Forestar Group Inc.(FOR)Earnings, Financials & Key Ratios

FOR•NYSE•REIT / Real Estate

$27.12

$1.38B mkt cap·8.2× P/E·Price updated May 6, 2026

SectorReal Estate IndustryReal Estate Development Sub-IndustryResidential Land and Home Developers

AboutForestar Group Inc. operates as a residential lot development company in the United States. The acquires land and develops infrastructure for single-family residential communities. It sells its residential single-family finished lots to homebuilders. The company is headquartered in Arlington, Texas. Forestar Group Inc. is a subsidiary of D.R. Horton, Inc.Show more

Revenue$1.66B+10.1%
FFO$171M-17.0%
FFO/Share3.37-17.1%
FFO Payout0%
FFO per Share3.37-17.1%
NOI Margin21.87%-8.1%
FFO Margin10.31%-24.6%
ROE9.98%-27.2%
ROA5.62%-26.7%
Debt/Assets26.05%+3.2%
Net Debt/EBITDA2.06+113.3%
Book Value/Share34.75+10.7%

Technical→

FOR Key Insights

Forestar Group Inc. (FOR) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Strong 5Y profit CAGR of 22.5%
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Low NOI margin of 21.9%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

FOR Price & Volume

Forestar Group Inc. (FOR) stock price & volume — 10-year historical chart

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FOR Growth Metrics

Forestar Group Inc. (FOR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years20.27%

5 Years12.27%

3 Years3.05%

TTM16.12%

Profit CAGR

10 Years-

5 Years22.53%

3 Years-2.07%

TTM-0.59%

EPS CAGR

10 Years-

5 Years21.16%

3 Years-2.87%

TTM-0.61%

Return on Capital

10 Years8.52%

5 Years10.26%

3 Years9.68%

Last Year8.23%

FOR Recent Earnings

Forestar Group Inc. (FOR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 7/12 qtrs (58%)●Beat Revenue 7/12 qtrs (58%)

Q2 2026Latest

Apr 21, 2026

EPS

$0.63

Est $0.72

-12.5%

Revenue

$374M

Est $374M

+0.2%

Q1 2026

Jan 20, 2026

EPS

$0.30

Est $0.21

+42.9%

Revenue

$273M

Est $266M

+2.8%

Q4 2025

Oct 28, 2025

EPS

$1.70

Est $1.26

+34.9%

Revenue

$671M

Est $557M

+20.5%

Q3 2025

Jul 22, 2025

EPS

$0.65

Est $0.78

-16.7%

Revenue

$391M

Est $557M

-29.8%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 21, 2026	$0.63vs $0.72-12.5%	$374Mvs $374M+0.2%
Q1 2026	Jan 20, 2026	$0.30vs $0.21+42.9%	$273Mvs $266M+2.8%
Q4 2025	Oct 28, 2025	$1.70vs $1.26+34.9%	$671Mvs $557M+20.5%
Q3 2025	Jul 22, 2025	$0.65vs $0.78-16.7%	$391Mvs $557M-29.8%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
LGIHLGI Homes, Inc.Direct Competitor	1.08B	46.80	15	-22.57%	4.22%	3.39%	0.79
GRBKGreen Brick Partners, Inc.Direct Competitor	2.88B	66.82	9.45	-0.02%	14.93%	17.01%	0.17
TMHCTaylor Morrison Home CorporationDirect Competitor	5.64B	60.35	7.77	-0.57%	8.83%	10.84%	0.37
SKYChampion Homes, Inc.Direct Competitor	4.2B	75.92	22.20	22.65%	8.1%	13.41%	0.08
DHID.R. Horton, Inc.Product Competitor	43.21B	149.17	12.89	-6.93%	9.51%	12.94%	0.24
LENLennar CorporationProduct Competitor	19.54B	90.54	11.35	-3.64%	6.09%	9.19%	0.29
PHMPulteGroup, Inc.Product Competitor	23.08B	120.10	10.80	-3.54%	12.14%	15.92%	0.19
TOLToll Brothers, Inc.Product Competitor	13.42B	141.60	10.50	1.11%	12.28%	16.25%	0.35

Compare FOR vs Peers

Forestar Group Inc. (FOR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs LGIH

Most directly comparable listed peer for FOR.

Scale Benchmark

vs DHI

Larger-name benchmark to compare FOR against a more recognizable public peer.

Peer Set

Compare Top 5

vs LGIH, GRBK, TMHC, SKY

FOR Income Statement

Forestar Group Inc. (FOR) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Sep'18	Sep'19	Sep'20	Sep'21	Sep'22	Sep'23	Sep'24	Sep'25	TTM
Revenue	114.32M	104.4M	428.3M	931.8M	1.33B	1.52B	1.44B	1.51B	1.66B	1.71B
Revenue Growth %	-42.06%	-8.68%	310.26%	117.56%	42.28%	14.58%	-5.41%	5.05%	10.14%	16.12%
Property Operating Expenses	109.78M	65.55M	362.7M	813.7M	1.1B	1.2B	1.13B	1.15B	1.3B	1.34B
Net Operating Income (NOI)	4.54M▲ 0%	38.85M▲ 755.1%	65.6M▲ 68.9%	118.1M▲ 80.0%	229.2M▲ 94.1%	324M▲ 41.4%	304.1M▼ 6.1%	359.3M▲ 18.2%	363.5M▲ 1.2%	364.5M▲ 0%
NOI Margin %	3.97%	37.21%	15.32%	12.67%	17.29%	21.33%	21.16%	23.8%	21.87%	21.34%
Operating Expenses	78.19M	10M	28.9M	45.7M	68.4M	93.6M	97.7M	118.5M	154.4M	154.5M
G&A Expenses	56.53M	1	28.9M	45.7M	68.4M	93.6M	97.7M	118.5M	154.4M	117.1M
EBITDA	45.23M	72.6M	425.3M	931.7M	163.5M	233.1M	209.4M	243.8M	212.6M	213.4M
EBITDA Margin %	39.56%	69.54%	99.3%	99.99%	12.33%	15.34%	14.57%	16.15%	12.79%	12.49%
Depreciation & Amortization	5.46M	54.8M	388.6M	859.3M	2.7M	2.7M	3M	3M	3.5M	1.7M
D&A / Revenue %	4.78%	52.49%	90.73%	92.22%	0.2%	0.18%	0.21%	0.2%	0.21%	0.1%
Operating Income	39.77M▲ 0%	17.8M▼ 55.2%	36.7M▲ 106.2%	72.4M▲ 97.3%	160.8M▲ 122.1%	230.4M▲ 43.3%	206.4M▼ 10.4%	240.8M▲ 16.7%	209.1M▼ 13.2%	210.1M▲ 0%
Operating Margin %	34.78%	17.05%	8.57%	7.77%	12.13%	15.17%	14.36%	15.95%	12.58%	12.3%
Interest Expense	8.53M	0	0	0	0	0	0	0	0	0
Interest Coverage	7.10x	-	-	-	-	-	-	-	-	-
Non-Operating Income	-49.9M	0	-400K	0	0	0	0	0	-10.2M	-1.6M
Pretax Income	52.12M▲ 0%	49.81M▼ 4.4%	45.7M▼ 8.2%	78.1M▲ 70.9%	146.6M▲ 87.7%	235.8M▲ 60.8%	221.6M▼ 6.0%	270.1M▲ 21.9%	219.3M▼ 18.8%	221.4M▲ 0%
Pretax Margin %	45.59%	47.71%	10.67%	8.38%	11.06%	15.52%	15.42%	17.89%	13.19%	12.96%
Income Tax	45.82M	49.81M	9.4M	16.4M	36.1M	57M	54.7M	66.7M	51.4M	53.9M
Effective Tax Rate %	87.91%	100%	20.57%	21%	24.62%	24.17%	24.68%	24.69%	23.44%	24.35%
Net Income	50.25M▲ 0%	59.55M▲ 18.5%	33M▼ 44.6%	60.8M▲ 84.2%	110.2M▲ 81.3%	178.8M▲ 62.3%	166.9M▼ 6.7%	203.4M▲ 21.9%	167.9M▼ 17.5%	167.4M▲ 0%
Net Margin %	43.96%	57.04%	7.7%	6.53%	8.31%	11.77%	11.62%	13.48%	10.1%	9.8%
Net Income Growth %	-14.31%	18.49%	-44.58%	84.24%	81.25%	62.25%	-6.66%	21.87%	-17.45%	-0.59%
Funds From Operations (FFO)	55.72M▲ 0%	114.34M▲ 105.2%	421.6M▲ 268.7%	920.1M▲ 118.2%	112.9M▼ 87.7%	181.5M▲ 60.8%	169.9M▼ 6.4%	206.4M▲ 21.5%	171.4M▼ 17.0%	170.7M▲ 0%
FFO Margin %	48.74%	109.53%	98.44%	98.74%	8.52%	11.95%	11.82%	13.67%	10.31%	9.99%
FFO Growth %	-80.66%	105.22%	268.71%	118.24%	-87.73%	60.76%	-6.39%	21.48%	-16.96%	-13.26%
FFO per Share	1.31	2.72	10.04	19.13	2.31	3.64	3.39	4.06	3.37	3.35
FFO Payout Ratio %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
EPS (Diluted)	1.19▲ 0%	1.42▲ 19.3%	0.79▼ 44.4%	1.26▲ 59.5%	2.25▲ 78.6%	3.59▲ 59.6%	3.33▼ 7.2%	4.00▲ 20.1%	3.29▼ 17.8%	3.28▲ 0%
EPS Growth %	-13.77%	19.33%	-44.37%	59.49%	78.57%	59.56%	-7.24%	20.12%	-17.75%	-0.61%
EPS (Basic)	1.19	1.42	0.79	1.27	2.25	3.59	3.34	4.04	3.30	-
Diluted Shares Outstanding	42.38M	42.01M	42.01M	48.09M	48.98M	49.85M	50.12M	50.8M	50.9M	51M

FOR Balance Sheet

Forestar Group Inc. (FOR) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Sep'18	Sep'19	Sep'20	Sep'21	Sep'22	Sep'23	Sep'24	Sep'25	TTM
Total Assets	761.91M	893.1M	1.46B	1.74B	2.1B	2.34B	2.47B	2.84B	3.14B	3.17B
Asset Growth %	3.91%	17.22%	62.99%	19.52%	20.79%	11.48%	5.45%	14.95%	10.45%	38.67%
Real Estate & Other Assets	133.59M	-389.65M	1.03B	1.32B	1.91B	2.02B	1.79B	2.27B	2.66B	-2.71B
PP&E (Net)	2M	1.75M	3.4M	4.7M	20.2M	23.4M	20.5M	40.1M	56.3M	7.7M
Investment Securities	1000K	1000K	1000K	1000K	900K	500K	500K	300K	0	1000K
Total Current Assets	559.27M	349.3M	395.6M	416.2M	170.1M	295.1M	657.4M	531.7M	418.3M	362.2M
Cash & Equivalents	321.78M	334.98M	382.8M	394.3M	153.6M	264.8M	616M	481.2M	379.2M	362.2M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Assets	221.62M	24.7M	0	0	0	0	0	0	0	0
Intangible Assets	448K	500K	1.01B	0	0	0	0	0	0	0
Total Liabilities	156.28M	41.94M	646.8M	868.1M	1.09B	1.14B	1.1B	1.25B	1.37B	1.35B
Total Debt	108.43M	9.17M	460.5M	644.9M	711.8M	714.1M	703.1M	716.6M	817.1M	793.5M
Net Debt	-214.57M	-325.81M	77.7M	250.6M	558.2M	449.3M	87.1M	235.4M	437.9M	431.3M
Long-Term Debt	108.43M	111.7M	460.5M	641.1M	704.5M	706M	695M	706.4M	802.7M	793.5M
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	3.8M	7.3M	8.1M	8.1M	10.2M	14.4M	41.6M
Total Current Liabilities	33.92M	43.9M	183.5M	216.1M	348.3M	391.7M	343.3M	455.2M	442.7M	474.9M
Accounts Payable	2.38M	7.9M	16.8M	29.2M	47.4M	72.2M	68.4M	85.9M	71M	73.3M
Deferred Revenue	11.94M	-294.27M	101.7M	107.8M	160.9M	156.4M	135.5M	179.1M	198.1M	208.6M
Other Liabilities	13.93M	63M	2.8M	1.4M	1.3M	1M	3.7M	5.7M	22.1M	0
Total Equity	605.63M▲ 0%	669.87M▲ 10.6%	808.9M▲ 20.8%	871.8M▲ 7.8%	1.02B▲ 16.5%	1.2B▲ 18.1%	1.37B▲ 14.2%	1.6B▲ 16.4%	1.77B▲ 10.9%	1.82B▲ 0%
Equity Growth %	7.74%	10.61%	20.75%	7.78%	16.53%	18.05%	14.22%	16.44%	10.9%	43.24%
Shareholders Equity	604.21M	893.15M	808.3M	870.9M	1.01B	1.2B	1.37B	1.59B	1.77B	1.82B
Minority Interest	1.42M	-223.28M	600K	900K	1M	1M	1M	1M	1M	1.1M
Common Stock	41.94M	41.9M	48M	48.1M	49.6M	49.8M	49.9M	50.7M	50.7M	51M
Additional Paid-in Capital	505.98M	506.3M	602.2M	603.9M	636.2M	640.6M	644.2M	665.2M	671M	674.2M
Retained Earnings	56.3M	673.37M	158.1M	218.9M	329.1M	507.9M	674.8M	878.2M	1.05B	1.09B
Preferred Stock	0	125.11M	0	0	0	0	0	0	0	0
Return on Assets (ROA)	6.72%	7.2%	2.81%	3.81%	5.74%	8.05%	6.93%	7.66%	5.62%	5.31%
Return on Equity (ROE)	8.61%	9.34%	4.46%	7.24%	11.68%	16.14%	12.99%	13.72%	9.98%	9.49%
Debt / Assets	14.23%	1.03%	31.63%	37.07%	33.87%	30.48%	28.46%	25.23%	26.05%	25.01%
Debt / Equity	0.18x	0.01x	0.57x	0.74x	0.70x	0.60x	0.51x	0.45x	0.46x	0.46x
Net Debt / EBITDA	-4.74x	-4.49x	0.18x	0.27x	3.41x	1.93x	0.42x	0.97x	2.06x	2.06x
Book Value per Share	14.29	15.94	19.26	18.13	20.74	24.06	27.33	31.40	34.75	35.71

