Forestar Group Inc.

FOR

$27.71

+0.09%

2026-09-04 11:10:54 EDT+$0.03

Real Estate

Real Estate - Development

NYSE

Active Trading

Forestar Group Inc. is an American company primarily engaged in developing residential lots. Its business model entails acquiring land, then preparing the ...

Price Action of FOR

$27.71

+0.09%+$0.03

High—

Low—

52W High-13.6%

Rel. vol—

Interval

Range3.8h

Volume—SMA5SMA10

—

Forestar Group Inc. is a U.S.-focused residential real estate development company whose common stock trades on the New York Stock Exchange under the symbol FOR. The company is headquartered at 2221 East Lamar Boulevard in Arlington, Texas, and traces its origins to 1954, when it was established as Lumbermen’s Investment ...Forestar Group Inc. is a U.S.-focused residential real estate development company whose common stock trades on the New York Stock Exchange under the symbol FOR. The company is headquartered at 2221 East Lamar Boulevard in Arlington, Texas, and traces its origins to 1954, when it was established as Lumbermen’s Investment Corporation. Forestar became a public company in 2007 and was subsequently repositioned as a specialized residential lot developer. Since 2017, it has operated as a majority-owned subsidiary of D.R. Horton, Inc., providing a strategic connection to one of the largest homebuilders in the United States. Forestar’s core business is not the construction of completed homes for consumers. Instead, it focuses on the earlier stages of the housing supply chain. The company acquires raw or partially developed land, evaluates market demand, obtains or advances governmental entitlements, designs communities, coordinates engineering and construction activities, and develops the land into finished residential lots. These lots are then sold primarily to homebuilders, including D.R. Horton and other third-party builders, which construct single-family homes on the sites. Its work may include roads, utilities, drainage, grading, amenities, and other infrastructure required for a community to support home construction. The company’s strategy emphasizes asset turns, disciplined land acquisition, capital efficiency, and limiting exposure to the direct costs and risks of vertical home construction. Its performance is influenced by housing demand, mortgage rates, employment, consumer confidence, homebuilder order activity, land prices, entitlement timelines, development costs, and the availability of construction financing. Because Forestar sells developed lots rather than finished homes, its revenue and cash flow can be affected by the timing of lot deliveries, community development schedules, and builder purchases. Based on the supplied information, Forestar has approximately 433 full-time employees, placing it in the 201-500 employee category. Search information indicates operations in a broad and growing national footprint, including approximately 65 markets across 24 states, while other company descriptions cite operations in 51 markets across 21 states; the exact footprint can change as projects are added or completed. The company’s chief executive officer is Anthony (Andy) W. Oxley, who has served as president and CEO since January 2024 and previously held roles associated with D.R. Horton. The supplied trailing-twelve-month data indicates approximately $1.51 billion in market capitalization, an enterprise value of about $1.93 billion, a 9.9% net profit margin, a 12.9% EBITDA margin, and free cash flow of approximately $187.1 million to equity. The company reported no dividend, reflecting a strategy oriented toward reinvestment and growth rather than regular cash distributions. Its reported debt-to-equity ratio was approximately 0.44, while its current and quick ratios were both about 1.04. These figures should be treated as period-specific and may change with subsequent filings and market movements.ExpandCollapse

Founded

1954

Employees

433

CEO

Anthony W. Oxley

Full Name

Forestar Group Inc.

Sector

Real Estate

Industry

Real Estate - Development

ROE

9.42%

Market Cap

$1.41B

Current Ratio

1.04

WACC

8.34%

ROIC

228.25%

Contact Information

https://www.forestar.com

817 769 1860

2221 East Lamar Boulevard, Arlington, TX 76006

Key Metrics of FOR

Snapshot

Latest / TTM · 6 periods

Market Cap

$1.41B

ROCE

7.7%

EV / EBITDA

8.20x

-0.1% YoY

FCF Yield

20.1%

+34.8% YoY

Cash Conversion Cycle

-13.7d

Current Ratio

1.04

Quick take

TTM —

No major risk flags in selected headline metrics.

