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$1.5B

Current Price$29.26as of Jun 23, 2026

P/E Ratio8.65

P/B Ratio0.82

EV / EBITDA8.89

EV / Sales1.14

Profitability

Operating Margin12.6%

Net Profit Margin10.1%

EBITDA Margin12.8%

Returns

ROE9.5%

ROCE7.8%

ROIC %7.3%

ROA5.4%

Solvency

Current Ratio0.94

Debt / Equity0.46

Debt / Assets0.26

CFO / Net Profit-1.18

Price History▲ 46.30% 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▼ 12.8%

Net Profit$168M▼ 17.5%

Cash from Ops (CFO)$-198M▲ 24.8%

Free Cash Flow (FCF)$-200M▲ 24.5%

Revenue CAGR 3Y3.1%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-2.1%

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%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	1,519.10	1,436.90	1,509.40	1,662.40
Operating 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
Selling General And Administration	-	93.60	97.70	118.50	154.40
Total Expenses	-	1,288.70	1,230.50	1,268.60	1,453.30
Operating Income	-	230.40	206.40	240.80	209.10
EBITDA	-	233.10	209.40	243.80	212.60
Normalized EBITDA	-	229.90	207.80	234.30	209.30
EBIT	-	230.40	206.40	240.80	209.10
Interest Income	-	1	13.60	19.80	6.30
Net Interest Income	-	1	13.60	19.80	6.30
Other Income Expense	-	4.40	1.60	9.50	3.90
Interest Income Non Operating	-	1	13.60	19.80	6.30
Pretax Income	-	235.80	221.60	270.10	219.30
Tax Provision	-	57	54.70	66.70	51.40
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0.77	0.40	2.35	0.77
Net Income Continuous Operations	-	178.80	166.90	203.40	167.90
Net Income From Continuing And Discontinued Operation	-	178.80	166.90	203.40	167.90
Net Income From Continuing Operation Net Minority Interest	-	178.80	166.90	203.40	167.90
Net Income	-	178.80	166.90	203.40	167.90
Net Income Common Stockholders	-	178.80	166.90	203.40	167.90
Net Income Including Noncontrolling Interests	-	178.80	166.90	203.40	167.90
Normalized Income	-	176.37	165.70	196.25	165.37
Diluted NI Availto Com Stockholders	-	178.80	166.90	203.40	167.90
Basic Average Shares	-	49.80	50	50.40	50.90
Diluted Average Shares	-	49.80	50.10	50.80	51.10
Reconciled Depreciation	-	2.70	3	3	3.50
Reconciled Cost Of Revenue	-	1,195.10	1,132.80	1,150.10	1,298.90
Total Unusual Items	-	3.20	1.60	9.50	3.30
Total Unusual Items Excluding Goodwill	-	3.20	1.60	9.50	3.30
Minority Interests	-0.30	0	0	-	-
Special Income Charges	-	3.20	1.60	9.50	3.30
Other Special Charges	18.10	-	-	-	1.20
Gain On Sale Of Ppe	-	3.20	1.60	9.50	4.50
Earnings From Equity Interest	-	1.20	0	0	0.60

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	$1.5B	8.65↓ discount	0.82	9.5%	8.89
Kennedy-Wilson Holdings, Inc.	KW	$1.5B	-	1.00	-2.5%	14.28
NexPoint Residential Trust, Inc.	NXRT	$1.5B	-	5.03	-10.8%	20.72
CBL & Associates Properties, Inc.	CBL	$1.5B	10.99	3.92	35.7%	6.74
Apollo Commercial Real Estate Finance, Inc.	ARI

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%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

1,519.10

1,436.90

1,509.40

1,662.40

Operating 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

Selling General And Administration

93.60

97.70

118.50

154.40

Total Expenses

1,288.70

1,230.50

1,268.60

1,453.30

Operating Income

230.40

206.40

240.80

209.10

EBITDA

233.10

209.40

243.80

212.60

Normalized EBITDA

229.90

207.80

234.30

209.30

EBIT

230.40

206.40

240.80

209.10

Interest Income

13.60

19.80

6.30

Net Interest Income

13.60

19.80

6.30

Other Income Expense

4.40

1.60

9.50

3.90

Interest Income Non Operating

13.60

19.80

6.30

Pretax Income

235.80

221.60

270.10

219.30

Tax Provision

54.70

66.70

51.40

Tax Rate For Calcs

Tax Effect Of Unusual Items

0.77

0.40

2.35

0.77

Net Income Continuous Operations

178.80

166.90

203.40

167.90

Net Income From Continuing And Discontinued Operation

178.80

166.90

203.40

167.90

Net Income From Continuing Operation Net Minority Interest

178.80

166.90

203.40

167.90

Net Income

178.80

166.90

203.40

167.90

Net Income Common Stockholders

178.80

166.90

203.40

167.90

Net Income Including Noncontrolling Interests

178.80

166.90

203.40

167.90

Normalized Income

176.37

165.70

196.25

165.37

Diluted NI Availto Com Stockholders

178.80

166.90

203.40

167.90

Basic Average Shares

49.80

50.40

50.90

Diluted Average Shares

49.80

50.10

50.80

51.10

Reconciled Depreciation

2.70

3.50

Reconciled Cost Of Revenue

1,195.10

1,132.80

1,150.10

1,298.90

Total Unusual Items

3.20

1.60

9.50

3.30

Total Unusual Items Excluding Goodwill

3.20

1.60

9.50

3.30

Minority Interests

-0.30

Special Income Charges

3.20

1.60

9.50

3.30

Other Special Charges

18.10

1.20

Gain On Sale Of Ppe

3.20

1.60

9.50

4.50

Earnings From Equity Interest

1.20

0.60

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Forestar Group Inc.this co.

FOR

$1.5B

8.65↓ discount

0.82

9.5%

8.89

Kennedy-Wilson Holdings, Inc.

$1.5B

1.00

-2.5%

14.28

NexPoint Residential Trust, Inc.

NXRT

$1.5B

5.03

-10.8%

20.72

CBL & Associates Properties, Inc.

CBL

$1.5B

10.99

3.92

35.7%

6.74

Apollo Commercial Real Estate Finance, Inc.

ARI

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