NYSE : FOR
Forestar Group Inc. — Financial statements
Real Estate · Real Estate - Development · United States
Last price 23.94 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.22B
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Financial statements
Forestar Group Inc. (FOR) reported revenue of 1.64B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.64B | 1.64B | 1.66B | 1.51B | 1.44B | 1.52B |
| Revenue | 1.64B | 1.64B | 1.66B | 1.51B | 1.44B | 1.52B |
| Cost of Revenue | 1.31B | 1.31B | 1.30B | 1.15B | 1.11B | 1.19B |
| Gross Profit | 322.40M | 322.40M | 363.50M | 359.30M | 323.50M | 327.80M |
| Selling, General & Admin | 151.00M | 151.00M | 154.40M | 118.50M | 97.70M | 93.60M |
| Operating Expenses | 151.00M | 151.00M | 154.40M | 118.50M | 97.70M | 93.60M |
| Operating Income | 171.40M | 171.40M | 209.10M | 240.80M | 225.80M | 234.20M |
| Interest & Investment Income | 10.70M | 10.70M | 6.30M | 19.80M | 13.60M | 1.00M |
| Earnings From Equity Investments | 600.00K | 1.20M | ||||
| EBT Excluding Unusual Items | 182.10M | 182.10M | 216.00M | 260.60M | 239.40M | 236.40M |
| Gain (Loss) on Sale of Assets | 10.00M | 10.00M | 4.50M | 9.50M | 1.60M | 3.20M |
| Asset Writedown | -19.40M | -3.80M | ||||
| Other Unusual Items | -1.20M | |||||
| Pretax Income | 192.10M | 192.10M | 219.30M | 270.10M | 221.60M | 235.80M |
| Income Tax Expense | 49.10M | 49.10M | 51.40M | 66.70M | 54.70M | 57.00M |
| Earnings From Continuing Operations | 143.00M | 143.00M | 167.90M | 203.40M | 166.90M | 178.80M |
| Net Income to Company | 143.00M | 143.00M | 167.90M | 203.40M | 166.90M | 178.80M |
| Minority Interest in Earnings | -400.00K | -400.00K | ||||
| Net Income | 142.60M | 142.60M | 167.90M | 203.40M | 166.90M | 178.80M |
| Net Income to Common | 142.60M | 142.60M | 167.90M | 203.40M | 166.90M | 178.80M |
| Shares Outstanding (Basic) | 51.10M | 51.10M | 50.87M | 50.43M | 49.99M | 49.82M |
| Shares Outstanding (Diluted) | 51.20M | 51.20M | 51.06M | 50.79M | 50.12M | 49.85M |
| EPS (Basic) | 2.79 | 2.79 | 3.30 | 4.03 | 3.34 | 3.59 |
| EPS (Diluted) | 2.78 | 2.78 | 3.29 | 4.00 | 3.33 | 3.59 |
| Free Cash Flow | -199.90M | -160.60M | 362.80M | 105.20M | ||
| Free Cash Flow Per Share | -3.92 | -3.16 | 7.24 | 2.11 | ||
| Gross Margin | 19.72% | 19.72% | 21.87% | 23.80% | 22.51% | 21.58% |
| Operating Margin | 10.48% | 10.48% | 12.58% | 15.95% | 15.71% | 15.42% |
| Profit Margin | 8.72% | 8.72% | 10.10% | 13.48% | 11.62% | 11.77% |
| Free Cash Flow Margin | -12.03% | -10.64% | 25.25% | 6.93% | ||
| EBITDA | 174.47M | 174.47M | 212.60M | 243.80M | 228.80M | 236.90M |
| EBITDA Margin | 10.67% | 10.67% | 12.79% | 16.15% | 15.92% | 15.60% |
| D&A For EBITDA | 3.07M | 3.07M | 3.50M | 3.00M | 3.00M | 2.70M |
| EBIT | 171.40M | 171.40M | 209.10M | 240.80M | 225.80M | 234.20M |
| EBIT Margin | 10.48% | 10.48% | 12.58% | 15.95% | 15.71% | 15.42% |
| Effective Tax Rate | 25.56% | 25.56% | 23.44% | 24.70% | 24.68% | 24.17% |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 657.00M | 657.00M | 379.20M | 481.20M | 616.00M | 264.80M |
| Cash & Short-Term Investments | 657.00M | 657.00M | 379.20M | 481.20M | 616.00M | 264.80M |
| Accounts Receivable | 20.20M | 37.30M | 25.70M | 11.40M | ||
| Other Receivables | 1.40M | |||||
| Receivables | 21.60M | 37.30M | 25.70M | 11.40M | ||
| Prepaid Expenses | 17.50M | 13.20M | 15.70M | 18.90M | ||
| Other Current Assets | 34.50M | 23.40M | 7.00M | 10.00M | ||
| Total Current Assets | 657.00M | 657.00M | 452.80M | 555.10M | 664.40M | 305.10M |
| Property, Plant & Equipment | 6.90M | 6.90M | 21.80M | 16.70M | 13.50M | 13.20M |
| Long-Term Investments | 300.00K | 500.00K | 500.00K | |||
| Other Long-Term Assets | 2.65B | 2.65B | 2.66B | 2.27B | 1.79B | 2.02B |
| Total Assets | 3.31B | 3.31B | 3.14B | 2.84B | 2.47B | 2.34B |
| Accounts Payable | 64.50M | 64.50M | 71.00M | 85.90M | 68.40M | 72.20M |
| Accrued Expenses | 231.30M | 231.30M | 161.70M | 181.60M | 135.00M | 154.90M |
| Current Portion of Long-Term Debt | 9.90M | |||||
| Current Portion of Leases | 4.10M | |||||
| Current Income Taxes Payable | 11.90M | 8.60M | 4.40M | 8.20M | ||
| Total Current Liabilities | 295.80M | 295.80M | 258.60M | 276.10M | 207.80M | 235.30M |
| Long-Term Debt | 794.20M | 794.20M | 792.80M | 706.40M | 695.00M | 706.00M |
| Long-Term Leases | 10.30M | 10.20M | 8.10M | 8.10M | ||
| Long-Term Unearned Revenue | 202.20M | 202.20M | 198.10M | 179.10M | 135.50M | 156.40M |
| Long-Term Deferred Tax Liabilities | 100.10M | 100.10M | 86.20M | 67.50M | 50.70M | 36.90M |
| Other Long-Term Liabilities | 22.10M | 5.70M | 3.70M | 1.00M | ||
| Total Liabilities | 1.39B | 1.39B | 1.37B | 1.25B | 1.10B | 1.14B |
| Common Stock | 51.00M | 51.00M | 50.80M | 50.70M | 49.90M | 49.80M |
| Additional Paid-In Capital | 676.50M | 676.50M | 671.00M | 665.20M | 644.20M | 640.60M |
| Retained Earnings | 1.19B | 1.19B | 1.05B | 878.20M | 674.80M | 507.90M |
| Total Common Equity | 1.92B | 1.92B | 1.77B | 1.59B | 1.37B | 1.20B |
| Minority Interest | 1.40M | 1.40M | 1.00M | 1.00M | 1.00M | 1.00M |
| Shareholders' Equity | 1.92B | 1.92B | 1.77B | 1.60B | 1.37B | 1.20B |
| Total Liabilities & Equity | 3.31B | 3.31B | 3.14B | 2.84B | 2.47B | 2.34B |
| Total Debt | 794.20M | 794.20M | 817.10M | 716.60M | 703.10M | 714.10M |
| Net Cash (Debt) | -137.20M | -137.20M | -437.90M | -235.40M | -87.10M | -449.30M |
| Net Cash Per Share | -2.68 | -2.68 | -8.58 | -4.63 | -1.74 | -9.01 |
| Filing Date Shares Outstanding | 51.02M | 51.02M | 50.84M | 50.67M | 49.91M | 49.77M |
| Total Common Shares Outstanding | 51.02M | 51.02M | 50.83M | 50.65M | 49.90M | 49.76M |
| Working Capital | 361.20M | 361.20M | 194.20M | 279.00M | 456.60M | 69.80M |
| Book Value Per Share | 37.56 | 37.56 | 34.78 | 31.47 | 27.43 | 24.08 |
| Tangible Book Value | 1.92B | 1.92B | 1.77B | 1.59B | 1.37B | 1.20B |
| Tangible Book Value Per Share | 37.56 | 37.56 | 34.78 | 31.47 | 27.43 | 24.08 |
| Leasehold Improvements | 2.20M | 1.80M | 1.60M | 1.50M |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 167.90M | 203.40M | 166.90M | 178.80M | ||
| Depreciation & Amortization | 3.50M | 3.00M | 3.00M | 2.70M | ||
| Loss (Gain) From Sale of Assets | -4.50M | -9.50M | -1.60M | -3.20M | ||
| Asset Writedown & Restructuring Costs | 19.40M | 12.50M | ||||
| Loss (Gain) on Equity Investments | -600.00K | -1.20M | ||||
| Stock-Based Compensation | 7.30M | 5.30M | 4.30M | 3.30M | ||
| Other Operating Activities | 27.10M | 20.90M | 18.40M | 12.50M | ||
| Change in Accounts Payable | -14.40M | 24.70M | -12.70M | 40.90M | ||
| Change in Unearned Revenue | 21.00M | 50.90M | -14.70M | -11.50M | ||
| Change in Other Net Operating Assets | -405.00M | -457.10M | 181.10M | -126.10M | ||
| Operating Cash Flow | -197.70M | -158.40M | 364.10M | 108.70M | ||
| Capital Expenditures | -2.20M | -2.20M | -1.30M | -3.50M | ||
| Sale of Property, Plant & Equipment | 4.50M | 9.50M | 1.60M | 3.20M | ||
| Investment in Securities | 900.00K | 1.60M | ||||
| Investing Cash Flow | 3.20M | 7.30M | 300.00K | 1.30M | ||
| Long-Term Debt Issued | 780.00M | |||||
| Total Debt Issued | 780.00M | |||||
| Long-Term Debt Repaid | -680.00M | -12.50M | ||||
| Total Debt Repaid | -680.00M | -12.50M | ||||
| Net Debt Issued (Repaid) | 100.00M | -12.50M | ||||
| Issuance of Common Stock | 500.00K | 19.70M | 1.70M | |||
| Repurchase of Common Stock | -1.80M | -3.40M | -700.00K | -500.00K | ||
| Other Financing Activities | -6.20M | |||||
| Financing Cash Flow | 92.50M | 16.30M | -13.20M | 1.20M | ||
| Net Cash Flow | -102.00M | -134.80M | 351.20M | 111.20M | ||
| Free Cash Flow | -199.90M | -160.60M | 362.80M | 105.20M | ||
| Free Cash Flow Margin | -12.03% | -10.64% | 25.25% | 6.93% | ||
| Free Cash Flow Per Share | -3.92 | -3.16 | 7.24 | 2.11 | ||
| Levered Free Cash Flow | 108.09M | 199.40M | 111.53M | 183.38M | ||
| Unlevered Free Cash Flow | 108.09M | 199.40M | 111.53M | 183.38M | ||
| Cash Income Tax Paid | 30.80M | 45.70M | 44.70M | 42.40M | ||
| Change in Working Capital | -398.40M | -381.50M | 153.70M | -96.70M |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.22B | 1.31B | 1.35B | 1.64B | 1.34B | 556.81M |
| Enterprise Value | 1.36B | 1.73B | 2.05B | 2.00B | 1.66B | 1.13B |
| Last Close Price | 23.94 | 25.75 | 26.59 | 32.37 | 26.94 | 11.19 |
| PE Ratio | 8.61 | 9.21 | 8.05 | 8.06 | 8.05 | 3.11 |
| Forward PE | 10.08 | 9.48 | 8.72 | 8.70 | 8.12 | 4.77 |
| PS Ratio | 0.75 | 0.80 | 0.81 | 1.09 | 0.94 | 0.37 |
| PB Ratio | 0.64 | 0.69 | 0.76 | 1.03 | 0.98 | 0.46 |
| P/TBV Ratio | 0.64 | 0.69 | 0.77 | 1.03 | 0.98 | 0.47 |
| P/FCF Ratio | 4.32 | 3.71 | 5.29 | |||
| P/OCF Ratio | 4.30 | 3.69 | 5.12 | |||
| PEG Ratio | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | |
| EV/Sales Ratio | 0.83 | 1.06 | 1.23 | 1.32 | 1.16 | 0.74 |
| EV/EBITDA Ratio | 7.79 | 9.92 | 9.63 | 8.19 | 7.25 | 4.75 |
| EV/EBIT Ratio | 7.93 | 10.10 | 9.79 | 8.29 | 7.35 | 4.81 |
| EV/FCF Ratio | 4.80 | 4.57 | 10.70 | |||
| Debt / Equity Ratio | 0.41 | 0.41 | 0.46 | 0.45 | 0.51 | 0.59 |
| Debt / EBITDA Ratio | 4.55 | 4.55 | 3.77 | 2.90 | 3.03 | 2.98 |
| Debt / FCF Ratio | 1.94 | 6.79 | ||||
| Net Debt / Equity Ratio | 0.07 | 0.07 | 0.25 | 0.15 | 0.06 | 0.38 |
| Net Debt / EBITDA Ratio | 0.79 | 0.79 | 2.06 | 0.97 | 0.38 | 1.90 |
| Net Debt / FCF Ratio | -2.19 | -1.47 | 0.24 | 4.27 | ||
| Asset Turnover | 0.51 | 0.51 | 0.56 | 0.57 | 0.60 | 0.68 |
| Quick Ratio | 2.22 | 2.22 | 1.55 | 1.88 | 3.09 | 1.17 |
| Current Ratio | 2.22 | 2.22 | 1.75 | 2.01 | 3.20 | 1.30 |
| Return on Equity (ROE) | 7.76% | 7.76% | 9.98% | 13.72% | 12.99% | 16.14% |
| Return on Assets (ROA) | 3.32% | 3.32% | 4.37% | 5.67% | 5.86% | 6.59% |
| Return on Invested Capital (ROIC) | 5.90% | 5.99% | 7.93% | 11.03% | 10.95% | 11.02% |
| Return on Capital Employed (ROCE) | 5.70% | 5.70% | 7.30% | 9.40% | 10.00% | 11.10% |
| Earnings Yield | 11.61% | 10.85% | 12.42% | 12.40% | 12.41% | 32.11% |
| FCF Yield | 23.16% | -14.79% | -9.79% | 26.99% | 18.89% | |
| Buyback Yield / Dilution | -0.27% | -0.27% | -0.52% | -1.34% | -0.55% | -1.79% |