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Forestar Group Inc. (FOR) stock

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NYSE: FOR NYSE Real Estate Development Next results ~January 19, 2027

B Fundamentals grade

Forestar Group Inc. is a US-listed company in the real estate development industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$67

Valuation models combined (3)

Base case. Range ~$63–$76. Weighted average of 3 models (residual income, justified price-to-book, revenue-to-maturity model).

Price vs value

Undervalued

The price is below our entire value range; our base value is 174% above it.

Price used: $24.55, November 2, 2026

Forestar Group Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds95 adding, 64 cuttingOf 28 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Forestar Group files

Where Forestar stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.72bn, up 11.8% on a year earlier, slower than the 16.1% growth a quarter earlier. Free-cash-flow margin rose to 16.4% from -21.8% a year earlier. Operating margin narrowed to 19.6% from 37.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 4 financial-health checks. Our valuation models combined value is $56.67 a share, against a share price of $25.98.

Source: 10-Q filed July 22, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

Forestar Group Inc.'s trailing-twelve-month revenue grew 11.8% year on year, with a free-cash-flow margin of 16.4%. Where it stands out: stock pay as % of revenue of 0.4% ranks 2 of 9 real estate development companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 11.8% (-4.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $24.55 is 174% below our value per share of $67.

Things to watch

  • Margins narrowing. Operating margin is down 18.0 points on a year ago.
  • Growth easing. The growth rate is 4.4 points lower than a quarter earlier.
  • Short interest rising. Shares sold short rose 33% in a month to 5.3% of tradable shares.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 4 of the last four quarters.
  • Earnings expected to fall. The consensus expects earnings per share to fall 3% next year.

Latest results: FY2026 Q3

Filed July 22, 2026
Earnings per share
$1.15 against an average estimate of $1.25: missed by 8.2%
Revenue
$407m, up 4.2% on a year earlier
Share reaction
-7.6% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $1.4bn to $1.5bn (fiscal 2027); lots delivered 12000 to 13000 (fiscal 2027)
Next report
January 19, 2027; average EPS estimate $0.26

Forestar Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.5%
  • 1 week-5.5%
  • 1 month-4.7%
  • This year-0.3%
  • 1 year-5.6%
  • 5 years+18.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.7B
Net margin
9.9%
EPS (TTM, diluted)
$3.33

Growth

Revenue growth
+11.8%
Change in growth rate
−4.4 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
$283M
FCF margin
16.4%
Stock pay % of revenue
0.4%

Earnings

Last results
October 29, 2026
Next results (est.)
January 19, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Guidance
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Forestar Group Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$67
Price used
$24.63close November 3, 2026
Implied change
▲ +173%
Uncertainty
Low

How we got here: the combined value of 3 valuation models built for a business like Forestar Group Inc. (see the models table below and how they are combined) , with a 8.4% cost of equity. The models span ~$63–~$76; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Forestar Group Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.77 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$63 ~$41–$98 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$63 ~$53–$77 Included
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$76 ~$61–$93 Included
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — Does not apply: earnings are positive: price-to-earnings is the better measure
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$67 ~$63–$76 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Forestar Group Inc. with Real Estate Development in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$10.94$13.30$22.00$18.28$17.70$18.63$11.19$26.94$32.37$26.59$24.55
Market value$375m$563m$932m$768m$851m$912m$558m$1.4bn$1.6bn$1.4bn$1.3bn
+ Net debt (− = net cash)$0$0$0$78m$247m$551m$441m$79m$225m$424m$399m
Enterprise value$375m$563m$932m$846m$1.1bn$1.5bn$999m$1.4bn$1.9bn$1.8bn$1.7bn
Multiples
Price / sales 1.7x2.9x8.2x1.8x0.9x0.7x0.4x0.9x1.1x0.8x0.7x
Price / earnings —9.6x18.5x23.3x14.0x8.3x3.1x8.1x8.1x8.1x7.4x
Price / free cash flow 18.3x9.2x————5.3x3.7x——4.4x
EV / EBITDA 5.4x3.7x20.6x————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

30 /100

Weak moat

How hard Forestar Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.2% of total assets over 10 years.

  • Pricing power 3 / 20

    Gross margin has been a median 20.7%, moving by 6.8 percentage points (standard deviation) across 10 years.

  • Durability 7 / 20

    Operating margin has been a median 21.9%; its worst year was -11.8%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -10.7% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.3% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (36 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 19, 2027, before the open. Analysts expect revenue of $239m and EPS of $0.26 (range $0.14 to $0.33) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.85 +3% $1.7bn +3%
Next $2.77 −3% $1.7bn +0%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −10.3% on 90 days ago. In the last 30 days, 0 analysts raised Forestar Group Inc.'s forecast and 1 cut it.

Consensus EPS forecast Forestar Group Inc., last 90 days
$2.80 $2.90 $3.00 $3.10 $3.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.18 Current fiscal year, 60 days ago: $3.00 Current fiscal year, 30 days ago: $3.00 Current fiscal year, 7 days ago: $3.00 Current fiscal year, Now: $2.85 $2.85

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal year
90 days ago $3.18
60 days ago $3.00
30 days ago $3.00
7 days ago $3.00
Now $2.85

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.25 $1.15 −8.2%
Jun 2026 $0.81 $0.70 −13.6%
Mar 2026 $0.63 $0.63 −0.8%
Dec 2025 $0.30 $0.30 −0.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • revenue fiscal 2027 $1.4bn to $1.5bn
    “As we look forward to fiscal 2027, we currently expect to deliver between 12,000 and 13,000 lots, generating $1.4 billion to $1.5 billion of revenue.” source
  • lots delivered fiscal 2027 12,000 to 13,000
    “As we look forward to fiscal 2027, we currently expect to deliver between 12,000 and 13,000 lots, generating $1.4 billion to $1.5 billion of revenue.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

3 analysts, Oct 2026
Buy267%
Hold133%
Sell00%

Monthly trend

  1. Oct 20261113
  2. Sep 20261113
  3. Aug 20261113

Counts of recommendations published by analysts covering Forestar Group Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.3%
of tradable shares
Days to cover
5.01
at average volume
Short interest, 1 month
+33%
to October 15, 2026
Held by institutions
38%
of shares
Held by insiders
0.6%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −5.6%

$26.01 on October 31, 2025 to $24.55

ThenNowEffect
Revenue (last 12 months) $1.5bn $1.7bn +11.8%
Net margin 10.5% 9.9% −6.3%
P/E multiple 8.2x 7.4x −9.6%
Share count 51m 51m −0.3%

Biggest factor: revenue.

Last 3 years −7.2%

$26.46 on November 3, 2023 to $24.55

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.7bn +36.0%
Net margin 11.5% 9.9% −13.8%
P/E multiple 9.1x 7.4x −19.0%
Share count 50m 51m −2.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FOR+8%−29%+115%−22%−5%−0%
Industry peers (median)+20%−25%+44%+0%−20%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FOR58%42%58%33%25%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FOR−28%−53%−26%−37%−32%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 64% from February 1, 2018 to April 2, 2020. Getting back needed a 174% gain, reached on July 21, 2023, 1205 days after the low.

