Forestar Group (FOR) Financials

$26.71 +0.48 (+1.84%)

Closing price 03:59 PM Eastern

Extended Trading

$26.70 -0.02 (-0.07%)

As of 07:34 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	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

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

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

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

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

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

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%

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 Inc. (FOR) has delivered a mix of revenue growth and variable profitability across the last four years. The latest quarters show a notable revenue lift in 2025, along with meaningful cash generation, while cash flow can be volatile and debt levels have fluctuated. The balance sheet remains sizable, with a solid equity base, but near-term liquidity and leverage should be monitored.

Q4 2025: Total revenue = 676.7 million; net income = 86.9 million; basic earnings per share = 1.71; diluted earnings per share = 1.70. This reflects solid profitability at a high revenue level.
Q4 2025 cash flow from continuing operating activities = 256.3 million, indicating strong quarterly cash generation from core operations.
Q4 2025 net change in cash and equivalents = 190.0 million, contributing to a higher cash balance entering 2026.
Q1 2026 revenue = 275.3 million, up about 9% year-over-year from Q1 2025 (252.7 million), suggesting improving near-term topline momentum.
Q1 2026 total assets ≈ 3.18 billion and total equity + noncontrolling interests ≈ 1.79 billion, indicating a solid and growing balance sheet foundation.
Q1 2026 net income from continuing operations = 15.4 million; consolidated net income = 15.4 million; basic and diluted earnings per share around 0.30, showing positive quarterly profitability.
Debt levels have fluctuated in 2024–2025, with long-term debt peaking near 872.8 million in 2025 Q3 and around 793.2 million in 2026 Q1, indicating leverage has moved but remains elevated.
Weighted-average shares outstanding are in the 50.8 million to 51.0 million range in recent quarters, a typical level for EPS comparisons but something to watch for potential dilution.
Net cash from continuing operating activities was negative in Q1 2026 (-157.0 million), signaling weaker earnings quality or working capital effects in that quarter.
Net change in cash & equivalents in Q1 2026 was negative (-167.5 million), reflecting cash-flow pressure despite the positive quarterly net income.

Overall, Forestar shows meaningful revenue strength in late 2024 and 2025, with solid cash generation in the latest quarter, but investors should keep an eye on quarterly cash flow variability and elevated debt levels. A closer look at working capital trends and debt management in upcoming quarters will help assess whether earnings growth can translate into sustained free cash flow.

05/05/26 08:12 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Forestar Group's Financials

When does Forestar Group's fiscal year end?

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.

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 $167.90 million in 2025, rising from $17.09 million in 2014. The previous period was $203.40 million in 2024. Find out what analysts predict for Forestar Group in the coming months.

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

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%.

How much debt does Forestar Group have?

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.

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

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 20.23 in 2014 to 34.78 in 2025, a change of 71.9%.

Related Companies

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

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Forestar Group (FOR) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Forestar Group's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Forestar Group (FOR) Financials

Annual Income Statements for Forestar Group

Quarterly Income Statements for Forestar Group

Annual Cash Flow Statements for Forestar Group

Quarterly Cash Flow Statements for Forestar Group

Annual Balance Sheets for Forestar Group

Quarterly Balance Sheets for Forestar Group

Annual Metrics And Ratios for Forestar Group

Quarterly Metrics And Ratios for Forestar Group

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Forestar Group's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools