Beazer Homes USA Inc (NYSE: BZH) is a residential homebuilding company that designs, builds, and sells single-family homes across three geographic segments: West, East, and Southeast. Revenue is transactional, generated at closing when a completed home transfers to the buyer. Homebuilding revenue was $2.30B in FY2025 (fiscal year ended September 30, 2025), with land sales and other revenue adding $68.9M, for total revenue of $2.37B. The company closed 4,427 homes in FY2025, down slightly from 4,450 in FY2024. Construction is subcontracted, with Beazer acting as general contractor and developer. GAAP homebuilding gross margin compressed to 14.3% in FY2025 from 18.0% in FY2024, driven by increased price concessions, incentives, and a higher share of spec home closings. Operating income fell to $36.6M in FY2025 from $143.0M in FY2024. The company operates 164 average active communities as of FY2025.

Revenue model

Transactional revenue recognized at home closing. Primary stream is homebuilding revenue ($2.30B, FY2025). Secondary stream is land sales and other revenue ($68.9M, FY2025). No subscription or recurring revenue disclosed.

Products and services

Single-family homes built on a to-be-built or spec (speculative inventory) basis. Land sold opportunistically when excess parcels are divested.

Customers and end markets

Individual homebuyers purchasing primary residences. No disclosed customer concentration. Demand is driven by housing market conditions, mortgage rates, and consumer confidence. Net new orders were 3,890 in FY2025, down 7.8% from FY2024, with sales pace declining to 2.0 orders per community per month from 2.4 in the prior year.

Value-chain role

Developer and general contractor. Beazer acquires land, manages home design and community development, and outsources physical construction to subcontractors. Subcontractors carry primary warranty responsibility for workmanship.

Geographic exposure

Three segments as of FY2025: West (103 average active communities, $1.42B homebuilding gross profit base), East (36 average active communities), and Southeast (25 average active communities per net new order data). West segment generated homebuilding gross profit of $255.3M in FY2025; East $98.1M; Southeast $46.8M.

Source: SEC 10-K, filed 2025-11-13

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