Beazer Homes USA (BZH)
Market Price (10/16/2026): $33.46 | Market Cap: $887.0 MilSector: Consumer Discretionary | Industry: Homebuilding
Beazer Homes USA (BZH)
Market Price (10/16/2026): $33.46Market Cap: $887.0 MilSector: Consumer DiscretionaryIndustry: Homebuilding
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Energy Efficient Building Materials, Green Building Certification, Show more. | Trading close to highsDist 52W High is -1.9% Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -41% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -37 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.8% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 148% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.0%, Rev Chg QQuarterly Revenue Change % is -5.3% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.4% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% Key risksBZH key risks include [1] significant margin compression driven by rising costs and sales incentives and [2] a leveraged balance sheet that poses debt servicing and liquidity challenges. |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Energy Efficient Building Materials, Green Building Certification, Show more. |
| Trading close to highsDist 52W High is -1.9% |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -41% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -37 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.8% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 148% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.0%, Rev Chg QQuarterly Revenue Change % is -5.3% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% |
| Key risksBZH key risks include [1] significant margin compression driven by rising costs and sales incentives and [2] a leveraged balance sheet that poses debt servicing and liquidity challenges. |
Qualitative Assessment
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Updated on 10/1/2026
Beazer Homes USA (BZH) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Acquisition Agreement with Dream Finders Homes at a Premium.
Beazer Homes entered into a definitive agreement on August 10, 2026, to be acquired by Dream Finders Homes, Inc. for $33.50 per share in an all-cash transaction, valuing the company at approximately $2.2 billion. This represented a significant premium, especially considering prior public offers from Dream Finders Homes had been lower, at $25.75 per share, later increased to $29.25, and most recently $32 per share, all of which Beazer's board had rejected as undervaluation. The stock had been trading above $32, signaling market anticipation of a higher bid or competing offers.
2. Fiscal Q3 2026 Earnings Beat.
The company reported its fiscal third-quarter 2026 results on August 7, 2026, for the period ending June 30, 2026. Beazer Homes announced an adjusted diluted loss per share of $0.16, which significantly beat analysts' consensus estimates of a $0.34 loss per share by $0.18. Quarterly revenue also surpassed expectations, reaching $516.31 million against analyst estimates of $510.55 million, despite a 5.3% year-over-year decrease.
Show more
Beazer Homes USA (BZH) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Acquisition Agreement with Dream Finders Homes at a Premium.
Beazer Homes entered into a definitive agreement on August 10, 2026, to be acquired by Dream Finders Homes, Inc. for $33.50 per share in an all-cash transaction, valuing the company at approximately $2.2 billion. This represented a significant premium, especially considering prior public offers from Dream Finders Homes had been lower, at $25.75 per share, later increased to $29.25, and most recently $32 per share, all of which Beazer's board had rejected as undervaluation. The stock had been trading above $32, signaling market anticipation of a higher bid or competing offers.
2. Fiscal Q3 2026 Earnings Beat.
The company reported its fiscal third-quarter 2026 results on August 7, 2026, for the period ending June 30, 2026. Beazer Homes announced an adjusted diluted loss per share of $0.16, which significantly beat analysts' consensus estimates of a $0.34 loss per share by $0.18. Quarterly revenue also surpassed expectations, reaching $516.31 million against analyst estimates of $510.55 million, despite a 5.3% year-over-year decrease.
Show more
Updated on 10/1/2026
Beazer Homes USA (BZH) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Acquisition Agreement with Dream Finders Homes at a Premium.
Beazer Homes entered into a definitive agreement on August 10, 2026, to be acquired by Dream Finders Homes, Inc. for $33.50 per share in an all-cash transaction, valuing the company at approximately $2.2 billion. This represented a significant premium, especially considering prior public offers from Dream Finders Homes had been lower, at $25.75 per share, later increased to $29.25, and most recently $32 per share, all of which Beazer's board had rejected as undervaluation. The stock had been trading above $32, signaling market anticipation of a higher bid or competing offers.