FOR Cash Flow Statement

Forestar Group Inc. (FOR) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Sep'18	Sep'19	Sep'20	Sep'21	Sep'22	Sep'23	Sep'24	Sep'25	TTM
Cash from Operations	-16.21M	-285.28M	-391.2M	-168.4M	-303.1M	108.7M	364.1M	-158.4M	-197.7M	-197.7M
Operating CF Growth %	-124.25%	-1659.38%	-37.13%	56.95%	-79.99%	135.86%	234.96%	-143.5%	-24.81%	1172.91%
Operating CF / Revenue %	-14.18%	-273.27%	-91.34%	-18.07%	-22.86%	7.16%	25.34%	-10.49%	-11.89%	-11.57%
Net Income	52.33M	91.75M	36.3M	61.7M	110.5M	178.8M	166.9M	203.4M	167.9M	167.4M
Depreciation & Amortization	9.17M	5.2M	9.4M	4.9M	2.7M	2.7M	3M	3M	3.5M	3.3M
Stock-Based Compensation	6.64M	4.4M	1.3M	2M	2.6M	3.3M	4.3M	5.3M	7.3M	8M
Other Non-Cash Items	-71.78M	-453.66M	100K	200K	18.5M	8.1M	22.4M	-5.4M	3.3M	-56.7M
Working Capital Changes	-1.7M	56.42M	-447.8M	-260.3M	-456.6M	-96.7M	153.7M	-381.5M	-398.4M	135.5M
Cash from Investing	134.54M	258.97M	-800K	5M	1M	1.3M	300K	7.3M	3.2M	2.7M
Acquisitions (Net)	6.85M	0	100K	4.3M	0	1.6M	1.6M	0	4.5M	4.5M
Purchase of Investments	0	0	800K	-3.7M	0	1.9M	0	0	0	0
Sale of Investments	0	756K	100K	4.3M	2.6M	1.6M	0	0	900K	0
Other Investing	130.09M	258.26M	-100K	700K	0	-300K	0	9.5M	0	-300K
Cash from Financing	-62.34M	22.11M	439.8M	174.9M	61.4M	1.2M	-13.2M	16.3M	92.5M	-81.8M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Common Dividends	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	-1000K	-291K	1000K	1000K	1000K	0	-1000K	0	1000K	-2M
Share Repurchases	0	0	-100K	-300K	-600K	-500K	-700K	-3.4M	-1.8M	-200K
Other Financing	-15.5M	22.41M	-10.8M	-5.9M	-7.4M	-500K	0	-3.4M	500K	-600K
Net Change in Cash	55.98M▲ 0%	69.18M▲ 23.6%	47.8M▼ 30.9%	11.5M▼ 75.9%	-240.7M▼ 2193.0%	111.2M▲ 146.2%	351.2M▲ 215.8%	-134.8M▼ 138.4%	-102M▲ 24.3%	187.9M▲ 0%
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	265.8M	265.8M	335M	382.8M	394.3M	153.6M	264.8M	616M	481.2M	211.7M
Cash at End	321.78M	334.98M	382.8M	394.3M	153.6M	264.8M	616M	481.2M	379.2M	362.2M
Free Cash Flow	-18.67M▲ 0%	-285.33M▼ 1428.5%	-392.1M▼ 37.4%	-169M▲ 56.9%	-304.7M▼ 80.3%	105.2M▲ 134.5%	362.8M▲ 244.9%	-160.6M▼ 144.3%	-199.9M▼ 24.5%	265.5M▲ 0%
FCF Growth %	-131.03%	-1428.53%	-37.42%	56.9%	-80.3%	134.53%	244.87%	-144.27%	-24.47%	164.07%
FCF / Revenue %	-16.33%	-273.31%	-91.55%	-18.14%	-22.98%	6.93%	25.25%	-10.64%	-12.02%	15.54%

