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Forestar Group (FOR) Financials

Forestar Group logo
$29.21 +0.01 (+0.03%)
Closing price 06/12/2026 03:59 PM Eastern
Extended Trading
$29.17 -0.04 (-0.15%)
As of 06/12/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Forestar Group

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 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 17 -213 59 50 33 61 110 179 167 203 168
Consolidated Net Income / (Loss)		 17 -212 60 52 36 62 111 179 167 203 168
Net Income / (Loss) Continuing Operations		 37 -26 77 6.30 36 62 111 179 167 203 168
Total Pre-Tax Income 		58 8.89 92 52 46 78 147 236 222 270 219
Total Revenue		 237 186 344 219 437 937 1,330 1,523 1,452 1,539 1,673
Net Interest Income / (Expense)		 -30 -34 -20 -8.50 5.50 4.90 1.20 1.00 14 20 6.30
Total Interest Income		 0.00 0.00 0.00 0.00 5.50 4.90 1.20 1.00 14 20 6.30
Investment Securities Interest Income		 - - - - 5.50 4.90 1.20 1.00 14 20 6.30
Total Interest Expense		 30 34 20 8.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 268 220 364 228 431 932 1,328 1,522 1,439 1,519 1,667
Net Realized & Unrealized Capital Gains on Investments		 30 1.59 167 113 3.00 0.10 2.50 3.20 1.60 9.50 4.50
Other Non-Interest Income		 229 212 195 114 428 932 1,326 1,519 1,437 1,509 1,662
Total Non-Interest Expense		 197 196 260 189 392 859 1,183 1,289 1,231 1,269 1,455
Other Operating Expenses		 160 135 224 188 392 859 1,165 1,289 1,231 1,269 1,453
Other Special Charges		 0.00 0.00 36 0.60 0.00 0.00 18 - 0.00 0.00 1.20
Nonoperating Income / (Expense), net		 17 19 7.84 21 0.50 0.70 0.20 1.20 0.00 0.00 0.60
Income Tax Expense		 21 35 15 46 9.40 16 36 57 55 67 51
Basic Earnings per Share		 $0.38 ($6.22) $1.40 $1.19 $0.79 $1.26 $2.25 $3.59 $3.34 $4.03 $3.30
Weighted Average Basic Shares Outstanding		 35.32M 34.27M 34.55M 42.14M 41.97M 48.04M 48.90M 49.82M 49.99M 50.43M 50.87M
Diluted Earnings per Share		 $0.38 ($6.22) $1.38 $1.19 $0.79 $1.26 $2.25 $3.59 $3.33 $4.00 $3.29
Weighted Average Diluted Shares Outstanding		 43.60M 34.27M 42.33M 42.38M 42.01M 48.09M 48.98M 49.85M 50.12M 50.79M 51.06M
Weighted Average Basic & Diluted Shares Outstanding		 33.62M 33.91M 41.90M 42.20M 48.01M 48.07M 49.59M 49.77M 49.91M 50.67M 50.84M

Quarterly Income Statements for Forestar Group

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 72 38 45 39 82 17 32 33 87 15 32
Consolidated Net Income / (Loss)		 72 38 45 39 82 17 32 33 87 15 32
Net Income / (Loss) Continuing Operations		 72 38 45 39 82 17 32 33 87 15 32
Total Pre-Tax Income 		95 51 59 52 108 22 41 44 113 21 44
Total Revenue		 556 312 339 328 560 253 352 392 677 275 376
Net Interest Income / (Expense)		 6.10 6.30 5.00 4.40 4.10 2.30 1.00 1.30 1.70 2.30 1.60
Total Interest Income		 6.10 6.30 5.00 4.40 4.10 2.30 1.00 1.30 1.70 2.30 1.60
Investment Securities Interest Income		 6.10 6.30 5.00 4.40 4.10 2.30 1.00 1.30 1.70 2.30 1.60
Total Interest Expense		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Income		 550 306 334 323 556 250 351 391 675 273 374
Other Non-Interest Income		 550 306 334 318 551 250 351 391 671 273 374
Total Non-Interest Expense		 461 261 280 276 452 231 311 348 564 255 332
Other Operating Expenses		 461 261 280 276 452 231 310 348 564 255 332
Other Special Charges		 - - - 0.00 - - 1.10 0.00 - - 0.00
Nonoperating Income / (Expense), net		 - 0.00 0.00 0.00 - 0.60 0.00 0.00 - 0.00 0.00
Income Tax Expense		 23 13 14 13 27 5.40 9.10 11 26 5.40 12
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - - 0.00 - - - 0.10
Basic Earnings per Share		 $1.44 $0.76 $0.90 $0.76 $1.61 $0.32 $0.62 $0.65 $1.71 $0.30 $0.63
Weighted Average Basic Shares Outstanding		 49.99M 50.07M 50.15M 50.76M 50.43M 50.82M 50.80M 50.93M 50.87M 51.00M 51.00M
Diluted Earnings per Share		 $1.44 $0.76 $0.89 $0.76 $1.59 $0.32 $0.62 $0.65 $1.70 $0.30 $0.63
Weighted Average Diluted Shares Outstanding		 50.12M 50.46M 50.63M 51.06M 50.79M 51.09M 51.05M 51.01M 51.06M 51.18M 51.21M
Weighted Average Basic & Diluted Shares Outstanding		 49.91M 49.91M 50.60M 50.65M 50.67M 50.68M 50.82M 50.83M 50.84M 50.89M 51.01M

