M/I Homes

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Fortune 500

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

Collectively, the ranked companies produced a three-year average shareholder return of 33%, vs. 19% for the S&P 500.

100 Fastest-Growing Companies

This year's Fortune 500 marks the 66th running of the list.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fastest-Growing Companies marks the 19th running of the list. In our annual list of public companies with the most stellar three-year profit, revenue, and stock growth, Facebook makes its first appearance.

Fastest-growing Companies

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Get insights into M/I Homes including business profile, stock information, news, and rankings from Fortune.

M/I Homes (MHO): Company Profile, Stock Price, News, Rankings

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M/I Homes | Fortune

M/I Homes (MHO): Company Profile, Stock Price, News, Rankings | Fortune

Wayfair thrived during the pandemic, scaling to over 30 million products and rising to #217 on the Fortune 500. But after a post-COVID slump, it’s rethinking its strategy. In 2024, the company opened its first large-format retail store and rolled out new AI tools to reimagine how people shop for their homes. Here’s how Wayfair is betting on technology and in-person retail to power its next chapter in a crowded home-goods market.


How Wayfair’s Betting on AI to Future Proof its $12B Empire 

Wayfair is betting big on AI and physical retail to reconnect with shopper

Tech

Wayfair thrived during the pandemic, scaling to over 30 million products and rising to #217 on the Fortune 500. But after a post-COVID slump, it’s rethinking its strategy