FOR Key Ratios

Forestar Group Inc. (FOR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
FFO per Share	1.31	2.72	10.04	19.13	2.31	3.64	3.39	4.06	3.37	3.35
FFO Payout Ratio	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
NOI Margin	3.97%	37.21%	15.32%	12.67%	17.29%	21.33%	21.16%	23.8%	21.87%	21.34%
Net Debt / EBITDA	-4.74x	-4.49x	0.18x	0.27x	3.41x	1.93x	0.42x	0.97x	2.06x	2.06x
Debt / Assets	14.23%	1.03%	31.63%	37.07%	33.87%	30.48%	28.46%	25.23%	26.05%	25.01%
Interest Coverage	7.10x	-	-	-	-	-	-	-	-	-
Book Value / Share	14.29	15.94	19.26	18.13	20.74	24.06	27.33	31.4	34.75	35.71
Revenue Growth	-42.06%	-8.68%	310.26%	117.56%	42.28%	14.58%	-5.41%	5.05%	10.14%	16.12%

FOR SEC Filings & Documents

Forestar Group Inc. (FOR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 21, 2026·SEC

Material company update

Jan 20, 2026·SEC

Material company update

Jan 20, 2026·SEC

10-K Annual Reports

FY 2025

Nov 19, 2025·SEC

FY 2024

Nov 19, 2024·SEC

10-Q Quarterly Reports

FY 2026

Apr 23, 2026·SEC

FY 2026

Jan 22, 2026·SEC

FY 2025

Jul 23, 2025·SEC

FOR Frequently Asked Questions

Forestar Group Inc. (FOR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Forestar Group Inc. (FOR) reported $1.71B in revenue for fiscal year 2025. This represents a 999% increase from $155.5M in 2005.

Forestar Group Inc. (FOR) grew revenue by 10.1% over the past year. This is steady growth.

Yes, Forestar Group Inc. (FOR) is profitable, generating $167.4M in net income for fiscal year 2025 (10.1% net margin).

Dividend & Returns

Forestar Group Inc. (FOR) has a return on equity (ROE) of 10.0%. This is below average, suggesting room for improvement.

Industry Metrics

Forestar Group Inc. (FOR) generated Funds From Operations (FFO) of $170.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More FOR

Forestar Group Inc. (FOR) financial analysis — history, returns, DCA and operating performance tools

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Historical returns with dividends reinvested

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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Forestar Group Inc.(FOR)Earnings, Financials & Key Ratios

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