Forestar Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Forestar Group Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	219	197	114	428	932	1,326	1,519	1,437	1,509	1,662
Cost of revenue			113	363	814	1,097	1,195	1,133	1,150	1,299
Gross profit			1.72	65.6	118	229	324	304	359	364
Selling, general and administrative			75.3	28.9	45.7	68.4	93.6	97.7	119	154
General and administrative	27.3	21.6	56.5
Operating income	23.9	140	39.8
Interest expense	34.1	20	8.5	0	0
Pre-tax income	8.89	92.3	52.1	45.7	78.1	147	236	222	270	219
Income tax	35.1	15.3	45.8	9.4	16.4	36.1	57	54.7	66.7	51.4
Income from continuing operations	-26.2	75.5	4.22
Net income to minority interests	0.68	1.53	2	3.3	0.9	0.3	0	0
Net income	-213	58.6	50.3	33	60.8	110	179	167	203	168
EBITDA	69	152	45.3
EPS, basic	-6.22	1.40	1.19	0.79	1.26	2.25	3.59	3.34	4.03	3.30
EPS, diluted	-6.22	1.38	1.19	0.79	1.26	2.25	3.59	3.33	4.00	3.29
Shares, basic (weighted)	34.3	34.5	42.1	42	48	48.9	49.8	50	50.4	50.9
Shares, diluted (weighted)	34.3	42.3	42.4	42	48.1	49	49.8	50.1	50.8	51.1

Balance sheet

	FY2015	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	96.4	266	323	383	394	154	265	616	481	379
Property, plant and equipment	10.7	3.12	2	2.4	1.1	2.9	5.7	5.9	7.1	8.1
Lease right-of-use assets				0	3.6	6.9	7.5	7.6	9.6	13.7
Goodwill	41.8	37.9	0
Intangible assets	1.68	0	0.45	0
Total assets	972	733	762	1,456	1,740	2,102	2,343	2,471	2,840	3,137
Deferred revenue				2.5	0.2	5.8	16.1	10	2.7	0.7
Total liabilities	468	171	156	647	868	1,086	1,144	1,101	1,245	1,368
Total debt	382	110	108	461	641	705	706	695	706	803
Paid-in capital	562	553	506	602	604	636	641	644	665	671
Retained earnings	-46	12.6	56.3	158	219	329	508	675	878	1,046
Treasury stock	-51.2	-49.8	0
Shareholders' equity	502	561	604	808	871	1,015	1,198	1,369	1,594	1,768
Minority interests	2.52	1.47	1.42	0.6	0.9	1	1	1	1	1
Total equity	504	562	606	809	872	1,016	1,199	1,370	1,595	1,769
Total liabilities and equity	972	733	762	1,456	1,740	2,102	2,343	2,471	2,840	3,137
Shares outstanding					48.1	49.6	49.8	49.9	50.7	50.8

Cash flow statement

	FY2015	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-212	60.2	52.3	36.3	61.7	111	179	167	203	168
Depreciation and amortization	45.1	11.4	5.5	6.7	4.9	2.7	2.7	3	3	3.5
Stock-based compensation	4.25	4.04	6.6	1.3	2	2.6	3.3	4.3	5.3	7.3
Deferred income tax	41.3	-1.31	-1.8	9.4	23.1	19.2	12.5	13.8	16.8	18.6
Change in inventory			-17.7	-532	-282	-586	-142	206	-470	-385
Change in payables	-11.9	-17	-7.8	24.4	15	28	40.9	-12.7	24.7	-14.4
Cash from operations	35.1	67.1	-15.3	-391	-168	-303	109	364	-158	-198
Capital expenditures	-14.7	-6.14	-0.1	-0.9	-0.6	-1.6	-3.5	-1.3	-2.2	-2.2
Cash from investing	-60.3	421	135	-0.8	5	1	1.3	0.3	7.3	3.2
Debt issued	11.5	3.18	3	435				0	0	780
Debt repaid	-58.2	-315	-10	-85				-12.5	0	-680
Stock issued	0	0	0	101	0	33.4	1.7	0	19.7	0
Share buybacks	0	-3.54	0
Cash from financing	-48.5	-318	-22.5	440	175	61.4	1.2	-13.2	16.3	92.5
Net change in cash	-73.7	170	96.7	47.8	11.5	-241	111	351	-135	-102
Free cash flow	20.4	61	-15.4	-392	-169	-305	105	363	-161	-200
Interest paid	27.3	14.8	3.3	0	0
Income taxes paid	-4.08	10.2	-2.7	-1.7	-3.1	4.3	42.4	44.7	45.7	30.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $26.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.4%	Gross profit / revenue.
Pre-tax margin	13.1%	Pre-tax income / revenue.
Net margin	9.9%	Net income / revenue.
FCF margin	16.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.5%	Cash from operations / revenue.
Effective tax rate	24.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.3%	Net income / average total assets.
SG&A / revenue	9.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-17.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-17.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.43x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.6%	Total debt / total assets.
Liabilities / assets	42.3%	Total liabilities / total assets.
Net debt	$398.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$1.86B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	236x	Revenue / average property, plant and equipment.
FCF conversion	166.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.32	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$33.65	Revenue / diluted weighted shares.
FCF per share	$5.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.54	Cash from operations / diluted weighted shares.
Book value per share	$36.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$36.40	Tangible book value / shares outstanding.
Cash per share	$7.74	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.35B	Share price x shares outstanding.
Enterprise value	$1.75B	Market cap + total debt - cash - short-term investments.
P/E	7.94x	Market cap / net income. Only when net income is positive.
P/S	0.78x	Market cap / revenue.
P/B	0.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.73x	Market cap / tangible book value, when positive.
P/FCF	4.78x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.76x	Market cap / cash from operations, when positive.
EV/Sales	1.01x	Enterprise value / revenue.
EV/FCF	6.19x	Enterprise value / free cash flow, when both are positive.
FCF yield	20.9%	Free cash flow / market cap.
Earnings yield	12.6%	Net income / market cap (the inverse of P/E).

What was Forestar Group Inc.'s revenue in fiscal 2025?

Forestar Group Inc. reported revenue of $1.66B for fiscal 2025, 10.1% higher than the year before.

Was Forestar Group Inc. profitable in fiscal 2025?

Yes. Net income was $167.9M, a net margin of 10.1%.

How much free cash flow did Forestar Group Inc. generate in fiscal 2025?

Cash from operations of $197.7M minus capital expenditures of $2.2M left free cash flow of -$199.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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