Beazer Homes USA, Inc.
BZH Consumer Cyclical Residential Construction
Beazer Homes USA, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $2.4 billion, up 1.77% from fiscal 2024. In the quarter to June 2026, revenue fell 5.33%, EPS fell 1,500.0%, free cash flow fell 119.3% and total debt rose 23.3%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three.
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Beazer Homes USA, Inc. (BZH) Beneish M-score
Beazer Homes USA, Inc.'s Beneish M-score for fiscal 2025 is −2.08; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.08 | (0.55) |
| FY2024 | −1.54 | 0.88 |
| FY2023 | −2.42 | (0.31) |
| FY2022 | −2.11 | 0.02 |
| FY2021 | −2.13 | 1.26 |
| FY2020 | −3.39 | (1.37) |
| FY2019 | −2.02 | 1.01 |
| FY2018 | −3.03 | (0.10) |
| FY2017 | −2.93 | (0.17) |
| FY2016 | −2.76 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.17 | — | 1.08 | |
| Gross margin index | 1.28 | — | 0.68 | |
| Asset quality index | 1.15 | — | 0.46 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 1.08 | — | −0.19 | |
| Total accruals to total assets | 0.01 | — | 0.02 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Elevated | −2.08 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LEGH Legacy Housing Corporation compare | −2.8× |
| HOV Hovnanian Enterprises Inc compare | −2.7× |
| KBH KB Home compare | −2.4× |
| BZH Beazer Homes USA, Inc. | −2.1× |
| MTH Meritage Homes Corporation compare | −2.0× |
| DFH Dream Finders Homes, Inc. compare | −2.0× |
| LGIH LGI Homes, Inc. compare | −2.0× |
| GRBK Green Brick Partners, Inc. compare | −0.3× |
| MHO M/I Homes, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI