Forestar Group Inc. FOR

Real estate SIC 6500 - Real Estate NAICS Real Estate and Rental and Leasing › Real Estate derived NYSE

Forestar Group Inc. is a national, well-capitalized residential lot development company focused primarily on making investments in land acquisition and development to sell finished single-family residential lots to homebuilders. Our common stock is listed on the New York Stock Exchange (NYSE) and the NYSE Texas under the ticker symbol "FOR." The listing and trading of the Common Stock on the NYSE Texas commenced on July 1, 2025. The terms "Forestar," the "Company," "we" and "our" used herein refer to Forestar Group Inc., a Delaware corporation, and its predecessors and subsidiaries.

We conduct a wide range of project planning and management activities related to the entitlement, acquisition, community development and sale of residential lots. We generally secure entitlements while the land is under contract by creating plans that meet the needs of the markets where we operate, and we aim to have all entitlements secured before closing on the investment. Moving land through the entitlement and development process creates significant value. We primarily invest in entitled short-duration projects that can be developed in phases, enabling us to complete and sell lots at a pace that matches market demand, consistent with our focus on maximizing capital efficiency and returns. This strategy is a unique, lower-risk business model that we expect will produce more consistent returns than other public and private land developers. We also make short-term strategic investments in finished lots (lot banking) and undeveloped land (land banking) with the intent to sell these assets within a short time period to utilize available capital prior to its deployment into longer-term lot development projects. For the year ended September 30, 2025, we sold 14,240 lots with an average sales price of $108,400. At September 30, 2025, our lot position consisted of 99,800 residential lots, of which approximately 65,100 were owned and 34,700 were controlled through purchase contracts. Of our 65,100 owned lots, approximately 23,800 lots are under contract to be sold for an aggregate remaining sales price of approximately $2.1 billion.

Last close 26.09 2026-10-23
Market cap $1.33B 2026-06-30 share count
52-week range 22.81 - 32.06

Valuation FY2025 figures against the last close

P/S0.9x
P/E7.9x
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS3.29

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.54B$1.46B$1.28B$1.46B$1.29B$931.8M$428.3M—$114.3M$197.3M
Cost of revenue $1.30B$1.15B$1.13B$1.20B$1.10B$813.7M$362.7M—$112.6M—
Gross profit $245.4M$309.2M$142.9M$260.4M$196.5M$118.1M$65.6M—$1.7M—
SG&A $154.4M$118.5M$97.7M$93.6M$68.4M$45.7M$28.9M—$75.3M$21.6M
Total operating expenses ————————$188.0M$223.7M
Operating income ————————$39.8M$140.4M
Interest expense —————$0$0—$8.5M$20.0M
Pre-tax income $219.3M$270.1M$221.6M$235.8M$146.6M$78.1M$45.7M—$52.1M$92.3M
Income tax $51.4M$66.7M$54.7M$57.0M$36.1M$16.4M$9.4M—$45.8M$15.3M
Net income $167.9M$203.4M$166.9M$178.8M$110.2M$60.8M$33.0M—$50.3M$58.6M
EPS, basic 3.304.033.343.592.251.260.79—1.191.40
EPS, diluted 3.294.003.333.592.251.260.79—1.191.38
Shares, diluted (wtd. avg.) 51.1M50.8M50.1M49.8M49.0M48.1M42.0M—42.4M42.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $379.2M$481.2M$616.0M$264.8M$153.6M$394.3M$382.8M$335.0M$363.0M$266.3M
Property, plant and equipment $8.1M$7.1M$5.9M$5.7M$2.9M$1.1M$2.4M$1.7M$2.0M$3.1M
Goodwill ————————$0$37.9M
Other intangibles ——————$0$500.0K$448.0K$0
Total assets $3.14B$2.84B$2.47B$2.34B$2.10B$1.74B$1.46B$893.1M$761.9M$733.2M
Long-term debt $802.7M$706.4M$695.0M$706.0M$704.5M$641.1M$460.5M$111.7M$108.4M$110.4M
Total liabilities $1.37B$1.25B$1.10B$1.14B$1.09B$868.1M$646.8M$218.6M$156.3M$171.1M
Retained earnings $1.05B$878.2M$674.8M$507.9M$329.1M$218.9M$158.1M$125.1M$56.3M$12.6M
Total equity $1.77B$1.59B$1.37B$1.20B$1.02B$871.8M$808.9M$674.5M$605.6M$562.1M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$197.7M-$158.4M$364.1M$108.7M-$303.1M-$168.4M-$391.2M—-$15.3M$67.1M
Depreciation and amortisation $3.5M$3.0M$3.0M$2.7M$2.7M$4.9M$6.7M—$5.5M$11.4M
Stock-based compensation $7.3M$5.3M$4.3M$3.3M$2.6M$2.0M$1.3M—$6.6M$4.0M
Capital expenditure $2.2M$2.2M$1.3M$3.5M$1.6M$600.0K$900.0K—$100.0K$6.1M
Investing cash flow $3.2M$7.3M$300.0K$1.3M$1.0M$5.0M-$800.0K—$134.5M$420.7M
Financing cash flow $92.5M$16.3M-$13.2M$1.2M$61.4M$174.9M$439.8M—-$22.5M-$318.3M
Buybacks ————————$0$3.5M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-25-053125.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B 2B Revenue, FY2016: 197.3M Net income, FY2016: 58.6M Revenue, FY2017: 114.3M Gross profit, FY2017: 1.7M Net income, FY2017: 50.3M Revenue, FY2019: 428.3M Gross profit, FY2019: 65.6M Net income, FY2019: 33M Revenue, FY2020: 931.8M Gross profit, FY2020: 118.1M Net income, FY2020: 60.8M Revenue, FY2021: 1.3B Gross profit, FY2021: 196.5M Net income, FY2021: 110.2M Revenue, FY2022: 1.5B Gross profit, FY2022: 260.4M Net income, FY2022: 178.8M Revenue, FY2023: 1.3B Gross profit, FY2023: 142.9M Net income, FY2023: 166.9M Revenue, FY2024: 1.5B Gross profit, FY2024: 309.2M Net income, FY2024: 203.4M Revenue, FY2025: 1.5B Gross profit, FY2025: 245.4M Net income, FY2025: 167.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $197.3M $114.3M — $428.3M $931.8M $1.29B $1.46B $1.28B $1.46B $1.54B
Gross profit — $1.7M — $65.6M $118.1M $196.5M $260.4M $142.9M $309.2M $245.4M
Net income $58.6M $50.3M — $33.0M $60.8M $110.2M $178.8M $166.9M $203.4M $167.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 6500

TickerCompanyMarket capP/ERevenue growth
CBRE CBRE GROUP, INC. $35.70B 32.0x 13.4%
TRNO Terreno Realty Corp $7.10B 16.7x 24.5%
CIGI Colliers International Group Inc. $4.72B 46.0x 15.3%
MRP Millrose Properties, Inc. $3.96B 9.8x —
CURB Curbline Properties Corp. $3.05B 78.0x 51.3%
CWK Cushman & Wakefield Ltd. $2.78B 31.1x 8.9%
UE Urban Edge Properties $2.44B 26.1x 6.1%
GTY GETTY REALTY CORP /MD/ $1.73B 20.7x 9.0%