Beazer Homes USA, Inc. (BZH) 10-Year Financial Performance & Capital Metrics

BZH • • Industrial / General

Consumer CyclicalHomebuildersTraditional Site-Built HomebuildersRegional & Market-Specific Builders

AboutBeazer Homes USA, Inc. operates as a homebuilder in the United States. It designs, constructs, and sells single-family and multi-family homes under the Beazer Homes, Gatherings, and Choice Plans names. The company sells its homes through commissioned new home sales counselors and independent brokers in Arizona, California, Nevada, Texas, Delaware, Maryland, Indiana, Tennessee, Virginia, Florida, Georgia, North Carolina, and South Carolina. Beazer Homes USA, Inc. was founded in 1985 and is headquartered in Atlanta, Georgia.Show more

Revenue $2.37B +1.8%
EBITDA $56M -64.7%
Net Income $46M -67.5%
EPS (Diluted) 1.52 -66.4%
Gross Margin 14.23% -21.8%
EBITDA Margin 2.35% -65.3%
Operating Margin 1.54% -74.9%
Net Margin 1.92% -68.0%
ROE 3.67% -69.4%
ROIC 1.32% -76.5%
Debt/Equity 0.85 -0.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 3.0% through buybacks
✓Trading at only 0.6x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.84%

5Y2.2%

3Y0.78%

TTM9.97%

Profit (Net Income) CAGR

10Y-18.3%

5Y-2.68%

3Y-40.89%

TTM-52.98%

EPS CAGR

10Y-17.83%

5Y-2.67%

3Y-40.37%

TTM-150.45%

ROCE

10Y Avg4.82%

5Y Avg7.74%

3Y Avg5.41%

Latest1.54%

Peer Comparison

Regional & Market-Specific Builders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BZHBeazer Homes USA, Inc.	711.14M	24.10	15.86	1.77%	2.84%	5.56%	0.49%	0.85
TOLToll Brothers, Inc.	14.16B	149.04	9.93	8.52%	12.64%	16.95%	6.61%	0.39
GRBKGreen Brick Partners, Inc.	3.23B	74.19	8.78	18.07%	16.03%	18.02%	0.67%	0.20
TMHCTaylor Morrison Home Corporation	6.27B	64.15	7.76	10.11%	10.19%	13.77%	2.77%	0.37
TPHTri Pointe Homes, Inc.	3.05B	35.50	7.35	20.93%	9.05%	11.12%	22.05%	0.33
MHOM/I Homes, Inc.	3.63B	139.00	7.05	11.83%	10.56%	15%	4.71%	0.26
HOVHovnanian Enterprises, Inc.	648.42M	125.47	3.95	9.03%	5.06%	19.02%	0.89%	1.27
UHGUnited Homes Group, Inc.	34.51M	1.58	1.76	10.02%	-4.49%	-35.51%	44.66%	1.80

