Beazer Homes USA Inc (0HMG.L) delivered a challenging QQ3 2025 in which revenue declined and profitability remained under pressure, even as the company maintained liquidity and managed its balance sheet. Reported revenue reached $545.367 million, while gross profit was $82.919 million for a gross margin of 15.20%. The quarter recorded an operating loss of $3.71 million but positive EBITDA of $11.20 million, suggesting non-cash depreciation and other adjustments contributed to the bottom-line volatility. Net income was a net loss of $0.324 million, and earnings per share (EPS) were negative $0.011 on baseline weighted average shares of 29.44 million. Free cash flow was negative at $(70.23) million, with operating cash flow of $(62.26) million largely driven by working capital movements (notably inventory). The balance sheet shows meaningful liquidity with cash and cash equivalents of $90.42 million and a current ratio of 8.91, but a sizable inventory position ($2.292 billion) and a relatively heavy long-term debt load ($1.1608 billion) weigh on near-term cash generation and leverage considerations. On valuation, the stock trades with a price-to-book around 0.54 and price-to-sales near 1.21, reflecting a potential discount to tangible asset value but also signaling earnings and cash-flow fragility. Management commentary (not included in the provided transcript) typically focuses on land/backlog management, cost control, and timing of deliveries; with no transcript data, quotes are not available for direct attribution in this report.