Price behaviour

52-week range
$23.09 – $31.98
From 52-week high
−23.2%
vs 50-day average
−7.1%
vs 200-day average
−10.4%
Volatility (1 year)
33%
Beta vs S&P 500
0.81

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±7.1%
After a week
5 up, 6 down
typical move ±7.4%
After a month
5 up, 6 down
typical move ±8.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −7.6% −2.1% — —
July 21, 2026 −2.8% +0.7% +4.0% +4.3%
April 21, 2026 +3.3% +0.4% +6.2% −1.6%
January 20, 2026 −6.2% −0.9% −8.6% +8.2%
October 28, 2025 +3.9% +0.3% −3.3% −1.0%
July 22, 2025 +16.5% +0.9% +13.9% +22.5%
April 17, 2025 −3.1% −2.2% +3.2% +4.4%
January 21, 2025 −10.1% +1.5% −10.4% −14.0%
October 29, 2024 +0.9% −0.1% +0.6% −5.6%
July 18, 2024 −14.8% −1.4% −13.9% −18.6%
April 18, 2024 −7.5% −1.1% −8.3% +2.4%
January 23, 2024 −8.7% +0.4% −8.7% −6.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Forestar Group Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Forestar Group Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Forestar Group Inc.
$1.4B $1.5B $1.6B $1.7B $1.8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.4B Revenue (TTM), FY24 Q1: $1.5B Revenue (TTM), FY24 Q2: $1.6B Revenue (TTM), FY24 Q3: $1.5B Revenue (TTM), FY24 Q4: $1.5B Revenue (TTM), FY25 Q1: $1.5B Revenue (TTM), FY25 Q2: $1.5B Revenue (TTM), FY25 Q3: $1.5B Revenue (TTM), FY25 Q4: $1.7B Revenue (TTM), FY26 Q1: $1.7B Revenue (TTM), FY26 Q2: $1.7B Revenue (TTM), FY26 Q3: $1.7B $1.7B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.4B
FY24 Q1 $1.5B
FY24 Q2 $1.6B
FY24 Q3 $1.5B
FY24 Q4 $1.5B
FY25 Q1 $1.5B
FY25 Q2 $1.5B
FY25 Q3 $1.5B
FY25 Q4 $1.7B
FY26 Q1 $1.7B
FY26 Q2 $1.7B
FY26 Q3 $1.7B
Revenue growth, TTM YoY Forestar Group Inc.
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -5.4% Revenue growth, TTM YoY, FY24 Q1: 14.9% Revenue growth, TTM YoY, FY24 Q2: 29.0% Revenue growth, TTM YoY, FY24 Q3: 18.9% Revenue growth, TTM YoY, FY24 Q4: 5.1% Revenue growth, TTM YoY, FY25 Q1: -4.7% Revenue growth, TTM YoY, FY25 Q2: -5.6% Revenue growth, TTM YoY, FY25 Q3: 2.3% Revenue growth, TTM YoY, FY25 Q4: 10.1% Revenue growth, TTM YoY, FY26 Q1: 15.9% Revenue growth, TTM YoY, FY26 Q2: 16.1% Revenue growth, TTM YoY, FY26 Q3: 11.8% 11.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -5.4%
FY24 Q1 14.9%
FY24 Q2 29.0%
FY24 Q3 18.9%
FY24 Q4 5.1%
FY25 Q1 -4.7%
FY25 Q2 -5.6%
FY25 Q3 2.3%
FY25 Q4 10.1%
FY26 Q1 15.9%
FY26 Q2 16.1%
FY26 Q3 11.8%
Operating margin (TTM) Forestar Group Inc.
-50% 0% 50% 100% FY16 Q1 FY16 Q4 FY17 Q3 FY18 Q4 Operating margin (TTM), FY16 Q1: 11.0% Operating margin (TTM), FY16 Q2: 18.7% Operating margin (TTM), FY16 Q3: 46.9% Operating margin (TTM), FY16 Q4: 50.1% Operating margin (TTM), FY17 Q1: 71.1% Operating margin (TTM), FY17 Q2: 61.5% Operating margin (TTM), FY17 Q3: 30.5% Operating margin (TTM), FY17 Q4: 37.6% Operating margin (TTM), FY18 Q1: -9.8% Operating margin (TTM), FY18 Q2: 6.2% Operating margin (TTM), FY18 Q3: 7.8% Operating margin (TTM), FY18 Q4: 19.6% 19.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY16 Q1 11.0%
FY16 Q2 18.7%
FY16 Q3 46.9%
FY16 Q4 50.1%
FY17 Q1 71.1%
FY17 Q2 61.5%
FY17 Q3 30.5%
FY17 Q4 37.6%
FY18 Q1 -9.8%
FY18 Q2 6.2%
FY18 Q3 7.8%
FY18 Q4 19.6%
FCF margin (TTM) Forestar Group Inc.
-40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 25.2% FCF margin (TTM), FY24 Q1: 16.8% FCF margin (TTM), FY24 Q2: 8.0% FCF margin (TTM), FY24 Q3: -3.4% FCF margin (TTM), FY24 Q4: -10.6% FCF margin (TTM), FY25 Q1: -31.2% FCF margin (TTM), FY25 Q2: -28.2% FCF margin (TTM), FY25 Q3: -21.8% FCF margin (TTM), FY25 Q4: -12.0% FCF margin (TTM), FY26 Q1: 5.5% FCF margin (TTM), FY26 Q2: 15.5% FCF margin (TTM), FY26 Q3: 16.4% 16.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 25.2%
