Forestar Group (FOR) Financials

$27.50 +0.09 (+0.31%)

As of 03:13 PM Eastern

Annual Income Statements for Forestar Group

This table shows Forestar Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2013	2014	2015	2016	2017	2019	2020	2021	2022	2023	2024
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	29	17	-213	59	50	33	61	110	179	167	203
Consolidated Net Income / (Loss)	35	17	-212	60	52	36	62	111	179	167	203
Net Income / (Loss) Continuing Operations	35	37	-26	77	6.30	36	62	111	179	167	203
Total Pre-Tax Income	42	58	8.89	92	52	46	78	147	236	222	270
Total Revenue	316	237	186	344	219	437	937	1,330	1,523	1,452	1,539
Net Interest Income / (Expense)	-20	-30	-34	-20	-8.50	5.50	4.90	1.20	1.00	14	20
Total Interest Income	0.00	0.00	0.00	0.00	0.00	5.50	4.90	1.20	1.00	14	20
Investment Securities Interest Income	-	-	-	-	-	5.50	4.90	1.20	1.00	14	20
Total Interest Expense	20	30	34	20	8.50	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	336	268	220	364	228	431	932	1,328	1,522	1,439	1,519
Net Realized & Unrealized Capital Gains on Investments	5.16	30	1.59	167	113	3.00	0.10	2.50	3.20	1.60	9.50
Other Non-Interest Income	320	229	212	195	114	428	932	1,326	1,519	1,437	1,509
Total Non-Interest Expense	290	197	196	260	189	392	859	1,183	1,289	1,231	1,269
Other Operating Expenses	209	160	135	224	188	392	859	1,165	1,289	1,231	1,269
Nonoperating Income / (Expense), net	16	17	19	7.84	21	0.50	0.70	0.20	1.20	-	0.00
Income Tax Expense	7.21	21	35	15	46	9.40	16	36	57	55	67
Basic Earnings per Share	$0.81	$0.38	($6.22)	$1.40	$1.19	$0.79	$1.26	$2.25	$3.59	$3.34	$4.03
Weighted Average Basic Shares Outstanding	35.37M	35.32M	34.27M	34.55M	42.14M	41.97M	48.04M	48.90M	49.82M	49.99M	50.43M
Diluted Earnings per Share	$0.80	$0.38	($6.22)	$1.38	$1.19	$0.79	$1.26	$2.25	$3.59	$3.33	$4.00
Weighted Average Diluted Shares Outstanding	36.81M	43.60M	34.27M	42.33M	42.38M	42.01M	48.09M	48.98M	49.85M	50.12M	50.79M
Weighted Average Basic & Diluted Shares Outstanding	34.91M	33.62M	33.91M	41.90M	42.20M	48.01M	48.07M	49.59M	49.77M	49.91M	50.67M

This table shows Forestar Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	21	27	47	72	38	45	39	82	17	32	33
Consolidated Net Income / (Loss)	21	27	47	72	38	45	39	82	17	32	33
Net Income / (Loss) Continuing Operations	21	27	47	72	38	45	39	82	17	32	33
Total Pre-Tax Income	28	36	62	95	51	59	52	108	22	41	44
Total Revenue	220	304	373	556	312	339	328	560	253	352	392
Net Interest Income / (Expense)	1.70	2.00	3.80	6.10	6.30	5.00	4.40	4.10	2.30	1.00	1.30
Total Interest Income	1.70	2.00	3.80	6.10	6.30	5.00	4.40	4.10	2.30	1.00	1.30
Investment Securities Interest Income	1.70	2.00	3.80	6.10	6.30	5.00	4.40	4.10	2.30	1.00	1.30
Total Interest Expense	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00
Total Non-Interest Income	218	302	369	550	306	334	323	556	250	351	391
Net Realized & Unrealized Capital Gains on Investments	1.60	0.00	0.00	-	-	0.00	5.00	4.50	-	-	0.00
Other Non-Interest Income	217	302	369	550	306	334	318	551	250	351	391
Total Non-Interest Expense	192	268	310	461	261	280	276	452	231	311	348
Other Operating Expenses	192	268	310	461	261	280	276	452	231	310	348
Other Special Charges	-	-	-	-	-	-	0.00	-	-	1.10	0.00
Nonoperating Income / (Expense), net	-	-	-	-	0.00	0.00	0.00	-	0.60	0.00	0.00
Income Tax Expense	7.10	9.00	16	23	13	14	13	27	5.40	9.10	11
Basic Earnings per Share	$0.42	$0.54	$0.94	$1.44	$0.76	$0.90	$0.76	$1.61	$0.32	$0.62	$0.65
Weighted Average Basic Shares Outstanding	49.89M	49.94M	50.06M	49.99M	50.07M	50.15M	50.76M	50.43M	50.82M	50.80M	50.93M
Diluted Earnings per Share	$0.42	$0.54	$0.93	$1.44	$0.76	$0.89	$0.76	$1.59	$0.32	$0.62	$0.65
Weighted Average Diluted Shares Outstanding	49.90M	50.01M	50.18M	50.12M	50.46M	50.63M	51.06M	50.79M	51.09M	51.05M	51.01M
Weighted Average Basic & Diluted Shares Outstanding	49.77M	49.90M	49.90M	49.91M	49.91M	50.60M	50.65M	50.67M	50.68M	50.82M	50.83M

