Beazer Homes is a national homebuilder that designs, builds, and sells single-family homes and condominiums across 13 states. Beazer targets three buyer segments — entry-level, move-up, and 55+ active adult (under the Gatherings brand) — and does not build custom homes. Beazer's central strategic focus is energy efficiency: virtually all new homes are built to the Department of Energy's Zero Energy Ready standard, and management argues this reduces monthly utility costs enough to meaningfully lower total cost of ownership for buyers. Revenue is driven by homes closed and average selling price, which ran roughly $515,000–$535,000 in FY25. Gross margin is the primary profitability driver, and is shaped by the mix of to-be-built versus spec homes (specs carry 3–5 points lower margin), incentive levels, and land cost. Beazer controls about 62% of its roughly 25,000-lot pipeline through option agreements, limiting upfront capital at risk. The company operates through three geographic segments — West (including Texas, its largest market), Southeast, and East. Beazer's growth strategy centers on expanding active community count from 169 at FY25 year-end to 200+ by end of FY27, funded by land investment made 1–3 years in advance. A notable differentiator is Beazer's lack of a captive mortgage operation; instead, it directs buyers to compete among third-party lenders. Beazer is also actively recycling non-core land assets and repurchasing shares, which trade at a discount to book value.