.07 | $3.98 | ||
| Q4 24 | $-0.38 | $4.71 | ||
| Q3 24 | $0.96 | $5.10 | ||
| Q2 24 | $0.25 | $5.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $418.7M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $19.4B | $3.2B |
| Total Assets | $34.2B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | — | ||
| Q3 25 | $579.5M | — | ||
| Q2 25 | $520.5M | — | ||
| Q1 25 | $476.4M | — | ||
| Q4 24 | $552.1M | — | ||
| Q3 24 | $562.6M | — | ||
| Q2 24 | $561.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | — | ||
| Q3 25 | $13.6B | — | ||
| Q2 25 | $13.3B | — | ||
| Q1 25 | $13.1B | — | ||
| Q4 24 | $12.2B | — | ||
| Q3 24 | $12.7B | — | ||
| Q2 24 | $12.4B | — |
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $3.2B | ||
| Q3 25 | $16.6B | $3.1B | ||
| Q2 25 | $17.2B | $3.1B | ||
| Q1 25 | $17.5B | $3.0B | ||
| Q4 24 | $17.9B | $2.9B | ||
| Q3 24 | $18.2B | $2.8B | ||
| Q2 24 | $18.3B | $2.7B |
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $4.8B | ||
| Q3 25 | $37.4B | $4.8B | ||
| Q2 25 | $37.6B | $4.7B | ||
| Q1 25 | $37.6B | $4.6B | ||
| Q4 24 | $37.5B | $4.5B | ||
| Q3 24 | $38.5B | $4.5B | ||
| Q2 24 | $37.8B | $4.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.68× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $475.0M | $-8.7M |
| Free Cash FlowOCF − Capex | — | $-13.0M |
| FCF MarginFCF / Revenue | — | -1.1% |
| Capex IntensityCapex / Revenue | 76.0% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.19× | -0.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $127.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $-8.7M | ||
| Q3 25 | $433.5M | $43.4M | ||
| Q2 25 | $460.2M | $37.8M | ||
| Q1 25 | $207.9M | $64.9M | ||
| Q4 24 | $274.2M | $104.4M | ||
| Q3 24 | $477.4M | $-67.9M | ||
| Q2 24 | $411.8M | $27.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-13.0M | ||
| Q3 25 | — | $42.0M | ||
| Q2 25 | — | $35.1M | ||
| Q1 25 | — | $63.5M | ||
| Q4 24 | — | $102.3M | ||
| Q3 24 | — | $-68.5M | ||
| Q2 24 | — | $22.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.1% | ||
| Q3 25 | — | 3.7% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 6.5% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | — | -6.0% | ||
| Q2 24 | — | 2.0% |
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.5% |
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | -0.14× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.78× | ||
| Q3 24 | 2.84× | -0.47× | ||
| Q2 24 | 8.82× | 0.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
