BEAZER HOMES USA INC
BZH · Operative Builders · 27.3M shares · +0%/yr ↑ shares · EDGAR filings ↗
Reference price $21.50 · est. market cap ~$588M — last insider purchase, 2025-05-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Profitable but cyclically weak homebuilder with bottom-decile returns and compressing margins in a soft housing market.
Strengths
- Revenue still grew (~75th pct) and operating margin sits mid-pack (50th pct) despite a difficult demand backdrop
- Deleveraging on track (net debt/cap to 39.5%) with book value/share growth and ongoing buybacks below book
Risks
- Returns are bottom-decile (ROE 3.7%/13th, ROA 1.7%/12th) and net income fell ~67%
- Gross margin dropped to 14.3% (25th pct) on incentives, buydowns and impairments amid affordability/rate pressure
Notable findings
- Customer concentration~12% of revenue from one customer/distributor — • SG&A for the fi scal year ended September 30, 2025 was 11
- Strong balance sheetStrong balance sheet — $215M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
14.2%
Operating margin
1.5%
Net margin
1.9%
Return on equity
3.7%
Return on assets
1.7%
Revenue growth (QoQ)
12.8%
Net-income growth
-67.5%
Free cash flow
$3M
EBITDA
$56M
Tangible book value
$1.2B
Cash & investments
$215M
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-04 | SHEPHERD DANNY R | Grant | 500 | — |
| 2025-12-08 | HECKES HOWARD C | Grant | 6.0K | — |
| 2025-11-20 | Dunn Michael Anthony | Tax withheld | 73 | $19.92 |
| 2025-11-20 | Sun Pei | Tax withheld | 76 | $19.92 |
| 2025-11-20 | Goldberg David I | Tax withheld | 2.2K | $19.92 |
| 2025-11-20 | MERRILL ALLAN P | Tax withheld | 5.3K | $19.92 |
| 2025-11-17 | Steele Alyssa P. | Grant | 7.2K | — |
| 2025-11-17 | Dunn Michael Anthony | Grant | 5.3K | — |
| 2025-11-17 | Dunn Michael Anthony | Grant | 5.8K | — |
| 2025-11-17 | Sauvaget June | Grant | 7.2K | — |
| 2025-11-17 | Sun Pei | Grant | 934 | — |
| 2025-11-17 | Goldberg David I | Grant | 18K | — |
| 2025-11-17 | Goldberg David I | Grant | 19K | — |
| 2025-11-17 | Johnson Lloyd Emerson | Grant | 7.2K | — |
| 2025-11-17 | KELLEY JOHN J III | Grant | 7.2K | — |
| 2025-11-17 | Orser Peter M | Grant | 7.2K | — |
| 2025-11-17 | Provencio Norma Ann | Grant | 7.2K | — |
| 2025-11-17 | MERRILL ALLAN P | Grant | 66K | — |
| 2025-11-17 | MERRILL ALLAN P | Grant | 35K | — |
| 2025-11-17 | WINKLE C CHRISTIAN | Grant | 7.2K | — |
| 2025-11-14 | Goldberg David I | Tax withheld | 7.5K | $21.85 |
| 2025-11-14 | Goldberg David I | Tax withheld | 3.9K | $21.85 |
| 2025-11-14 | Goldberg David I | Tax withheld | 1.8K | $21.85 |
| 2025-11-14 | MERRILL ALLAN P | Tax withheld | 34K | $21.85 |
| 2025-11-14 | MERRILL ALLAN P | Tax withheld | 13K | $21.85 |
| 2025-11-14 | MERRILL ALLAN P | Tax withheld | 5.9K | $21.85 |
| 2025-11-14 | Dunn Michael Anthony | Tax withheld | 395 | $21.85 |
| 2025-11-14 | Dunn Michael Anthony | Tax withheld | 166 | $21.85 |
| 2025-11-14 | Dunn Michael Anthony | Tax withheld | 241 | $21.85 |
| 2025-11-14 | Dunn Michael Anthony | Grant | 1.3K | — |
| 2025-11-14 | Sun Pei | Grant | 1.4K | — |
| 2025-11-14 | Sun Pei | Tax withheld | 411 | $21.85 |
| 2025-11-14 | Sun Pei | Tax withheld | 173 | $21.85 |
| 2025-11-14 | Sun Pei | Tax withheld | 63 | $21.85 |
| 2025-11-14 | Goldberg David I | Grant | 25K | — |
| 2025-11-14 | MERRILL ALLAN P | Grant | 76K | — |
| 2025-08-01 | Dunn Michael Anthony | Tax withheld | 330 | $21.70 |
| 2025-05-09 | KELLEY JOHN J III | Buy | 10K | $21.50 |
| 2025-02-13 | SHEPHERD DANNY R | Buy | 4.1K | $24.29 |
| 2025-02-10 | Johnson Lloyd Emerson | Buy | 22K | $22.23 |
| 2025-02-10 | MERRILL ALLAN P | Option exercise | 5.0K | $9.62 |
| 2025-02-10 | Provencio Norma Ann | Buy | 5.0K | $21.93 |
| 2025-02-07 | Dunn Michael Anthony | Buy | 447 | $22.28 |
| 2025-02-07 | Dunn Michael Anthony | Buy | 2 | $22.33 |
| 2025-02-07 | Johnson Lloyd Emerson | Buy | 22K | $22.68 |
| 2025-02-07 | Goldberg David I | Buy | 443 | $22.80 |
| 2025-02-07 | MERRILL ALLAN P | Buy | 5.0K | $21.83 |
| 2025-02-07 | Sun Pei | Option exercise | 5.0K | $9.82 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-03-17 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
| 2026-02-05 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-01-29 | ResultsExhibits | filing ↗ |
| 2025-12-09 | Exec/director changeExhibits | filing ↗ |
| 2025-11-13 | ResultsExhibits | filing ↗ |
| 2025-11-13 | Material agreement3.03Exhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-23 | 0000915840-26-000046 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0000915840-26-000041 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000915840-26-000040 ↗ |
| 8-K | 2026-03-17 | 2026-03-13 | 0000915840-26-000034 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0000915840-26-000023 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0000915840-26-000007 ↗ |
| 10-Q | 2026-01-29 | 2025-12-31 | 0000915840-26-000009 ↗ |
| 8-K | 2025-12-09 | 2025-12-09 | 0000915840-25-000083 ↗ |
| 10-K | 2025-11-13 | 2025-09-30 | 0000915840-25-000075 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0000915840-25-000073 ↗ |
| 8-K | 2025-11-13 | 2025-11-12 | 0000915840-25-000074 ↗ |
| 10-Q | 2025-07-31 | 2025-06-30 | 0000915840-25-000056 ↗ |