The $33.50/share all-cash acquisition by Dream Finders Homes creates a near-certain floor for BZH shares approaching the deal price, net of time value and deal-risk discount. The merger spread between the current stock price and $33.50 will be driven by regulatory/stockholder approval timelines and any competing bids. Legal and regulatory milestones (antitrust HSR clearance, stockholder vote) are the key catalysts to watch. The earnings results are effectively immaterial for trading given the pending takeout.
Price Chart
Executive Summary
Beazer Homes reported a Q3 fiscal 2026 net loss of $4.2M ($-0.16/diluted share) on homebuilding revenue of $490.9M, but the earnings are completely overshadowed by the simultaneous announcement of a definitive merger agreement to be acquired by Dream Finders Homes for $33.50/share in an all-cash transaction valuing the company at approximately $2.2B. The transaction represents a significant premium to recent trading levels, and the company has withdrawn its financial outlook and cancelled its earnings call.
Key Financial Metrics
Key Facts
- Beazer Homes entered into a definitive agreement to be acquired by Dream Finders Homes for $33.50 per share in an all-cash transaction valued at approximately $2.2 billion
- Q3 fiscal 2026 homebuilding revenue of $490.9 million was down 8.3% year-over-year
- Net loss of $4.2 million, or $0.16 per diluted share, compared to a net loss of $0.3 million ($0.01/share) in the prior year quarter
- Adjusted EBITDA of $15.6 million compared to $32.1 million in the prior year quarter, down 51.3%
- Homebuilding gross margin improved 10 bps year-over-year to 13.6% and 160 bps sequentially from 12.0%
- Net new orders increased 4.5% year-over-year to 900, with cancellation rates improving to 15.9% from 19.8%
- Backlog dollar value of $758.5 million, up 2.2% year-over-year
- Consummation of the merger is subject to stockholder approval, regulatory approval, and other customary closing conditions
- The company withdrew its previously issued financial outlook due to the pending transaction
Financial Impact
Transaction value of approximately $2.2 billion, or $33.50 per share in cash
Risk Factors
- Risk of transaction not closing — requires stockholder approval, regulatory clearance, and other customary conditions
- Termination fee could be payable by Beazer under certain circumstances
- Litigation risk relating to the merger could delay or block the transaction
- Macroeconomic headwinds (inflation, elevated mortgage rates) could impact closing certainty during the pendency of the deal
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000915840-26-000049 |
| Document: bzh-20260807.htm | 0000915840-26-000049 |
| Document: 0000915840-26-000049-index-headers.html | 0000915840-26-000049 |
| Document: 0000915840-26-000049-index.html | 0000915840-26-000049 |
| Document: 0000915840-26-000049.txt | 0000915840-26-000049 |
| 8-K Data (Synthetic) | 0000915840-26-000049 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | DEFM14A | $33.35 $33.36 | ▲ +0.03% | ▼ −2.08% | $33.40 (+0.15%) |
Aug 15, 2026 6w ago | Institutional Cluster | $33.17 $33.11 | ▼ −0.18% | ▲ +1.01% | $33.40 (+0.69%) |
Aug 10, 2026 7w ago | DEFA14A | $33.17 $33.11 | ▼ −0.18% | ▲ +0.22% | $33.40 (+0.69%) |
Aug 7, 2026 8w ago | DEFA14A | $33.18 $33.10 | ▼ −0.24% | ▼ −0.64% | $33.40 (+0.66%) |
Aug 7, 2026 8w ago | 8-K | $33.18 $33.10 | ▼ −0.24% | ▼ −0.64% | $33.40 (+0.66%) |
Aug 7, 2026 8w ago | 8-K | $33.18 $33.10 | ▼ −0.24% | ▼ −0.64% | $33.40 (+0.66%) |
Jun 23, 2026 14w ago | 8-K | $27.68 $27.54 | ▼ −0.51% | ▼ −2.21% | $33.40 (+20.66%) |
Jun 11, 2026 16w ago | Institutional Cluster | $27.65 $26.86 | ▼ −2.86% | ▼ −3.29% | $33.40 (+20.80%) |
US Market Status
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