This table details how cash moves in and out of Forestar Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2013	2014	2015	2016	2017	2019	2020	2021	2022	2023	2024
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	182	-22	-74	170	97	48	12	-241	111	351	-135
Net Cash From Operating Activities	89	107	35	67	-15	-391	-168	-303	109	364	-158
Net Cash From Continuing Operating Activities	89	107	35	67	-22	-391	-168	-303	109	364	-158
Net Income / (Loss) Continuing Operations	35	17	-212	60	52	36	62	111	179	167	203
Consolidated Net Income / (Loss)	35	17	-212	60	52	36	62	111	179	167	203
Depreciation Expense	30	42	45	11	5.50	6.70	4.90	2.70	2.70	3.00	3.00
Non-Cash Adjustments to Reconcile Net Income	33	51	217	-0.95	-53	4.10	2.20	21	11	27	-0.10
Changes in Operating Assets and Liabilities, net	-9.18	-3.15	-14	-3.53	-20	-438	-237	-437	-84	168	-365
Net Cash From Investing Activities	-104	-130	-60	421	135	-0.80	5.00	1.00	1.30	0.30	7.30
Net Cash From Continuing Investing Activities	-104	-130	-60	421	135	-0.80	5.00	1.00	1.30	0.30	7.30
Purchase of Property, Leasehold Improvements and Equipment	-96	-102	-50	-0.58	-2.40	-0.90	-0.60	-1.60	-3.50	-1.30	-2.20
Sale and/or Maturity of Investments	4.83	24	30	434	142	0.10	5.60	2.60	4.80	1.60	9.50
Net Cash From Financing Activities	197	0.47	-48	-318	-23	440	175	61	1.20	-13	16
Net Cash From Continuing Financing Activities	197	0.47	-48	-318	-23	440	175	61	1.20	-13	16
Issuance of Common Equity	145	-	0.00	-	0.00	101	0.00	33	1.70	0.00	20
Repayment of Debt	-106	-225	-58	-315	-10	-85	-119	-422	0.00	-13	0.00
Other Financing Activities, Net	-6.53	-14	-1.73	-2.68	-16	-11	-6.20	-8.00	-0.50	-0.70	-3.40
Cash Income Taxes Paid	4.96	18	-4.08	10	-2.70	-1.70	-3.10	4.30	42	45	46

This table details how cash moves in and out of Forestar Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-48	70	114	215	-157	-43	-57	122	-349	42	15
Net Cash From Operating Activities	-50	71	115	228	-157	-59	-62	119	-450	-20	16
Net Cash From Continuing Operating Activities	-50	71	115	228	-157	-59	-63	120	-450	-20	16
Net Income / (Loss) Continuing Operations	21	27	47	72	38	45	39	82	17	32	33
Consolidated Net Income / (Loss)	21	27	47	72	38	45	39	82	17	32	33
Depreciation Expense	0.70	0.80	0.80	0.70	0.80	0.60	0.90	0.70	0.80	1.00	0.80
Non-Cash Adjustments to Reconcile Net Income	1.40	22	1.80	1.30	1.10	2.30	-4.30	0.80	3.10	3.70	3.40
Changes in Operating Assets and Liabilities, net	-73	21	66	154	-197	-107	-98	37	-470	-56	-21
Net Cash From Investing Activities	1.50	-0.20	-0.50	-0.50	-0.20	-0.60	4.50	3.60	0.90	-0.70	-0.80
Net Cash From Continuing Investing Activities	1.50	-0.20	-0.50	-0.50	-0.20	-0.60	4.50	3.60	0.90	-0.70	-0.80
Purchase of Property, Leasehold Improvements and Equipment	-0.10	-0.20	-0.50	-0.50	-0.20	-0.60	-0.60	-0.80	0.00	-0.70	-0.80
Net Cash From Financing Activities	-0.10	-0.60	-0.10	-12	-0.20	17	0.20	-0.80	100	63	-0.10
Net Cash From Continuing Financing Activities	-0.10	-0.60	-0.10	-12	-0.20	17	0.20	-0.80	100	63	-0.10
Issuance of Debt	-	-	-	-	0.00	-	-	-	100	645	35
Repayment of Debt	-	-	-	-	-	-	-	-	-	-	-35
Other Financing Activities, Net	-0.10	-0.60	-0.10	0.10	-0.20	-2.60	0.20	-0.80	-0.10	-7.80	-0.10

This table presents Forestar Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	1,258	972	733	762	893	1,456	1,740	2,102	2,343	2,471	2,840
Cash and Due from Banks	170	96	266	323	319	383	394	154	265	616	481
Trading Account Securities	65	82	78	65	12	7.30	3.60	0.90	0.50	0.50	0.30
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	851	597	296	132	500	1,031	1,311	1,908	2,028	1,796	2,273
Other Assets	106	152	56	201	47	34	31	39	50	58	85
Total Liabilities & Shareholders' Equity	1,258	972	733	762	893	1,456	1,740	2,102	2,343	2,471	2,840
Total Liabilities	548	468	171	156	219	647	868	1,086	1,144	1,101	1,245
Short-Term Debt	-	-	-	-	-	-	-	47	72	68	86
Other Short-Term Payables	-	17	8.93	11	58	96	79	57	70	61	68
Long-Term Debt	433	382	110	108	112	461	641	705	706	695	706
Other Long-Term Liabilities	102	56	40	23	-	90	148	277	295	276	384
Commitments & Contingencies	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	710	504	562	606	675	809	872	1,016	1,199	1,370	1,595
Total Preferred & Common Equity	707	502	561	604	673	808	871	1,015	1,198	1,369	1,594
Total Common Equity	707	502	561	604	673	808	871	1,015	1,198	1,369	1,594
Common Stock	596	599	598	548	548	650	652	686	690	694	716
Retained Earnings	167	-46	13	56	125	158	219	329	508	675	878
Noncontrolling Interest	2.54	2.52	1.47	1.42	1.20	0.60	0.90	1.00	1.00	1.00	1.00