Financial Highlights of FOR

Profitability trend

Latest / TTM · 6 periods

Gross Margin

21.4%

Net Margin

9.9%

P/E Ratio

8.29x

n/a

Debt / Equity

0.44

n/a

Current Ratio

1.04

Dividend Yield

0.0%

Understanding

TTM —

Interest coverage is weak

Calendar of FOR

Upcoming

Sep 30, 2026In 26 days
FY2026 · Estimated annual results
Est. EPS $2.89 · Revenue $1.66B · 2 analysts
Dec 30, 2026
Q1 FY2027 · Estimated results
Est. EPS $0.26 · Revenue $239.24M · 3 analysts
Mar 30, 2027
Q2 FY2027 · Estimated results
Est. EPS $0.58 · Revenue $352.02M · 1 analysts
Jun 30, 2027
Q3 FY2027 · Estimated results
Est. EPS $0.74 · Revenue $427.48M · 1 analysts

Recent history

Jul 22, 2026
Q3 FY2026 · Results reported
EPS $0.70 · Revenue $407.00M
View filing
Apr 23, 2026
Q2 FY2026 · Results reported
EPS $0.63 · Revenue $374.30M
View filing
Jan 22, 2026
Q1 FY2026 · Results reported
EPS $0.30 · Revenue $273.00M
View filing
Nov 19, 2025
FY2025 · Annual results
EPS $3.29 · Revenue $1.66B
View filing
Jul 23, 2025
Q3 FY2025 · Results reported
EPS $0.65 · Revenue $390.50M
View filing
Apr 22, 2025
Q2 FY2025 · Results reported
EPS $0.62 · Revenue $351.00M
View filing

Financial Statements of FOR

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$1.7B	+10.1%	+8.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$167.9M	-17.5%	+11.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+21.9%	-8.1%	-3.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+12.6%	-21.2%	-0.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+10.1%	-25.1%	+2.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$-199.9M	-24.5%	-78.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	-12.0%	-13.0%	-80.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	46.2%	+2.8%	-2.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	0.94x	-19.1%	+25.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$3.1B	+10.5%	+1.5%

Actual vs Estimate

A Sep 30Q Jun 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	3.29 vs 2.85	+15.5%	0.70 vs 0.81	-13.6%
Revenue Surprise	$1.7B vs $1.5B	+7.4%	$407.0M vs $437.7M	-7.0%

Insider Transactions of FOR

Acquisitions (A)

Since Mar 28, 2026

Disposals (D)

Since Mar 28, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 18, 2026	Jamieson Lisa H.	director	Common Stock	D	3,000	$29.25
Mar 31, 2026	Allen James Douglas	officer: Chief Financial Officer	Common Stock	A	4,505	—
Mar 31, 2026	Allen James Douglas	officer: Chief Financial Officer	Common Stock	D	1,667	$24.44
Mar 31, 2026	Allen James Douglas	officer: Chief Financial Officer	Restricted Stock Unit	D	4,505	—
Mar 31, 2026	Walker Mark Stephen	officer: Chief Operating Officer	Common Stock	A	2,815	—

Earnings Call Transcript of FOR

1 transcript segments

Q3 2026

Unknown Speaker

Operator: Good morning, and welcome to Forestar's Third Quarter 26 Earnings Conference Call. At this time, participants have been after the presentation. It is now my pleasure to turn the floor over to your host, Chris Hibbetts, vice president of finance and investor relations for Forestar. Chris Hibbetts: Thank you, Jenny. Good morning, and welcome to our call to discuss Forestar's third quarter results. Before we get started, I want to remind everyone that today's call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 2000. Although Forestar believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to Forestar. On the date of this conference call, and do not undertake any obligation to update or revise any forward-looking statements publicly. Additional information about factors that could lead to material changes in performance is contained in Forestar's annual report on Form 10-K And its most recent quarterly report on Form 10-Q. Both of which are filed with the Securities and Exchange Commission. Our earnings release is on our website at investor.forestar.com. We plan to file our 10 Q later this week. After this call, we will post an updated investor presentation on our Investor Relations site under Events and Presentations for your reference. Now I will turn the call over to Andy Oxley, our President and CEO. Anthony W. Oxley: Thanks, Chris. Good morning, everyone. I am also joined on the call today by Jim Allen, our chief Financial Officer; and Mark Stephen Walker, our Chief Operating Officer. The Forestar team achieved solid third quarter results with revenues of $407 million up 4% from the prior year quarter, on 3.66 thousand lots sold. Earnings per diluted share increased 8% to $0.70 and pretax income increased 12% to $48.7 million. Book value per share increased 10% from a year ago to $36.40 and our contracted backlog remains strong with visibility towards $2.3 billion of future revenue. Ongoing affordability constraints and cautious consumer sentiment continue to impact the pace of new home sales. In response, we are managing our inventory investments with discipline and flex flexibility, and we ended the quarter with approximately $1.1 billion of liquidity. We also reached a significant milestone this quarter, delivering our 100 thousandth lot since D.R. Horton made its transformative investment in Forestar in 2017. Forestar has grown to a proven scalable platform and we could not be prouder of what our teams have built to get us here. Looking ahead, we remain focused on turning our land and lot inventory efficiently, maximizing returns, and consolidating market share. With a strong balance sheet operating expertise, and a diverse national platform, Forestar is well positioned to navigate market conditions and extend its leadership …

Leadership Team of FOR

7 executives

Name	Title	Compensation	Gender	Year Born	Status
Anthony W. Oxley	President, Chief Executive Officer & Director	USD 1,884,978	Male	1965	Active
Mark Stephen Walker	Executive Vice President & Chief Operating Officer	USD 1,221,180	Male	1976	Active
Donald J. Tomnitz	Executive Chairman of the Board	USD 1,116,623	Male	1948	Active
Daniel C. Bartok	Consultant	USD 993,488	Male	1957	Active
James D. Allen	Executive Vice President, Chief Financial Officer & Treasurer	USD 893,037	Male	1960	Active
Ashley Dagley	Senior Vice President of Governance, Risk & Securities and Corporate Secretary	—	Female	—	Active
Chris Hibbetts	Vice President of Finance & Investor Relations	—	Male	1981	Active

Recent News of FOR

Seeking Alpha7/21/2026Neutral

Forestar Group Inc. (FOR) Q3 2026 Earnings Call Transcript

MarketBeat7/21/2026Neutral

Forestar Group Q3 Earnings Call Highlights

Forestar Group NYSE: FOR reported higher fiscal third-quarter revenue and profit, while management said affordability pressures and cautious consumer sentiment continue to weigh on new home sales activity.

Business Wire7/21/2026Neutral

Forestar Reports Fiscal 2026 Third Quarter Results

ARLINGTON, Texas--(BUSINESS WIRE)--Forestar reported net income of $35.9 million or $0.70 per diluted share in its third fiscal quarter of 2026.

247 Wallst7/8/2026Neutral

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Zacks Investment Research5/20/2026Neutral

2 Real Estate Development Stocks to Consider Despite Industry Woes

Despite industry woes, healthy demand for certain real estate categories and limited supply bode well for Real Estate Development industry companies like FOR and SKYH.

Historical Employee Count of FOR

Current

433

Change

+10.18%

Minimum

250

Maximum

433

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Sep 30, 2025	433	10-K	Nov 19, 2025	View
Sep 30, 2024	393	10-K	Nov 19, 2024	View
Sep 30, 2023	303	10-K	Nov 17, 2023	View
Sep 30, 2022	291	10-K	Nov 17, 2022	View
Sep 30, 2021	250	10-K	Nov 18, 2021	View

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Forestar Group Inc.