2. Fiscal Q3 2026 Earnings Beat.
The company reported its fiscal third-quarter 2026 results on August 7, 2026, for the period ending June 30, 2026. Beazer Homes announced an adjusted diluted loss per share of $0.16, which significantly beat analysts' consensus estimates of a $0.34 loss per share by $0.18. Quarterly revenue also surpassed expectations, reaching $516.31 million against analyst estimates of $510.55 million, despite a 5.3% year-over-year decrease.
3. Proactive Debt Management.
Beazer Homes engaged in strategic debt management during the period. In July 2026, the company undertook a private offering of $400 million in senior unsecured notes due in 2032. The primary intent was to redeem $357.3 million of existing 5.875% senior notes that were scheduled to mature in 2027, thereby extending its debt maturity profile by five years and mitigating near-term refinancing risks. Furthermore, on September 28, 2026, Beazer issued a conditional notice to redeem the remaining $350 million aggregate principal amount of its 7.250% Senior Notes due 2029, contingent upon the completion of the merger with Dream Finders Homes.
4. Shifting Dynamics in New Home Affordability.
A notable macroeconomic factor influencing homebuilders was the emerging trend in July 2026 where newly built homes began to cost less per square foot than existing homes in one-third of major U.S. housing markets. The median cost of a new home was $205 per square foot, compared to $212 for an existing home. This shift, driven by builders focusing on smaller, denser, and more affordable homes, presented an overlooked opportunity for buyers and potentially a tailwind for new home sales despite persistent mortgage rate pressures and a slight national increase in home prices of 1.9% year-over-year in July 2026.
Show less
Beazer Homes USA (BZH) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Acquisition Agreement with Dream Finders Homes at a Premium.
Beazer Homes entered into a definitive agreement on August 10, 2026, to be acquired by Dream Finders Homes, Inc. for $33.50 per share in an all-cash transaction, valuing the company at approximately $2.2 billion. This represented a significant premium, especially considering prior public offers from Dream Finders Homes had been lower, at $25.75 per share, later increased to $29.25, and most recently $32 per share, all of which Beazer's board had rejected as undervaluation. The stock had been trading above $32, signaling market anticipation of a higher bid or competing offers.
2. Fiscal Q3 2026 Earnings Beat.
The company reported its fiscal third-quarter 2026 results on August 7, 2026, for the period ending June 30, 2026. Beazer Homes announced an adjusted diluted loss per share of $0.16, which significantly beat analysts' consensus estimates of a $0.34 loss per share by $0.18. Quarterly revenue also surpassed expectations, reaching $516.31 million against analyst estimates of $510.55 million, despite a 5.3% year-over-year decrease.
3. Proactive Debt Management.
Beazer Homes engaged in strategic debt management during the period. In July 2026, the company undertook a private offering of $400 million in senior unsecured notes due in 2032. The primary intent was to redeem $357.3 million of existing 5.875% senior notes that were scheduled to mature in 2027, thereby extending its debt maturity profile by five years and mitigating near-term refinancing risks. Furthermore, on September 28, 2026, Beazer issued a conditional notice to redeem the remaining $350 million aggregate principal amount of its 7.250% Senior Notes due 2029, contingent upon the completion of the merger with Dream Finders Homes.
