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Beazer Homes Usa Inc

BZHWithin band

Held by 2 superinvestors.

Price$32.51
Holders2
Total value$58.4M

SEC 10-K · fundamentals

Business quality

as of 2025-09-30
Revenue growth
+1.8%
Net margin
1.9%
ROE
3.7%
FCF margin
0.1%
Revenue $2.13B → $2.37B · 6y
What makes a business high quality

Valuation · value band

In fair-value range

$13/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$33
cheaperpricier

Zero-growth floor

$41

Central IV

$13

Optimistic top

$41

Beazer Homes Usa Inc (BZH): A conservative value band $41 / sh (zero-growth floor to growth-capped optimistic top); central read about $13. Today’s price sits inside that band (price $33 as of 2026-07-20).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 10.5% · Zero-growth downside $41

Price as of 2026-07-20 · yahoo · DGS10 4.5% @ 2026-07-17.

Method & numbers

Price is at or below the reproducible tangible asset base ($41 / sh) — a rarer, harder floor.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $11.42 – $15.15 · Greenwald zero-growth $41.24 · zero-growth base $41.24 · reproduction $41.24

Moat Below asset base · terminal value 37% of present value · owner-earnings yield 4% vs 10Y 4.5%.

Graham earnings-power value (normalized NOPAT)$17.31 – $19.54 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 121% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$12.46 – $15.23 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 121% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $1.24B = $41.24 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 10% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.05%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-07-17). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

What the price is betting

Today's price pencils in about 17.7% a year in owner-earnings for the next few years. Revenue actually grew 2.2% a year.

The market wants it well ahead of its own track record.

Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $58.4M combined · this quarter +0 opened / -0 exited

This quarter1 added1 trimmed
Holders 1 → 2 · last 8q

SEC 13F · notes

Written summary

Beazer Homes Usa Inc (BZH) is held by 2 of the superinvestors tracked on Compounder, with a combined $58.4M in reported 13F value. The largest position belongs to Donald Smith, where it makes up 1.0% of the portfolio.

Other notable holders by value include Tweedy, Browne (0.1% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in BZH, 1 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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