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BZH, Beazer Homes USA Inc.
Beazer Homes offers a diverse portfolio of products tailored to meet the evolving needs of homebuyers that value a well-constructed and energy efficient home .
We have become a leading energy-efficient homebuilder, delivering proven efficiency and lowering monthly utility costs to our customers.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/28 · the annual report (10-K) for the fiscal year ended late September · due within 60 days of period end · has filed ~44 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 17% and operating margin about 3.9% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −4.3% and 12% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 5%, above 15% in 0 of 8 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2025
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| $1.9B | $2.1B | $2.1B | $2.1B | $2.1B | $2.3B | $2.2B | $2.3B | $2.4B | $2.1B | RevenueRevenue |
| $313M | $345M | — | $348M | $404M | $538M | $443M | $424M | $338M | $308M | Gross profitGross prof. |
| 16% | 17% | — | 16% | 19% | 23% | 20% | 18% | 14% | 15% | Gross marginGross mgn |
| 8% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 9% | 10% | SG&A / revenueSG&A/rev |
| $62M | $82M | ($90M) | $79M | $147M | $272M | $177M | $143M | $37M | ($37M) | Operating incomeOp. inc. |
| 3.2% | 3.9% | −4.3% | 3.7% | 6.9% | 11.8% | 8.0% | 6.1% | 1.5% | −1.8% | Operating marginOp. mgn |
| $35M | $49M | ($117M) | $71M | $144M | $274M | $183M | $159M | $41M | — | Pretax incomePretax |
| $32M | ($45M) | ($80M) | $52M | $122M | $221M | $159M | $140M | $46M | ($8M) | Net incomeNet inc. |
| 8% | — | — | 25% | 15% | 19% | 13% | 12% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||||||||
| $105M | $55M | $114M | $289M | $32M | $81M | $178M | ($138M) | $32M | ($125M) | Operating cash flowOp. cash |
| $14M | $14M | $15M | $16M | $14M | $13M | $12M | $15M | $19M | $19M | Depreciation & amortizationD&A |
| $51M | $76M | $168M | $211M | ($117M) | ($161M) | ($27K) | ($300M) | ($40M) | ($144M) | Working capital & otherWC & other |
| $12M | $17M | $21M | $11M | $15M | $15M | $20M | $22M | $29M | $28M | CapexCapex |
| 0.6% | 0.8% | 1.0% | 0.5% | 0.7% | 0.6% | 0.9% | 1.0% | 1.2% | 1.3% | Capex / revenueCapex/rev |
| $92M | $38M | $99M | $278M | $17M | $66M | $166M | ($152M) | $13M | ($144M) | Owner earningsOwner earn. |
| 4.8% | 1.8% | 4.7% | 13.1% | 0.8% | 2.8% | 7.5% | −6.5% | 0.5% | −6.9% | Owner earnings marginOE mgn |
| $92M | $38M | $92M | $278M | $17M | $66M | $158M | ($160M) | $3M | ($153M) | Free cash flowFCF |
| 4.8% | 1.8% | 4.4% | 13.1% | 0.8% | 2.8% | 7.1% | −6.9% | 0.1% | −7.4% | Free cash flow marginFCF mgn |
| $0 | $57M | $4M | $0 | $0 | — | — | — | — | $0 | AcquisitionsAcquis. |
| $0 | $0 | $35M | $3M | $0 | $8M | $0 | $13M | $33M | — | BuybacksBuybacks |
| ($14M) | ($74M) | ($25M) | ($10M) | ($14M) | ($15M) | ($30M) | ($30M) | ($20M) | — | Investing cash flowInv. cash |
| ($30M) | ($132M) | ($119M) | ($59M) | ($86M) | ($89M) | ($14M) | $24M | ($36M) | — | Financing cash flowFin. cash |
| $61M | ($151M) | ($30M) | $220M | ($68M) | ($22M) | $134M | ($144M) | ($24M) | — | Change in cashΔ cash |
| 3% | — | -4% | 4% | 8% | 13% | 9% | 6% | 2% | -1% | ROICROIC |
| 5% | -7% | -15% | 9% | 17% | 23% | 14% | 11% | 4% | -1% | Return on equityROE |
| 5% | −7% | −15% | 9% | 17% | 23% | 14% | 11% | 4% | −1% | Retained to equityRetained/eq |
| Balance sheet | ||||||||||
| $292M | $140M | $107M | $328M | $247M | $215M | $346M | $204M | $215M | $125M | Cash & investmentsCash+inv |
| $36M | $25M | $26M | $20M | $26M | $36M | $46M | $65M | $78M | $97M | ReceivablesReceiv. |
| $36M | $25M | $26M | $20M | $26M | $36M | $46M | $65M | $78M | $97M | Operating working capitalOper. WC |
| $18M | $21M | $27M | $22M | $23M | $25M | $31M | $39M | $48M | — | Net PP&ENet PP&E |
| — | $10M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $11M | GoodwillGoodwill |
| $2.2B | $2.1B | $2.0B | $2.0B | $2.1B | $2.3B | $2.4B | $2.6B | $2.6B | $2.9B | Total assetsAssets |
| $1.3B | $1.2B | $1.2B | $1.1B | $1.1B | $983M | $978M | $1.0B | $1.0B | $1.4B | Total debtDebt |
| $1.0B | $1.1B | $1.1B | $803M | $807M | $769M | $632M | $821M | $814M | $1.3B | Net debt / (cash)Net debt |
| 4.0× | 15.3× | -28.9× | 9.3× | 52.8× | — | — | — | — | — | Interest coverageInt. cov. |
| $1.5B | $1.5B | $1.4B | $1.4B | $1.4B | $1.3B | $1.3B | $1.4B | $1.4B | — | Total liabilitiesTotal liab. |
| $682M | $644M | $539M | $593M | $725M | $939M | $1.1B | $1.2B | $1.2B | $1.1B | Shareholders’ equityEquity |
| 0.4% | 0.5% | 0.5% | 0.5% | 0.6% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | Stock comp / revenueSBC/rev |
| Per share | ||||||||||
| 32.4M | 32.1M | 30.6M | 29.9M | 30.4M | 30.8M | 30.7M | 31.0M | 30.0M | 27.8M | Shares out (diluted)Shares |
| $59.10 | $65.56 | $68.19 | $71.03 | $70.32 | $75.24 | $71.77 | $75.28 | $79.02 | $74.84 | Revenue / shareRev/sh |
| $0.98 | $-1.41 | $-2.60 | $1.74 | $4.01 | $7.17 | $5.16 | $4.53 | $1.52 | $-0.28 | EPS (diluted)EPS |
| $2.85 | $1.18 | $3.23 | $9.30 | $0.56 | $2.14 | $5.39 | $-4.92 | $0.43 | $-5.19 | Owner earnings / shareOE/sh |
| $2.85 | $1.18 | $3.01 | $9.30 | $0.56 | $2.14 | $5.13 | $-5.17 | $0.12 | $-5.51 | Free cash flow / shareFCF/sh |
| $0.38 | $0.53 | $0.70 | $0.36 | $0.48 | $0.49 | $0.66 | $0.72 | $0.95 | $1.00 | Cap. spending / shareCapex/sh |
| $21.05 | $20.04 | $17.60 | $19.81 | $23.82 | $30.50 | $35.87 | $39.81 | $41.61 | $41.24 | Book value / shareBVPS |
| 8-yr | 5-yr | |
|---|---|---|
| Revenue / share | +3.7%/yr | +2.2%/yr |
| Owner earnings / share | −21.1%/yr | −46.0%/yr |
| EPS | +5.6%/yr | −2.7%/yr |
| Capital spending / share | +12.0%/yr | +21.7%/yr |
| Book value / share | +8.9%/yr | +16.0%/yr |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Operating income-74.4%
“Our operating income decreased by $106.4 million to $36.6 million for the year ended September 30, 2025, compared to operating income of $143.0 million for year ended September 30, 2024, primarily driven by the previously discussed decrease in gross profit, including the impact of $13.0 million inventory impairments and abandonments recognized.”
✓ figure matches the filed record
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $13M of owner earnings, the operating cash left after the $19M it takes just to hold its position. It put $9M more into growth; free cash flow, after that spending, was $3M.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $46M | $140M | $159M | $221M | $122M |
| Depreciation & amortizationnon-cash charge added back | +$19M | +$15M | +$12M | +$13M | +$14M |
| Stock-based compensationreal costnon-cash, but a real cost | +$7M | +$7M | +$7M | +$8M | +$12M |
| Working capital & othertiming of cash in and out, other non-cash items | −$40M | −$300M | −$27K | −$161M | −$117M |
| Cash from operations | $32M | ($138M) | $178M | $81M | $32M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$19M | −$15M | −$12M | −$15M | −$15M |
| Owner earnings | $13M | ($152M) | $166M | $66M | $17M |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$9M | −$7M | −$8M | — | — |
| Free cash flow | $3M | ($160M) | $158M | $66M | $17M |
| Owner-earnings marginowner earnings ÷ revenue | 1% | -7% | 8% | 3% | 1% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $19M, roughly its depreciation, the rate its assets wear out). The other $9M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $7M), owner earnings is nearer $5M.
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- Interest expense not tagged in the data
What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
- How heavy is the debt, net of cash? $1.3B · 35.9× operating profitHeavy net debtCash $215M − debt $1.5B
What this means
Netting $215M of cash and short-term investments against $1.5B of debt leaves $1.3B owed, about 35.9× a year's operating profit (41.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle8-yr median, range -4%–13%; 1% latest = NOPAT $37M ÷ invested capital $2.6BIndustry peers: median 15%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran 1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Thin through the cycle9-yr median margin, range -7%–13%; latest $13M = operating cash $32M − maintenance capex $19MIndustry peers: median 3%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 1% of revenue this year, a 3% median across 9 years. Treating stock comp as the real expense it is (less $7M of SBC) leaves $5M.
- Mostly cash-backedCash from ops $32M ÷ net income $46M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returned more than it generatedDividends + buybacks $33M ÷ Owner Earnings $13M — this fiscal year
What this means
The company returned more than it generated: against $13M of Owner Earnings, $33M (258%) went back to shareholders, $0 dividends, $33M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $7M stock comp, the real buyback was about $26M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands. This year's proportion is 258%; across the record (2017–2025) it is 15%, the capital-allocation section below.
- Investing or harvesting? 1.49×ExpandingCapex $29M ÷ depreciation & amortization as filed $19M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 0.3%The count is edging downStock compensation $7M (fiscal 2025), 0.3% of revenue · repurchases $33M · diluted shares -2.5% since 2022
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 1 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size PassRevenue ≥ $2B · $2.4B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity —Current ratio ≥ 2× · —
What this means
Current assets / liabilities not in the data yet.
- Earnings stability MissA profit every year (9-yr record) · 2 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record —Uninterrupted dividends · no dividend line tagged in the data
What this means
An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $4.30/share (latest year $1.71), the averaged base the calculator's gate runs on, and book value is $46.81/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2017–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 7 of 9
What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 9 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 1% → 5% (3-yr avg ends)
In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.
What this means
Through the cycle the operating margin widened — about 1% early to 5% lately, median 4% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2019 · −4.3% op. margin
What this means
Operations went underwater in 2019, understand why before trusting the good years.
- Share count −1.0%/yr
What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
All figures as filed; the source filing is linked above.
How the cash was used, 2017–2025
Over the record, the business generated $748M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$162M · 22%
- Buybacks$92M · 12%
- Retained (debt / cash)$493M · 66%
- Returned to owners$92M
15% of the owner earnings the business produced over the span, $0 as dividends and $92M as buybacks.
- Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $82M and cash and short-term investments fell $168M.
- Average price paid for buybacks$19.91
Across the years where the filing reports a share count, 3M shares were bought for $57M, about $19.91 each. Year to year the price paid ranged from $9.19 (2020) to $28.41 (2024); its heaviest year, 2025, paid $22.05 ($33M).
- Net change in share count−14.2%
The diluted count fell from 32M to 28M, so the buybacks outran the stock issued to staff.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
- Return on what it retained−12%
Of the earnings it kept rather than paid out ($554M over the span), annual owner earnings (first three years vs last three) fell $68M, so each retained $1 gave back about 0.12 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Allan P. Merrill | $5.5M | $10.9M | $17M |
| 2022 | Allan P. Merrill | $7.0M | $4.8M | $66M |
| 2023 | Allan P. Merrill | $6.7M | $13.5M | $166M |
| 2024 | Allan P. Merrill | $5.3M | $9.5M | ($152M) |
| 2025 | Allan P. Merrill | $6.4M | $3.8M | $13M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership8%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio56:1
What the chief earns for every dollar the median employee makes, per the 2025 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$7M
The slice of the business handed to employees in shares in fiscal 2025, 0.3% of revenue, equal to 20.0% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Homebuilders
The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record |
|---|---|---|---|---|---|
| MHOM/I Homes Inc. | $4.4B | 23% | 11.0% | 20% | 3% |
| DFHDream Finders Homes Inc. | $4.3B | 16% | 7.8% | 37% | 3% |
| CCSCentury Communities Inc. | $4.1B | — | 7.9% | 6% | -1% |
| ECGEverus Construction Group Inc. | $3.7B | 12% | 6.7% | 29% | 4% |
| HOVHovnanian Enterprises Inc. | $3.0B | — | 1.8% | 3% | 7% |
| BZHBeazer Homes USA Inc. | $2.4B | 17% | 3.9% | 5% | 3% |
| GRBKGreen Brick Partners Inc. | $2.0B | 26% | 15.8% | 15% | -0% |
| LGIHLGI Homes Inc. | $1.7B | 25% | 13.3% | 11% | -7%4y |
| Group median | — | 20% | 7.8% | 13% | 3% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Beazer Homes USA Inc. has delivered.
Beazer Homes USA Inc.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
Through the cycle, Beazer Homes USA Inc. earns about $68M on its 2.8% median owner-earnings margin. This year’s 0.5% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
—
9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Free cash flow ($153M) on 27M shares outstanding, per the 10-Q cover, as of 2026-08-04; net debt $1.3B. The if-converted diluted count is 28M, 4% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($28M) runs well above depreciation ($19M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($145M), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Manual order: ← BYND its page in the Manual C →
Industry order: ← 1928 the Homebuilders chapter CCS →