4. Shifting Dynamics in New Home Affordability.
A notable macroeconomic factor influencing homebuilders was the emerging trend in July 2026 where newly built homes began to cost less per square foot than existing homes in one-third of major U.S. housing markets. The median cost of a new home was $205 per square foot, compared to $212 for an existing home. This shift, driven by builders focusing on smaller, denser, and more affordable homes, presented an overlooked opportunity for buyers and potentially a tailwind for new home sales despite persistent mortgage rate pressures and a slight national increase in home prices of 1.9% year-over-year in July 2026.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 19.1% change in BZH stock from 6/30/2026 to 10/15/2026 was primarily driven by a 14.4% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10152026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.05 | 33.41 | 19.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,111 | 2,082 | -1.4% |
| P/S Multiple | 0.4 | 0.4 | 14.4% |
| Shares Outstanding (Mil) | 28 | 27 | 5.6% |
| Cumulative Contribution | 19.1% |
Market Drivers
6/30/2026 to 10/15/2026| Return | Correlation | |
|---|---|---|
| BZH | 19.1% | |
| Market (SPY) | 3.4% | 12.2% |
| Sector (XLY) | -3.3% | -7.4% |
Fundamental Drivers
The 73.6% change in BZH stock from 3/31/2026 to 10/15/2026 was primarily driven by a 73.2% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10152026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.24 | 33.41 | 73.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,266 | 2,082 | -8.1% |
| P/S Multiple | 0.2 | 0.4 | 73.2% |
| Shares Outstanding (Mil) | 29 | 27 | 9.1% |
| Cumulative Contribution | 73.6% |
Market Drivers
3/31/2026 to 10/15/2026| Return | Correlation | |
|---|---|---|
| BZH | 73.6% | |
| Market (SPY) | 19.0% | 17.3% |
| Sector (XLY) | 4.3% | 15.0% |
Fundamental Drivers
The 36.1% change in BZH stock from 9/30/2025 to 10/15/2026 was primarily driven by a 40.5% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10152026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.55 | 33.41 | 36.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,386 | 2,082 | -12.8% |
| P/S Multiple | 0.3 | 0.4 | 40.5% |
| Shares Outstanding (Mil) | 29 | 27 | 11.1% |
| Cumulative Contribution | 36.1% |
Market Drivers
9/30/2025 to 10/15/2026| Return | Correlation | |
|---|---|---|
| BZH | 36.1% | |
| Market (SPY) | 16.8% | 25.8% |
| Sector (XLY) | -4.8% | 27.6% |
Fundamental Drivers
The 34.1% change in BZH stock from 9/30/2023 to 10/15/2026 was primarily driven by a 34.3% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10152026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.91 | 33.41 | 34.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,389 | 2,082 | -12.9% |
| P/S Multiple | 0.3 | 0.4 | 34.3% |
| Shares Outstanding (Mil) | 30 | 27 | 14.7% |
| Cumulative Contribution | 34.1% |
Market Drivers
9/30/2023 to 10/15/2026| Return | Correlation | |
|---|---|---|
| BZH | 34.1% | |
| Market (SPY) | 86.7% | 37.5% |
| Sector (XLY) | 44.1% | 41.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BZH Return | 53% | -45% | 165% | -19% | -26% | 64% | 120% |
| Peers Return | 52% | -22% | 86% | 6% | -3% | -13% | 100% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| BZH Win Rate | 75% | 33% | 58% | 42% | 50% | 80% | |
| Peers Win Rate | 75% | 40% | 63% | 62% | 43% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BZH Max Drawdown | -36% | -58% | -37% | -24% | -37% | -35% | |
| Peers Max Drawdown | -19% | -41% | -20% | -26% | -26% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DHI, LEN, PHM, TOL, NVR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/15/2026 (YTD)
How Low Can It Go
| Event | BZH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.0% | -18.8% |
| % Gain to Breakeven | 35.1% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.4% | -9.5% |
| % Gain to Breakeven | 25.6% | 10.5% |
| Time to Breakeven | 14 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.0% | -6.7% |
| % Gain to Breakeven | 12.4% | 7.1% |
| Time to Breakeven | 18 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.3% | -24.5% |
| % Gain to Breakeven | 134.4% | 32.4% |
| Time to Breakeven | 250 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -69.8% | -33.7% |
| % Gain to Breakeven | 230.9% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.5% | -19.2% |
| % Gain to Breakeven | 32.4% | 23.8% |
| Time to Breakeven | 30 days | 105 days |
In The Past
Beazer Homes USA's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.1% gain to breakeven.
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| Event | BZH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.0% | -18.8% |
| % Gain to Breakeven | 35.1% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.4% | -9.5% |
| % Gain to Breakeven | 25.6% | 10.5% |
| Time to Breakeven | 14 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.3% | -24.5% |
| % Gain to Breakeven | 134.4% | 32.4% |
| Time to Breakeven | 250 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -69.8% | -33.7% |
| % Gain to Breakeven | 230.9% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.5% | -19.2% |
| % Gain to Breakeven | 32.4% | 23.8% |
| Time to Breakeven | 30 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -64.5% | -12.2% |
| % Gain to Breakeven | 181.3% | 13.9% |
| Time to Breakeven | 588 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -66.5% | -6.8% |
| % Gain to Breakeven | 198.3% | 7.3% |
| Time to Breakeven | 602 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -58.2% | -17.9% |
| % Gain to Breakeven | 139.1% | 21.8% |
| Time to Breakeven | 122 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -51.0% | -15.4% |
| % Gain to Breakeven | 104.0% | 18.2% |
| Time to Breakeven | 4770 days | 125 days |
In The Past
Beazer Homes USA's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Beazer Homes USA (BZH)
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Beazer Homes USA, Inc. (BZH) is a prominent homebuilder operating across the United States. The company's core business involves the design, construction, and sale of new residential properties, establishing it as a key player in the nation's housing market.
Its main products are new single-family and multi-family homes, which are sold under various brand names, including Beazer Homes, Gatherings, and Choice Plans. Beazer Homes utilizes a dual sales approach, engaging both its own team of commissioned new home sales counselors and a network of independent brokers to reach prospective buyers.
The company primarily serves individuals and families looking for new construction homes in a broad range of U.S. markets. Its geographic footprint is extensive, covering states such as Arizona, California, Nevada, Texas, Delaware, Maryland, Indiana, Tennessee, Virginia, Florida, Georgia, North Carolina, and South Carolina.
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- A homebuilder, similar to D.R. Horton.
- Think of it as a residential construction company, much like PulteGroup.
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- Single-family homes: Standalone residential properties designed for occupancy by one family.
- Multi-family homes: Residential properties designed to house multiple families, such as townhouses or condominiums.
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Beazer Homes USA (BZH) primarily sells homes directly to individual consumers rather than to other companies. Based on the nature of their business as a homebuilder, their major customer categories typically include:
- First-Time Homebuyers: Individuals or young families purchasing their first home, often seeking more affordable options, efficient layouts, and good community value.
- Move-Up Homebuyers: Individuals or families who are looking to purchase a larger home, a home with more features, or a home in a more desirable location, having already owned and sold a previous home.
- Active Adult/Empty Nesters: This category includes buyers typically aged 55 and older who are looking for low-maintenance homes, often in communities with specific lifestyle amenities, and potentially looking to downsize or move to a more amenity-rich or age-restricted community. Beazer's "Gatherings" brand specifically caters to this demographic.
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Allan P. Merrill
Chairman, President & Chief Executive Officer
Mr. Merrill joined Beazer Homes in May 2007 as Executive Vice President and Chief Financial Officer. He was named President and Chief Executive Officer in June 2011 and elected Chairman in November 2019. Prior to Beazer Homes, Mr. Merrill worked in investment banking for UBS and its predecessor firm Dillon, Read & Co. from 1987 to 2000, where he served as co-head of the Global Resources Group and advised Beazer Homes on its 1994 initial public offering and several major acquisitions. He also held roles as Executive Vice President of Corporate Development and Strategy and the first President of Homebuilder.com at Move, Inc. Mr. Merrill has served on the Board of Directors of Freddie Mac and was appointed to the Board of Directors of Ally Financial, Inc. in October 2025.
David I. Goldberg
Senior Vice President, Chief Financial Officer and Treasurer
Mr. Goldberg has been the Chief Financial Officer at Beazer Homes since April 2015. He joined the company as Vice President and Treasurer in April 2015. Before joining Beazer Homes, Mr. Goldberg was the Lead Research Analyst for Building and Building Products at UBS from August 2004 to April 2015. He also previously worked for Convergent Wealth Advisors, a wealth management firm. Mr. Goldberg holds an MBA from Columbia Business School and a Bachelor of Science degree in Business Administration from American University.
Michael A. Dunn
Senior Vice President, General Counsel, Corporate Secretary and Compliance Officer
Mr. Dunn serves as the Compliance Officer, Senior Vice President, General Counsel, and Corporate Secretary for Beazer Homes USA Inc.
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Here are the key risks to Beazer Homes USA (BZH):
- Macroeconomic Headwinds: Beazer Homes USA faces significant risks from adverse macroeconomic conditions, particularly elevated mortgage rates and affordability issues, which are dampening demand for new homes. This has led to a decrease in net new orders and sales in the homebuilding sector generally and for Beazer Homes specifically. Inflation and rising costs for building materials and labor further pressure profitability.
