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Forestar Group Inc.

FOR NYSE Real Estate Financials FY2015–FY2025

Forestar Group Inc. had $1.7B of revenue in fiscal 2025, up 10.1% on the year before. Over five years, revenue changed +12.3% a year on average.

Download report 3-page PDF: the company, its results and charts with peers.

Last close Β· Oct 23, 2026

$26.09

0.5%

What Forestar Group Inc. does

FOR Β· Real Estate

From its latest annual report

No business description yet.

Filing details

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

KIRA’s summary AI analyst

Hi! I read Forestar Group Inc.’s latest annual report (fiscal 2025). Here is what stands out:

2 strengths 2 to watch

1.Sales and profit

See section β†’
  • Forestar Group Inc. had $1.7B of revenue in fiscal 2025, up 10.1% on the year before. Over five years, revenue changed +12.3% a year on average.
  • Forestar Group Inc. made $168M of net profit in fiscal 2025.

Forestar Group Inc. in 30 seconds

Good So-so Weak

Good

Are sales growing?

+10.1%

Yes. Sales grew 10.1% last year.

Good

Does it make a profit?

10.1%

Yes. It keeps 10.1% of every sale as profit.

Weak

Does profit turn into cash?

βˆ’12.0%

No. It spent more cash than it brought in.

Weak

How healthy are the accounts?

1 / 8

Weak. It passes 1 of 8 health tests.

For information

How is the share priced?

7.8x

One share costs 7.8 times its yearly profit per share.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$1.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
7.8x
On $3.33 EPS (TTM)

Revenue

Total sales reported in the income statement.

KIRA Β· Forestar Group Inc. had $1.7B of revenue in fiscal 2025, up 10.1% on the year before. Over five years, revenue changed +12.3% a year on average.

See the full section β†’

Operating margin

Operating income as a share of revenue.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Forestar Group Inc. made $168M of net profit in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was βˆ’$200M in fiscal 2025, βˆ’12.0% of revenue.

See the full section β†’

Return on capital

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

See the full section β†’
Charts by

Sales and profit

Is it selling more, and how much does it keep?

Results dates

In plain words: Every quarter, companies publish how much they sold and earned. These are the days Forestar Group Inc. did it, and the next one. Share prices often move a lot on those days.

Next results

October 29, 2026

Thursday Β· in 3 days

Time
Before the market opens
Covers
Period ended Sep 30, 2026
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Jul 21, 2026 Q3 '26 During market hours 8-K β†—
Apr 21, 2026 Q2 '26 During market hours 8-K β†—
Jan 20, 2026 Q1 '26 During market hours 8-K β†—
Oct 28, 2025 Q4 '25 During market hours 8-K β†—
Jul 22, 2025 Q3 '25 During market hours 8-K β†—
Apr 17, 2025 Q2 '25 During market hours 8-K β†—
Jan 21, 2025 Q1 '25 During market hours 8-K β†—
Oct 29, 2024 Q4 '24 During market hours 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Revenue and margins

KIRA Β· Forestar Group Inc. had $1.7B of revenue in fiscal 2025, up 10.1% on the year before. Over five years, revenue changed +12.3% a year on average.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA Β· Forestar Group Inc. made $168M of net profit in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA Β· Free cash flow was βˆ’$200M in fiscal 2025, βˆ’12.0% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

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

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

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

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

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

β€”

$0.0M

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

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA Β· Forestar Group Inc. owes $424M more than it holds in cash.

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

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

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 (βˆ’ = net cash) $551M$441M$79.0M$225M$424M

Returns on capital

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

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

KIRA Β· Forestar Group Inc. passes 1 of 8 financial health tests (Piotroski F-score).