FY24 Q1 16.8%
FY24 Q2 8.0%
FY24 Q3 -3.4%
FY24 Q4 -10.6%
FY25 Q1 -31.2%
FY25 Q2 -28.2%
FY25 Q3 -21.8%
FY25 Q4 -12.0%
FY26 Q1 5.5%
FY26 Q2 15.5%
FY26 Q3 16.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-KT, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2009 2011 Dec 2010 2012 Dec 2011 2013 Dec 2012 2014 Dec 2013 2015 Dec 2014 2016 Dec 2015 2017 Dec 2016 2018 Dec 2017 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 146 101 136 173 331 238 219 197 114 428 932 1,326 1,519 1,437 1,509 1,662 1,725
Gross profit — — — — — — — — 2 66 118 229 324 304 359 364 369
EBITDA 135 29 69 46 77 112 69 152 45 — — — — — — — —
Operating income 125 19 58 27 47 71 24 140 40 — — — — — — — —
Net income 59 5 7 13 29 17 −213 59 50 33 61 110 179 167 203 168 170
Diluted EPS $1.64 $0.14 $0.20 $0.36 $0.80 $0.38 −$6.22 $1.38 $1.19 $0.79 $1.26 $2.25 $3.59 $3.33 $4.00 $3.29 $3.33
Growth (year on year)
Revenue — −30.7% +33.8% +27.3% +91.8% −28.1% −8.2% −9.7% −42.1% +274.7% +117.6% +42.3% +14.6% −5.4% +5.0% +10.1% +11.8%
EBITDA — −78.2% +134.1% −33.1% +66.1% +46.7% −38.5% +119.9% −70.2% — — — — — — — —
Operating income — −84.9% +207.7% −53.3% +71.5% +51.5% −66.1% +486.2% −71.7% — — — — — — — —
Net income — −91.3% +39.6% +80.9% +126.6% −43.4% <−999% — −14.2% −34.4% +84.2% +81.3% +62.3% −6.7% +21.9% −17.5% +4.7%
Diluted EPS — −91.5% +42.9% +80.0% +122.2% −52.5% <−999% — −13.8% −33.6% +59.5% +78.6% +59.6% −7.2% +20.1% −17.8% +4.4%
Margins
Gross margin — — — — — — — — 1.5% 15.3% 12.7% 17.3% 21.3% 21.2% 23.8% 21.9% 21.4%
EBITDA margin 92.2% 29.0% 50.8% 26.7% 23.1% 47.1% 31.6% 76.9% 39.6% — — — — — — — —
Operating margin 85.5% 18.6% 42.9% 15.7% 14.1% 29.6% 11.0% 71.1% 34.8% — — — — — — — —
Net margin 40.4% 5.1% 5.3% 7.5% 8.9% 7.0% −97.5% 29.7% 44.0% 7.7% 6.5% 8.3% 11.8% 11.6% 13.5% 10.1% 9.9%
Free-cash-flow margin 92.2% 10.7% 27.9% −14.5% 23.2% 38.1% 9.3% 30.9% −13.5% −91.5% −18.1% −23.0% 6.9% 25.2% −10.6% −12.0% 16.4%
Cash flow
Cash from operations 142 14 40 −22 89 107 35 67 −15 −391 −168 −303 109 364 −158 −198 284
Capital spending 7 3 2 3 12 16 15 6 0 1 1 2 4 1 2 2 1
Free cash flow 135 11 38 −25 77 91 20 61 −15 −392 −169 −305 105 363 −161 −200 283
Stock-based pay 12 12 7 15 17 3 4 4 7 1 2 3 3 4 5 7 7
Free cash flow after stock pay 123 −1 31 −40 60 87 16 57 −22 −393 −171 −307 102 359 −166 −207 276
Balance sheet
Cash — — — — — — — — — 383 394 154 265 616 481 379 395
Total debt 0 222 222 294 357 433 382 110 108 461 641 705 706 695 706 803 794
Net debt (negative = net cash) — — — — — — — — — 78 247 551 441 79 225 424 399
Diluted shares 36m 36m 36m 35m 37m 44m 34m 42m 42m 42m 48m 49m 50m 50m 51m 51m 51m
Returned to shareholders
Buybacks — 15 13 1 0 25 0 4 0 — — — — — — — —
Total returned — 15 13 1 0 25 0 4 0 — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $395m of cash against $794m of debt.
  • Debt below 40% of shareholders' equity Debt is 43% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 67% to 43% over five years.
  • A year's operating cash flow covers at least 20% of debt $284m of operating cash flow against $794m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Forestar Group Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.3%
year over year
Sales & admin spending
9.0%
of revenue