Annual Cash Flow Statements for Forestar Group

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 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Net Change in Cash & Equivalents		 -22 -74 170 97 48 12 -241 111 351 -135 -102
Net Cash From Operating Activities		 107 35 67 -15 -391 -168 -303 109 364 -158 -198
Net Cash From Continuing Operating Activities		 107 35 67 -22 -391 -168 -303 109 364 -158 -198
Net Income / (Loss) Continuing Operations		 17 -212 60 52 36 62 111 179 167 203 168
Consolidated Net Income / (Loss)		 17 -212 60 52 36 62 111 179 167 203 168
Depreciation Expense		 42 45 11 5.50 6.70 4.90 2.70 2.70 3.00 3.00 3.50
Non-Cash Adjustments to Reconcile Net Income		 51 217 -0.95 -53 4.10 2.20 21 11 27 -0.10 11
Changes in Operating Assets and Liabilities, net		 -3.15 -14 -3.53 -20 -438 -237 -437 -84 168 -365 -380
Net Cash From Investing Activities		 -130 -60 421 135 -0.80 5.00 1.00 1.30 0.30 7.30 3.20
Net Cash From Continuing Investing Activities		 -130 -60 421 135 -0.80 5.00 1.00 1.30 0.30 7.30 3.20
Purchase of Property, Leasehold Improvements and Equipment		 -102 -50 -0.58 -2.40 -0.90 -0.60 -1.60 -3.50 -1.30 -2.20 -2.20
Sale and/or Maturity of Investments		 24 30 434 142 0.10 5.60 2.60 4.80 1.60 9.50 5.40
Net Cash From Financing Activities		 0.47 -48 -318 -23 440 175 61 1.20 -13 16 93
Net Cash From Continuing Financing Activities		 0.47 -48 -318 -23 440 175 61 1.20 -13 16 93
Issuance of Debt		 265 11 3.18 3.00 435 300 458 - 0.00 0.00 780
Issuance of Common Equity		 - 0.00 - 0.00 101 0.00 33 1.70 0.00 20 0.50
Repayment of Debt		 -225 -58 -315 -10 -85 -119 -422 0.00 -13 0.00 -680
Other Financing Activities, Net		 -14 -1.73 -2.68 -16 -11 -6.20 -8.00 -0.50 -0.70 -3.40 -8.00
Cash Income Taxes Paid		 18 -4.08 10 -2.70 -1.70 -3.10 4.30 42 45 46 31

Quarterly Cash Flow Statements for Forestar Group

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 215 -157 -43 -57 122 -349 42 15 190 -168 151
Net Cash From Operating Activities		 228 -157 -59 -62 119 -450 -20 16 256 -157 152
Net Cash From Continuing Operating Activities		 228 -157 -59 -63 120 -450 -20 16 256 -157 152
Net Income / (Loss) Continuing Operations		 72 38 45 39 82 17 32 33 87 15 32
Consolidated Net Income / (Loss)		 72 38 45 39 82 17 32 33 87 15 32
Depreciation Expense		 0.70 0.80 0.60 0.90 0.70 0.80 1.00 0.80 0.90 0.90 0.70
Non-Cash Adjustments to Reconcile Net Income		 1.30 1.10 2.30 -4.30 0.80 3.10 3.70 3.40 0.40 3.90 8.20
Changes in Operating Assets and Liabilities, net		 154 -197 -107 -98 37 -470 -56 -21 168 -177 111
Net Cash From Investing Activities		 -0.50 -0.20 -0.60 4.50 3.60 0.90 -0.70 -0.80 3.80 -0.10 -0.20
Net Cash From Continuing Investing Activities		 -0.50 -0.20 -0.60 4.50 3.60 0.90 -0.70 -0.80 3.80 -0.10 -0.20
Purchase of Property, Leasehold Improvements and Equipment		 -0.50 -0.20 -0.60 -0.60 -0.80 0.00 -0.70 -0.80 -0.70 -0.10 -0.20
Net Cash From Financing Activities		 -12 -0.20 17 0.20 -0.80 100 63 -0.10 -70 -10 -1.20
Net Cash From Continuing Financing Activities		 -12 -0.20 17 0.20 -0.80 100 63 -0.10 -70 -10 -1.20
Other Financing Activities, Net		 0.10 -0.20 -2.60 0.20 -0.80 -0.10 -7.80 -0.10 - -0.50 -1.50

Annual Balance Sheets for Forestar Group

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Total Assets		 972 733 762 893 1,456 1,740 2,102 2,343 2,471 2,840 3,137
Cash and Due from Banks		 96 266 323 319 383 394 154 265 616 481 379
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		 597 296 132 500 1,031 1,311 1,908 2,028 1,796 2,273 2,653
Other Assets		 152 56 201 47 34 31 39 50 58 85 105
Total Liabilities & Shareholders' Equity		 972 733 762 893 1,456 1,740 2,102 2,343 2,471 2,840 3,137
Total Liabilities		 468 171 156 219 647 868 1,086 1,144 1,101 1,245 1,368
Short-Term Debt		 - - - - - - 47 72 68 86 71
Other Short-Term Payables		 17 8.93 11 58 96 79 57 70 61 68 83
Long-Term Debt		 382 110 108 112 461 641 705 706 695 706 803
Other Long-Term Liabilities		 56 40 23 - 90 148 277 295 276 384 411
Commitments & Contingencies		 0.00 0.00 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 504 562 606 675 809 872 1,016 1,199 1,370 1,595 1,769
Total Preferred & Common Equity		 502 561 604 673 808 871 1,015 1,198 1,369 1,594 1,768
Total Common Equity		 502 561 604 673 808 871 1,015 1,198 1,369 1,594 1,768
Common Stock		 599 598 548 548 650 652 686 690 694 716 722
Retained Earnings		 -46 13 56 125 158 219 329 508 675 878 1,046
Noncontrolling Interest		 2.52 1.47 1.42 1.20 0.60 0.90 1.00 1.00 1.00 1.00 1.00

Quarterly Balance Sheets for Forestar Group

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 12/31/2025 3/31/2026
Total Assets		 2,341 2,336 2,375 2,534 2,599 2,675 2,961 3,043 3,120 3,177 3,173
Cash and Due from Banks		 216 287 401 459 416 359 132 174 189 212 362
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		 2,073 1,994 1,915 2,016 2,122 2,245 2,744 2,767 2,831 2,858 2,717
Other Assets		 51 56 59 59 60 70 85 102 100 107 93
Total Liabilities & Shareholders' Equity		 2,341 2,336 2,375 2,534 2,599 2,675 2,961 3,043 3,120 3,177 3,173
Total Liabilities		 1,121 1,088 1,079 1,125 1,126 1,162 1,347 1,397 1,440 1,390 1,353
Short-Term Debt		 73 68 69 65 62 71 79 70 67 80 73
Other Short-Term Payables		 61 48 54 63 56 56 56 44 64 87 79
Long-Term Debt		 706 707 707 705 706 706 807 873 873 793 794
Other Long-Term Liabilities		 281 265 249 291 303 329 405 410 437 429 407
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,221 1,249 1,297 1,409 1,473 1,513 1,614 1,646 1,680 1,787 1,820
Total Preferred & Common Equity		 1,220 1,248 1,296 1,408 1,472 1,512 1,613 1,645 1,679 1,786 1,819
Total Common Equity		 1,220 1,248 1,296 1,408 1,472 1,512 1,613 1,645 1,679 1,786 1,819
Common Stock		 691 692 693 695 714 715 718 719 720 725 725
Retained Earnings		 529 556 602 713 758 797 895 926 959 1,062 1,094
Noncontrolling Interest		 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.10

Annual Metrics And Ratios for Forestar Group

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

Metric 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -24.92% -21.61% 84.89% -36.29% 0.00% 114.47% 41.92% 14.58% -4.67% 5.96% 8.74%
EBITDA Growth		 44.98% -57.36% 174.45% -62.27% 0.00% 58.57% 81.17% 59.15% -5.35% 21.59% -18.64%
EBIT Growth		 51.56% -125.14% 934.70% -63.67% 0.00% 71.24% 89.15% 60.25% -5.54% 21.89% -19.03%
NOPAT Growth		 16.52% 16.36% 135.92% -94.73% 0.00% 70.31% 80.47% 61.21% -6.18% 21.87% -17.68%
Net Income Growth		 -51.26% -1,342.81% 128.34% -13.09% 0.00% 69.97% 79.09% 61.81% -6.66% 21.87% -17.45%
EPS Growth		 -52.50% -1,736.84% 122.19% -13.77% 0.00% 59.49% 78.57% 59.56% -7.24% 20.12% -17.75%
Operating Cash Flow Growth		 20.62% -67.20% 91.17% -122.79% 0.00% 56.95% -79.99% 135.86% 234.96% -143.50% -24.81%
Free Cash Flow Firm Growth		 80.28% 751.68% -1.08% -113.35% 0.00% 0.00% 20.73% 77.99% 134.89% -556.76% -73.10%
Invested Capital Growth		 6.50% -22.48% -24.07% 6.18% 0.00% 19.18% 16.85% 11.86% 7.88% 11.91% 10.69%
Revenue Q/Q Growth		 -28.36% 79.97% 70.30% -42.38% 0.00% 12.98% 5.85% -2.52% 13.59% 0.26% 7.50%
EBITDA Q/Q Growth		 -8.09% 79.52% 20.09% -65.07% 0.00% 17.74% 22.21% 3.17% 14.88% 5.00% 2.25%
EBIT Q/Q Growth		 -22.27% 66.15% 36.94% -68.66% 0.00% 21.32% 22.82% 3.17% 15.12% 5.06% 2.20%
NOPAT Q/Q Growth		 -25.38% 242.73% 18.21% -94.05% 0.00% 19.23% 22.14% 3.68% 14.87% 4.68% 3.33%
Net Income Q/Q Growth		 -61.96% 2.93% 459.91% -53.26% 0.00% 23.40% 21.70% 3.89% 14.87% 4.68% 3.32%
EPS Q/Q Growth		 -61.62% -1.80% 7,000.00% -54.41% 0.00% 17.76% 20.32% 4.06% 14.43% 3.90% 3.46%
Operating Cash Flow Q/Q Growth		 33.72% -36.89% -16.04% -139.91% 0.00% -14.71% 0.07% 298.17% 42.73% -218.71% 40.95%
Free Cash Flow Firm Q/Q Growth		 80.44% 36.49% -24.12% 30.89% 0.00% 0.00% -49.55% 55.34% 214.43% -117.60% 47.87%
Invested Capital Q/Q Growth		 -2.74% -6.15% 6.82% -4.38% 0.00% 1.71% 5.57% 3.14% 2.94% 4.26% 0.85%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 34.54% 18.79% 27.89% 16.51% 11.88% 8.79% 11.21% 15.58% 15.47% 17.75% 13.28%
EBIT Margin		 16.97% -5.44% 24.56% 14.01% 10.35% 8.26% 11.01% 15.40% 15.26% 17.55% 13.07%
Profit (Net Income) Margin		 7.20% -114.12% 17.49% 23.86% 8.31% 6.59% 8.31% 11.74% 11.49% 13.22% 10.03%
Tax Burden Percent		 29.69% -2,388.88% 65.17% 100.38% 79.43% 79.00% 75.38% 75.83% 75.32% 75.31% 76.56%
Interest Burden Percent		 142.89% -87.81% 109.28% 169.71% 101.11% 100.90% 100.14% 100.51% 100.00% 100.00% 100.27%
Effective Tax Rate		 36.23% 395.17% 16.57% 87.91% 20.57% 21.00% 24.62% 24.17% 24.68% 24.69% 23.44%
Return on Invested Capital (ROIC)		 2.32% 2.95% 9.05% 0.54% 2.83% 4.40% 6.73% 9.50% 8.12% 9.00% 6.66%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.14% -56.56% 4.85% 44.95% 2.91% 4.50% 6.75% 9.62% 8.12% 9.00% 6.71%
Return on Net Nonoperating Assets (RNNOA)		 0.08% -37.94% 2.24% 8.42% 1.66% 2.95% 4.98% 6.64% 4.87% 4.72% 3.32%
Return on Equity (ROE)		 2.40% -34.99% 11.29% 8.96% 4.49% 7.34% 11.71% 16.14% 12.99% 13.72% 9.98%
Cash Return on Invested Capital (CROIC)		 -3.97% 28.28% 36.41% -5.46% 0.00% -13.11% -8.81% -1.70% 0.54% -2.24% -3.49%
Operating Return on Assets (OROA)		 3.31% -0.91% 9.91% 4.11% 3.85% 4.84% 7.62% 10.56% 9.21% 10.17% 7.32%
Return on Assets (ROA)		 1.41% -19.04% 7.06% 7.00% 3.09% 3.86% 5.75% 8.05% 6.93% 7.66% 5.62%
Return on Common Equity (ROCE)		 2.38% -34.85% 11.25% 8.94% 4.48% 7.34% 11.70% 16.13% 12.98% 13.71% 9.98%
Return on Equity Simple (ROE_SIMPLE)		 2.42% -42.34% 10.73% 8.66% 4.49% 7.08% 10.89% 14.92% 12.19% 12.76% 9.50%
Net Operating Profit after Tax (NOPAT)		 26 30 71 3.71 36 61 110 178 167 203 167
NOPAT Margin		 10.82% 16.06% 20.49% 1.69% 8.22% 6.53% 8.30% 11.68% 11.49% 13.22% 10.01%
Net Nonoperating Expense Percent (NNEP)		 2.18% 59.50% 4.20% -44.42% -0.09% -0.10% -0.02% -0.12% 0.00% 0.00% -0.06%
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		 83.03% 105.44% 75.44% 85.99% 89.65% 91.74% 88.99% 84.60% 84.74% 82.45% 86.93%
Earnings before Interest and Taxes (EBIT)		 40 -10 85 31 45 77 146 235 222 270 219
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 82 35 96 36 52 82 149 237 225 273 222
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.76 0.73 0.80 1.53 0.95 0.98 0.91 0.46 0.98 1.03 0.76
Price to Tangible Book Value (P/TBV)		 0.84 0.80 0.86 1.53 0.95 0.98 0.91 0.46 0.98 1.03 0.76
Price to Revenue (P/Rev)		 2.27 1.98 1.30 4.21 1.76 0.91 0.69 0.37 0.93 1.07 0.81
Price to Earnings (P/E)		 32.46 0.00 7.65 18.34 23.24 13.99 8.37 3.11 8.06 8.06 8.05
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		 3.08% 0.00% 13.08% 5.45% 4.30% 7.15% 11.94% 32.11% 12.41% 12.41% 12.42%
Enterprise Value to Invested Capital (EV/IC)		 0.70 0.74 0.44 0.94 0.67 0.73 0.86 0.54 0.70 0.82 0.70
Enterprise Value to Revenue (EV/Rev)		 3.38 3.52 0.86 3.05 1.94 1.17 1.14 0.70 1.03 1.27 1.10
Enterprise Value to EBITDA (EV/EBITDA)		 9.80 18.75 3.07 18.49 16.29 13.35 10.21 4.51 6.65 7.15 8.31
Enterprise Value to EBIT (EV/EBIT)		 19.95 0.00 3.48 21.80 18.70 14.19 10.40 4.57 6.74 7.23 8.45
Enterprise Value to NOPAT (EV/NOPAT)		 31.29 21.93 4.17 180.28 23.54 17.96 13.79 6.02 8.94 9.60 11.03
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.50 18.66 4.38 0.00 0.00 0.00 0.00 9.85 4.10 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.29 1.04 0.00 0.00 0.00 0.00 0.00 134.49 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.61 0.76 0.20 0.18 0.57 0.74 0.74 0.65 0.56 0.50 0.49
Long-Term Debt to Equity		 0.61 0.76 0.20 0.18 0.57 0.74 0.69 0.59 0.51 0.44 0.45
Financial Leverage		 0.55 0.67 0.46 0.19 0.57 0.66 0.74 0.69 0.60 0.52 0.50
Leverage Ratio		 1.71 1.84 1.60 1.28 1.58 1.90 2.04 2.01 1.87 1.79 1.78
Compound Leverage Factor		 2.44 -1.61 1.75 2.17 1.60 1.92 2.04 2.02 1.87 1.79 1.78
Debt to Total Capital		 37.88% 43.08% 16.41% 15.18% 36.28% 42.38% 42.53% 39.35% 35.78% 33.19% 33.06%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.68% 3.65% 3.21% 3.60% 2.69%
Long-Term Debt to Total Capital		 37.88% 43.08% 16.41% 15.18% 36.28% 42.38% 39.85% 35.70% 32.58% 29.59% 30.38%
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		 0.22% 0.28% 0.22% 0.20% 0.05% 0.06% 0.06% 0.05% 0.05% 0.04% 0.04%
Common Equity to Total Capital		 61.90% 56.64% 83.37% 84.62% 63.68% 57.56% 57.41% 60.60% 64.17% 66.77% 66.90%
Debt to EBITDA		 5.28 10.91 1.15 3.00 8.87 7.79 5.04 3.28 3.40 2.90 3.93
Net Debt to EBITDA		 3.20 8.15 -1.62 -7.04 1.50 3.00 4.01 2.16 0.66 1.14 2.23
Long-Term Debt to EBITDA		 5.28 10.91 1.15 3.00 8.87 7.79 4.73 2.98 3.09 2.59 3.61
Debt to NOPAT		 16.85 12.77 1.57 29.21 12.83 10.48 6.81 4.37 4.57 3.90 5.22
Net Debt to NOPAT		 10.23 9.54 -2.21 -68.64 2.16 4.04 5.42 2.89 0.88 1.53 2.95
Long-Term Debt to NOPAT		 16.85 12.77 1.57 29.21 12.83 10.48 6.38 3.97 4.16 3.47 4.79
Noncontrolling Interest Sharing Ratio		 0.57% 0.42% 0.37% 0.25% 0.12% 0.09% 0.10% 0.09% 0.08% 0.07% 0.06%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -44 287 284 -38 0.00 -182 -145 -32 11 -51 -88
Operating Cash Flow to CapEx		 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% -8,986.36%
Free Cash Flow to Firm to Interest Expense		 -1.45 8.42 14.19 -4.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 3.54 1.03 3.36 -1.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.16 -0.43 3.33 -2.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.20 0.17 0.40 0.29 0.37 0.59 0.69 0.69 0.60 0.58 0.56
Fixed Asset Turnover		 0.30 0.26 0.77 1.02 0.57 0.80 0.83 0.77 0.76 0.76 0.68
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,142 886 672 714 1,269 1,513 1,768 1,978 2,133 2,387 2,643
Invested Capital Turnover		 0.21 0.18 0.44 0.32 0.34 0.67 0.81 0.81 0.71 0.68 0.67
Increase / (Decrease) in Invested Capital		 70 -257 -213 42 0.00 244 255 210 156 254 255
Enterprise Value (EV)		 804 655 294 669 845 1,098 1,522 1,071 1,493 1,952 1,847
Market Capitalization		 538 368 449 923 767 851 923 557 1,344 1,640 1,352
Book Value per Share		 $20.23 $14.92 $16.63 $14.41 $19.26 $18.12 $20.49 $24.08 $27.43 $31.47 $34.78
Tangible Book Value per Share		 $18.34 $13.63 $15.50 $14.40 $19.26 $18.12 $20.49 $24.08 $27.43 $31.47 $34.78
Total Capital		 1,142 886 672 714 1,269 1,513 1,768 1,978 2,133 2,387 2,643
Total Debt		 433 382 110 108 461 641 752 778 763 792 874
Total Long-Term Debt		 433 382 110 108 461 641 705 706 695 706 803
Net Debt		 263 285 -156 -255 78 247 598 513 147 311 495
Capital Expenditures (CapEx)		 102 50 0.58 2.40 0.90 0.60 1.60 3.50 1.30 2.20 2.20
Net Nonoperating Expense (NNE)		 8.59 242 10 -49 -0.40 -0.55 -0.15 -0.91 0.00 0.00 -0.46
Net Nonoperating Obligations (NNO)		 433 382 110 108 461 641 752 778 763 792 874
Total Depreciation and Amortization (D&A)		 42 45 11 5.50 6.70 4.90 2.70 2.70 3.00 3.00 3.50
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.38 ($6.22) $1.40 $1.19 $0.79 $1.26 $2.25 $3.59 $3.34 $4.03 $3.30
Adjusted Weighted Average Basic Shares Outstanding		 35.32M 34.27M 34.55M 42.14M 41.97M 48.04M 48.90M 49.82M 49.99M 50.43M 50.87M
Adjusted Diluted Earnings per Share		 $0.38 ($6.22) $1.38 $1.19 $0.79 $1.26 $2.25 $3.59 $3.33 $4.00 $3.29
Adjusted Weighted Average Diluted Shares Outstanding		 43.60M 34.27M 42.33M 42.38M 42.01M 48.09M 48.98M 49.85M 50.12M 50.79M 51.06M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 33.62M 33.91M 41.69M 41.94M 48.01M 48.07M 49.59M 49.77M 49.91M 50.67M 50.84M
Normalized Net Operating Profit after Tax (NOPAT)		 26 -7.09 100 22 36 61 124 178 167 203 168
Normalized NOPAT Margin		 10.82% -3.81% 29.19% 10.00% 8.22% 6.53% 9.33% 11.68% 11.49% 13.22% 10.06%
Pre Tax Income Margin		 24.24% 4.78% 26.84% 23.77% 10.46% 8.34% 11.03% 15.48% 15.26% 17.55% 13.11%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.33 -0.30 4.23 3.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.85 0.88 3.53 0.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -2.05 -1.76 4.20 3.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -2.53 -0.58 3.50 0.15 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		 143.93% 0.00% 5.88% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Forestar Group

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 50,892,080.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 50,892,080.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.63
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 45.45% 41.91% 11.63% -12.05% 0.72% -19.06% 3.90% 19.52% 20.86% 8.94% 6.79%
EBITDA Growth		 43.43% 81.82% 62.13% -16.93% 13.53% -57.50% -29.92% -15.43% 4.49% -1.81% 6.95%
EBIT Growth		 43.89% 83.51% 64.07% -17.31% 13.63% -58.40% -30.90% -15.50% 4.34% -2.35% 7.86%
NOPAT Growth		 42.73% 83.65% 67.29% -17.31% 12.57% -57.99% -29.78% -14.99% 6.63% -4.04% 1.90%
Net Income Growth		 42.52% 83.65% 67.29% -17.31% 12.57% -56.81% -29.78% -14.99% 6.63% -6.67% 1.90%
EPS Growth		 41.18% 80.95% 64.81% -18.28% 10.42% -57.89% -30.34% -14.47% 6.92% -6.25% 1.61%
Operating Cash Flow Growth		 91.67% -214.66% -183.26% -153.70% -47.70% -187.17% 66.55% 125.61% 115.02% 65.11% 867.17%
Free Cash Flow Firm Growth		 47.54% 34.60% -34.27% -65.34% -106.95% -115.33% -84.01% -66.29% 2.49% 52.18% 79.12%
Invested Capital Growth		 7.88% 8.97% 10.73% 10.50% 11.91% 14.69% 15.54% 14.43% 10.69% 6.43% 3.80%
Revenue Q/Q Growth		 49.15% -43.84% 8.52% -3.25% 70.81% -54.87% 39.30% 11.31% 72.72% -59.32% 36.54%
EBITDA Q/Q Growth		 52.06% -45.89% 14.42% -11.76% 107.81% -79.74% 88.69% 6.47% 156.76% -80.96% 105.53%
EBIT Q/Q Growth		 52.88% -46.33% 15.04% -12.39% 110.08% -80.35% 91.08% 7.13% 159.40% -81.61% 111.06%
NOPAT Q/Q Growth		 54.70% -47.24% 17.80% -14.00% 110.59% -80.31% 96.91% 4.11% 164.13% -82.28% 109.09%
Net Income Q/Q Growth		 54.70% -47.24% 17.80% -14.00% 110.59% -79.75% 91.52% 4.11% 164.13% -82.28% 109.09%
EPS Q/Q Growth		 54.84% -47.22% 17.11% -14.61% 109.21% -79.87% 93.75% 4.84% 161.54% -82.35% 110.00%
Operating Cash Flow Q/Q Growth		 98.35% -168.76% 62.22% -4.22% 293.19% -477.52% 95.60% 179.80% 1,522.15% -161.26% 196.75%
Free Cash Flow Firm Q/Q Growth		 22.92% -69.30% -21.81% -4.01% 3.52% -76.16% -4.09% 6.00% 43.43% 13.61% 54.54%
Invested Capital Q/Q Growth		 2.94% 2.16% 2.79% 2.21% 4.26% 4.70% 3.56% 1.23% 0.85% 0.67% 0.99%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 17.29% 16.66% 17.56% 16.02% 19.49% 8.75% 11.85% 11.33% 16.85% 7.88% 11.86%
EBIT Margin		 17.16% 16.40% 17.38% 15.74% 19.36% 8.43% 11.56% 11.13% 16.71% 7.56% 11.68%
Profit (Net Income) Margin		 13.02% 12.24% 13.28% 11.81% 14.56% 6.53% 8.98% 8.40% 12.84% 5.59% 8.57%
Tax Burden Percent		 75.89% 74.61% 76.40% 75.00% 75.18% 75.34% 77.64% 75.46% 76.83% 74.04% 73.35%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 102.82% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 24.11% 25.39% 23.60% 25.00% 24.82% 24.66% 22.36% 24.54% 23.17% 25.96% 26.65%
Return on Invested Capital (ROIC)		 9.20% 9.04% 9.84% 8.31% 9.91% 4.02% 5.55% 5.32% 8.54% 3.68% 5.59%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.20% 9.04% 9.84% 8.31% 9.91% 4.07% 5.55% 5.32% 8.54% 3.68% 5.59%
Return on Net Nonoperating Assets (RNNOA)		 5.52% 5.33% 5.58% 4.59% 5.20% 2.23% 3.04% 2.86% 4.23% 1.90% 2.92%
Return on Equity (ROE)		 14.72% 14.37% 15.42% 12.90% 15.11% 6.25% 8.59% 8.19% 12.77% 5.58% 8.50%
Cash Return on Invested Capital (CROIC)		 0.54% 0.23% -0.68% -1.07% -2.24% -5.94% -7.47% -6.86% -3.49% 0.23% 2.62%
Operating Return on Assets (OROA)		 10.35% 10.39% 11.13% 9.57% 11.22% 4.54% 6.12% 5.98% 9.36% 4.18% 6.46%
Return on Assets (ROA)		 7.86% 7.75% 8.50% 7.18% 8.43% 3.52% 4.75% 4.51% 7.19% 3.09% 4.74%
Return on Common Equity (ROCE)		 14.71% 14.36% 15.41% 12.89% 15.10% 6.24% 8.59% 8.18% 12.77% 5.58% 8.50%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 13.09% 13.75% 12.85% 0.00% 11.26% 10.23% 9.68% 0.00% 9.34% 9.20%
Net Operating Profit after Tax (NOPAT)		 72 38 45 39 82 16 32 33 87 15 32
NOPAT Margin		 13.02% 12.24% 13.28% 11.81% 14.56% 6.35% 8.98% 8.40% 12.84% 5.59% 8.57%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% -0.05% 0.00% 0.00% 0.00% 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		 82.84% 83.60% 82.62% 84.26% 80.64% 91.57% 88.44% 88.87% 83.29% 92.44% 88.32%
Earnings before Interest and Taxes (EBIT)		 95 51 59 52 108 21 41 44 113 21 44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 96 52 60 53 109 22 42 44 114 22 45
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.98 1.17 1.36 1.07 1.03 0.81 0.65 0.61 0.76 0.70 0.68
Price to Tangible Book Value (P/TBV)		 0.98 1.17 1.36 1.07 1.03 0.81 0.65 0.61 0.76 0.70 0.68
Price to Revenue (P/Rev)		 0.93 1.07 1.27 1.05 1.07 0.89 0.72 0.65 0.81 0.74 0.72
Price to Earnings (P/E)		 8.06 8.95 9.91 8.33 8.06 7.23 6.37 6.26 8.05 7.51 7.43
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		 12.41% 11.17% 10.09% 12.00% 12.41% 13.83% 15.71% 15.99% 12.42% 13.32% 13.45%
Enterprise Value to Invested Capital (EV/IC)		 0.70 0.90 1.05 0.89 0.82 0.83 0.71 0.67 0.70 0.72 0.65
Enterprise Value to Revenue (EV/Rev)		 1.03 1.27 1.49 1.33 1.27 1.40 1.23 1.14 1.10 1.13 1.02
Enterprise Value to EBITDA (EV/EBITDA)		 6.65 7.92 8.71 7.83 7.15 8.50 8.17 8.14 8.31 8.63 7.79
Enterprise Value to EBIT (EV/EBIT)		 6.74 8.02 8.80 7.93 7.23 8.61 8.29 8.26 8.45 8.78 7.90
Enterprise Value to NOPAT (EV/NOPAT)		 8.94 10.65 11.65 10.49 9.60 11.41 10.97 10.91 11.03 11.48 10.45
Enterprise Value to Operating Cash Flow (EV/OCF)		 4.10 7.63 18.58 0.00 0.00 0.00 0.00 0.00 0.00 20.09 6.55
Enterprise Value to Free Cash Flow (EV/FCFF)		 134.49 400.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00 319.14 25.32
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.56 0.55 0.52 0.51 0.50 0.55 0.57 0.56 0.49 0.49 0.48
Long-Term Debt to Equity		 0.51 0.50 0.48 0.47 0.44 0.50 0.53 0.52 0.45 0.44 0.44
Financial Leverage		 0.60 0.59 0.57 0.55 0.52 0.55 0.55 0.54 0.50 0.52 0.52
Leverage Ratio		 1.87 1.85 1.81 1.80 1.79 1.82 1.81 1.81 1.78 1.80 1.79
Compound Leverage Factor		 1.87 1.85 1.81 1.80 1.79 1.87 1.81 1.81 1.78 1.80 1.79
Debt to Total Capital		 35.78% 35.36% 34.25% 33.93% 33.19% 35.42% 36.41% 35.87% 33.06% 32.83% 32.26%
Short-Term Debt to Total Capital		 3.21% 3.00% 2.75% 3.10% 3.60% 3.14% 2.70% 2.56% 2.69% 3.01% 2.73%
Long-Term Debt to Total Capital		 32.58% 32.36% 31.50% 30.84% 29.59% 32.28% 33.71% 33.31% 30.38% 29.82% 29.53%
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% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04%
Common Equity to Total Capital		 64.17% 64.60% 65.70% 66.02% 66.77% 64.54% 63.55% 64.09% 66.90% 67.14% 67.70%
Debt to EBITDA		 3.40 3.11 2.83 2.99 2.90 3.64 4.18 4.33 3.93 3.94 3.86
Net Debt to EBITDA		 0.66 1.26 1.30 1.61 1.14 3.10 3.41 3.46 2.23 2.98 2.25
Long-Term Debt to EBITDA		 3.09 2.84 2.61 2.71 2.59 3.32 3.87 4.02 3.61 3.58 3.53
Debt to NOPAT		 4.57 4.18 3.79 4.00 3.90 4.89 5.62 5.80 5.22 5.24 5.18
Net Debt to NOPAT		 0.88 1.69 1.74 2.15 1.53 4.16 4.58 4.63 2.95 3.97 3.01
Long-Term Debt to NOPAT		 4.16 3.83 3.49 3.63 3.47 4.45 5.20 5.39 4.79 4.76 4.74
Noncontrolling Interest Sharing Ratio		 0.08% 0.08% 0.07% 0.07% 0.07% 0.07% 0.06% 0.06% 0.06% 0.06% 0.06%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -83 -141 -172 -179 -173 -304 -317 -298 -168 -145 -66
Operating Cash Flow to CapEx		 45,580.00% -78,350.00% -9,866.67% -10,283.33% 14,900.00% 0.00% -2,828.57% 1,975.00% 36,614.29% -157,000.00% 75,950.00%
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		 0.60 0.63 0.64 0.61 0.58 0.54 0.53 0.54 0.56 0.55 0.55
Fixed Asset Turnover		 0.76 0.76 0.77 0.74 0.76 0.62 0.61 0.61 0.68 0.61 0.63
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,133 2,179 2,240 2,290 2,387 2,500 2,588 2,620 2,643 2,660 2,687
Invested Capital Turnover		 0.71 0.74 0.74 0.70 0.68 0.63 0.62 0.63 0.67 0.66 0.65
Increase / (Decrease) in Invested Capital		 156 179 217 218 254 320 348 330 255 161 98
Enterprise Value (EV)		 1,493 1,963 2,358 2,038 1,952 2,068 1,840 1,768 1,847 1,915 1,750
Market Capitalization		 1,344 1,650 2,006 1,619 1,640 1,313 1,071 1,016 1,352 1,252 1,244
Book Value per Share		 $27.43 $28.12 $29.49 $29.88 $31.47 $31.84 $32.46 $33.04 $34.78 $35.13 $35.74
Tangible Book Value per Share		 $27.43 $28.12 $29.49 $29.88 $31.47 $31.84 $32.46 $33.04 $34.78 $35.13 $35.74
Total Capital		 2,133 2,179 2,240 2,290 2,387 2,500 2,588 2,620 2,643 2,660 2,687
Total Debt		 763 771 767 777 792 885 943 940 874 873 867
Total Long-Term Debt		 695 705 706 706 706 807 873 873 803 793 794
Net Debt		 147 312 351 418 311 753 768 751 495 662 505
Capital Expenditures (CapEx)		 0.50 0.20 0.60 0.60 0.80 0.00 0.70 0.80 0.70 0.10 0.20
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 -0.45 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 763 771 767 777 792 885 943 940 874 873 867
Total Depreciation and Amortization (D&A)		 0.70 0.80 0.60 0.90 0.70 0.80 1.00 0.80 0.90 0.90 0.70
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.44 $0.76 $0.90 $0.76 $1.61 $0.32 $0.62 $0.65 $1.71 $0.30 $0.63
Adjusted Weighted Average Basic Shares Outstanding		 49.99M 50.07M 50.15M 50.76M 50.43M 50.82M 50.80M 50.93M 50.87M 51.00M 51.00M
Adjusted Diluted Earnings per Share		 $1.44 $0.76 $0.89 $0.76 $1.59 $0.32 $0.62 $0.65 $1.70 $0.30 $0.63
Adjusted Weighted Average Diluted Shares Outstanding		 50.12M 50.46M 50.63M 51.06M 50.79M 51.09M 51.05M 51.01M 51.06M 51.18M 51.21M
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		 49.91M 49.91M 50.60M 50.65M 50.67M 50.68M 50.82M 50.83M 50.84M 50.89M 51.01M
Normalized Net Operating Profit after Tax (NOPAT)		 72 38 45 39 82 16 32 33 87 15 32
Normalized NOPAT Margin		 13.02% 12.24% 13.28% 11.81% 14.56% 6.35% 9.22% 8.40% 12.84% 5.59% 8.57%
Pre Tax Income Margin		 17.16% 16.40% 17.38% 15.74% 19.36% 8.67% 11.56% 11.13% 16.71% 7.56% 11.68%
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%

Financials Breakdown Chart

Key Financial Trends

Forestar Group’s latest quarter shows a sharp rebound in profitability and cash generation, but the income statement remains heavily dependent on non-interest income and the business still carries a meaningful debt load.

For Q2 2026, Forestar reported revenue of $375.9 million, up from $275.3 million in Q1 2026 and above Q2 2025 levels. Net income attributable to common shareholders came in at $32.1 million, or $0.63 per share, compared with $15.4 million and $0.30 per share in the prior quarter. On the cash flow statement, operating cash flow turned strongly positive at $151.9 million, a major improvement from the -$157.0 million reported in Q1 2026.

The longer trend is mixed. Revenue and earnings have improved meaningfully from the weak first quarter, but quarterly results are volatile. Forestar’s business model appears to generate substantial income with relatively limited operating expense pressure in some periods, yet cash flow can swing sharply depending on changes in operating assets and liabilities. That makes the recent rebound encouraging, but not fully smooth or predictable.

  • Q2 2026 revenue jumped to $375.9 million, up from $275.3 million in Q1 2026.
  • Net income attributable to common shareholders rose to $32.1 million from $15.4 million sequentially.
  • Operating cash flow improved dramatically to $151.9 million after a negative Q1.
  • Cash and equivalents increased to $362.2 million, up from $211.7 million in Q1 2026.
  • Book equity strengthened to $1.82 billion from $1.79 billion in the prior quarter.
  • Interest income remained small at $1.6 million, so earnings are not driven by investment income.
  • Shares outstanding were fairly stable, with diluted shares at about 51.2 million.
  • The company had no reported interest expense in the latest quarter, which supports reported profitability.
  • Total liabilities were $1.35 billion, leaving the balance sheet leveraged relative to equity.
  • Cash flow remains volatile quarter to quarter, with Q1 2026 showing a large operating cash outflow before the rebound in Q2.

Balance sheet trends are also worth watching. Total assets were relatively stable at $3.17 billion in Q2 2026 versus $3.18 billion in Q1 2026, while liabilities eased slightly from $1.39 billion to $1.35 billion. Debt remains significant, with $73.3 million of short-term debt and $793.5 million of long-term debt at quarter-end.

Over the past several years, Forestar has generally shown strong profitability in many quarters, but the pattern is uneven. Quarterly net income has ranged widely, and operating cash flow has occasionally turned negative when working capital moved against the company. For investors, the key takeaway is that Forestar can produce substantial earnings and cash, but those results can be lumpy.

Bottom line: Q2 2026 looks like a solid recovery quarter for Forestar, with better revenue, higher earnings, and a strong cash build. Still, investors should keep an eye on debt levels and the volatility in operating cash flow before assuming the improvement is fully durable.

06/15/26 01:54 AM ETAI Generated. May Contain Errors.

Forestar Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Forestar Group's financial year ends in September. Their financial year 2025 ended on September 30, 2025.

Forestar Group's net income appears to be on an upward trend, with a most recent value of $167.90 million in 2025, rising from $17.09 million in 2014. The previous period was $203.40 million in 2024. View Forestar Group's forecast to see where analysts expect Forestar Group to go next.

Over the last 10 years, Forestar Group's total revenue changed from $237.39 million in 2014 to $1.67 billion in 2025, a change of 604.8%.

Forestar Group's total liabilities were at $1.37 billion at the end of 2025, a 9.9% increase from 2024, and a 192.2% increase since 2015.

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 $379.20 million as of their latest financial filing in 2025.

Over the last 10 years, Forestar Group's book value per share changed from 20.23 in 2014 to 34.78 in 2025, a change of 71.9%.


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Financial statements for NYSE:FOR last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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