Forestar Group Inc Financials

FOR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE September

Financial Health Signals

Financial Profile 47/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Forestar Group Inc's revenue grew 10.1% year-over-year to $1.7B, a solid pace of expansion. This earns a growth score of 58/100.

Leverage

Forestar Group Inc carries a low D/E ratio of 0.45, meaning only $0.45 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

While Forestar Group Inc generated -$197.7M in operating cash flow, capex of $2.2M consumed most of it, leaving -$199.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Forestar Group Inc's ROE of 9.5% shows moderate profitability relative to equity, earning a score of 38/100. This is down from 12.8% the prior year.

Piotroski F-Score Weak

1/9

Forestar Group Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

-1.18x

For every $1 of reported earnings, Forestar Group Inc generates $-1.18 in operating cash flow (-$197.7M OCF vs $167.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Forestar Group Inc (FOR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$1.7B

YoY+10.1%

5Y CAGR+12.3%

10Y CAGR+21.4%

Forestar Group Inc generated $1.7B in revenue in fiscal year 2025. This represents an increase of 10.1% from the prior year.

EBITDA

N/A

Free Cash Flow

-$199.9M

YoY-24.5%

Forestar Group Inc generated -$199.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 24.5% from the prior year.

Net Income

$167.9M

YoY-17.5%

5Y CAGR+22.5%

10Y CAGR+26.0%

Forestar Group Inc reported $167.9M in net income in fiscal year 2025. This represents a decrease of 17.5% from the prior year.

EPS (Diluted)

$3.29

YoY-17.8%

5Y CAGR+21.2%

10Y CAGR+24.1%

Forestar Group Inc earned $3.29 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 17.8% from the prior year.

Cash & Debt

$379.2M

YoY-21.2%

5Y CAGR-0.8%

10Y CAGR+8.3%

Forestar Group Inc held $379.2M in cash against $802.7M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

51M

YoY+0.3%

5Y CAGR+1.1%

Forestar Group Inc had 51M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Gross Margin

21.9%

YoY-1.9pp

5Y CAGR+9.2pp

Forestar Group Inc's gross margin was 21.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the prior year.

Operating Margin

N/A

Net Margin

10.1%

YoY-3.4pp

5Y CAGR+3.6pp

10Y CAGR+3.1pp

Forestar Group Inc's net profit margin was 10.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.4 percentage points from the prior year.

Return on Equity

9.5%

YoY-3.3pp

5Y CAGR+2.5pp

10Y CAGR+7.2pp

Forestar Group Inc's ROE was 9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.3 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$2.2M

YoY+0.0%

5Y CAGR+29.7%

10Y CAGR-18.2%

Forestar Group Inc invested $2.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 0.0% from the prior year.

FOR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.7B+10.1%	$1.5B+5.0%	$1.4B-5.4%	$1.5B+14.6%	$1.3B+42.3%	$931.8M
Cost of Revenue	$1.3B+12.9%	$1.2B+1.5%	$1.1B-5.2%	$1.2B+9.0%	$1.1B+34.8%	$813.7M
Gross Profit	$363.5M+1.2%	$359.3M+18.2%	$304.1M-6.1%	$324.0M+41.4%	$229.2M+94.1%	$118.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$154.4M+30.3%	$118.5M+21.3%	$97.7M+4.4%	$93.6M+36.8%	$68.4M+49.7%	$45.7M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	$0
Income Tax	$51.4M-22.9%	$66.7M+21.9%	$54.7M-4.0%	$57.0M+57.9%	$36.1M+120.1%	$16.4M
Net Income	$167.9M-17.5%	$203.4M+21.9%	$166.9M-6.7%	$178.8M+62.3%	$110.2M+81.3%	$60.8M
EPS (Diluted)	$3.29-17.8%	$4.00+20.1%	$3.33-7.2%	$3.59+59.6%	$2.25+78.6%	$1.26

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Revenue	$273.0M-30.1%	$390.5M+11.3%	$351.0M+40.2%	$250.4M-21.4%	$318.4M-4.6%	$333.8M+9.1%	$305.9M-17.1%	$368.9M
Cost of Revenue	$218.0M-29.9%	$310.8M+14.3%	$271.8M+39.1%	$195.4M-20.9%	$246.9M-1.5%	$250.7M+7.6%	$233.0M-17.9%	$283.9M
Gross Profit	$55.0M-31.0%	$79.7M+0.6%	$79.2M+44.0%	$55.0M-23.1%	$71.5M-14.0%	$83.1M+14.0%	$72.9M-14.2%	$85.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$36.5M-2.4%	$37.4M-2.6%	$38.4M+6.7%	$36.0M+22.9%	$29.3M+0.3%	$29.2M+4.3%	$28.0M+6.1%	$26.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$5.4M-49.5%	$10.7M+17.6%	$9.1M+68.5%	$5.4M-58.1%	$12.9M-7.2%	$13.9M+6.9%	$13.0M-16.7%	$15.6M
Net Income	$15.4M-53.2%	$32.9M+4.1%	$31.6M+91.5%	$16.5M-57.4%	$38.7M-14.0%	$45.0M+17.8%	$38.2M-18.4%	$46.8M
EPS (Diluted)	$0.30-53.8%	$0.65+4.8%	$0.62+93.8%	$0.32-57.9%	$0.76-14.6%	$0.89+17.1%	$0.76-18.3%	$0.93