- Weak Housing Market and Declining Demand: The company is vulnerable to a weak housing market characterized by declining demand, decreasing net new orders, and a shrinking backlog of homes. Beazer Homes' aggressive expansion strategy into a softening market has exacerbated these issues, leading to operational challenges and concerns about future profitability.
- Financial Risk and High Leverage: Beazer Homes USA carries elevated debt levels and has a comparatively weaker balance sheet than some of its peers. This financial leverage makes the company more exposed to prolonged downturns in the housing market and macroeconomic pressures, with its debt-to-EBITDA ratio remaining higher than previously forecasted.
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Clear Emerging Threats for Beazer Homes USA (BZH)
- 3D Printed Homes: Advancements in 3D printing technology for residential construction represent a clear emerging threat. If these methods scale efficiently, they could significantly reduce construction time, labor costs, and material waste compared to traditional stick-built homes. This disruptive technology could allow competitors or new entrants to produce homes at a much lower cost and faster pace, potentially undermining the traditional homebuilding business model and making Beazer's construction methods less competitive in the long run.
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The addressable markets for Beazer Homes USA's main products and services, single-family and multi-family homes, are significant within the United States.
Single-Family Homes
For single-family homes, the market can be assessed by new home sales and housing starts in the U.S.
- New single-family home sales in the United States reached a seasonally-adjusted annual rate of 745,000 units in December 2025. An estimated 679,000 new homes were sold throughout 2025.
- Single-family housing starts in the U.S. were approximately 940,000 units in 2025.
- The median sales price for new houses in the U.S. was $414,400 in December 2025.
Multi-Family Homes
The multi-family housing market in the U.S. represents a substantial addressable market:
- The United States multi-family market size was valued at USD 265 billion in 2022 and is projected to reach USD 466 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.31% from 2023 to 2030.
- The multi-family housing construction market in the U.S. was valued at $918.51 billion in 2025 and is anticipated to grow to $1,002.55 billion in 2026, with a CAGR of 9.2%.
- Multi-family housing starts in the U.S. rose to 415,000 units in 2025. During 2025, 297,000 new multi-family units were added to the market.
- Apartment investment volume in the U.S. totaled $165.5 billion in 2025.
Overall U.S. Housing Market
- The total value of America's homes reached a record $55.1 trillion as of September 2025.
The market sizes provided are for the U.S. national region.
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Expected Drivers of Future Revenue Growth for Beazer Homes USA (BZH)
Over the next 2-3 years, Beazer Homes USA (BZH) is expected to drive future revenue growth through several key strategic initiatives:
- Expanded Community Count: Beazer Homes USA is actively pursuing an expansion strategy focused on significantly increasing its active community count. The company aims to surpass 200 active communities by the close of fiscal year 2027, up from 163 communities in Q1 2025 and an anticipated 180 by the end of fiscal year 2025. This growth in community footprint is a primary driver for increased sales volume.
- Differentiation through Zero Energy Ready Homes and Energy Efficiency: The company is leveraging its position as a leader in energy-efficient homebuilding, with a pledge to have all new home starts be Zero Energy Ready by the end of 2025. This focus on sustainability and reduced utility costs for homebuyers enhances the appeal of their products, attracts environmentally conscious buyers, and provides a competitive advantage.
- Improved Operational Efficiency and Cost Management: Beazer Homes USA is concentrating on reducing direct construction costs, with reported savings of over $10,000 per home through rebidding labor and material costs. These cost efficiencies are anticipated to improve gross margins, enabling more competitive pricing strategies or higher profitability per unit, ultimately supporting revenue growth.
- Innovative Financing Options and Customer-Centric Solutions: To address affordability challenges in a fluctuating interest rate environment, Beazer Homes USA is implementing innovative financing options, such as long-term rate locks with buydowns. These programs are designed to protect buyers from rising interest rates and stimulate sales by making homeownership more accessible and attractive.
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Share Repurchases
- Beazer Homes USA announced a new $100 million share repurchase program in Q2 FY2025 and repurchased $20.6 million of common stock during that quarter.
- For the fiscal year ended September 30, 2025, the company repurchased $33.1 million of stock.
- As of February 6, 2025, approximately $24.8 million remained available under a previously authorized share repurchase program, with $4.1 million repurchased since January 30, 2025.
Capital Expenditures
- Beazer Homes USA invested $5.6 million in capital expenditures in Q1 2026.
- Land acquisition and land development spending was $121.7 million for the fiscal quarter ended September 30, 2025.
- The company forecasts capital expenditures of $22.1 million for the next fiscal year, with an expected average of $25.168 million over the next five fiscal years, primarily focused on land and other operating assets and achieving a goal of starting 100% Zero Energy Ready homes by the end of calendar 2025.
Peer Outperformance in Homebuilding
BZH has outperformed 71% of its 17 Homebuilding peers over 5Y. Among the peers that beat it is PHM. Homebuilding ranks 2nd of 23 industries in Consumer Discretionary by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Homebuilding constituents that BZH has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 17 industry peers · 45.9% return
3Y
65%
of 17 industry peers · 43.6% return
5Y
71%
of 17 industry peers · 88.5% return
Homebuilding peers with revenue growth within 4pp of BZH's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BZH | Beazer Homes USA | -4.0% | -114.7x | 45.9% | 43.6% | 88.5% | — |
| PHM | PulteGroup | -0.5% | 11.2x | -8.6% | 58.7% | 144.6% | +56pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Homebuilding is BZH's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -18.2% | 81.7% | 87.3% | CVSA 256% · PRDO 231% · LRN 143% |
| Homebuilding ← | 18 | -8.2% | 33.7% | 44.5% | GRBK 190% · PHM 145% · TOL 134% |
| Specialty Stores | 7 | 15.0% | 37.1% | 17.5% | ASO 44% · DKS 32% · FIVE 17% |
| Hotels, Resorts & Cruise Lines | 21 | 12.0% | 38.6% | 13.6% | RCL 236% · MAR 151% · HLT 141% |
| Home Furnishings | 3 | -2.8% | 49.6% | 3.0% | SGI 47% · MHK -33% |
| Home Improvement Retail | 4 | -17.8% | 8.4% | -0.9% | HD 0% · LOW -2% · FND -64% |
| Automotive Retail | 18 | -15.0% | -0.2% | -8.4% | MUSA 237% · PAG 132% · ORLY 111% |
| Footwear | 9 | 72.5% | 53.0% | -9.1% | DECK 45% · SHOO 21% · CROX -9% |
| Specialized Consumer Services | 10 | -13.9% | 21.7% | -13.3% | HRB 130% · FTDR 79% · SCI 41% |
| Distributors | 4 | -9.0% | -25.4% | -16.1% | ARMK 122% · GPC 21% · LKQ -53% |
| Restaurants | 36 | -6.7% | -9.5% | -19.9% | EAT 331% · CAKE 205% · TXRH 104% |
| Apparel Retail | 26 | 2.0% | 8.8% | -36.8% | ANF 288% · TJX 142% · ROST 128% |
| Household Appliances | 17 | -4.6% | 16.4% | -37.0% | |
| Computer & Electronics Retail | 3 | 19.8% | 54.0% | -38.8% | BBY 5% · GME -39% |
| Leisure Facilities | 12 | 7.4% | -9.6% | -43.4% | LTH 137% · OSW 122% · PLNT -42% |
| Leisure Products | 14 | -21.1% | -15.6% | -46.0% | GOLF 75% · HAS 30% · MAT -12% |
| Automotive Parts & Equipment | 39 | -9.9% | -23.6% | -46.9% | MOD 1173% · GTX 266% · BWA 52% |
| Apparel, Accessories & Luxury Goods | 29 | -0.2% | 18.8% | -48.7% | RL 263% · TPR 233% · KTB 68% |
| Casinos & Gaming | 20 | -11.6% | -26.1% | -49.6% | MCRI 91% · BYD 12% · RRR 10% |
| Broadline Retail | 14 | -3.7% | 34.2% | -52.1% | EBAY 79% · AMZN 49% · OLLI 45% |
| Automobile Manufacturers | 8 | -65.3% | -56.1% | -77.7% | GM 50% · TSLA 29% · F 7% |
| Consumer Electronics | 11 | -29.8% | -32.5% | -77.9% | GRMN 102% · SONO -45% |
| Other Specialty Retail | 17 | -33.9% | -39.3% | -78.9% | ULTA 46% · TSCO -9% · BBWI -67% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 123.32 |