How Wayfair Built a $12 Billion Home Retail Empire 

Wayfair built its multi-billion dollar business by selling home goods online, eventually scaling to more than 30 million products. Today, it's the largest online home goods retailer in the United States, but after a pandemic boom in sales, growth slumped, and so did the company's stock price. Now Wayfair is pivoting. In 2024, it stepped into physical retail with its first large format store. At the same time, it's betting on AI to streamline operations and reimagine how shoppers discover furniture. So we've been using the sort of text to image generation capability to generate an AI to be able to showcase a whole bunch of different images that our customers can then react to and say, oh, I like this. Here's how Wayfair built a $12 billion home goods empire. And how it's using AI and big box retail to fuel its next chapter. Founded in 2002 as a network of niche furniture sites, Wayfair evolved into a sprawling online marketplace. It now offers over 30 million products from around 20,000 suppliers. It also runs a lineup of lifestyle and luxury brands. The main basic difference between Wayfair and some of its other home furnishing competitors is that it is a marketplace platform, so they don't own any of their inventory. Everything is just forward position. on their site so that consumers can use it from the many vendors that they work with. Unlike many of its competitors, Wayfair doesn't manufacture or own its inventory. Instead, it connects shoppers with third party suppliers. This dropship business model allowed Wayfair to scale quickly, offering an enormous product catalog while keeping fixed costs low. Having these relationships with some of these smaller vendors is really unique in that it's a More visible way for the vendors to reach a much broader total addressable market. It helps elevate the business of small vendors while it also helps provide more choices to consumers for Wayfair. During the pandemic, that model helped the company thrive. Sales surged by 45% in 2020 as consumers redecorated during lockdowns. The next year, Wayfair shot up the Fortune 500 rankings, climbing more than 100. 30 spots to land at number 217. When we look back at COVID, that clearly accelerated e-commerce adoption across a number of categories, things like grocery and furniture. We saw the share price really rise to around $350 a share, but post-pandemic demand cooled as interest rates climbed and inflation pinched household budgets. Spending on big ticket furniture slowed. Wayfair's stock lost over 80% of its. between 2021 and early 2023, investors realized things are going to reopen. People are traveling. They're eating at restaurants again, and it wasn't idiosyncratic to Wayfair. It was across the industry, right? All of the peers really saw that phenomenon. Major home retailers like Bed Bath and Beyond filed for bankruptcy in 2023, shuttering hundreds of stores around the country. Despite declining sales post pandemic, Wayfair was. A to weather the market volatility. You know, if you look at somebody like Bed Bath and Beyond, there were liquidity issues. Interestingly, despite the fact that really Wayfair isn't generating a whole lot of profitability, the way that the capital structure works is that they don't really need that same sort of liquidity. But as the online home retail market has become more crowded, Wayfair is looking for ways to improve its e-commerce model and its customer experience. So we've been applying AI for quite some time, probably over a decade. The more recent advancements are allowing us to take that to yet another level. Fiona Tan is Wayfair's chief technology officer. Over the last few years, she has helped lead the company's investments in AI. It's a category where it's hard for our customers sometimes to describe what they're looking for. And then sometimes they don't really even know what they're looking for, so we've been using the sort of text to image generation capability to generate a AI to be able to showcase, you know, a whole bunch of different images that our customers can then react to and say, oh, I like this. I didn't know, I don't know what it's called, but it speaks to me. In 2025, Wayfair debuted a generative AI platform called Muse. The tool allows shoppers to curate AI generated home designs in certain styles. From there, the platform will recommend Wayfair products that fit the look. And then you can even tailor it a little bit more and just say, OK, well I like this, but I prefer green chairs instead of beige, and as you interact with muse, it'll generate you another image based on what you're saying. As the customers are inspired and engaged more with us, we're able to discern better what the intent and what their style preferences are, maybe what the budget preferences are, and then it allows us. And then recommend products for them. Waver says that level of personalization may help reduce return rates by giving customers more confidence in their purchases because the customers are more confident of the products that they buy or they've been able to get more information about it, ideally what you also see is there are fewer returns, right, because you're able to help them make um more. Informed decisions. Behind the scenes, Wayfair's legal, HR, and finance teams are also using AI to process data faster and streamline operations. For example, our legal teams using it to be able to look at, you know, user reviews to look for items that may have caused any kind of injury, and then you'll have examples in the technology department. Our accounting and finance team is also leveraging it. So it's really across the enterprise. While AI is helping to streamline Wayfair's digital operations, the company is also testing a more traditional strategy opening physical stores. In May 2024, Wayfair opened its first large format retail store in Wilma, Illinois, just outside of Chicago. The 150,000. A square foot store features showrooms, interior design services, and a cafe. Instead of spending marketing dollars on digital spend, you're spending your marketing dollars on physical spend. While competitors like William Sonoma benefit from built-in visibility through their retail locations, Wayfair has had to rely more heavily on advertising. every, every home. In 2024, they spent about 12% of their net revenue on advertising, while competitors like William Sonoma spent about 7% and Restoration Hardware only spent 4%. Wayfair leans into advertising a little bit more because it's hard to remain visible when you're an e-commerce only retailer, right? And so, You know, reminding consumers that you exist isn't free. Wayfair's new store location sits strategically along a major commuter highway. Since the opening of the store, Wayfair says sales in Illinois have jumped around 15%. Based on early results, Wayfair plans to open two more large format stores, one in Atlanta, Georgia and another in Yonkers, New York. Still, when it comes to home goods, Wayfair operates in a competitive and fragmented landscape. While the company holds the top spot for largest online home goods retailer in the US, it's only by a small margin, very fragmented, very hard to have a competitive advantage. We think Wayfair is one of a number of competitors that are really struggling. To avoid discounting and reinvent themselves in different ways to remain relevant to consumers. Big box retailers like Walmart, Target, and IKEA all sell home goods with the added advantage of physical stores, tight logistics, and brand familiarity. Other high-end home goods companies like RH and Pottery Barn offer in-person shopping that build a more luxury customer experience. It's a lot easier to be top of mind when you are a pottery barn in a mall or a RH that has a freestanding store and a restaurant, and it's an experience, but we. moves into brick and mortar stores and AI are helping to close that gap. So one of the capabilities again of AI and also generative AI is our ability to understand, have a deeper understanding of the products that we sell, discerning the color, the size, dimensions. Some of it's in the product details, sometimes there may be errors and it can also augment and enrich the information. That we get from our suppliers, so we're doing a lot in the customer experience. I do think AI will help young people sort of get their head around how they want to plan their smaller spaces, but also, you know, the accessible price points that is that Wayfair offers also helps bring those consumers in, and I think that a lot of that is their their main consumer.

