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Forestar Group Inc.

FOR NYSE Real Estate Financials FY2015–FY2025

Revenue Total sales reported in the income statement.
$1.7B
10.1% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$168M
17.5%
Free cash flow Cash from operations minus capital spending.
−$200M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
—
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $3.33 EPS (TTM)

What Forestar Group Inc. does

No business description yet.

Legal name
Forestar Group Inc.
Fiscal year ends
September 30, 2025
Latest annual report
10-K · Nov 19, 2025
Accession · CIK
0001628280-25-053125
0001406587

Revenue and margins

Forestar Group Inc. had $1.7B of revenue in fiscal 2025, up 10.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$200M in fiscal 2025, −12.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Forestar Group Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.5%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Forestar Group Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $154M$265M$616M$481M$379M
Debt incl. finance leases $705M$706M$695M$706M$803M
Debt / equity 0.7x0.6x0.5x0.4x0.5x
Total assets $2.1B$2.3B$2.5B$2.8B$3.1B
Total liabilities $1.1B$1.1B$1.1B$1.2B$1.4B
Shareholders' equity $1.0B$1.2B$1.4B$1.6B$1.8B
Net debt (− = net cash) $551M$441M$79.0M$225M$424M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY15FY16FY17FY20FY21FY22FY23FY24FY25
Net income is positive ✕ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✕ ✕ ✕ ✓ ✓ ✕ ✕
Return on assets rose — ✓ ✕ — ✓ ✓ ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✕ ✕ ✕ ✕ ✓ ✕ ✕
Debt fell relative to assets — ✓ ✓ ✕ ✓ ✓ ✓ ✓ ✕
Current ratio rose — — — — — — — — —
Share count didn't rise — ✕ ✕ — ✕ ✕ ✕ ✕ ✕
Gross margin rose — — — — ✓ ✓ ✕ ✓ ✕
Revenue rose relative to assets — ✓ ✕ — ✓ ✓ ✕ ✕ ✕
F-score — / 36 / 72 / 7— / 45 / 86 / 84 / 84 / 81 / 8
Accruals ratio −25.5%−1.0%8.8%14.3%21.5%3.2%−8.2%13.6%12.2%
Altman Z'' —————————

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY15FY16FY17FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $219M $197M $114M — $932M $1.3B $1.5B $1.4B $1.5B $1.7B
Gross profit — — $1.7M — $118M $229M $324M $304M $359M $364M
Operating income $23.9M $140M $39.8M — — — — — — —
Interest expense $34.1M $20.0M $8.5M — $0.0M — — — — —
Pretax income $8.9M $92.3M $52.1M — $78.1M $147M $236M $222M $270M $219M
Income tax $35.1M $15.3M $45.8M — $16.4M $36.1M $57.0M $54.7M $66.7M $51.4M
Net income −$213M $58.6M $50.3M — $60.8M $110M $179M $167M $203M $168M
Net income to common −$26.9M $62.0M $4.3M — — — — — — —
Diluted EPS −$6.22 $1.38 $1.19 — $1.26 $2.25 $3.59 $3.33 $4.00 $3.29
Diluted shares 0.03B 0.04B 0.04B — 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $35.1M $67.1M −$15.3M — −$168M −$303M $109M $364M −$158M −$198M
Capital expenditure $14.7M $6.1M $0.1M — $0.6M $1.6M $3.5M $1.3M $2.2M $2.2M
Free cash flow $20.4M $61.0M −$15.4M — −$169M −$305M $105M $363M −$161M −$200M
Depreciation and amortization $45.1M $11.4M $5.5M — $4.9M $2.7M $2.7M $3.0M $3.0M $3.5M
Stock-based compensation $4.2M $4.0M $6.6M — $2.0M $2.6M $3.3M $4.3M $5.3M $7.3M
Share buybacks $0.0M $3.5M $0.0M — — — — — — —
Dividends and buybacks $0.0M $3.5M $0.0M — — — — — — —
Balance sheet
Cash and short-term investments $96.4M $266M $323M $383M $394M $154M $265M $616M $481M $379M
Total debt $382M $110M $108M $461M $641M $705M $706M $695M $706M $803M
Property and equipment, net $10.7M $3.1M $2.0M $2.4M $1.1M $2.9M $5.7M $5.9M $7.1M $8.1M
Goodwill $41.8M $37.9M $0.0M — — — — — — —
Intangible assets $1.7M $0.0M $0.4M $0.0M — — — — — —
Total assets $972M $733M $762M $1.5B $1.7B $2.1B $2.3B $2.5B $2.8B $3.1B
Total liabilities $468M $171M $156M $647M $868M $1.1B $1.1B $1.1B $1.2B $1.4B
Preferred stock — $0.0M — — — — — — — —
Shareholders' equity $502M $561M $604M $808M $871M $1.0B $1.2B $1.4B $1.6B $1.8B
Margins
Gross margin — — 1.5% — 12.7% 17.3% 21.3% 21.2% 23.8% 21.9%
Operating margin 11.0% 71.1% 34.8% — — — — — — —
EBITDA margin 31.6% 76.9% 39.6% — — — — — — —
Net margin −97.5% 29.7% 44.0% — 6.5% 8.3% 11.8% 11.6% 13.5% 10.1%
FCF margin 9.3% 30.9% −13.5% — −18.1% −23.0% 6.9% 25.2% −10.6% −12.0%
Returns
Return on capital 2.0% 28.9% 6.6% — — — — — — —
Return on equity −42.5% 11.0% 8.6% — 7.2% 11.7% 16.2% 13.0% 13.7% 10.0%
Return on assets −21.9% 6.9% 6.7% — 3.8% 5.7% 8.0% 6.9% 7.7% 5.6%
Return on tangible equity −5.9% 11.9% 0.7% — 7.0% 10.9% 14.9% 12.2% 12.8% 9.5%
Growth
Revenue growth — −9.7% −42.1% — — 42.3% 14.6% −5.4% 5.0% 10.1%
Net income growth — — −14.2% — — 81.3% 62.3% −6.7% 21.9% −17.5%
EPS growth — — −13.8% — — 78.6% 59.6% −7.2% 20.1% −17.8%
FCF growth — 198.5% −125.2% — — — — 244.9% −144.3% —
Share count change — 23.5% 0.1% — — 1.8% 1.8% 0.6% 1.3% 0.5%
Financial health
Net debt / EBITDA 4.1x −1.0x −4.7x — — — — — — —
Debt / equity 0.8x 0.2x 0.2x 0.6x 0.7x 0.7x 0.6x 0.5x 0.4x 0.5x
Interest coverage 0.7x 7.0x 4.7x — — — — — — —
Capital allocation
Capex / revenue 6.7% 3.1% 0.1% — 0.1% 0.1% 0.2% 0.1% 0.1% 0.1%
Stock comp / revenue 1.9% 2.0% 5.8% — 0.2% 0.2% 0.2% 0.3% 0.4% 0.4%
Payouts / FCF 0.0% 5.8% — — — — — — — —
Quality scores
Piotroski F-score — 6.0 2.0 — — 5.0 6.0 4.0 4.0 1.0
Accruals ratio −25.5% −1.0% 8.8% — 14.3% 21.5% 3.2% −8.2% 13.6% 12.2%

Source: SEC EDGAR XBRL filings (CIK 0001406587). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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