| Mkt Cap | 17.3 |
| Rev LTM | 13,583 |
| Op Inc LTM | 1,644 |
| FCF LTM | 1,068 |
| FCF 3Y Avg | 1,282 |
| CFO LTM | 1,129 |
| CFO 3Y Avg | 1,371 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -7.7% |
| Rev Chg 3Y Avg | -1.1% |
| Rev Chg Q | -9.1% |
| QoQ Delta Rev Chg LTM | -2.4% |
| Op Inc Chg LTM | -25.6% |
| Op Inc Chg 3Y Avg | -12.2% |
| Op Mgn LTM | 12.6% |
| Op Mgn 3Y Avg | 15.2% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 10.0% |
| CFO/Rev 3Y Avg | 8.5% |
| FCF/Rev LTM | 9.4% |
| FCF/Rev 3Y Avg | 7.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single segment | 2,372 | 2,330 | 2,207 | ||
| Homebuilding revenue | 2,303 | 2,128 | |||
| Land sales and other revenue | 14 | 13 | |||
| Total | 2,372 | 2,330 | 2,207 | 2,317 | 2,140 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| West | 67 | 65 | 59 | 15 | -28 |
| East | 53 | 48 | 41 | 9 | 12 |
| Southeast | 37 | 32 | 23 | 15 | -3 |
| Corporate and unallocated | -105 | -90 | -96 | -101 | -112 |
| Pre-Owned | -0 | -1 | |||
| Total | 52 | 56 | 27 | -62 | -132 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| West | 844 | 757 | 680 | 619 | 649 |
| Corporate and unallocated | 824 | 577 | 708 | 882 | 766 |
| East | 436 | 433 | 370 | 320 | 373 |
| Southeast | 317 | 299 | 229 | 161 | 162 |
| Discontinued operations | 15 | ||||
| Pre-Owned | 12 | ||||
| Total | 2,421 | 2,066 | 1,987 | 1,982 | 1,977 |
Price Behavior
Price Behavior
| Market Price | $33.41 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 02/23/1994 | |
| Distance from 52W High | -1.9% | |
| 50 Days | 200 Days | |
| DMA Price | $33.28 | $26.88 |
| DMA Trend | up | up |
| Distance from DMA | 0.4% | 24.3% |
| 3M | 1YR | |
| Volatility | 11.8% | 54.9% |
| Downside Capture | 28.33 | 121.57 |
| Upside Capture | 29.70 | 144.63 |
| Correlation (S&P 500) | 36.6% | 26.6% |
BZH Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.00 | 0.29 | 0.34 | 0.90 | 1.11 | 1.24 |
| Up Beta | 0.06 | 0.74 | 0.16 | 0.41 | 0.90 | 1.10 |
| Down Beta | -0.03 | -0.04 | 1.44 | 0.57 | 1.24 | 1.05 |
| Up Capture | 2% | 29% | 56% | 180% | 133% | 259% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 16 | 28 | 64 | 117 | 360 |
| Down Capture | -5% | -3% | -46% | 62% | 102% | 109% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 8 | 16 | 26 | 52 | 122 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BZH | |
|---|---|---|---|---|
| BZH | 47.7% | 54.9% | 0.88 | - |
| Sector ETF (XLY) | -4.3% | 19.1% | -0.36 | 27.1% |
| Equity (SPY) | 17.6% | 12.7% | 0.99 | 25.6% |
| Gold (GLD) | 0.5% | 29.5% | 0.02 | 16.6% |
| Commodities (DBC) | 50.9% | 20.7% | 1.88 | -8.8% |
| Real Estate (VNQ) | 4.7% | 13.7% | 0.08 | 26.5% |
| Bitcoin (BTCUSD) | -28.1% | 43.7% | -0.63 | 4.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BZH | |
|---|---|---|---|---|
| BZH | 14.9% | 53.2% | 0.45 | - |
| Sector ETF (XLY) | 4.8% | 24.1% | 0.16 | 47.5% |
| Equity (SPY) | 13.4% | 17.1% | 0.60 | 46.2% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | 11.4% |
| Commodities (DBC) | 9.7% | 19.5% | 0.38 | 6.8% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 47.6% |
| Bitcoin (BTCUSD) | 8.7% | 51.8% | 0.35 | 22.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BZH | |
|---|---|---|---|---|
