We look for Beazer's 1Q:F26 to navigate a difficult operating environment, as homebuilders are pressured by highly competitive and incentive driven behavior in the near term. Yet, we expect sequential improvement beyond 1Q:F26, driven by BZH's rebidding of labor and materials, improved product mix, and higher margin communities expected to come online in the back half of F2026. In October, BZH introduced its new marketing campaign, Enjoy The Great Indoors, aimed at increasing brand awareness and conveying the value proposition of a Beazer home. We think as utility bills continue to rise, the appeal of owning an energy efficient home that can cost hundreds of dollars less per month to operate will become more apparent with potential homebuyers. Beazer enters F2026 with reduced balance sheet leverage, and expects further deleveraging even as it expects to repurchase shares. We view the solid balance sheet as supportive of our moderate risk rating. We maintain our $25 price target, based on 7x our F2027 EPS estimate of $3.50.