Competitors: side by side with peers

Closest by revenue in real estate development
Last 12 months unless stated FOR JOE SEG FPH MRNO TRC Median
Revenue, last 12 months $1.7bn $543m $122m $118m $60m $57m $53m
Revenue growth, last 12 months 11.8% 11.1% 3.1% −39.1% 48.4% 25.4% 11.4%
Revenue growth, 3-year average 10.8% 14.2% — 2.4% — 8.1% 10.8%
Revenue growth, latest quarter 4.2% −3.0% −13.8% 8.4% — 71.7% 0.6%
Gross margin 21.4% 46.1% — — — 32.9% 32.9%
Operating margin 19.6% 32.0% −101.2% — — −0.9% −0.9%
Operating margin, 3-year average 35.7% 27.3% −292.3% — — −8.1% −26.1%
Net margin 9.9% 22.3% −102.5% 24.9% −24.8% 10.6% 6.3%
Cash from operations / revenue 16.5% 34.7% −33.1% 5.4% 8.1% 21.9% 2.2%
Free-cash-flow margin 16.4% 33.9% −69.6% 5.1% −17.1% 69.8% −4.5%
Free-cash-flow margin, 3-year average −3.0% 30.1% −78.6% 41.1% — −25.3% −17.7%
Stock pay / revenue 0.4% 0.2% — 6.9% — 2.5% 4.1%
Change in share count 0.3% −1.5% — — 3.1% 0.7% 0.7%

Median of all 12 companies we cover in real estate development. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 real estate development companies
Measure Company Peer median Rank
Revenue growth Growth 11.8% 11.8% 6 of 12
Change in growth rate Growth -4.4pp -8.6pp 5 of 12
Net margin Profitability 9.9% 9.9% 6 of 12
Free-cash-flow margin Cash generation 16.4% -4.5% 3 of 11
Stock pay as % of revenue Cash generation 0.4% 4.1% 2 of 9
Long-term debt as % of assets Balance sheet 24.6% 24.1% 7 of 10
Change in share count Balance sheet 0.3% 0.7% 3 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$593M
Institutions reporting
184
Shares held vs prior quarter
▲ 0.5%
Positions opened / closed
33 / 15