If you think Southern California’s luxury homes are impressive, wait until you see what’s underground. These "iceberg homes" hide lavish basements with wine cellars, home theaters, and even intimate spaces—flooded with sunlight through clever skylights.

California’s Ultra-Wealthy Are Building Secret Mansions Underground

Luxury

If you think Southern California’s luxury homes are impressive, wait until you see the lavish "iceberg homes" with wine cellars, theaters, and sunlit spaces.

You have to see the basement of this $40 million home in Brentwood, scoring a home in California is tough enough, but the ultra rich are literally taking it to another level. They're digging deep and building quote unquote iceberg homes where the real luxury lies underground to preserve Ellie's iconic views. Millionaires are building down instead of up to create spacious escapes hidden underground. As writer Candice Jackson noted quote, the once a lowly basement has become the hottest area in home design, these spaces feature everything from wine cellars and home theaters to gyms, spas and secret emergency bunkers. Some homeowners even add natural light wells to bring in that famous California sunshine. The concept of Iceberg homes started in London where zoning laws forced the elite to build down instead of up the trend caught on in places like Palo Alto and now L A has put its own glamorous spin on it. But here no one calls them basements. Instead they're lower levels and they're cooler and more glamorous than you'd ever imagine. Picture billiard rooms, movie theaters, bowling alleys, and even James Bond style hideaways in neighborhoods like Beverly Hills. Be Blair and Malibu these spaces are almost the second house and luxury developers like the Osman brothers say, half of their homes have basements that are fully fledged living spaces. Building one of these spaces doesn't come cheap. A 2000 square foot lower level can easily cost over $1.5 million. And with some homes, the cost climbs into the double digit millions. But for the wealthy, it's worth every penny adding major value and turning their homes into private compounds where they can live, work and play without stepping outside. And it's not just the super rich. Even in more typical neighborhoods, homeowners are getting in on the action, adding cozy lower levels with extra bedrooms and entertainment spaces. So while most of us are dreaming of upgrading, the wealthy are digging deeper, creating entire worlds beneath their homes that redefine luxury living in L A.

3D printing has revolutionized design and prototyping, transforming ideas from paper or screen into tangible objects. Today, it’s integral to producing everyday items like razor heads, retainers, mascara brushes, shoes, and parts for medical devices. It has also become a $20 billion industry that aims to grow by 24% in the next five years, according to Grand View Research.

The accessibility of 3D printing has expanded, with printers now common in universities, libraries, and homes. Creatives like Clayton Parker, 44, known as Uncle Jessy online, have turned to 3D printing to turn their bold ideas into pieces to share with likeminded, pop-culture fans.

Inside the $20 Billion 3D Printing Industry: The Future of Manufacturing

3D printing has revolutionized design and prototyping, transforming ideas from paper or screen into tangible objects. Today, it’s integral to producing everyday items like razor heads, shoes, and parts for medical devices.

3D printing has revolutionized design and prototyping, transforming ideas from paper or screen into tangible objects.

