Forensic Analysis · General / Diversified · as of Jun 27, 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
Clean
Earnings quality
4
Forensic signals
-0.3%
ROE
$798M
Market cap
BEAZER HOMES USA INC earns a C (Mixed — selective) forensic quality grade. 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.21×Cash conversion. Over FY2023–FY2025, operating cash flow was 0.21× cumulative net income. Reported profit is not turning into cash — a classic earnings-quality warning.
4%Return on invested capital. Return on invested capital is 4% and slipping from 30% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
0% of revStock-based comp load. Stock-based compensation ran 0% of revenue and 211% of free cash flow in FY2025 — about $0.24 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
950% of FCFShareholder returns. Returned $33M to shareholders (buybacks + dividends) in FY2025 — 950% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.
Key fundamentals
Net Margin1.9%
Debt / Equity1.20x
Free Cash Flow$3.5M
Latest Revenue$2.37B
Return on Equity3.7%
Revenue Growth YoY+1.8%
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.