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what it is
Beazer Homes USA, Inc. (NYSE: BZH) is a national homebuilder; programs include Choice Plans and Mortgage Choice (third-party loan comparison). Results are reported across multiple regions (West, East, Southeast).
how it gets paid
FY2025 revenue was about $2.30B with 4,427 closings and ASP about $520K (company FY2025 materials / 10-K). Revenue is overwhelmingly homebuilding; land sales and other are a small slice (see segment table in quarterly filings).
why it's growing
FY2025 was only modestly better than FY2024 on the top line (~low single-digit growth in the company’s annual reporting). The more recent issue is Q1 FY2026: consolidated gross margin ~10.2% and homebuilding gross margin 10.4% per the Jan 29, 2026 release — thin versus prior-year Q1.
what just happened
Q1 FY2026: total revenue ~$363.5M (down ~22.5% vs. prior year); net loss ~$32.6M; diluted EPS $(1.13) including a litigation-related charge of ~$0.23/sh (Business Wire / Nasdaq, Jan 29, 2026).
At a glance
C++ balance sheet — some cracks in the foundation
45/100 earnings predictability — expect surprises
~17× FY2025 diluted EPS ($1.52) vs ~$26.30 illustrative — not Q1 FY2026 run-rate
Total debt / capitalization 48.4% (Dec 31, 2025)
FY2025 diluted EPS $1.52 (annual); Q1 FY2026 $(1.13)
xvary composite: 34/100 — weak
What they do
Beazer builds and sells new homes nationally (NYSE: BZH), with Choice Plans and Mortgage Choice as part of the buyer journey.
Beazer sells in 3 regions: West, East, and Southeast. That spreads your risk across more housing markets than one local builder gets. Choice Plans let buyers personalize rooms at no extra cost. Mortgage Choice compares loan offers, so more of the sale stays inside the company.
How they make money
~$2.30B
FY2025 revenue (approx.) · modest vs. prior year growth vs FY2024 in annual filing
Homebuilding revenue
~$2.28B
Land sales & other
~$0.02B
The products that matter
builds and sells new homes
Home closings
700 closings · $359.7M homebuilding revenue (Q1 FY2026)
Per the Jan 29, 2026 release: 700 closings (down ~22.8% vs. prior year), homebuilding revenue $359.7M, ASP ~$513.9K (up ~1.2% vs. prior year). Demand and incentives are the story.
~$514K ASP
energy-efficiency selling point
Energy-efficient homes
up to 30% lower utility costs
Company materials emphasize efficiency (e.g., HERS-based positioning). Treat marketing claims as claims — verify against buyer economics in your market.
HERS-based pitch
Key numbers
~$2.30B
FY2025 revenue
Scale reference from FY2025 reporting — Q1 FY2026 revenue was only ~$363M, so the annual base and the latest quarter are telling different near-term stories.
10.2% / 10.4%
Q1 FY2026 gross margin
Consolidated gross margin ~10.2% (10-Q math); homebuilding GAAP gross margin 10.4% (release). Non-GAAP “excluding I&A and interest to cost of sales” was 14.0% vs 18.2% prior-year Q1.
~$1.13B
total debt (GAAP)
~$1,125M total debt on Dec 31, 2025 balance sheet excerpt in the Q1 FY2026 materials; total debt / capitalization 48.4% vs 46.5% a year earlier.
$573M
backlog (Q1 end)
Backlog $573.3M, 1,008 homes (down ~29.7% vs. prior year on dollars) — forward-closing visibility weakened vs prior-year Q1.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 20 / 100
- leverage (Dec 31, 2025) total debt ~$1.13B · debt/cap 48.4%
- liquidity ~$342.7M total (~$120.8M unrestricted cash + revolver capacity)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for BZH right now.
source: n/a — verify total return with your broker
What just happened
loss quarter · charges & incentives
Q1 FY2026 revenue ~$363.5M (~−22.5% vs. prior year); diluted EPS $(1.13) (incl. ~$(0.23) litigation).