Top buyers and sellers, Q2 2026: 95 institutions bought and 64 sold ; the biggest buyer was Algert Global LLC (+148K shares) and the biggest seller First Eagle Investment Management, LLC (−340K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dimensional Fund Advisors LP $90.6M 2.9M 15.3% ▲ 2.0%
Vanguard Portfolio Management LLC $56.8M 1.8M 9.6% ▼ 1.0%
Blackrock, Inc. $56.2M 1.8M 9.5% ▲ 8.5%
American Century Companies Inc $30M 947K 5.1% ▲ 17.0%
Vanguard Capital Management LLC $28M 884K 4.7% ▲ 0.4%
Ameriprise Financial Inc $18M 568K 3.0% ▲ 12.5%
Geode Capital Management, LLC $17.4M 549K 2.9% ▲ 6.3%
Goldman Sachs Group Inc $17.4M 549K 2.9% ▼ 2.4%
State Street Corp $15M 475K 2.5% ▲ 5.4%
Heartland Advisors Inc $15M 475K 2.5% ▼ 6.0%
Royal Bank Of Canada $14.9M 469K 2.5% ▼ 8.4%
Swedbank AB $14.2M 450K 2.4% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Forestar Group Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $157,310 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $157,310 net selling
Insider Date Trade Shares Price Value
Jamieson Lisa H. Director August 18, 2026 Sell 3,000 $29.25 $87,750
Parmer Elizabeth Director June 2, 2026 Sell 2,535 $27.44 $69,560

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Forestar Group Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Thomas MacArthur(NJ):Sale (full), $1,001 - $15,000, traded February 1, 2016, filed March 3, 2016
  • Thomas MacArthur(NJ):Purchase, $1,001 - $15,000, traded January 19, 2016, filed February 6, 2016
  • Thomas MacArthur(NJ):Sale (full), $1,001 - $15,000, traded December 16, 2015, filed January 6, 2016

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 21, 2026
  • April 21, 2026
  • January 20, 2026
  • October 28, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Forestar Group Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Forestar Group Inc. in brief

What does Forestar Group Inc. do?
Forestar Group Inc. is a US-listed company in the real estate development industry. Its financial year ends in September.
What is Forestar Group Inc.'s stock ticker?
Forestar Group Inc. trades under the ticker FOR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Forestar Group Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Forestar Group Inc. reported revenue of $1.7B, 11.8% higher than a year earlier, according to its SEC filings.
What is Forestar Group Inc.'s free cash flow?
Forestar Group Inc.'s free-cash-flow margin is 16.4% of revenue over the trailing twelve months, ranking 3 of the 11 real estate development companies we cover.
Who are Forestar Group Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dimensional Fund Advisors LP, Vanguard Portfolio Management LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Forestar Group Inc.'s market cap?
On November 2, 2026, Forestar Group Inc.'s market capitalisation was about $1.3B, with a price-to-earnings ratio of 7.4 and net debt of $399M. Market figures come from third-party market data and may be delayed.
How much debt does Forestar Group Inc. have?
Forestar Group Inc.'s debt-to-equity ratio is 42.8%, from its latest balance sheet (66.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Forestar Group Inc.'s competitors?
In our Real Estate Development peer group, the companies closest to Forestar Group Inc. are ST JOE Co, Seaport Entertainment Group Inc., Five Point Holdings, LLC, Murano Global Investments plc and Tejon Ranch Co. The side-by-side comparison below sets their revenue, margins and growth against Forestar Group Inc.'s.
Are insiders buying or selling Forestar Group Inc. stock?
Over the last 12 months, Forestar Group Inc.'s directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Forestar Group Inc.'s next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Forestar Group Inc. announces its own schedule.