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

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

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

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY15FY16FY17FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $219M $197M $114M β€” $932M $1.3B $1.5B $1.4B $1.5B $1.7B
Gross profit β€” β€” $1.7M β€” $118M $229M $324M $304M $359M $364M
Operating income $23.9M $140M $39.8M β€” β€” β€” β€” β€” β€” β€”
Interest expense $34.1M $20.0M $8.5M β€” $0.0M β€” β€” β€” β€” β€”
Pretax income $8.9M $92.3M $52.1M β€” $78.1M $147M $236M $222M $270M $219M
Income tax $35.1M $15.3M $45.8M β€” $16.4M $36.1M $57.0M $54.7M $66.7M $51.4M
Net income βˆ’$213M $58.6M $50.3M β€” $60.8M $110M $179M $167M $203M $168M
Net income to common βˆ’$26.9M $62.0M $4.3M β€” β€” β€” β€” β€” β€” β€”
Diluted EPS βˆ’$6.22 $1.38 $1.19 β€” $1.26 $2.25 $3.59 $3.33 $4.00 $3.29
Diluted shares 0.03B 0.04B 0.04B β€” 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $35.1M $67.1M βˆ’$15.3M β€” βˆ’$168M βˆ’$303M $109M $364M βˆ’$158M βˆ’$198M
Capital expenditure $14.7M $6.1M $0.1M β€” $0.6M $1.6M $3.5M $1.3M $2.2M $2.2M
Free cash flow $20.4M $61.0M βˆ’$15.4M β€” βˆ’$169M βˆ’$305M $105M $363M βˆ’$161M βˆ’$200M
Depreciation and amortization $45.1M $11.4M $5.5M β€” $4.9M $2.7M $2.7M $3.0M $3.0M $3.5M
Stock-based compensation $4.2M $4.0M $6.6M β€” $2.0M $2.6M $3.3M $4.3M $5.3M $7.3M
Share buybacks $0.0M $3.5M $0.0M β€” β€” β€” β€” β€” β€” β€”
Dividends and buybacks $0.0M $3.5M $0.0M β€” β€” β€” β€” β€” β€” β€”
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 β€” β€” β€” β€” β€” β€” β€”
Intangible assets $1.7M $0.0M $0.4M $0.0M β€” β€” β€” β€” β€” β€”
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 β€” $0.0M β€” β€” β€” β€” β€” β€” β€” β€”
Shareholders' equity $502M $561M $604M $808M $871M $1.0B $1.2B $1.4B $1.6B $1.8B
Margins
Gross margin β€” β€” 1.5% β€” 12.7% 17.3% 21.3% 21.2% 23.8% 21.9%
Operating margin 11.0% 71.1% 34.8% β€” β€” β€” β€” β€” β€” β€”
EBITDA margin 31.6% 76.9% 39.6% β€” β€” β€” β€” β€” β€” β€”
Net margin βˆ’97.5% 29.7% 44.0% β€” 6.5% 8.3% 11.8% 11.6% 13.5% 10.1%
FCF margin 9.3% 30.9% βˆ’13.5% β€” βˆ’18.1% βˆ’23.0% 6.9% 25.2% βˆ’10.6% βˆ’12.0%
Returns
Return on capital 2.0% 28.9% 6.6% β€” β€” β€” β€” β€” β€” β€”
Return on equity βˆ’42.5% 11.0% 8.6% β€” 7.2% 11.7% 16.2% 13.0% 13.7% 10.0%
Return on assets βˆ’21.9% 6.9% 6.7% β€” 3.8% 5.7% 8.0% 6.9% 7.7% 5.6%
Return on tangible equity βˆ’5.9% 11.9% 0.7% β€” 7.0% 10.9% 14.9% 12.2% 12.8% 9.5%
Growth
Revenue growth β€” βˆ’9.7% βˆ’42.1% β€” β€” 42.3% 14.6% βˆ’5.4% 5.0% 10.1%
Net income growth β€” β€” βˆ’14.2% β€” β€” 81.3% 62.3% βˆ’6.7% 21.9% βˆ’17.5%
EPS growth β€” β€” βˆ’13.8% β€” β€” 78.6% 59.6% βˆ’7.2% 20.1% βˆ’17.8%
FCF growth β€” 198.5% βˆ’125.2% β€” β€” β€” β€” 244.9% βˆ’144.3% β€”
Share count change β€” 23.5% 0.1% β€” β€” 1.8% 1.8% 0.6% 1.3% 0.5%
Financial health
Net debt / EBITDA 4.1x βˆ’1.0x βˆ’4.7x β€” β€” β€” β€” β€” β€” β€”
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 β€” β€” β€” β€” β€” β€” β€”
Capital allocation
Capex / revenue 6.7% 3.1% 0.1% β€” 0.1% 0.1% 0.2% 0.1% 0.1% 0.1%
Stock comp / revenue 1.9% 2.0% 5.8% β€” 0.2% 0.2% 0.2% 0.3% 0.4% 0.4%
Payouts / FCF 0.0% 5.8% β€” β€” β€” β€” β€” β€” β€” β€”
Quality scores
Piotroski F-score β€” 6.0 2.0 β€” β€” 5.0 6.0 4.0 4.0 1.0
Accruals ratio βˆ’25.5% βˆ’1.0% 8.8% β€” 14.3% 21.5% 3.2% βˆ’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 β€” not investment advice. Check the original filings before relying on any figure.

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