FOR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.1B+10.5%	$2.8B+15.0%	$2.5B+5.5%	$2.3B+11.5%	$2.1B+20.8%	$1.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$379.2M-21.2%	$481.2M-21.9%	$616.0M+132.6%	$264.8M+72.4%	$153.6M-61.0%	$394.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.4B+9.9%	$1.2B+13.1%	$1.1B-3.8%	$1.1B+5.3%	$1.1B+25.1%	$868.1M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$802.7M+13.6%	$706.4M+1.6%	$695.0M-1.6%	$706.0M+0.2%	$704.5M+9.9%	$641.1M
Total Equity	$1.8B+10.9%	$1.6B+16.5%	$1.4B+14.2%	$1.2B+18.1%	$1.0B+16.5%	$870.9M
Retained Earnings	$1.0B+19.1%	$878.2M+30.1%	$674.8M+32.9%	$507.9M+54.3%	$329.1M+50.3%	$218.9M

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Total Assets	$3.2B+1.8%	$3.1B+2.6%	$3.0B+2.8%	$3.0B+4.2%	$2.8B+9.3%	$2.6B+2.6%	$2.5B+2.6%	$2.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$211.7M+11.9%	$189.2M+8.5%	$174.3M+32.0%	$132.0M-72.6%	$481.2M+15.6%	$416.2M-9.3%	$458.9M-25.5%	$616.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.4B-3.5%	$1.4B+3.1%	$1.4B+3.7%	$1.3B+8.2%	$1.2B+10.6%	$1.1B+0.1%	$1.1B+2.2%	$1.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$793.2M-9.1%	$872.8M0.0%	$872.5M+8.1%	$806.8M+14.2%	$706.4M+0.1%	$705.7M+0.1%	$705.3M+1.5%	$695.0M
Total Equity	$1.8B+6.4%	$1.7B+2.1%	$1.6B+2.0%	$1.6B+1.2%	$1.6B+8.3%	$1.5B+4.6%	$1.4B+2.8%	$1.4B
Retained Earnings	$1.1B+10.7%	$959.2M+3.6%	$926.3M+3.5%	$894.7M+1.9%	$878.2M+15.9%	$758.0M+6.3%	$713.0M+5.7%	$674.8M

FOR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$197.7M-24.8%	-$158.4M-143.5%	$364.1M+235.0%	$108.7M+135.9%	-$303.1M-80.0%	-$168.4M
Capital Expenditures	$2.2M0.0%	$2.2M+69.2%	$1.3M-62.9%	$3.5M+118.8%	$1.6M+166.7%	$600K
Free Cash Flow	-$199.9M-24.5%	-$160.6M-144.3%	$362.8M+244.9%	$105.2M+134.5%	-$304.7M-80.3%	-$169.0M
Investing Cash Flow	$3.2M-56.2%	$7.3M+2333.3%	$300K-76.9%	$1.3M+30.0%	$1.0M-80.0%	$5.0M
Financing Cash Flow	$92.5M+467.5%	$16.3M+223.5%	-$13.2M-1200.0%	$1.2M-98.0%	$61.4M-64.9%	$174.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Operating Cash Flow	-$157.0M-1093.7%	$15.8M+179.8%	-$19.8M+95.6%	-$450.0M-477.5%	$119.2M+301.4%	-$59.2M+62.2%	-$156.7M-168.8%	$227.9M
Capital Expenditures	$100K-87.5%	$800K+14.3%	$700K	$0-100.0%	$800K+33.3%	$600K+200.0%	$200K-60.0%	$500K
Free Cash Flow	-$157.1M-1147.3%	$15.0M+173.2%	-$20.5M+95.4%	-$450.0M-480.1%	$118.4M+298.0%	-$59.8M+61.9%	-$156.9M-169.0%	$227.4M
Investing Cash Flow	-$100K+87.5%	-$800K-14.3%	-$700K-177.8%	$900K-75.0%	$3.6M+700.0%	-$600K-200.0%	-$200K+60.0%	-$500K
Financing Cash Flow	-$10.4M-10300.0%	-$100K-100.2%	$62.8M-37.1%	$99.9M+12587.5%	-$800K-104.7%	$17.1M+8650.0%	-$200K+98.4%	-$12.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FOR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	21.9%-1.9pp	23.8%+2.6pp	21.2%-0.2pp	21.3%+4.0pp	17.3%+4.6pp	12.7%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	10.1%-3.4pp	13.5%+1.9pp	11.6%-0.2pp	11.8%+3.5pp	8.3%+1.8pp	6.5%
Return on Equity	9.5%-3.3pp	12.8%+0.6pp	12.2%-2.7pp	14.9%+4.1pp	10.9%+3.9pp	7.0%
Return on Assets	5.3%-1.8pp	7.2%+0.4pp	6.8%-0.9pp	7.6%+2.4pp	5.2%+1.8pp	3.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.45+0.0	0.44-0.1	0.51-0.1	0.59-0.1	0.69-0.0	0.74
FCF Margin	-12.0%-1.4pp	-10.6%-35.9pp	25.3%+18.3pp	6.9%+29.9pp	-23.0%-4.8pp	-18.1%

Metric	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23	Q3'23
Gross Margin	20.2%-0.3pp	20.4%-2.1pp	22.6%+0.6pp	22.0%-0.5pp	22.5%-2.4pp	24.9%+1.1pp	23.8%+0.8pp	23.0%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	5.6%-2.8pp	8.4%-0.6pp	9.0%+2.4pp	6.6%-5.6pp	12.2%-1.3pp	13.5%+1.0pp	12.5%-0.2pp	12.7%
Return on Equity	0.9%-1.1pp	2.0%+0.0pp	1.9%+0.9pp	1.0%-1.5pp	2.6%-0.5pp	3.1%+0.3pp	2.7%-0.9pp	3.6%
Return on Assets	0.5%-0.6pp	1.1%+0.0pp	1.0%+0.5pp	0.6%-0.9pp	1.5%-0.3pp	1.7%+0.2pp	1.5%-0.5pp	2.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.44-0.1	0.52-0.0	0.53+0.0	0.50+0.1	0.44-0.0	0.48-0.0	0.500.0	0.51
FCF Margin	-57.6%-61.4pp	3.8%+9.7pp	-5.8%+173.9pp	-179.7%-160.1pp	-19.6%-1.7pp	-17.9%+33.4pp	-51.3%-82.3pp	31.0%

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Frequently Asked Questions

What is Forestar Group Inc's annual revenue?

Forestar Group Inc (FOR) reported $1.7B in total revenue for fiscal year 2025. This represents a 10.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Forestar Group Inc's revenue growing?

Forestar Group Inc (FOR) revenue grew by 10.1% year-over-year, from $1.5B to $1.7B in fiscal year 2025.

Is Forestar Group Inc profitable?

Yes, Forestar Group Inc (FOR) reported a net income of $167.9M in fiscal year 2025, with a net profit margin of 10.1%.

What is Forestar Group Inc's earnings per share (EPS)?

Forestar Group Inc (FOR) reported diluted earnings per share of $3.29 for fiscal year 2025. This represents a -17.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Forestar Group Inc have?

As of fiscal year 2025, Forestar Group Inc (FOR) had $379.2M in cash and equivalents against $802.7M in long-term debt.

What is Forestar Group Inc's gross margin?

Forestar Group Inc (FOR) had a gross margin of 21.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Forestar Group Inc's net profit margin?

Forestar Group Inc (FOR) had a net profit margin of 10.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Forestar Group Inc's return on equity (ROE)?

Forestar Group Inc (FOR) has a return on equity of 9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Forestar Group Inc's free cash flow?

Forestar Group Inc (FOR) generated -$199.9M in free cash flow during fiscal year 2025. This represents a -24.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Forestar Group Inc's operating cash flow?

Forestar Group Inc (FOR) generated -$197.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Forestar Group Inc's total assets?

Forestar Group Inc (FOR) had $3.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Forestar Group Inc's capital expenditures?

Forestar Group Inc (FOR) invested $2.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Forestar Group Inc have outstanding?

Forestar Group Inc (FOR) had 51M shares outstanding as of fiscal year 2025.

What is Forestar Group Inc's debt-to-equity ratio?

Forestar Group Inc (FOR) had a debt-to-equity ratio of 0.45 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Forestar Group Inc's return on assets (ROA)?

Forestar Group Inc (FOR) had a return on assets of 5.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Forestar Group Inc's cash runway?

Based on fiscal year 2025 data, Forestar Group Inc (FOR) had $379.2M in cash against an annual operating cash burn of $197.7M. This gives an estimated cash runway of approximately 23 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Forestar Group Inc's Piotroski F-Score?

Forestar Group Inc (FOR) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Forestar Group Inc's earnings high quality?

Forestar Group Inc (FOR) has an earnings quality ratio of -1.18x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Forestar Group Inc?

Forestar Group Inc (FOR) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.