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	1.82B	1.92B	2.11B	2.09B	2.13B	2.14B	2.32B	2.21B	2.33B	2.37B
Revenue Growth %	0.12%	0.05%	0.1%	-0.01%	0.02%	0.01%	0.08%	-0.05%	0.06%	0.02%
Cost of Goods Sold+	1.52B	1.6B	1.76B	1.92B	1.78B	1.74B	1.78B	1.76B	1.91B	2.03B
COGS % of Revenue	0.84%	0.84%	0.84%	0.92%	0.84%	0.81%	0.77%	0.8%	0.82%	0.86%
Gross Profit+	297.21M	312.86M	345.01M	166.04M	347.64M	404.25M	537.51M	442.69M	424.29M	337.51M
Gross Margin %	0.16%	0.16%	0.16%	0.08%	0.16%	0.19%	0.23%	0.2%	0.18%	0.14%
Gross Profit Growth %	0.09%	0.05%	0.1%	-0.52%	1.09%	0.16%	0.33%	-0.18%	-0.04%	-0.2%
Operating Expenses+	237.88M	250.73M	263.47M	255.93M	268.53M	257.39M	265.02M	265.44M	281.27M	300.91M
OpEx % of Revenue	0.13%	0.13%	0.13%	0.12%	0.13%	0.12%	0.11%	0.12%	0.12%	0.13%
Selling, General & Admin	224.09M	236.72M	249.66M	241.17M	252.89M	243.41M	251.66M	179.79M	186.34M	204.83M
SG&A % of Revenue	0.12%	0.12%	0.12%	0.12%	0.12%	0.11%	0.11%	0.08%	0.08%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-24.33M	-15.23M	-4.3M	14.76M	15.64M	13.98M	13.36M	85.65M	94.92M	96.08M
Operating Income+	59.33M	62.14M	81.55M	-89.9M	79.11M	146.87M	272.49M	177.25M	143.03M	36.6M
Operating Margin %	0.03%	0.03%	0.04%	-0.04%	0.04%	0.07%	0.12%	0.08%	0.06%	0.02%
Operating Income Growth %	0.15%	0.05%	0.31%	-2.1%	1.88%	0.86%	0.86%	-0.35%	-0.19%	-0.74%
EBITDA+	73.12M	76.15M	95.36M	-75.14M	94.75M	160.84M	285.85M	189.45M	157.89M	55.77M
EBITDA Margin %	0.04%	0.04%	0.05%	-0.04%	0.04%	0.08%	0.12%	0.09%	0.07%	0.02%
EBITDA Growth %	0.13%	0.04%	0.25%	-1.79%	2.26%	0.7%	0.78%	-0.34%	-0.17%	-0.65%
D&A (Non-Cash Add-back)	13.79M	14.01M	13.81M	14.76M	15.64M	13.98M	13.36M	12.2M	14.87M	19.17M
EBIT	59.33M	62.14M	81.55M	-89.9M	79.11M	146.87M	272.49M	177.25M	143.03M	40.85M
Net Interest Income+	0	0	0	-95.03M	-94.87M	-87.29M	0	-68.49M	0	0
Interest Income	0	0	0	3.11M	8.47M	2.78M	0	0	0	0
Interest Expense	0	0	0	98.14M	103.34M	90.07M	0	68.49M	0	0
Other Income/Expense	-37.62M	-27.49M	-32.11M	-26.74M	-7.82M	-3.14M	1.5M	5.39M	16.06M	4.25M
Pretax Income+	21.7M	34.65M	49.44M	-116.64M	71.29M	143.73M	273.99M	182.65M	159.09M	40.85M
Pretax Margin %	0.01%	0.02%	0.02%	-0.06%	0.03%	0.07%	0.12%	0.08%	0.07%	0.02%
Income Tax+	16.5M	2.7M	94.48M	-37.22M	17.97M	21.55M	53.27M	23.96M	18.91M	-4.74M
Effective Tax Rate %	0.22%	0.92%	-0.92%	0.68%	0.73%	0.85%	0.81%	0.87%	0.88%	1.12%
Net Income+	4.69M	31.81M	-45.38M	-79.42M	52.23M	122.02M	220.7M	158.61M	140.18M	45.59M
Net Margin %	0%	0.02%	-0.02%	-0.04%	0.02%	0.06%	0.1%	0.07%	0.06%	0.02%
Net Income Growth %	-0.99%	5.78%	-2.43%	-0.75%	1.66%	1.34%	0.81%	-0.28%	-0.12%	-0.67%
Net Income (Continuing)	5.21M	31.95M	-45.05M	-79.42M	53.32M	122.18M	220.72M	158.69M	140.18M	45.59M
Discontinued Operations	0	0	0	0	-1.09M	-159K	-14K	-77K	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.15	0.99	-1.41	-2.59	1.74	4.01	7.17	5.16	4.53	1.52
EPS Growth %	-0.99%	5.6%	-2.42%	-0.84%	1.67%	1.3%	0.79%	-0.28%	-0.12%	-0.66%