Net loss ~$32.6M vs net income ~$3.1M in prior-year Q1. Adjusted EBITDA loss ~$11.2M vs ~$23.0M profit vs. prior year. Homebuilding gross margin 10.4% (GAAP); consolidated gross margin ~10.2% on the 10-Q revenue and gross profit lines.
~$363.5M
total revenue
$(1.13)
diluted EPS
10.4%
homebuilding GM
the number that mattered
Orders: 763 net new (−18.1% vs. prior year), pace 1.5 per community per month — that absorption rate plus incentives is what drives whether margins can recover through FY2026.
source: Beazer Homes Q1 FY2026 results (Business Wire / Nasdaq, Jan 29, 2026) · condensed consolidated statements
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What could go wrong
The #1 risk is homebuilding gross margin staying near the Q1 FY2026 GAAP ~10.4% neighborhood (with concessions still elevated) while SG&A eats a high share of a smaller revenue base.
med
Margin pressure does not let up
Q1 FY2026 homebuilding GAAP gross margin was 10.4%. The release also cites 14.0% non-GAAP margin excluding impairments/abandonments and interest amortized to cost of sales (vs 18.2% prior-year Q1). Litigation reduced reported homebuilding gross margin by ~1.8 percentage points.
Impact: if margin stays here, the business keeps fighting for profitability instead of compounding it.
med
Debt keeps management on a short leash
Total debt ~$1.13B and debt/cap ~48.4% (Dec 31, 2025) — still meaningful vs a ~$761M illustrative equity value. Q1 adjusted EBITDA was a ~$11.2M loss.
Impact: debt service competes with land spend, incentives, and any attempt to grow through a softer housing patch.
med
The sales pace never reaches the target
Net new orders were 763 (−18.1% vs. prior year) with sales pace 1.5 orders per community per month (vs 1.9 prior-year Q1). Weak pace keeps fixed cost leverage ugly.
Impact: low absorption turns a cyclical slowdown into a margin problem and a margin problem into an earnings problem.
med
One-off charges keep showing up in a fragile quarter
Litigation reduced diluted EPS by about $0.23 in Q1 FY2026 (per release). One-offs only stay “one-off” if the core margin line firms up.
Impact: a one-time item is only one-time if the core business is strong enough to shrug it off. This one was not.
A builder doing ~$363.5M in quarterly revenue just lost ~$32.6M while carrying ~$1.13B in debt and running SG&A at 17.9% of revenue in that same quarter — that is the risk picture in filing terms.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Homebuilding GM: 10.4% GAAP → non-GAAP 14.0% bridge
CEO commentary in the Jan 29, 2026 release emphasizes sequential margin improvement through FY2026 via cost, mix, and newer communities — verify it in the numbers, not the headline.
calendar
Q2 FY2026 results
You are watching for more than headline EPS — orders, cancellations (Q1 was 18.3%), and whether revenue re-accelerates off a ~$573M backlog.
trend
Average selling price versus sales volume
Q1 FY2026: 700 closings at ASP ~$513.9K. If ASP holds but closings stay soft, that is mix and backlog math — not demand strength.
risk
Debt stays at the center of the story
~$1.13B debt and 48.4% debt/cap (Dec 31, 2025) still compete with land spend and buybacks — the company repurchased ~$15.1M in Q1 FY2026.
Analyst rankings
earnings predictability
45 / 100
in human-speak, the next few quarters are hard to call because the margin line is moving around too much.
risk rank
4
That means safer than only 20% of stocks in this framework. You are not buying stability here.
price stability
20 / 100
The stock can move fast when housing data or one quarterly print changes the story.
source: institutional data
Institutional activity
institutional ownership data for BZH is being compiled.
source: institutional data
Price targets
analyst targets not verified here
Illustrative spot on this page: $26.30 — not a forecast.
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive