Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-22

Beazer Homes USA Inc. (BZH)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,367,213
Allan Merrill total, FY2025
25th
CEO pay percentile vs peers
56:1
CEO-to-median pay ratio
87.17%
Say-on-pay support, latest vote
Companies that benchmark against BZH
15 companies name BZH as a compensation peer

Each company listed discloses BZH in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BZH in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Allan Merrill$1,064,525$705,292$3,278,492$0$1,211,280$0$107,625$6,367,213
Chairman and Chief Executive Officer
David Goldberg645,950385,179994,6615,573406,284060,1332,497,780
Executive Vice President and Chief Financial Officer
Michael Dunn350,000115,777201,7595,64821,420057,989752,593
Senior Vice President and General Counsel

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Allan Merrill$6,367,213$5,296,988$6,703,471+1,070,225
David Goldberg2,497,7802,217,5972,365,786+280,183
Michael Dunn752,593

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Danny R. ShepherdDirector2026-02-04A500$0$0CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David GoldbergPSU2024-11-1516,08636,595$592,930
David GoldbergRSU2024-11-1512,064401,731
Allan MerrillPSU2024-11-1553,020120,6201,954,317
Michael DunnRSU2024-11-152,44781,485
Michael DunnPSU2024-11-153,2637,423120,274
Allan MerrillRSU2024-11-1539,7651,324,175
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Goldberg$401,731$592,930$059.6%
Allan Merrill1,324,1751,954,317059.6%
Michael Dunn81,485120,274059.6%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
David GoldbergRSU9,483$232,808
David GoldbergRSU14,066345,320
Allan MerrillRSU75,5151,853,893
Allan MerrillRSU28,271694,053
Michael DunnRSU2,23054,747
Allan MerrillRSU39,765976,231
David GoldbergRSU12,064296,171
Allan MerrillRSU34,771853,628
Michael DunnRSU3,26380,107
Michael DunnOption44921.95
Allan MerrillRSU24,018589,642
David GoldbergRSU9,716238,528
Michael DunnRSU2,44760,074
Michael DunnRSU56013,748
Michael DunnRSU49412,128
Allan MerrillRSU53,0201,301,641
David GoldbergRSU25,329621,827
David GoldbergRSU16,086394,911
David GoldbergOption44321.95
Michael DunnRSU1,33532,774
Michael DunnRSU71417,529
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation philosophy is to design compensation programs that: Attract, retain and reward top talent; Align pay with performance without encouraging inappropriate risk-taking; and Provide a substantial portion of our compensation in long-term equity-based compensation to reinforce key financial, operational and strategic objectives in support of long-term value creation.

CEO STI target (% of salary)250%
CEO LTI target (% of salary)
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-02-0519,205,5152,789,84236,02587.17%Passed
20252025-02-0622,276,402969,55934,52095.83%Passed
20242024-02-0823,430,768924,18855,07196.21%Passed
20232023-02-0918,782,0893,339,67137,78584.9%Passed
20222022-02-0218,578,3744,034,59698,57681.8%Passed
20212021-02-0320,732,9502,870,53249,55387.84%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-02-0587.17%a
20252025-02-0695.83%b
20242024-02-0896.21%c

a. Approved under the standard stated in the filing — “ABSTENTIONS and broker non-votes will have the effect of a vote AGAINST the matter.”.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)56 : 1
CEO total compensation$6,367,213
Median employee compensation$112,819
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Norma A. ProvencioIndependent · Lead Independent Director · Governance · Human Capital$140,000$168,198$0$0$0$308,198
Peter M. OrserIndependent · Governance · Human Capital (Chair) · Technology120,000168,198000288,198
Lloyd E. JohnsonIndependent · Audit (Chair) · Human Capital118,500168,198000286,698
Danny R. ShepherdIndependent · Audit · Governance (Chair)114,250168,198000282,448
C. Christian WinkleIndependent · Audit · Finance and Development (Chair)114,250168,198000282,448
Alyssa P. SteeleIndependent · Audit · Finance and Development · Technology114,250168,198000282,448
John J. Kelley IIIIndependent · Human Capital · Finance and Development · Technology (Chair)113,846168,198000282,044
June SauvagetIndependent · Human Capital · Finance and Development · Technology110,000168,198000278,198
Allan P. MerrillEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$168,198
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$945,096
Equity awards (grant-date value)$1,345,584
All other compensation$0
Total cost of the board$2,290,680

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Beazer Homes USA Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Beazer Homes USA Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Hovnanian Enterprises, Inc.2025Ara Hovnanian$1,154,423$7,093,554$0$4,885,147$13,654,756
2Green Brick Partners, Inc.2025James Brickman1,600,0007,643,09604,145,04913,400,745
3Dream Finders Homes, Inc.2025Patrick Zalupski1,276,9234,836,76303,746,00010,227,930
4Taylor Morrison Home Corp.2025Sheryl Palmer1,075,0005,599,9571,399,9871,548,00010,075,397
5M/I Homes, Inc.2025Robert Schottenstein1,100,0004,945,34303,506,2509,914,773
6TRI Pointe Group, Inc.2025Douglas Bauer1,000,0005,999,98101,635,0008,677,081
7Century Communities, Inc.2025Robert J. Francescon1,000,0004,622,11902,784,0038,510,773
8Meritage Homes Corporation2025Phillippe Lord1,000,0005,697,08501,352,0008,114,286
9KB Home2025Robert McGibney912,5003,499,97502,826,8397,311,553
10Beazer Homes USA Inc.2025Allan Merrill1,064,5253,278,49201,211,2806,367,213
11LGI Homes, Inc.2025Eric Lipar975,0004,143,842005,182,051
12Smith Douglas Homes Corp2025Gregory Bennett1,000,0001,627,361087,4283,335,083
13Landsea Homes Corporation2023John Ho800,000001,692,0002,512,652

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Beazer Homes USA Inc.not disclosedPSU 40 · Cash LTI 30 · RSU 30NoPearl Meyer
Century Communities, Inc.94%PSU 100NoWealthPoint
Dream Finders Homes, Inc.67%RSU 100not disclosedCompensation Advisory Partners (CAP)
Green Brick Partners, Inc.not disclosedPSU 67 · RSU 33Yes — Relative TSR during a 3-Year PeriodF.W. Cook & Co., Inc.
Hovnanian Enterprises, Inc.not disclosednot disclosedNoFW Cook
KB Homenot disclosedPSU 100NoFW Cook
Landsea Homes Corporation141%PSU 60 · RSU 40NoPearl Meyer
LGI Homes, Inc.not disclosedPSU 80 · RSU 20NoMeridian Compensation Partners LLC
M/I Homes, Inc.94%not disclosedNoWillis Towers Watson (WTW)
Meritage Homes Corporation41.6%PSU 50 · RSU 50NoPearl Meyer
Smith Douglas Homes Corpnot disclosednot disclosedYes — total shareholder return (TSR) compared to the TSR of the companies in the selected peer groupSemler Brossy
Taylor Morrison Home Corp.183%PSU 40 · RSU 40 · Options 20NoSemler Brossy Consulting Group, LLC
TRI Pointe Group, Inc.65.4%PSU 60 · RSU 40NoExequity

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Beazer Homes USA Inc. in fiscal 2025?
As disclosed, the highest-paid executive at Beazer Homes USA Inc. in fiscal 2025 was Allan Merrill, who served as Chairman and Chief Executive Officer with total compensation of $6,367,213.
How does Beazer Homes USA Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows that Allan Merrill's pay falls within the 25th percentile of the disclosed peer group.
What is Beazer Homes USA Inc.'s CEO-to-median employee pay ratio?
The company reported a CEO-to-median employee pay ratio of 56:1.
How did shareholders vote on Beazer Homes USA Inc.'s executive compensation?
Shareholders voted to approve the executive compensation plan with 87.17% support.
How much does Beazer Homes USA Inc. spend in total on board compensation for fiscal 2025?
The total board compensation for fiscal 2025 was $2,290,680.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Allan MerrillDEF 14A2025-12-220000915840-25-000095Section “SUMMARY COMPENSATION TABLE” · page 61. As printed: 6,367,213. Filing ↗machine: r2 · c24 · span 1008801–1008810
2Section 01, David GoldbergDEF 14A2025-12-220000915840-25-000095Section “SUMMARY COMPENSATION TABLE” · page 61. As printed: 2,497,780. Filing ↗machine: r5 · c24 · span 1017989–1017998
3Section 01, Michael DunnDEF 14A2025-12-220000915840-25-000095Section “SUMMARY COMPENSATION TABLE” · page 61. As printed: 752,593. Filing ↗machine: r8 · c24 · span 1027239–1027246
4Section 03, David Goldberg PSUDEF 14A2025-12-220000915840-25-000095Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t174 · r17 · c15 · span 1180760–1180766
5Section 03, David Goldberg RSUDEF 14A2025-12-220000915840-25-000095Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t174 · r16 · c11 · span 1176453–1176459
6Section 03, Allan Merrill PSUDEF 14A2025-12-220000915840-25-000095Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t174 · r11 · c15 · span 1159022–1159028
7Section 03, Michael Dunn RSUDEF 14A2025-12-220000915840-25-000095Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t174 · r29 · c11 · span 1204168–1204173
8Section 03, Michael Dunn PSUDEF 14A2025-12-220000915840-25-000095Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t174 · r30 · c15 · span 1208473–1208478
9Section 03, Allan Merrill RSUDEF 14A2025-12-220000915840-25-000095Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t174 · r10 · c11 · span 1154715–1154721
10Section 07, pay ratioDEF 14A2025-12-220000915840-25-000095Section “CEO Pay Ratio”. As printed: 56 : 1. Filing ↗machine: span 1283387–1283389
11Section 08, Norma A. ProvencioDEF 14A2025-12-220000915840-25-000095Section “Director Compensation”. As printed: 308,198. Filing ↗machine: t116 · r6 · c5 · span 750468–750475
12Section 08, Peter M. OrserDEF 14A2025-12-220000915840-25-000095Section “Director Compensation”. As printed: 288,198. Filing ↗machine: t116 · r5 · c5 · span 749092–749099
13Section 08, Lloyd E. JohnsonDEF 14A2025-12-220000915840-25-000095Section “Director Compensation”. As printed: 286,698. Filing ↗machine: t116 · r3 · c5 · span 746348–746355
14Section 08, Danny R. ShepherdDEF 14A2025-12-220000915840-25-000095Section “Director Compensation”. As printed: 282,448. Filing ↗machine: t116 · r8 · c5 · span 753214–753221
15Section 08, C. Christian WinkleDEF 14A2025-12-220000915840-25-000095Section “Director Compensation”. As printed: 282,448. Filing ↗machine: t116 · r11 · c5 · span 756330–756337
16Section 08, Alyssa P. SteeleDEF 14A2025-12-220000915840-25-000095Section “Director Compensation”. As printed: 282,448. Filing ↗machine: t116 · r10 · c5 · span 754749–754756
17Section 08, John J. Kelley IIIDEF 14A2025-12-220000915840-25-000095Section “Director Compensation”. As printed: 282,044. Filing ↗machine: r4 · c5 · span 747720–747727
18Section 08, June SauvagetDEF 14A2025-12-220000915840-25-000095Section “Director Compensation”. As printed: 278,198. Filing ↗machine: t116 · r7 · c5 · span 751839–751846
19Section 08, Allan P. MerrillDEF 14A2025-12-220000915840-25-000095Section “Director Compensation”. As printed: 0. Filing ↗
20Section 02, Danny R. Shepherd 2026-02-04Form 42026-02-050001082779-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
21Section 06, 2026 voteForm 8-K2026-02-050000915840-26-000023Item 5.07 · say-on-pay result. As reported: 87.17% (votes for as printed: 19,205,515). Filing ↗
22Section 06, 2025 voteForm 8-K2025-02-060000915840-25-000009Item 5.07 · say-on-pay result. As reported: 95.83% (votes for as printed: 22,276,402). Filing ↗
23Section 06, 2024 voteForm 8-K2024-02-090000915840-24-000020Item 5.07 · say-on-pay result. As reported: 96.21% (votes for as printed: 23,430,768). Filing ↗
24Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
25Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
26Section 09b board cost (computed)ComputedcomputedCash 945,096 + equity 1,345,584 + all other 0 = 2,290,680, summed across the director compensation table rows.machine: formula: Σ = 2,290,680
27Hovnanian Enterprises, Inc., Section 10b CEO totalDEF 14A2026-02-090001140361-26-004409CEO total compensation as printed in Hovnanian Enterprises, Inc.'s own proxy. As printed: 13,654,756. Filing ↗machine: r4 · c9 · span 793663–793673
28Green Brick Partners, Inc., Section 10b CEO totalDEF 14A2026-05-220001628280-26-037542CEO total compensation as printed in Green Brick Partners, Inc.'s own proxy. As printed: 13,400,745. Filing ↗machine: r2 · c8 · span 1044362–1044372
29Dream Finders Homes, Inc., Section 10b CEO totalDEF 14A2026-04-160001628280-26-025557CEO total compensation as printed in Dream Finders Homes, Inc.'s own proxy. As printed: 10,227,930. Filing ↗machine: r2 · c42 · span 850530–850540
30Taylor Morrison Home Corp., Section 10b CEO totalDEF 14A2026-04-100001140361-26-014261CEO total compensation as printed in Taylor Morrison Home Corp.'s own proxy. As printed: 10,075,397. Filing ↗machine: t176 · r2 · c27 · span 1133718–1133728
31M/I Homes, Inc., Section 10b CEO totalDEF 14A2026-04-100001193125-26-150356CEO total compensation as printed in M/I Homes, Inc.'s own proxy. As printed: 9,914,773. Filing ↗machine: t145 · r2 · c31 · span 415984–415993
32TRI Pointe Group, Inc., Section 10b CEO totalDEF 14A2026-03-060001561680-26-000013CEO total compensation as printed in TRI Pointe Group, Inc.'s own proxy. As printed: 8,677,081. Filing ↗machine: r2 · c48 · span 551025–551034
33Century Communities, Inc., Section 10b CEO totalDEF 14A2026-03-250001140361-26-011011CEO total compensation as printed in Century Communities, Inc.'s own proxy. As printed: 8,510,773. Filing ↗machine: t194 · r4 · c14 · span 1089521–1089530
34Meritage Homes Corporation, Section 10b CEO totalDEF 14A2026-04-070000833079-26-000098CEO total compensation as printed in Meritage Homes Corporation's own proxy. As printed: 8,114,286. Filing ↗machine: t119 · r2 · c19 · span 828485–828494
35KB Home, Section 10b CEO totalDEF 14A2026-03-130001308179-26-000068CEO total compensation as printed in KB Home's own proxy. As printed: 7,311,553. Filing ↗machine: t157 · r7 · c14 · span 1740061–1740070
36Beazer Homes USA Inc. (subject), Section 10b CEO totalDEF 14A2025-12-220000915840-25-000095CEO total compensation as printed in Beazer Homes USA Inc.'s own proxy. As printed: 6,367,213. Filing ↗machine: r2 · c24 · span 1008801–1008810
37LGI Homes, Inc., Section 10b CEO totalDEF 14A2026-03-130001580670-26-000030CEO total compensation as printed in LGI Homes, Inc.'s own proxy. As printed: 5,182,051. Filing ↗machine: span 563461–563470
38Smith Douglas Homes Corp, Section 10b CEO totalDEF 14A2026-04-220001628280-26-026561CEO total compensation as printed in Smith Douglas Homes Corp's own proxy. As printed: 3,335,083. Filing ↗machine: r2 · c42 · span 236441–236450
39Landsea Homes Corporation, Section 10b CEO totalDEF 14A2024-04-240001308179-24-000557CEO total compensation as printed in Landsea Homes Corporation's own proxy. As printed: 2,512,652. Filing ↗machine: span 507078–507087
40Section 10a, TRI Pointe Group, Inc. reciprocityDEF 14A0001561680-26-000013TRI Pointe Group, Inc. names Beazer Homes USA Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Dream Finders Homes, Inc. reciprocityDEF 14A0001628280-26-025557Dream Finders Homes, Inc.'s most recent proxy was read; its disclosed peer group does not include Beazer Homes USA Inc.. Filing ↗
42Section 10a, M/I Homes, Inc. reciprocityDEF 14A0001193125-26-150356M/I Homes, Inc. names Beazer Homes USA Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, LGI Homes, Inc. reciprocityDEF 14A0001580670-26-000030LGI Homes, Inc. names Beazer Homes USA Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Smith Douglas Homes Corp reciprocityDEF 14A0001628280-26-026561Smith Douglas Homes Corp names Beazer Homes USA Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Meritage Homes Corporation reciprocityDEF 14A0000833079-26-000098Meritage Homes Corporation names Beazer Homes USA Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Green Brick Partners, Inc. reciprocityDEF 14A0001628280-26-037542Green Brick Partners, Inc.'s most recent proxy was read; its disclosed peer group does not include Beazer Homes USA Inc.. Filing ↗
47Section 10a, KB Home reciprocityDEF 14A0001308179-26-000068KB Home names Beazer Homes USA Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, Century Communities, Inc. reciprocityDEF 14A0001140361-26-011011Century Communities, Inc. names Beazer Homes USA Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Taylor Morrison Home Corp. reciprocityDEF 14A0001140361-26-014261Taylor Morrison Home Corp. names Beazer Homes USA Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Hovnanian Enterprises, Inc. reciprocityDEF 14A0001140361-26-004409Hovnanian Enterprises, Inc. names Beazer Homes USA Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