EPS (Basic)	0.15	1.00	-1.41	-2.59	1.76	4.07	7.25	5.23	4.59	1.52
Diluted Shares Outstanding	31.8M	32.43M	32.14M	30.62M	29.95M	30.44M	30.8M	30.75M	30.95M	30.01M
Basic Shares Outstanding	31.8M	31.95M	32.14M	30.62M	29.7M	29.95M	30.43M	30.35M	30.55M	29.76M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	1.87B	1.88B	1.87B	1.66B	1.72B	1.81B	2.04B	2.19B	2.35B	2.33B
Cash & Short-Term Investments	228.87M	292.15M	139.81M	106.74M	342.53M	246.72M	214.59M	345.59M	203.91M	214.71M
Cash Only	228.87M	292.15M	139.81M	106.74M	342.53M	246.72M	214.59M	345.59M	203.91M	214.71M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	53.52M	36.41M	24.65M	31.33M	29.07M	25.68M	45.5M	45.6M	65.42M	78.14M
Days Sales Outstanding	10.72	6.94	4.27	5.48	4.99	4.38	7.17	7.54	10.25	12.03
Inventory	1.57B	1.54B	1.69B	1.5B	1.35B	1.5B	1.74B	1.76B	2.04B	2.03B
Days Inventory Outstanding	375.62	351.2	350.53	285.71	277.06	315.71	356.46	363.37	390.8	364.17
Other Current Assets	14.4M	12.46M	13.44M	16.05M	0	37.36M	37.23M	40.7M	38.7M	3.87M
Total Non-Current Assets+	347.08M	337.17M	257.92M	299.27M	285.14M	267.45M	216.77M	222.94M	242.85M	283.56M
Property, Plant & Equipment	19.14M	17.57M	20.84M	27.42M	35.38M	35.23M	34.36M	48.54M	56.98M	82.93M
Fixed Asset Turnover	95.21x	109.09x	101.10x	76.14x	60.12x	60.75x	67.43x	45.46x	40.89x	28.60x
Goodwill	0	0	9.75M	11.38M	11.38M	11.38M	11.38M	11.38M	11.38M	11.38M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	10.47M	3.99M	4.04M	3.96M	4M	4.46M	964K	0	0	0
Other Non-Current Assets	7.52M	7.71M	9.34M	9.56M	9.24M	216.38M	13.71M	29.08M	45.97M	46.6M
Total Assets+	2.21B	2.22B	2.13B	1.96B	2.01B	2.08B	2.25B	2.41B	2.59B	2.61B
Asset Turnover	0.82x	0.86x	0.99x	1.07x	1.06x	1.03x	1.03x	0.92x	0.90x	0.91x
Asset Growth %	-0.09%	0%	-0.04%	-0.08%	0.03%	0.04%	0.08%	0.07%	0.07%	0.01%
Total Current Liabilities+	209.34M	103.48M	126.43M	131.15M	272.78M	273.76M	210.79M	227.69M	230.84M	204.48M
Accounts Payable	104.17M	103.48M	126.43M	131.15M	132.19M	133.39M	143.64M	154.26M	164.39M	143.48M
Days Payables Outstanding	24.93	23.56	26.19	24.91	27.12	28.05	29.46	31.92	31.48	25.75
Short-Term Debt	0	0	0	0	4.6M	50M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	1000K	1000K	0	1000K
Other Current Liabilities	89.93M	70.09M	-90.51M	-41.76M	85.15M	12.93M	0	13.05M	64.05M	13.56M
Current Ratio	8.91x	18.20x	14.79x	12.64x	6.31x	6.62x	9.66x	9.61x	10.17x	11.38x
Quick Ratio	1.42x	3.30x	1.41x	1.18x	1.36x	1.13x	1.41x	1.90x	1.33x	1.45x
Cash Conversion Cycle	361.41	334.58	328.62	266.28	254.94	292.04	334.17	338.99	369.57	350.45
Total Non-Current Liabilities+	1.36B	1.44B	1.36B	1.29B	1.14B	1.08B	1.1B	1.08B	1.13B	1.16B
Long-Term Debt	1.33B	1.33B	1.23B	1.18B	1.13B	1B	983.44M	978.03M	1.03B	1.03B
Capital Lease Obligations	0	0	0	0	10.73M	14.15M	11.21M	18.97M	19.78M	27.76M
Deferred Tax Liabilities	-12.14M	-11.7M	-14.9M	-11.54M	0	0	0	0	0	0
Other Non-Current Liabilities	134.25M	40.98M	54.44M	46.39M	0	61.98M	107.24M	83.53M	83.45M	99.45M
