Forensic Analysis · Homebuilders & Residential Construction · as of Nov 11, 2026
Beazer Homes USA Inc (BZH)
A forensic read on Beazer Homes USA Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
3
Forensic signals
3.7%
ROE
1.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Beazer Homes USA Inc earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.21×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.21× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
3.2%
FY2025
Return on invested capital.Return on invested capital is 3.2% in the latest fiscal year and slipping across FY2023–FY2025 from 20.3%. After-tax operating profit was $154M in FY2023 and $33M in FY2025, with operating income at 8.0% of revenue in FY2023, 6.1% in FY2024 and 1.5% in FY2025. The capital base behind it grew +36% across FY2023–FY2025, from $757M to $1.0B, while the return fell 17.1 points, so the dollars added over that window earned less than the 20.3% the older base was already earning.
950% of FCF
FY2025
Shareholder returns.Returned $33M to shareholders (buybacks + dividends) in FY2025 — 950% of free cash flow. That is $30M (850%) more than free cash flow covered, and more than operating cash flow as well. Total debt rose $4M over FY2025, while cash and short-term investments rose $11M, so the borrowing was kept, not spent on the gap. The FY2025 cash-flow statement filed $107,000 from shares issued; $10M from sales and maturities of investments against $1M of investments purchased; net cash used in investing activities of $20M; net cash used in financing activities of $36M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $7M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 1161%.
Key fundamentals
Latest Revenue$2.37B
Revenue Growth YoY+1.8%
Revenue CAGR (2yr)+3.7%
Net Margin1.9%
Free Cash Flow$3.5M
Return on Equity3.7%
Debt / Equity0.82x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Beazer Homes USA Inc's actual 10-K/10-Q/8-K filings?