As long as you can design it. This is where you can really just explore and play around. Chances are you can 3D print it from manufacturing microscopic medical devices to creating stunning cosplay costumes to even building affordable homes. 3d printing is increasingly woven into the fabric of our lives. For design and prototyping. It's really an enhanced communication tool. If you use a piece of paper to communicate or use your computer screen to communicate today. This is the next level of that, that you have something in your hand that you can communicate. And many products using 3D printing in their production process are already being used in our day to day lives. Consumer goods like razor heads, they need very high tolerances. They are very high resolution 3d printed materials are also found in retainers, mascara brushes and even some shoes. In 2023 the 3d printing market was worth over $20 billion and a report from Grand View research projects that the industry will grow by 24% in the next five years. I think the 3D printing industry is the big win in what a lot of people talk about. That's John Koala. He's the CEO of Boston Microfabrication. His company specializes in making detailed parts that require the utmost precision. And as the name suggests, his company works with clients who commission parts for machinery that are extremely small. We can generally get down to about 10 microns. So most people may not have a sense for how small that is. It's actually hard to see 10 microns, human hair is about 80 microns in diameter. So that gives you a sense for scale. Some of these microscopic parts can be found in medical devices at the low end of that scale, that could be components used for eye surgery and those are less than a millimeter. And so that means I could probably fit 1000 of them in my hand, very, very small upwards to parts that are a few inches in size BM F specialization points to a trend of miniaturization that's seen across much of tech today. There's lots of things getting smaller in the world in medical device. So whether it's knee surgery or oral surgery or eye surgery, increasingly, tools are being developed to make those procedures less invasive. The opening in your body is smaller. So you need tools that are smaller in electronics. Maybe our phones aren't getting smaller anymore. There was a trend where they were all getting smaller, but now there's a lot more in those phones than there used to be even 123 years ago. But the 3D printing industry encompasses more than building tech and medical devices. In recent years, 3d printing has become more accessible for consumers. Printers have become increasingly common at universities and public libraries. It's also become a near limitless space for creatives to bring their ideas into the world. My name is Clayton Parker. I'm from Rochester, New York. I am 44 years old and I'm known online as Uncle Jesse. I produce a lot of 3d printing content, primarily things around cosplay or just fun builds that I find of different things online that I find entertaining. That I'm assuming lots of other pop culture fans would also find entertaining. He found his start in 2014 when he purchased his first a decade later, Parker are nearly half a million subscribers on youtube showing off his 3D printed creations. My very first 3D printed mask that I've designed in nomad sculpts. Today. You can find 3D printers ranging from a few 100 bucks all the way up to $100,000 and higher for premium machines. Parker says technology has improved since the start. Even today, it's still a relatively new tool and technology and it's getting easier and easier every year. From my first 3d printer to 3D printers you can buy. Now, it's insane. Pretty much. Now you take them out of the box. There might be 15 minutes of assembly that you have to do and you're up in printing versus what I had to do before, which was like a full day of a build. It was very complicated. I had to troubleshoot things and the process has become profitable for Parker at the height of a Tik Tok trend. So there's no way that I'm not going to print one of those. He sold $3000 worth of 3d printed ghosts in just a weekend. To me, that is such an awesome opportunity of not needing to actually produce anything. You just spend the time creating a digital file once and then share that online and people are then able to pay you for access rights to that. So then they can then spend the time on 3d printing, troubleshooting, engaging with customers answering emails, all of that fun stuff that comes with buying and selling things online. So if we can easily print something with the right ideas and technology, why can't manufacturers just 3D print everything? So I think the misconception may be that, that's easy that we should be printing everything in the world today instead of using conventional methods, but that's hard work. So it requires hardware technology, software materials, these tools need to be cost effective and that's happening over time and there's some really big wins there. But I think that maybe the misconception is that you could really anything and I think certainly you can print it in most shapes. But if you really want it to be something functional, there's more work to do that. Despite the challenges, could the current state of 3D printing be wielded for public good. It hasn't stopped companies from seeing its greater potential. Companies like Alquist 3D have started using 3D printing methods to build concrete homes in Greeley Colorado in a partnership with the Greeley Weld Habitat For Humanity. The company will build 22 single family homes, 154 duplexes and 315 multi family units. This multi million dollar project was funded by land donations, grants, government support and investments from private companies. Alquist 3d hopes that these homes can ultimately create more opportunities for affordable housing and have continued successfully. What's to say that innovators can also use 3D printing to improve other corners of society.

