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Forestar Group Inc

FOR Real Estate Real Estate Development

Forestar Group Inc’s revenue for fiscal 2026 (year ended September 2026) was $1.6 billion, down 1.64% from fiscal 2025.

Revenue
−13.4%
EPS
−32.0%
Free cash flow
+118.0%
Total debt
−1.06%

Quarter to September 2026, against a year earlier

23.90 0.56 −2.29%
Market cap
$1.3B
P/E
8.6×
Fwd P/E
9.1×
Dividend yield
—
F-score
n/a
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 — 1 — — —
Insider Ownership 62.27%

Capital & Financial Ratios $m

Size
Market Cap 1,250.00
Revenue ttm 1,635.10
Net income ttm 170.60
Free cash flow ttm 287.40
Net debt Q 137.20
Valuation
P/E 8.56
Forward P/E 9.06
Price / sales 0.75
Forward P/S Powerpack
Price / FCF 4.25
Price / book 0.64
Financial health
Current ratio Q 2.22
Debt / equity Q 0.41
Interest coverage Q 15.42
Growth
Revenue growth Q −13.38% (below 0%: shrinking)
Operating income growth Q −33.00% (below 0%: shrinking)
EPS, this year −18.59% (below 0%: weak)
EPS, next year A +14.73%
Revenue, next year A −0.32% (below 0%: weak)
EPS, past 5 yrs +4.42%
EPS, next 5 yrs A −5.57% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 1.3×; over the ten years it ranged from 0.7× in 2022 to 7.8× in 2019.
P/E against its own 10 years 46.42%
10-year low 10-year high
P/S against its own 10 years 17.01%
10-year low 10-year high
P/B against its own 10 years 10.19%
10-year low 10-year high
EV/Sales against its own 10 years 5.98%
10-year low 10-year high
EV/FCF against its own 10 years 14.24%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 616 481 379 657
Receivables — — — —
Inventory — — — —
Other — — — —
616 481 379 657
2023 2024 2025 2026
Payables 68 86 71 65
ST’ Debt — — — —
Other — — — —
234 299 286 296

Compound Annual Growth %

10y 5y 3y
Sales 23.55% 4.28% 4.40%
Cash Flow 0.00% 0.00% 0.00%
Earnings 9.29% 5.29% (5.11%)
Book Value 13.06% 13.55% 11.86%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.72 Actual 0.63

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.78 0.65 Miss by 0.13
Q4 FY25 1.17 1.70 Beat by 0.53
Q1 FY26 0.21 0.30 Beat by 0.09
Q2 FY26 0.72 0.63 Miss by 0.09

EPS $

Dec Mar Jun Sep Year
’26 — — — — —
’26 0.30 0.63 0.70 1.16 2.79
’25 0.32 0.62 0.65 1.70 3.29
’24 0.76 0.89 0.76 1.60 4.00
’23 0.42 0.54 0.93 1.44 3.33
’22 0.81 0.96 0.80 1.02 3.59
’21 0.46 0.59 0.32 0.89 2.25
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 273 374 407 581 1,635
’25 250 351 391 671 1,662
’24 306 334 318 551 1,509
’23 217 302 369 550 1,437
’22 408 422 309 381 1,519
’21 307 287 313 419 1,326
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (157) 152 33 — —
’25 (450) (20) 16 256 (198)
’24 (157) (59) (62) 119 (158)
’23 (50) 71 115 228 364
’22 6 71 (87) 119 109
’21 (159) (91) (91) 38 (303)
’20 (12) (112) (82) 37 (168)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (157) 152 33 — —
’25 (450) (20) 15 260 (195)
’24 (157) (60) (62) 128 (151)
’23 (48) 71 114 227 364
’22 8 70 (87) 119 108
’21 (159) (91) (91) 36 (305)
’20 (10) (111) (84) 39 (168)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 114 78 428 932 1,326 1,519 1,437 1,509 1,662 1,635 +34.4% 1,677 1,683 — +1.5%
Gross margin, % 1.49 36.78 15.32 12.67 17.29 21.33 21.16 23.80 21.87 19.72 +18.2 pt
EBT 52 45 46 78 147 236 222 270 219 192 +15.6%
EBT margin, % 45.58 57.09 10.67 8.38 11.06 15.52 15.42 17.89 13.19 11.75 (33.8) pt
Net income 52 70 36 62 111 179 167 203 168 — +15.7%
Per share, $
Per share, $ Revenue 2.72 1.87 10.20 19.41 27.11 30.50 28.74 29.95 32.66 32.00 +31.5%
Earnings 1.24 1.64 0.79 1.26 2.25 3.59 3.34 4.03 3.30 2.80 +9.4%
Cash flow (0.36) (6.75) (9.31) (3.51) (6.20) 2.18 7.28 (3.14) (3.88) 0.00 n/m
Capex (0.06) 6.16 (0.02) 0.01 (0.03) (0.01) 0.01 0.14 0.05 0.00 n/m
Free cash flow (0.42) (0.59) (9.34) (3.49) (6.23) 2.18 7.29 (3.00) (3.84) 0.00 n/m
Book value 14.39 16.10 19.26 18.16 20.78 24.08 27.40 31.65 34.75 37.53 +11.2%
Shares, m 42 42 42 48 49 50 50 50 51 51 +2.2%
Valuation, ×
Valuation, × P/E 11.72 6.82 23.44 14.05 8.24 3.12 7.95 8.03 8.06 9.22 10.1
P/S 7.17 10.95 1.79 0.91 0.69 0.37 0.93 1.08 0.81 0.80 2.5
P/B 1.48 1.31 0.95 0.97 0.90 0.46 0.97 1.02 0.77 0.69 1.0
EV/Sales 5.02 8.17 1.97 1.18 1.10 0.66 0.98 1.23 1.07 0.89 2.2
EV/FCF (2.17) (4.62) (2.16) (6.59) (4.80) 9.25 3.87 (12.29) (9.52) 5.06 (2.4)
Cash, $m
Cash, $m Operating cash flow (15) (283) (391) (168) (303) 109 364 (158) (198) — +37.7%
Capex (2) 258 (1) 1 (2) 0 0 7 2 — n/m
Free cash flow (18) (25) (392) (168) (305) 108 364 (151) (195) — +34.9%
Balance, $m
Balance, $m Working capital 354 282 290 278 (55) 0 382 182 93 361 +0.2%
Net debt (255) (223) 78 247 551 441 79 225 424 137 n/m
Shareholders’ equity 606 675 809 872 1,016 1,199 1,370 1,595 1,769 1,918 +13.7%
Returns, %
Returns, % ROA 6.73 8.31 2.81 3.81 5.74 8.05 6.93 7.66 5.62 4.42 (2.3) pt
ROIC 7.09 5.15 2.83 4.09 6.52 8.90 8.97 8.59 6.11 5.52 (1.6) pt
ROE 8.61 10.75 4.45 7.24 11.68 16.14 12.99 13.72 9.98 7.74 (0.9) pt
People
People Employees 34 41 78 143 250 291 303 303 433 — +37.4%
Revenue/emp, $m 3.36 1.91 5.49 6.52 5.30 5.22 4.74 4.98 3.84 0.00 n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2026 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Forestar Group Inc vs peers in Real Estate Development (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CCS Century Communities, Inc. $1.6B 14.7× 10.3× −11.81% (below 0%: shrinking) −64.70% (below 0%: shrinking) −669.34% (below 0%: shrinking) 17.16% 3.42% Compare
FOR Forestar Group Inc $1.3B 8.6× 9.1× −13.38% (below 0%: shrinking) −32.02% (below 0%: shrinking) +118.00% (above 0%: growing) 17.75% 12.86%
SKYH Sky Harbour Group Corporation $816.3M 342× — (loss-making) +49.59% (above 0%: growing) n/m +90.92% (above 0%: growing) 100.00% (68.68%) Compare
SDHC Smith Douglas Homes Corp. $524.6M 18.0× 43.6× +0.18% (above 0%: growing) −70.83% (below 0%: shrinking) −263.00% (below 0%: shrinking) 16.27% 0.00% Compare
FPH Five Point Holdings, LLC $470.0M 10.4× 38.8× +8.36% (above 0%: growing) n/m −146.39% (below 0%: shrinking) 51.05% (34.73%) Compare
OZ Belpointe PREP, LLC $132.2M — (loss-making) — (loss-making) +165.62% (above 0%: growing) n/m +86.19% (above 0%: growing) 19.96% (140.87%) Compare
AXR AMREP Corporation $112.5M 19.4× 27.1× −66.10% (below 0%: shrinking) −94.32% (below 0%: shrinking) −138.27% (below 0%: shrinking) 37.10% (2.69%) Compare
LPA Logistic Properties of the Americas $72.3M 4.3× 8.4× +26.09% (above 0%: growing) n/m +225.63% (above 0%: growing) 100.00% 189.88% Compare
AEI Alset Inc. $19.5M — (loss-making) — (loss-making) −10.05% (below 0%: shrinking) n/m −187.23% (below 0%: shrinking) 8.49% (181.43%) Compare
Median of peers $301.1M 16.3× 27.1× +4.27% −70.83% −142.33% 28.53% (18.71%)

All 12 Real Estate Development stocks →

Pay and ownership Proxy statement filed 16 December 2025

Ownership

Directors and executive officers, together less than 1%
D.R. Horton, Inc. 61.80%
The Vanguard Group 5.50%
Dimensional Fund Advisors LP 5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Forestar Group Inc (FOR) Latest News

6 Nov

Impact 3 · · Simply Wall St.

2 Nov

Impact 3 · · StockStory
Impact 3 · · StockStory

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 3 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · Business Wire

28 Oct

Impact 3 · · Business Wire
Impact 3 · · StockStory

9 Oct

Impact 3 · · StockStory

21 Sep

Impact 4 ·
Impact 3 ·

21 Jul

Impact 4 ·
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

16 Jul

Impact 3 ·

3 May

Impact 3 · · Simply Wall St.

28 Apr

Impact 3 ·

22 Apr

Impact 4 · · GuruFocus.com
Impact 3 · · StockStory

21 Apr

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 ·
Impact 3 ·

19 Apr

Impact 3 ·
stockrow.com/FOR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com