| BZH | 11.3% | 54.6% | 0.41 | - |
| Sector ETF (XLY) | 11.9% | 22.2% | 0.49 | 49.2% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 48.3% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 10.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 14.3% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 48.0% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 14.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -0.8% | -0.8% | -0.6% |
| 4/30/2026 | -4.4% | -13.7% | 19.8% |
| 1/29/2026 | -10.9% | 1.4% | 0.7% |
| 11/13/2025 | 2.1% | -6.9% | 3.0% |
| 7/31/2025 | -7.7% | 0.5% | 7.1% |
| 5/1/2025 | 8.8% | 10.1% | 5.9% |
| 1/30/2025 | -20.0% | -18.6% | -22.2% |
| 11/13/2024 | 8.4% | 2.2% | -3.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 15 |
| # Negative | 16 | 12 | 10 |
| Median Positive | 8.4% | 2.2% | 7.1% |
| Median Negative | -6.1% | -8.0% | -4.0% |
| Max Positive | 27.7% | 19.7% | 25.2% |
| Max Negative | -20.0% | -18.6% | -22.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -0.8% | -0.8% | -0.6% |
| 4/30/2026 | -4.4% | -13.7% | 19.8% |
| 1/29/2026 | -10.9% | 1.4% | 0.7% |
| 11/13/2025 | 2.1% | -6.9% | 3.0% |
| 7/31/2025 | -7.7% | 0.5% | 7.1% |
| 5/1/2025 | 8.8% | 10.1% | 5.9% |
| 1/30/2025 | -20.0% | -18.6% | -22.2% |
| 11/13/2024 | 8.4% | 2.2% | -3.9% |
| 8/1/2024 | -12.7% | -16.1% | -4.4% |
| 5/1/2024 | -4.2% | 1.9% | 1.8% |
| 2/1/2024 | -7.9% | -9.0% | -3.7% |
| 11/16/2023 | -10.2% | -14.6% | 2.8% |
| 7/27/2023 | 27.7% | 19.2% | -0.8% |
| 4/27/2023 | 24.0% | 16.2% | 21.2% |
| 2/2/2023 | -11.0% | -14.0% | -13.3% |
| 11/10/2022 | 3.6% | 2.2% | 7.8% |
| 7/28/2022 | -3.6% | -1.0% | -4.2% |
| 4/28/2022 | -2.1% | -0.2% | 3.8% |
| 1/27/2022 | -2.1% | -0.3% | -9.9% |
| 11/10/2021 | 14.7% | 19.7% | 25.2% |
| 7/29/2021 | -1.0% | -5.3% | 2.9% |
| 4/29/2021 | 2.3% | 10.9% | 9.2% |
| 1/28/2021 | -8.9% | 0.5% | -2.1% |
| 11/12/2020 | 3.8% | 1.6% | 8.5% |
| 9/22/2020 | -4.0% | 7.6% | 11.9% |
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 15 |
| # Negative | 16 | 12 | 10 |
| Median Positive | 8.4% | 2.2% | 7.1% |
| Median Negative | -6.1% | -8.0% | -4.0% |
| Max Positive | 27.7% | 19.7% | 25.2% |
| Max Negative | -20.0% | -18.6% | -22.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 11/13/2025 | 10-K |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 01/30/2025 | 10-Q |
| 09/30/2024 | 11/13/2024 | 10-K |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/16/2023 | 10-K |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 11/13/2025 | 10-K |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 01/30/2025 | 10-Q |
| 09/30/2024 | 11/13/2024 | 10-K |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/16/2023 | 10-K |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-K |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 01/27/2022 | 10-Q |
| 09/30/2021 | 11/10/2021 | 10-K |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 01/28/2021 | 10-Q |
| 09/30/2020 | 11/12/2020 | 10-K |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 01/30/2020 | 10-Q |
| 09/30/2019 | 11/13/2019 | 10-K |
Investor Activity (13F)
Updated Oct 16, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Homebuilding Resources |
| Builder Online |
| Professional Builder |
| HousingWire |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/15/2026