BZHNYSEOperative BuildersUS GAAP · USD

Beazer Homes USA, Inc

Beazer Homes USA, Inc. is a U.S. homebuilder that develops and sells single-family homes and communities across 13 states in the West, East, and Southeast. The company positions its homes around energy efficiency, healthier living, and a more guided buying experience, using features such as low HERS scores, curated floorplan choices, and mortgage comparison tools to address affordability concerns. Beazer also sells land that no longer fits its strategic plans and provides some title-related services in certain markets. Its business is highly tied to U.S. housing demand, mortgage rates, consumer confidence, and local market conditions.

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Revenue2,372m USD
+1.8 %y/y
Operating profit (EBIT)36.6m USD
−74.4 %y/y
EBIT margin1.5%
−4.6 ppy/y
Net income45.6m USD
−67.5 %y/y
Free cash flow3.5m USD
+102.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05001,0001,5002,0002,500m USD2020: 2,127 m USD2020: EBIT 36 m USD20202021: 2,140 m USD2021: EBIT 147 m USD20212022: 2,317 m USD2022: EBIT 272 m USD20222023: 2,207 m USD2023: EBIT 177 m USD20232024: 2,330 m USD2024: EBIT 143 m USD20242025: 2,372 m USD2025: EBIT 37 m USD20252,37237
RevenueOperating profit (EBIT)
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Business

Share of revenue
Homebuilding95 %

Construction and sale of new homes and communities, including spec and to-be-built homes.

Community development and lot sales3 %

Sale of land and lots that no longer fit the core homebuilding program or strategic plan.

Title and other ancillary services2 %

Title examinations and related services offered in certain markets to support home closings.

Products

Reported · share of revenue
97.1%FY2025100 %
  • Home Building97.1 %
  • Landand Other2.9 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Beazer primarily sells to U.S. homebuyers purchasing new homes for owner-occupation, with many customers financing part of the purchase through third-party lenders. The company targets buyers who value affordability, lower utility costs, and a more customizable homebuying process, especially in a higher-rate environment. Its offerings also appeal to buyers seeking energy-efficient homes with healthier and quieter living environments. Because Beazer operates in multiple regions, it serves a mix of first-time, move-up, and lifestyle-oriented buyers depending on local community mix and product design.

Financing-dependent homebuyers

Customers who finance part of the purchase and benefit from Choice Lenders and side-by-side mortgage comparisons to improve affordability.

Affordability-sensitive buyers

Households attracted by lower utility bills, competitive pricing, and incentives that reduce the total cost of homeownership.

Energy-efficiency focused buyers

Buyers who prioritize lower operating costs, healthier indoor environments, and homes built to Zero Energy Ready standards.

Customization-oriented buyers

Customers who want flexible layouts, design packages, and a guided selection process for kitchens, bathrooms, and finishes.

Strategy

Beazer’s strategy is centered on balanced growth: expanding profitability, improving balance sheet efficiency, and earning returns above its cost of capital while limiting leverage and operational risk. In the near term, management is responding to weak housing demand by moderating land spend, selling non-strategic assets, and using capital-efficient option agreements where possible. The company is also prioritizing share repurchases when its stock trades below book value, while using land-sale proceeds to support buybacks. Longer term, Beazer is aiming to grow active communities, reduce net debt leverage, and increase book value per share through a differentiated product and customer experience model.

Expand active communitiesMedium term

More communities increase sales reach and support long-term volume growth without relying solely on higher pricing.

Deleverage the balance sheetMedium term

Lower leverage improves financial flexibility in a cyclical housing market and reduces risk from higher rates or weaker demand.

Differentiate the product and buying experienceShort term

Energy savings, curated choices, and customer care help Beazer compete on value rather than only on price.

Return capital through repurchasesShort term

Buybacks can enhance per-share value when the stock trades below book value and cash generation supports it.

Geography

Beazer operates nationally but concentrates its homebuilding activity in 13 states across the West, East, and Southeast regions of the United States. The company’s reported operating segments are West, East, and Southeast, which also frame how management evaluates land sales and homebuilding performance. Geographic mix matters because pricing, incentives, product mix, and gross margins vary by region, as shown by recent margin pressure in the West and Southeast. The business is exposed to local housing demand, land availability, and regional affordability conditions rather than international markets.

Risks

Beazer’s results are highly exposed to housing demand, which depends on mortgage rates, inflation, employment, wage growth, and consumer confidence. The company has also disclosed pressure from weak sentiment and the need for aggressive discounts and incentives, which can compress margins when inventory must be moved in a slower market. As a homebuilder, it faces execution risk around land investment, inventory valuation, warranty costs, and regional mix shifts, all of which can materially affect profitability. It also carries cybersecurity and supply-chain risks, and geopolitical or trade disruptions could raise material costs even though the company has no international operations. Because the business is cyclical and capital intensive, leverage and access to financing remain important financial risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Housing demand sensitivity to rates and consumer confidence1Margin compression from incentives and price concessions2Construction input and supply-chain inflation4Cybersecurity and data protection5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Housing demand sensitivity to rates and consumer confidenceImpact: HighLikelihood: High

    Home purchases are discretionary and often financed, so higher rates, inflation, and weaker sentiment directly reduce demand.

    Exposure: All operating regions

  2. Margin compression from incentives and price concessionsImpact: HighLikelihood: High

    In a slow market, Beazer may need to discount homes or offer closing-cost incentives to move inventory.

    ExposureWestEastSoutheast
  3. Inventory valuation and land impairmentImpact: High

    Homebuilders carry significant land and work-in-process inventories that may need write-downs if market conditions weaken.

    Exposure: Project-level and regional

  4. Construction input and supply-chain inflationImpact: MediumLikelihood: High

    Material shortages, tariffs, and logistics disruptions can raise homebuilding costs and delay deliveries.

    Exposure: Enterprise-wide

  5. Cybersecurity and data protectionImpact: MediumLikelihood: Medium

    The company stores customer, employee, and vendor data and relies on IT systems and third parties for operations.

    Exposure: Enterprise-wide

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Accounting

Judgemental items
Inventory valuation of projects in progress

Homebuilder inventories are large and judgmental; changes in demand, pricing, or costs can trigger write-downs.

Impact: Can materially affect gross margin and asset values

Warranty reserves

Estimated future repair and claim costs must be accrued based on historical experience and current conditions.

Impact: Affects cost of sales and future cash outflows

Income tax valuation allowances

Deferred tax assets depend on expected future taxable income and may require allowances if realizability weakens.

Impact: Can materially affect tax expense and equity

Quarterly seasonality and mix

Home closings, incentives, and land-sale timing can cause significant quarter-to-quarter variation in revenue and margin.

Impact: Affects comparability across periods

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Last updated: 24/09/2026

Beazer Homes USA, Inc (BZH) Revenue, Earnings & Financials 2025 – Clarifo