Forestar Group Inc.

FOR

Real EstateSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Forestar Group Inc. operates as a residential lot development company in the United States. It acquires land and develops infrastructure for single-family residential communities. The company sells its residential single-family finished lots to local, regional, and national homebuilders. Forestar Group Inc. was incorporated in 2005 and is headquartered in Arlington, Texas. Forestar Group Inc. operates as a subsidiary of D.R. Horton, Inc.

Valuation

Market Cap$1.4B

Current Price$27.55

P/E Ratio8.40

P/B Ratio0.78

EV / EBITDA5.62

EV / Sales0.70

Profitability

Operating Margin-

Net Profit Margin10.1%

EBITDA Margin12.8%

Returns

ROE9.5%

ROCE-

ROIC %7.3%

ROA5.4%

Solvency

Current Ratio1.91

Debt / Equity0.46

Debt / Assets0.26

CFO / Net Profit-1.18

Price History▲ 41.65% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$1.7B▲ 10.1%

EBITDA$213M

Net Profit$168M▼ 17.5%

Cash from Ops (CFO)$-198M

Free Cash Flow (FCF)$-200M

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$1.7B	$213M	$168M	$-200M	9.5%	10.1%	-17.5%
2024	$1.5B	$244M	$203M	$-161M	12.8%	5.0%	21.9%
2023	$1.4B	$209M	$167M	$363M	12.2%	-5.4%	-6.7%
2022	$1.5B	$233M	$179M	$105M	14.9%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total Revenue	1,519.10	1,436.90	1,509.40	1,662.40
Cost Of Revenue	1,195.10	1,132.80	1,150.10	1,298.90
Gross Profit	324	304.10	359.30	363.50
Operating Expense	93.60	97.70	118.50	154.40
Operating Income	230.40	206.40	240.80	209.10
EBITDA	233.10	209.40	243.80	212.60
EBIT	230.40	206.40	240.80	209.10
Pretax Income	235.80	221.60	270.10	219.30
Tax Provision	57	54.70	66.70	51.40
Net Income	178.80	166.90	203.40	167.90
Net Income Common Stockholders	178.80	166.90	203.40	167.90
Total Expenses	1,288.70	1,230.50	1,268.60	1,453.30
Interest Income	1	13.60	19.80	6.30
Selling General And Administration	93.60	97.70	118.50	154.40
Normalized EBITDA	229.90	207.80	234.30	209.30
Normalized Income	176.37	165.70	196.25	165.37
Basic EPS	3.59	3.34	4.03	3.30
Diluted EPS	3.59	3.33	4	3.29
Tax Effect Of Unusual Items	0.77	0.40	2.35	0.77
Tax Rate For Calcs	0.24	0.25	0.25	0.23
Total Unusual Items	3.20	1.60	9.50	3.30
Total Unusual Items Excluding Goodwill	3.20	1.60	9.50	3.30
Net Income From Continuing Operation Net Minority Interest	178.80	166.90	203.40	167.90
Reconciled Depreciation	2.70	3	3	3.50
Reconciled Cost Of Revenue	1,195.10	1,132.80	1,150.10	1,298.90
Net Interest Income	1	13.60	19.80	6.30
Net Income From Continuing And Discontinued Operation	178.80	166.90	203.40	167.90
Diluted Average Shares	49.80	50.10	50.80	51.06
Basic Average Shares	49.80	50	50.40	50.87
Diluted NI Availto Com Stockholders	178.80	166.90	203.40	167.90
Minority Interests	0	0	0	0
Net Income Including Noncontrolling Interests	178.80	166.90	203.40	167.90
Net Income Continuous Operations	178.80	166.90	203.40	167.90
Other Income Expense	4.40	1.60	9.50	3.90
Special Income Charges	3.20	1.60	9.50	3.30
Gain On Sale Of Ppe	3.20	1.60	9.50	4.50
Other Special Charges	0	0	0	1.20
Earnings From Equity Interest	1.20	0	0	0.60
Net Non Operating Interest Income Expense	1	13.60	19.80	6.30
Interest Income Non Operating	1	13.60	19.80	6.30
Operating Revenue	1,519.10	1,436.90	1,509.40	1,662.40

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Forestar Group Inc.this co.	FOR	$1.4B	8.40↓ discount	0.78	9.5%	5.62
Xenia Hotels & Resorts, Inc.	XHR	$1.6B	23.51	1.31	5.6%	9.71
Orchid Island Capital, Inc.	ORC	$1.4B	7.40	0.93	11.6%	-
CBL & Associates Properties, Inc.	CBL	$1.4B	10.36	3.64	37.3%	10.99
UMH Properties, Inc.	UMH	$1.3B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Forestar Group Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Value Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$1.7B

$213M

$168M

$-200M

9.5%

10.1%

-17.5%

2024

$1.5B

$244M

$203M

$-161M

12.8%

5.0%

21.9%

2023

$1.4B

$209M

$167M

$363M

12.2%

-5.4%

-6.7%

2022

$1.5B

$233M

$179M

$105M

14.9%

Metric

2022

2023

2024

2025

Total Revenue

1,519.10

1,436.90

1,509.40

1,662.40

Cost Of Revenue

1,195.10

1,132.80

1,150.10

1,298.90

Gross Profit

324

304.10

359.30

363.50

Operating Expense

93.60

97.70

118.50

154.40

Operating Income

230.40

206.40

240.80

209.10

EBITDA

233.10

209.40

243.80

212.60

EBIT

230.40

206.40

240.80

209.10

Pretax Income

235.80

221.60

270.10

219.30

Tax Provision

54.70

66.70

51.40

Net Income

178.80

166.90

203.40

167.90

Net Income Common Stockholders

178.80

166.90

203.40

167.90

Total Expenses

1,288.70

1,230.50

1,268.60

1,453.30

Interest Income

13.60

19.80

6.30

Selling General And Administration

93.60

97.70

118.50

154.40

Normalized EBITDA

229.90

207.80

234.30

209.30

Normalized Income

176.37

165.70

196.25

165.37

Basic EPS

3.59

3.34

4.03

3.30

Diluted EPS

3.59

3.33

3.29

Tax Effect Of Unusual Items

0.77

0.40

2.35

0.77

Tax Rate For Calcs

0.24

0.25

0.23

Total Unusual Items

3.20

1.60

9.50

3.30

Total Unusual Items Excluding Goodwill

3.20

1.60

9.50

3.30

Net Income From Continuing Operation Net Minority Interest

178.80

166.90

203.40

167.90

Reconciled Depreciation

2.70

3.50

Reconciled Cost Of Revenue

1,195.10

1,132.80

1,150.10

1,298.90

Net Interest Income

13.60

19.80

6.30

Net Income From Continuing And Discontinued Operation

178.80

166.90

203.40

167.90

Diluted Average Shares

49.80

50.10

50.80

51.06

Basic Average Shares

49.80

50.40

50.87

Diluted NI Availto Com Stockholders

178.80

166.90

203.40

167.90

Minority Interests

Net Income Including Noncontrolling Interests

178.80

166.90

203.40

167.90

Net Income Continuous Operations

178.80

166.90

203.40

167.90

Other Income Expense

4.40

1.60

9.50

3.90

Special Income Charges

3.20

1.60

9.50

3.30

Gain On Sale Of Ppe

3.20

1.60

9.50

4.50

Other Special Charges

1.20

Earnings From Equity Interest

1.20

0.60

Net Non Operating Interest Income Expense

13.60

19.80

6.30

Interest Income Non Operating

13.60

19.80

6.30

Operating Revenue

1,519.10

1,436.90

1,509.40

1,662.40

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Forestar Group Inc.this co.

FOR

$1.4B

8.40↓ discount

0.78

9.5%

5.62

Xenia Hotels & Resorts, Inc.

XHR

$1.6B

23.51

1.31

5.6%

9.71

Orchid Island Capital, Inc.

ORC

$1.4B

7.40

0.93

11.6%

CBL & Associates Properties, Inc.

CBL

$1.4B

10.36

3.64

37.3%

10.99

UMH Properties, Inc.

UMH

$1.3B

Forestar Group Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Forestar Group Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on