Total Liabilities	1.57B	1.54B	1.48B	1.42B	1.41B	1.35B	1.31B	1.31B	1.36B	1.36B
Total Debt+	1.33B	1.33B	1.23B	1.18B	1.15B	1.07B	994.65M	997M	1.05B	1.06B
Net Debt	1.1B	1.04B	1.09B	1.07B	803.61M	821.47M	780.05M	651.41M	841.22M	842.17M
Debt / Equity	2.07x	1.95x	1.91x	2.19x	1.93x	1.47x	1.06x	0.90x	0.85x	0.85x
Debt / EBITDA	18.22x	17.43x	12.91x	-	12.10x	6.64x	3.48x	5.26x	6.62x	18.95x
Net Debt / EBITDA	15.09x	13.60x	11.45x	-	8.48x	5.11x	2.73x	3.44x	5.33x	15.10x
Interest Coverage	-	-	-	-0.92x	0.77x	1.63x	-	2.59x	-	-
Total Equity+	642.85M	682.44M	644.03M	538.75M	593.17M	724.88M	939.29M	1.1B	1.23B	1.25B
Equity Growth %	0.02%	0.06%	-0.06%	-0.16%	0.1%	0.22%	0.3%	0.17%	0.12%	0.01%
Book Value per Share	20.21	21.05	20.04	17.60	19.81	23.82	30.50	35.87	39.81	41.61
Total Shareholders' Equity	642.85M	682.44M	644.03M	538.75M	593.17M	724.88M	939.29M	1.1B	1.23B	1.25B
Common Stock	33K	34K	34K	31K	31K	31K	31K	31K	31K	30K
Retained Earnings	-222.47M	-190.66M	-236.03M	-315.55M	-263.33M	-141.31M	79.4M	238.01M	378.19M	423.77M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-39.54M	-40.02M	-34.37M	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	163.03M	95.91M	30.29M	113.64M	289.1M	31.66M	81.07M	178.06M	-137.54M	31.98M
Operating CF Margin %	0.09%	0.05%	0.01%	0.05%	0.14%	0.01%	0.03%	0.08%	-0.06%	0.01%
Operating CF Growth %	3.01%	-0.41%	-0.68%	2.75%	1.54%	-0.89%	1.56%	1.2%	-1.77%	1.23%
Net Income	4.69M	31.81M	-45.38M	-79.52M	52.23M	122.02M	220.7M	158.61M	140.18M	45.59M
Depreciation & Amortization	13.79M	14.01M	13.81M	14.76M	15.64M	13.98M	13.36M	12.2M	14.87M	19.17M
Stock-Based Compensation	7.96M	8.16M	10.26M	10.53M	10.04M	12.17M	8.48M	7.28M	7.39M	0
Deferred Taxes	15.9M	678K	93.94M	-37.24M	17.66M	21.5M	53.27M	23.94M	18.91M	-4.74M
Other Non-Cash Items	18.63M	8.27M	10.14M	173.24M	2.58M	2.42M	2.32M	2.3M	-6.58M	11.2M
Working Capital Changes	102.05M	32.98M	-52.48M	31.88M	190.95M	-140.43M	-217.06M	-26.26M	-312.3M	-39.23M
Change in Receivables	-149K	16.93M	11.88M	-1.67M	6.84M	-5.34M	-10.21M	279K	-19.82M	-12.72M
Change in Inventory	129.03M	41.91M	-95.81M	42.93M	154.87M	-147.51M	-231.44M	-14.75M	-282.06M	2.76M
Change in Payables	-9.37M	-690K	17.49M	4.72M	1.04M	1.2M	10.25M	10.62M	10.13M	-20.91M
Cash from Investing+	11.8M	-13.78M	-74.15M	-25.13M	-10.16M	-14.19M	-14.71M	-29.67M	-30.01M	-19.66M
Capital Expenditures	-12.22M	-12.44M	-17.02M	-21.36M	-10.64M	-14.64M	-15.05M	-20.33M	-22.35M	-28.5M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	28.26M	1.92M	546K	319K	478K	456K	339K	443K	428K	0
Cash from Financing+	-197.54M	-20.79M	-107.5M	-118.96M	-59.2M	-85.85M	-88.68M	-13.93M	23.88M	-36.36M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-222K	-391K	-3.31M	-1.66M	-4.72M	-3.38M	-6.63M	-4.93M	-11M	-3.16M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	150.81M	83.47M	13.27M	92.28M	278.45M	17.01M	66.03M	157.72M	-159.9M	3.48M
FCF Margin %	0.08%	0.04%	0.01%	0.04%	0.13%	0.01%	0.03%	0.07%	-0.07%	0%
FCF Growth %	2.55%	-0.45%	-0.84%	5.96%	2.02%	-0.94%	2.88%	1.39%	-2.01%	1.02%
FCF per Share	4.74	2.57	0.41	3.01	9.30	0.56	2.14	5.13	-5.17	0.12
FCF Conversion (FCF/Net Income)	34.74x	3.01x	-0.67x	-1.43x	5.54x	0.26x	0.37x	1.12x	-0.98x	0.70x
Interest Paid	131.73M	100.13M	0	0	0	74.17M	70.13M	67.34M	75.23M	0
Taxes Paid	1.42M	1.62M	0	0	0	3.46M	4.22M	1.96M	11.36M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	0.74%	4.8%	-6.84%	-13.43%	9.23%	18.52%	26.52%	15.53%	12.01%	3.67%
Return on Invested Capital (ROIC)	2.44%	2.69%	3.54%	-4.03%	3.95%	7.49%	12.52%	7.65%	5.61%	1.32%
Gross Margin	16.31%	16.33%	16.37%	7.95%	16.34%	18.89%	23.2%	20.06%	18.21%	14.23%
Net Margin	0.26%	1.66%	-2.15%	-3.8%	2.46%	5.7%	9.53%	7.19%	6.02%	1.92%
Debt / Equity	2.07x	1.95x	1.91x	2.19x	1.93x	1.47x	1.06x	0.90x	0.85x	0.85x
Interest Coverage	-	-	-	-0.92x	0.77x	1.63x	-	2.59x	-	-
FCF Conversion	34.74x	3.01x	-0.67x	-1.43x	5.54x	0.26x	0.37x	1.12x	-0.98x	0.70x
Revenue Growth	11.96%	5.17%	9.96%	-0.92%	1.88%	0.62%	8.26%	-4.76%	5.59%	1.77%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Home Building	-	-	-	2.08B	2.12B	2.13B	2.3B	2.2B	2.29B	2.3B
Home Building Growth	-	-	-	-	1.91%	0.51%	8.22%	-4.52%	4.30%	0.42%
Land and Other	-	-	-	10.49M	10.17M	12.6M	14.47M	8.38M	37.21M	68.92M
Land and Other Growth	-	-	-	-	-3.12%	23.96%	14.80%	-42.04%	343.80%	85.22%
West	827.91M	853.23M	1.01B	-	-	-	-	-	-	-
West Growth	-	3.06%	18.94%	-	-	-	-	-	-	-
Southeast	467.26M	511.63M	567.77M	-	-	-	-	-	-	-
Southeast Growth	-	9.50%	10.97%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
West	827.91M	853.23M	1.01B	1.01B	1.18B	1.12B	1.33B	1.3B	1.47B	1.48B
West Growth	-	3.06%	18.94%	-0.01%	16.62%	-5.47%	19.04%	-2.59%	13.13%	0.62%
East	526.95M	551.42M	524.56M	514.96M	477.62M	569.84M	560.75M	505.84M	501.21M	585.34M
East Growth	-	4.64%	-4.87%	-1.83%	-7.25%	19.31%	-1.59%	-9.79%	-0.92%	16.79%
Southeast	467.26M	511.63M	567.77M	558.08M	466.11M	451.89M	424.69M	403.94M	361.7M	309.91M
Southeast Growth	-	9.50%	10.97%	-1.71%	-16.48%	-3.05%	-6.02%	-4.89%	-10.46%	-14.32%

Frequently Asked Questions

Valuation & Price

Beazer Homes USA, Inc. (BZH) has a price-to-earnings (P/E) ratio of 15.9x. This is roughly in line with market averages.

Growth & Financials

Beazer Homes USA, Inc. (BZH) reported $2.39B in revenue for fiscal year 2025. This represents a 137% increase from $1.01B in 2012.

Beazer Homes USA, Inc. (BZH) grew revenue by 1.8% over the past year. Growth has been modest.

Yes, Beazer Homes USA, Inc. (BZH) is profitable, generating $67.7M in net income for fiscal year 2025 (1.9% net margin).

Dividend & Returns

Beazer Homes USA, Inc. (BZH) has a return on equity (ROE) of 3.7%. This is below average, suggesting room for improvement.

Beazer Homes USA, Inc. (BZH) had negative free cash flow of $59.4M in fiscal year 2025, likely due to heavy capital investments.

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