Austin Allison, 38, is the cofounder and CEO of Pacaso, a property brokerage firm that buys single-family homes in ideal destinations and sells them to a handful of different buyers who each own shares.

Here's how Pacaso founder and serial entrepreneur Austin Allison made his first million

Austin Allison, cofounder and CEO of Pacaso.

Features

Allison, 38, is the cofounder and CEO of Pacaso, a property brokerage firm that buys single-family homes in ideal destinations and sells them to a handful of different buyers who each own shares.

The vision for Picasso is about democratizing access to second homes. But when we first started the company, we had to start somewhere and we chose to start at the very high end ultra luxury homes in ultra luxury markets. But the long term vision is about serving more people. And the only way to do that is by having more homes across more markets at more price points. Hey, I'm Austin Allison, co founder and Ceo of Picasso. I'm 38 years old and this is how I made my first million. I grew up in a small town north of Cincinnati, Ohio and my dad was a carpenter. I would say we basically live paycheck to paycheck. I mean, we were fortunate enough to have a home and food on the table. So we weren't like completely broke, but we didn't have discretionary income. Money was, was always a topic in the household. It was always a point of stress and tension for my parents. I started working before I can remember frankly, I was at the job site with my dad when I was three or four years old. I was working in construction and landscaping when I was a teenager, you know, 1213 years old. By the time I was 16 years old, I would say landscaping was, was the primary job that ultimately led to real estate. And for whatever reason I was intrigued by the industry. And by the time I was 18 years old, I needed to find a way to pay for college. So I decided to start selling real estate. I went to college at the University of Cincinnati. I studied architectural engineering and construction management. And then after undergrad, I ended up going into law school also at the University of Cincinnati. While most of the other students were out having fun and partying. I was working, I thought of and conceived the idea for dot Loop while I was selling real estate. And what I found is that I was chasing buyers and sellers around to get documents signed on the trunk of my car. So dot Loop is a software that enables real estate transaction to happen digitally. It's a tool that real estate agents use to create the documents, sign the documents with their clients and to manage the entire transaction from start to finish. And we built that company over a period of seven or eight years. And eventually, we're fortunate enough to sell to Zillow Group where I stayed on as an executive for about four years before leaving to start Picasso. So I made my first million dollars by selling dot Loop to Zillow group, we sold for about 120 million. So my wife and I were very fortunate to become second homeowners about 10 years ago. And when we became second homeowners in Lake Tahoe, it just changed our life in a really positive way. I learned that when you buy a second home, you're not just buying a piece of real estate, you're buying a second community, a second group of friends, a second life in many ways. And I wanted to find a way to make that dream possible for more people. And one of the light bulbs that went off for me along the way was the realization that most second homes are only utilized about 10% of the time, which means that we have a lot of empty homes sitting around the world. The whole idea behind Picasso is about connecting those two problems and opportunities on the supply side. It's about making available, what would have otherwise been empty second homes to buyers or prospective buyers who are interested and aspire to find their happy place. And we do that through a tech enabled marketplace that enables small groups of people to aggregate around beautiful luxury second homes and to co own those homes together. But Picasso manages every detail, everything from design to furnishing to bill pay and maintenance. We've created a proprietary scheduling tool called smarts stay which distributes the calendar fairly amongst the ownership group. So if you own 1/8 of a luxury Picasso Home Smarts Day will ensure that you get 1/8 of the peak season, 1/8 of the non peak season and 1/8 of the holidays, typically that works out to about five or six weeks, but you're not capped at that amount of usage. Meaning if other owners in the home are not using their full, then you would be able to actually use more than the 18 that you own. Our mission is about enriching lives by making a second home possible and enjoyable for more people. So everything that we do is is looked at through this lens of how do we enrich our customers lives, you know, more often and in a bigger way than we are today. So I think the combination of customer focus and great people leads to great business results.

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