This table presents Forestar Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	2,268	2,341	2,336	2,375	2,534	2,599	2,675	2,961	3,043	3,120
Cash and Due from Banks	146	216	287	401	459	416	359	132	174	189
Trading Account Securities	0.40	0.50	0.50	0.50	0.50	0.50	0.30	0.00	0.00	0.00
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	2,060	2,073	1,994	1,915	2,016	2,122	2,245	2,744	2,767	2,831
Other Assets	61	51	56	59	59	60	70	85	102	100
Total Liabilities & Shareholders' Equity	2,268	2,341	2,336	2,375	2,534	2,599	2,675	2,961	3,043	3,120
Total Liabilities	1,120	1,121	1,088	1,079	1,125	1,126	1,162	1,347	1,397	1,440
Short-Term Debt	64	73	68	69	65	62	71	79	70	67
Other Short-Term Payables	68	61	48	54	63	56	56	56	44	64
Long-Term Debt	706	706	707	707	705	706	706	807	873	873
Other Long-Term Liabilities	283	281	265	249	291	303	329	405	410	437
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,148	1,221	1,249	1,297	1,409	1,473	1,513	1,614	1,646	1,680
Total Preferred & Common Equity	1,147	1,220	1,248	1,296	1,408	1,472	1,512	1,613	1,645	1,679
Total Common Equity	1,147	1,220	1,248	1,296	1,408	1,472	1,512	1,613	1,645	1,679
Common Stock	690	691	692	693	695	714	715	718	719	720
Retained Earnings	457	529	556	602	713	758	797	895	926	959
Noncontrolling Interest	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

This table displays calculated financial ratios and metrics derived from Forestar Group's official financial filings.

Metric	2013	2014	2015	2016	2017	2019	2020	2021	2022	2023	2024
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	76.44%	-24.92%	-21.61%	84.89%	-36.29%	0.00%	114.47%	41.92%	14.58%	-4.67%	5.96%
EBITDA Growth	111.59%	44.98%	-57.36%	174.45%	-62.27%	0.00%	58.57%	81.17%	59.15%	-5.35%	21.59%
EBIT Growth	240.59%	51.56%	-125.14%	934.70%	-63.67%	0.00%	71.24%	89.15%	60.25%	-5.54%	21.89%
NOPAT Growth	309.20%	16.52%	16.36%	135.92%	-94.73%	0.00%	70.31%	80.47%	61.21%	-6.18%	21.87%
Net Income Growth	96.13%	-51.26%	-1,342.81%	128.34%	-13.09%	0.00%	69.97%	79.09%	61.81%	-6.66%	21.87%
EPS Growth	122.22%	-52.50%	-1,736.84%	122.19%	-13.77%	0.00%	59.49%	78.57%	59.56%	-7.24%	20.12%
Operating Cash Flow Growth	499.57%	20.62%	-67.20%	91.17%	-122.79%	0.00%	56.95%	-79.99%	135.86%	234.96%	-143.50%
Free Cash Flow Firm Growth	-149.54%	80.28%	751.68%	-1.08%	-113.35%	0.00%	0.00%	20.73%	77.99%	134.89%	-556.76%
Invested Capital Growth	29.63%	6.50%	-22.48%	-24.07%	6.18%	0.00%	19.18%	16.85%	11.86%	7.88%	11.91%
Revenue Q/Q Growth	2.46%	-28.36%	79.97%	70.30%	-42.38%	0.00%	12.98%	5.85%	-2.52%	13.59%	0.26%
EBITDA Q/Q Growth	31.84%	-8.09%	79.52%	20.09%	-65.07%	0.00%	17.74%	22.21%	3.17%	14.88%	5.00%
EBIT Q/Q Growth	74.56%	-22.27%	66.15%	36.94%	-68.66%	0.00%	21.32%	22.82%	3.17%	15.12%	5.06%
NOPAT Q/Q Growth	74.77%	-25.38%	242.73%	18.21%	-94.05%	0.00%	19.23%	22.14%	3.68%	14.87%	4.68%
Net Income Q/Q Growth	8.13%	-61.96%	2.93%	459.91%	-53.26%	0.00%	23.40%	21.70%	3.89%	14.87%	4.68%
EPS Q/Q Growth	8.11%	-61.62%	-1.80%	7,000.00%	-54.41%	0.00%	17.76%	20.32%	4.06%	14.43%	3.90%
Operating Cash Flow Q/Q Growth	110.30%	33.72%	-36.89%	-16.04%	-139.91%	0.00%	-14.71%	0.07%	298.17%	42.73%	-218.71%
Free Cash Flow Firm Q/Q Growth	-112.94%	80.44%	36.49%	-24.12%	30.89%	0.00%	0.00%	-49.55%	55.34%	214.43%	-117.60%
Invested Capital Q/Q Growth	17.21%	-2.74%	-6.15%	6.82%	-4.38%	0.00%	1.71%	5.57%	3.14%	2.94%	4.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	17.89%	34.54%	18.79%	27.89%	16.51%	11.88%	8.79%	11.21%	15.58%	15.47%	17.75%
EBIT Margin	8.40%	16.97%	-5.44%	24.56%	14.01%	10.35%	8.26%	11.01%	15.40%	15.26%	17.55%
Profit (Net Income) Margin	11.09%	7.20%	-114.12%	17.49%	23.86%	8.31%	6.59%	8.31%	11.74%	11.49%	13.22%
Tax Burden Percent	82.95%	29.69%	-2,388.88%	65.17%	100.38%	79.43%	79.00%	75.38%	75.83%	75.32%	75.31%
Interest Burden Percent	159.07%	142.89%	-87.81%	109.28%	169.71%	101.11%	100.90%	100.14%	100.51%	100.00%	100.00%
Effective Tax Rate	17.05%	36.23%	395.17%	16.57%	87.91%	20.57%	21.00%	24.62%	24.17%	24.68%	24.69%
Return on Invested Capital (ROIC)	2.32%	2.32%	2.95%	9.05%	0.54%	2.83%	4.40%	6.73%	9.50%	8.12%	9.00%
ROIC Less NNEP Spread (ROIC-NNEP)	6.32%	0.14%	-56.56%	4.85%	44.95%	2.91%	4.50%	6.75%	9.62%	8.12%	9.00%
Return on Net Nonoperating Assets (RNNOA)	3.29%	0.08%	-37.94%	2.24%	8.42%	1.66%	2.95%	4.98%	6.64%	4.87%	4.72%
Return on Equity (ROE)	5.61%	2.40%	-34.99%	11.29%	8.96%	4.49%	7.34%	11.71%	16.14%	12.99%	13.72%
Cash Return on Invested Capital (CROIC)	-23.48%	-3.97%	28.28%	36.41%	-5.46%	0.00%	-13.11%	-8.81%	-1.70%	0.54%	-2.24%
Operating Return on Assets (OROA)	2.54%	3.31%	-0.91%	9.91%	4.11%	3.85%	4.84%	7.62%	10.56%	9.21%	10.17%
Return on Assets (ROA)	3.35%	1.41%	-19.04%	7.06%	7.00%	3.09%	3.86%	5.75%	8.05%	6.93%	7.66%
Return on Common Equity (ROCE)	5.57%	2.38%	-34.85%	11.25%	8.94%	4.48%	7.34%	11.70%	16.13%	12.98%	13.71%
Return on Equity Simple (ROE_SIMPLE)	4.94%	2.42%	-42.34%	10.73%	8.66%	4.49%	7.08%	10.89%	14.92%	12.19%	12.76%
Net Operating Profit after Tax (NOPAT)	22	26	30	71	3.71	36	61	110	178	167	203
NOPAT Margin	6.97%	10.82%	16.06%	20.49%	1.69%	8.22%	6.53%	8.30%	11.68%	11.49%	13.22%
Net Nonoperating Expense Percent (NNEP)	-4.00%	2.18%	59.50%	4.20%	-44.42%	-0.09%	-0.10%	-0.02%	-0.12%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	91.60%	83.03%	105.44%	75.44%	85.99%	89.65%	91.74%	88.99%	84.60%	84.74%	82.45%
Earnings before Interest and Taxes (EBIT)	27	40	-10	85	31	45	77	146	235	222	270
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	57	82	35	96	36	52	82	149	237	225	273
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.04	0.76	0.73	0.80	1.53	0.95	0.98	0.91	0.46	0.98	1.03
Price to Tangible Book Value (P/TBV)	1.15	0.84	0.80	0.86	1.53	0.95	0.98	0.91	0.46	0.98	1.03
Price to Revenue (P/Rev)	2.34	2.27	1.98	1.30	4.21	1.76	0.91	0.69	0.37	0.93	1.07
Price to Earnings (P/E)	25.21	32.46	0.00	7.65	18.34	23.24	13.99	8.37	3.11	8.06	8.06
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.97%	3.08%	0.00%	13.08%	5.45%	4.30%	7.15%	11.94%	32.11%	12.41%	12.41%
Enterprise Value to Invested Capital (EV/IC)	0.85	0.70	0.74	0.44	0.94	0.67	0.73	0.86	0.54	0.70	0.82
Enterprise Value to Revenue (EV/Rev)	2.88	3.38	3.52	0.86	3.05	1.94	1.17	1.14	0.70	1.03	1.27
Enterprise Value to EBITDA (EV/EBITDA)	16.09	9.80	18.75	3.07	18.49	16.29	13.35	10.21	4.51	6.65	7.15
Enterprise Value to EBIT (EV/EBIT)	34.24	19.95	0.00	3.48	21.80	18.70	14.19	10.40	4.57	6.74	7.23
Enterprise Value to NOPAT (EV/NOPAT)	41.27	31.29	21.93	4.17	180.28	23.54	17.96	13.79	6.02	8.94	9.60
Enterprise Value to Operating Cash Flow (EV/OCF)	10.25	7.50	18.66	4.38	0.00	0.00	0.00	0.00	9.85	4.10	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	2.29	1.04	0.00	0.00	0.00	0.00	0.00	134.49	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.61	0.76	0.20	0.18	0.57	0.74	0.74	0.65	0.56	0.50
Long-Term Debt to Equity	0.50	0.61	0.76	0.20	0.18	0.57	0.74	0.69	0.59	0.51	0.44
Financial Leverage	0.52	0.55	0.67	0.46	0.19	0.57	0.66	0.74	0.69	0.60	0.52
Leverage Ratio	1.67	1.71	1.84	1.60	1.28	1.58	1.90	2.04	2.01	1.87	1.79
Compound Leverage Factor	2.66	2.44	-1.61	1.75	2.17	1.60	1.92	2.04	2.02	1.87	1.79
Debt to Total Capital	33.32%	37.88%	43.08%	16.41%	15.18%	36.28%	42.38%	42.53%	39.35%	35.78%	33.19%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.68%	3.65%	3.21%	3.60%
Long-Term Debt to Total Capital	33.32%	37.88%	43.08%	16.41%	15.18%	36.28%	42.38%	39.85%	35.70%	32.58%	29.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.52%	0.22%	0.28%	0.22%	0.20%	0.05%	0.06%	0.06%	0.05%	0.05%	0.04%
Common Equity to Total Capital	66.17%	61.90%	56.64%	83.37%	84.62%	63.68%	57.56%	57.41%	60.60%	64.17%	66.77%
Debt to EBITDA	6.32	5.28	10.91	1.15	3.00	8.87	7.79	5.04	3.28	3.40	2.90
Net Debt to EBITDA	2.92	3.20	8.15	-1.62	-7.04	1.50	3.00	4.01	2.16	0.66	1.14
Long-Term Debt to EBITDA	6.32	5.28	10.91	1.15	3.00	8.87	7.79	4.73	2.98	3.09	2.59
Debt to NOPAT	16.22	16.85	12.77	1.57	29.21	12.83	10.48	6.81	4.37	4.57	3.90
Net Debt to NOPAT	7.49	10.23	9.54	-2.21	-68.64	2.16	4.04	5.42	2.89	0.88	1.53
Long-Term Debt to NOPAT	16.22	16.85	12.77	1.57	29.21	12.83	10.48	6.38	3.97	4.16	3.47
Noncontrolling Interest Sharing Ratio	0.77%	0.57%	0.42%	0.37%	0.25%	0.12%	0.09%	0.10%	0.09%	0.08%	0.07%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-223	-44	287	284	-38	0.00	-182	-145	-32	11	-51
Operating Cash Flow to CapEx	92.41%	104.73%	70.65%	11,597.41%	-637.50%	-43,466.67%	-28,066.67%	-18,943.75%	3,105.71%	28,007.69%	-7,200.00%
Free Cash Flow to Firm to Interest Expense	-11.16	-1.45	8.42	14.19	-4.46	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	4.44	3.54	1.03	3.36	-1.80	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-0.36	0.16	-0.43	3.33	-2.08	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.20	0.17	0.40	0.29	0.37	0.59	0.69	0.69	0.60	0.58
Fixed Asset Turnover	0.44	0.30	0.26	0.77	1.02	0.57	0.80	0.83	0.77	0.76	0.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,073	1,142	886	672	714	1,269	1,513	1,768	1,978	2,133	2,387
Invested Capital Turnover	0.33	0.21	0.18	0.44	0.32	0.34	0.67	0.81	0.81	0.71	0.68
Increase / (Decrease) in Invested Capital	245	70	-257	-213	42	0.00	244	255	210	156	254
Enterprise Value (EV)	910	804	655	294	669	845	1,098	1,522	1,071	1,493	1,952
Market Capitalization	739	538	368	449	923	767	851	923	557	1,344	1,640
Book Value per Share	$20.43	$20.23	$14.92	$16.63	$14.41	$19.26	$18.12	$20.49	$24.08	$27.43	$31.47
Tangible Book Value per Share	$18.51	$18.34	$13.63	$15.50	$14.40	$19.26	$18.12	$20.49	$24.08	$27.43	$31.47
Total Capital	1,073	1,142	886	672	714	1,269	1,513	1,768	1,978	2,133	2,387
Total Debt	357	433	382	110	108	461	641	752	778	763	792
Total Long-Term Debt	357	433	382	110	108	461	641	705	706	695	706
Net Debt	165	263	285	-156	-255	78	247	598	513	147	311
Capital Expenditures (CapEx)	96	102	50	0.58	2.40	0.90	0.60	1.60	3.50	1.30	2.20
Net Nonoperating Expense (NNE)	-13	8.59	242	10	-49	-0.40	-0.55	-0.15	-0.91	0.00	0.00
Net Nonoperating Obligations (NNO)	357	433	382	110	108	461	641	752	778	763	792
Total Depreciation and Amortization (D&A)	30	42	45	11	5.50	6.70	4.90	2.70	2.70	3.00	3.00
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.81	$0.38	($6.22)	$1.40	$1.19	$0.79	$1.26	$2.25	$3.59	$3.34	$4.03
Adjusted Weighted Average Basic Shares Outstanding	35.37M	35.32M	34.27M	34.55M	42.14M	41.97M	48.04M	48.90M	49.82M	49.99M	50.43M
Adjusted Diluted Earnings per Share	$0.80	$0.38	($6.22)	$1.38	$1.19	$0.79	$1.26	$2.25	$3.59	$3.33	$4.00
Adjusted Weighted Average Diluted Shares Outstanding	36.81M	43.60M	34.27M	42.33M	42.38M	42.01M	48.09M	48.98M	49.85M	50.12M	50.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.79	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.91M	33.62M	33.91M	41.69M	41.94M	48.01M	48.07M	49.59M	49.77M	49.91M	50.67M
Normalized Net Operating Profit after Tax (NOPAT)	22	26	-7.09	100	22	36	61	124	178	167	203
Normalized NOPAT Margin	6.97%	10.82%	-3.81%	29.19%	10.00%	8.22%	6.53%	9.33%	11.68%	11.49%	13.22%
Pre Tax Income Margin	13.37%	24.24%	4.78%	26.84%	23.77%	10.46%	8.34%	11.03%	15.48%	15.26%	17.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.33	1.33	-0.30	4.23	3.61	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1.10	0.85	0.88	3.53	0.44	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-3.47	-2.05	-1.76	4.20	3.33	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-3.70	-2.53	-0.58	3.50	0.15	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	143.93%	0.00%	5.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Forestar Group's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-46.09%	-28.01%	19.69%	45.45%	41.91%	11.63%	-12.05%	0.72%	-19.06%	3.90%	19.52%
EBITDA Growth	-46.24%	-42.39%	18.35%	43.43%	81.82%	62.13%	-16.93%	13.53%	-57.50%	-29.92%	-15.43%
EBIT Growth	-46.76%	-43.20%	18.41%	43.89%	83.51%	64.07%	-17.31%	13.63%	-58.40%	-30.90%	-15.50%
NOPAT Growth	-47.56%	-43.72%	17.88%	42.73%	83.65%	67.29%	-17.31%	12.57%	-57.99%	-29.78%	-14.99%
Net Income Growth	-48.64%	-43.72%	17.88%	42.52%	83.65%	67.29%	-17.31%	12.57%	-56.81%	-29.78%	-14.99%
EPS Growth	-48.15%	-43.75%	16.25%	41.18%	80.95%	64.81%	-18.28%	10.42%	-57.89%	-30.34%	-14.47%
Operating Cash Flow Growth	-958.62%	0.42%	232.37%	91.67%	-214.66%	-183.26%	-153.70%	-47.70%	-187.17%	66.55%	125.61%
Free Cash Flow Firm Growth	-23.07%	42.14%	46.73%	47.54%	34.60%	-34.27%	-65.34%	-106.95%	-115.33%	-84.01%	-66.29%
Invested Capital Growth	13.42%	8.30%	8.08%	7.88%	8.97%	10.73%	10.50%	11.91%	14.69%	15.54%	14.43%
Revenue Q/Q Growth	-42.44%	37.95%	22.80%	49.15%	-43.84%	8.52%	-3.25%	70.81%	-54.87%	39.30%	11.31%
EBITDA Q/Q Growth	-57.31%	28.32%	72.21%	52.06%	-45.89%	14.42%	-11.76%	107.81%	-79.74%	88.69%	6.47%
EBIT Q/Q Growth	-57.92%	28.67%	73.82%	52.88%	-46.33%	15.04%	-12.39%	110.08%	-80.35%	91.08%	7.13%
NOPAT Q/Q Growth	-58.99%	29.33%	73.98%	54.70%	-47.24%	17.80%	-14.00%	110.59%	-80.31%	96.91%	4.11%
Net Income Q/Q Growth	-59.06%	29.33%	73.98%	54.70%	-47.24%	17.80%	-14.00%	110.59%	-79.75%	91.52%	4.11%
EPS Q/Q Growth	-58.82%	28.57%	72.22%	54.84%	-47.22%	17.11%	-14.61%	109.21%	-79.87%	93.75%	4.84%
Operating Cash Flow Q/Q Growth	-141.88%	242.77%	61.60%	98.35%	-168.76%	62.22%	-4.22%	293.19%	-477.52%	95.60%	179.80%
Free Cash Flow Firm Q/Q Growth	-35.81%	40.67%	15.53%	22.92%	-69.30%	-21.81%	-4.01%	3.52%	-76.16%	-4.09%	6.00%
Invested Capital Q/Q Growth	1.14%	1.17%	2.42%	2.94%	2.16%	2.79%	2.21%	4.26%	4.70%	3.56%	1.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	13.00%	12.09%	16.96%	17.29%	16.66%	17.56%	16.02%	19.49%	8.75%	11.85%	11.33%
EBIT Margin	12.68%	11.83%	16.74%	17.16%	16.40%	17.38%	15.74%	19.36%	8.43%	11.56%	11.13%
Profit (Net Income) Margin	9.45%	8.86%	12.56%	13.02%	12.24%	13.28%	11.81%	14.56%	6.53%	8.98%	8.40%
Tax Burden Percent	74.55%	74.93%	75.00%	75.89%	74.61%	76.40%	75.00%	75.18%	75.34%	77.64%	75.46%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	102.82%	100.00%	100.00%
Effective Tax Rate	25.45%	25.07%	25.00%	24.11%	25.39%	23.60%	25.00%	24.82%	24.66%	22.36%	24.54%
Return on Invested Capital (ROIC)	6.71%	5.54%	8.05%	9.20%	9.04%	9.84%	8.31%	9.91%	4.02%	5.55%	5.32%
ROIC Less NNEP Spread (ROIC-NNEP)	6.71%	5.54%	8.05%	9.20%	9.04%	9.84%	8.31%	9.91%	4.07%	5.55%	5.32%
Return on Net Nonoperating Assets (RNNOA)	4.37%	3.61%	5.09%	5.52%	5.33%	5.58%	4.59%	5.20%	2.23%	3.04%	2.86%
Return on Equity (ROE)	11.08%	9.16%	13.13%	14.72%	14.37%	15.42%	12.90%	15.11%	6.25%	8.59%	8.19%
Cash Return on Invested Capital (CROIC)	-4.12%	-0.86%	-0.49%	0.54%	0.23%	-0.68%	-1.07%	-2.24%	-5.94%	-7.47%	-6.86%
Operating Return on Assets (OROA)	7.52%	6.30%	9.22%	10.35%	10.39%	11.13%	9.57%	11.22%	4.54%	6.12%	5.98%
Return on Assets (ROA)	5.61%	4.72%	6.91%	7.86%	7.75%	8.50%	7.18%	8.43%	3.52%	4.75%	4.51%
Return on Common Equity (ROCE)	11.07%	9.15%	13.12%	14.71%	14.36%	15.41%	12.89%	15.10%	6.24%	8.59%	8.18%
Return on Equity Simple (ROE_SIMPLE)	13.05%	11.08%	11.22%	0.00%	13.09%	13.75%	12.85%	0.00%	11.26%	10.23%	9.68%
Net Operating Profit after Tax (NOPAT)	21	27	47	72	38	45	39	82	16	32	33
NOPAT Margin	9.45%	8.86%	12.56%	13.02%	12.24%	13.28%	11.81%	14.56%	6.35%	8.98%	8.40%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.05%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	87.32%	88.17%	83.26%	82.84%	83.60%	82.62%	84.26%	80.64%	91.57%	88.44%	88.87%
Earnings before Interest and Taxes (EBIT)	28	36	62	95	51	59	52	108	21	41	44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	29	37	63	96	52	60	53	109	22	42	44
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.63	0.62	0.87	0.98	1.17	1.36	1.07	1.03	0.81	0.65	0.61
Price to Tangible Book Value (P/TBV)	0.63	0.62	0.87	0.98	1.17	1.36	1.07	1.03	0.81	0.65	0.61
Price to Revenue (P/Rev)	0.57	0.64	0.88	0.93	1.07	1.27	1.05	1.07	0.89	0.72	0.65
Price to Earnings (P/E)	4.82	5.60	7.74	8.06	8.95	9.91	8.33	8.06	7.23	6.37	6.26
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	20.74%	17.84%	12.91%	12.41%	11.17%	10.09%	12.00%	12.41%	13.83%	15.71%	15.99%
Enterprise Value to Invested Capital (EV/IC)	0.67	0.62	0.72	0.70	0.90	1.05	0.89	0.82	0.83	0.71	0.67
Enterprise Value to Revenue (EV/Rev)	1.00	1.04	1.17	1.03	1.27	1.49	1.33	1.27	1.40	1.23	1.14
Enterprise Value to EBITDA (EV/EBITDA)	6.26	6.80	7.68	6.65	7.92	8.71	7.83	7.15	8.50	8.17	8.14
Enterprise Value to EBIT (EV/EBIT)	6.33	6.91	7.80	6.74	8.02	8.80	7.93	7.23	8.61	8.29	8.26
Enterprise Value to NOPAT (EV/NOPAT)	8.37	9.14	10.33	8.94	10.65	11.65	10.49	9.60	11.41	10.97	10.91
Enterprise Value to Operating Cash Flow (EV/OCF)	25.06	23.66	5.88	4.10	7.63	18.58	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	134.49	400.62	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.64	0.62	0.60	0.56	0.55	0.52	0.51	0.50	0.55	0.57	0.56
Long-Term Debt to Equity	0.58	0.57	0.55	0.51	0.50	0.48	0.47	0.44	0.50	0.53	0.52
Financial Leverage	0.65	0.65	0.63	0.60	0.59	0.57	0.55	0.52	0.55	0.55	0.54
Leverage Ratio	1.98	1.94	1.90	1.87	1.85	1.81	1.80	1.79	1.82	1.81	1.81
Compound Leverage Factor	1.98	1.94	1.90	1.87	1.85	1.81	1.80	1.79	1.87	1.81	1.81
Debt to Total Capital	38.97%	38.28%	37.44%	35.78%	35.36%	34.25%	33.93%	33.19%	35.42%	36.41%	35.87%
Short-Term Debt to Total Capital	3.65%	3.35%	3.31%	3.21%	3.00%	2.75%	3.10%	3.60%	3.14%	2.70%	2.56%
Long-Term Debt to Total Capital	35.32%	34.93%	34.13%	32.58%	32.36%	31.50%	30.84%	29.59%	32.28%	33.71%	33.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.05%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Common Equity to Total Capital	60.98%	61.67%	62.52%	64.17%	64.60%	65.70%	66.02%	66.77%	64.54%	63.55%	64.09%
Debt to EBITDA	3.66	4.17	3.97	3.40	3.11	2.83	2.99	2.90	3.64	4.18	4.33
Net Debt to EBITDA	2.65	2.63	1.92	0.66	1.26	1.30	1.61	1.14	3.10	3.41	3.46
Long-Term Debt to EBITDA	3.32	3.81	3.62	3.09	2.84	2.61	2.71	2.59	3.32	3.87	4.02
Debt to NOPAT	4.90	5.60	5.34	4.57	4.18	3.79	4.00	3.90	4.89	5.62	5.80
Net Debt to NOPAT	3.54	3.53	2.58	0.88	1.69	1.74	2.15	1.53	4.16	4.58	4.63
Long-Term Debt to NOPAT	4.44	5.11	4.87	4.16	3.83	3.49	3.63	3.47	4.45	5.20	5.39
Noncontrolling Interest Sharing Ratio	0.09%	0.08%	0.08%	0.08%	0.08%	0.07%	0.07%	0.07%	0.07%	0.06%	0.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-216	-128	-108	-83	-141	-172	-179	-173	-304	-317	-298
Operating Cash Flow to CapEx	-49,800.00%	35,550.00%	22,980.00%	45,580.00%	-78,350.00%	-9,866.67%	-10,283.33%	14,900.00%	0.00%	-2,828.57%	1,975.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.53	0.55	0.60	0.63	0.64	0.61	0.58	0.54	0.53	0.54
Fixed Asset Turnover	0.66	0.61	0.64	0.76	0.76	0.77	0.74	0.76	0.62	0.61	0.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,000	2,023	2,072	2,133	2,179	2,240	2,290	2,387	2,500	2,588	2,620
Invested Capital Turnover	0.71	0.63	0.64	0.71	0.74	0.74	0.70	0.68	0.63	0.62	0.63
Increase / (Decrease) in Invested Capital	237	155	155	156	179	217	218	254	320	348	330
Enterprise Value (EV)	1,331	1,263	1,501	1,493	1,963	2,358	2,038	1,952	2,068	1,840	1,768
Market Capitalization	767	774	1,125	1,344	1,650	2,006	1,619	1,640	1,313	1,071	1,016
Book Value per Share	$24.51	$25.07	$25.96	$27.43	$28.12	$29.49	$29.88	$31.47	$31.84	$32.46	$33.04
Tangible Book Value per Share	$24.51	$25.07	$25.96	$27.43	$28.12	$29.49	$29.88	$31.47	$31.84	$32.46	$33.04
Total Capital	2,000	2,023	2,072	2,133	2,179	2,240	2,290	2,387	2,500	2,588	2,620
Total Debt	779	775	776	763	771	767	777	792	885	943	940
Total Long-Term Debt	706	707	707	695	705	706	706	706	807	873	873
Net Debt	563	488	375	147	312	351	418	311	753	768	751
Capital Expenditures (CapEx)	0.10	0.20	0.50	0.50	0.20	0.60	0.60	0.80	0.00	0.70	0.80
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.45	0.00	0.00
Net Nonoperating Obligations (NNO)	779	775	776	763	771	767	777	792	885	943	940
Total Depreciation and Amortization (D&A)	0.70	0.80	0.80	0.70	0.80	0.60	0.90	0.70	0.80	1.00	0.80
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.42	$0.54	$0.94	$1.44	$0.76	$0.90	$0.76	$1.61	$0.32	$0.62	$0.65
Adjusted Weighted Average Basic Shares Outstanding	49.89M	49.94M	50.06M	49.99M	50.07M	50.15M	50.76M	50.43M	50.82M	50.80M	50.93M
Adjusted Diluted Earnings per Share	$0.42	$0.54	$0.93	$1.44	$0.76	$0.89	$0.76	$1.59	$0.32	$0.62	$0.65
Adjusted Weighted Average Diluted Shares Outstanding	49.90M	50.01M	50.18M	50.12M	50.46M	50.63M	51.06M	50.79M	51.09M	51.05M	51.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	49.77M	49.90M	49.90M	49.91M	49.91M	50.60M	50.65M	50.67M	50.68M	50.82M	50.83M
Normalized Net Operating Profit after Tax (NOPAT)	21	27	47	72	38	45	39	82	16	32	33
Normalized NOPAT Margin	9.45%	8.86%	12.56%	13.02%	12.24%	13.28%	11.81%	14.56%	6.35%	9.22%	8.40%
Pre Tax Income Margin	12.68%	11.83%	16.74%	17.16%	16.40%	17.38%	15.74%	19.36%	8.67%	11.56%	11.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Forestar Group (NYSE: FOR) has shown a consistent financial performance over the past four years, with steady growth in net income, revenues, and equity. Here are the key trends and highlights derived from the analysis of quarterly statements from Q3 2022 through Q3 2025:

Net Income Growth: The company’s consolidated net income increased steadily from $20.8 million in Q1 2023 to $32.9 million in Q3 2025, indicating improved profitability over the last several years.
Revenue Expansion: Total revenue shows a robust upward trend, climbing from $220 million in Q1 2023 to $392 million in Q3 2025, driven primarily by strong non-interest income growth.
Strong Operating Cash Flow in Recent Quarters: Net cash from continuing operating activities turned positive in recent quarters, growing to $15.8 million in Q3 2025, after previous negative cash flow periods.
Increasing Total Assets and Equity: Total assets increased from approximately $2.34 billion in Q1 2023 to roughly $3.12 billion in Q3 2025; concurrently, shareholders’ equity rose from about $1.22 billion to $1.68 billion, enhancing the company’s financial stability.
Low Interest Expense: The interest expense remained at zero or negligible, bolstering net interest income and contributing positively to net income margins.
Stable Depreciation Expense: Depreciation expenses remained relatively stable around $0.7 to $1 million per quarter, suggesting steady capital asset usage.
Consistency in Share Count and EPS Growth: Weighted average shares outstanding stayed stable around 50.8 million, with basic and diluted EPS increasing from around $0.42 in early 2023 to $0.65 in Q3 2025, reflecting improved earnings power.
Modest Capital Expenditures: Capital expenditures on property and equipment were relatively low, ranging from $0.1 million to $0.8 million quarterly, signaling conservative investment in fixed assets.
Volatile Operating Capital Changes Causing Cash Flow Variability: Changes in operating assets and liabilities have caused significant fluctuations in operating cash flow, including a large negative $470 million change in Q1 2025, which may indicate working capital challenges.
High Long-Term Debt Levels: Long-term debt has increased over time from approximately $700 million in early 2023 to about $873 million by Q3 2025, increasing leverage which could pressure future cash flows if not managed well.

Summary: Forestar Group has demonstrated solid improvements in profitability and revenue generation, supported by strong non-interest income growth. The company’s balance sheet has grown stronger with increasing assets and equity, although leverage has risen due to higher long-term debt. Operating cash flows have improved recently after prior volatility, reflecting better operational efficiency. Potential investors should monitor working capital management and debt servicing capacity, but overall, the company shows positive financial health and earnings growth trends.

09/03/25 03:14 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Forestar Group's Financials

When does Forestar Group's financial year end?

According to the most recent income statement we have on file, Forestar Group's fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has Forestar Group's net income changed over the last 10 years?

Forestar Group's net income appears to be on an upward trend, with a most recent value of $203.40 million in 2024, rising from $35.06 million in 2013. The previous period was $166.90 million in 2023. See where experts think Forestar Group is headed by visiting Forestar Group's forecast page.

How has Forestar Group's revenue changed over the last 10 years?

Over the last 10 years, Forestar Group's total revenue changed from $316.20 million in 2013 to $1.54 billion in 2024, a change of 386.6%.

How much debt does Forestar Group have?

Forestar Group's total liabilities were at $1.25 billion at the end of 2024, a 13.1% increase from 2023, and a 127.0% increase since 2014.

How much cash does Forestar Group have?

In the past 10 years, Forestar Group's cash and equivalents has ranged from $96.44 million in 2015 to $616 million in 2023, and is currently $481.20 million as of their latest financial filing in 2024.

How has Forestar Group's book value per share changed over the last 10 years?

Over the last 10 years, Forestar Group's book value per share changed from 20.43 in 2013 to 31.47 in 2024, a change of 54.1%.

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This page (NYSE:FOR) was last updated on 9/3/2025 by MarketBeat.com Staff

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Forestar Group (FOR) Financials

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Forestar Group (FOR) Financials

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