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Forestar vs FirstService: revenue, profit, margins and growth compared

Forestar brought in $1.7B of revenue in fiscal 2025, FirstService $5.5B in fiscal 2025. Revenue changed by +10.1% at Forestar and +5.4% at FirstService on the year before, so Forestar grew faster. Forestar kept 10.1% of its revenue as net profit, FirstService 2.6%. Free cash flow was -$199.9M at Forestar and $318.2M at FirstService.

Side by side, latest fiscal year

FORFSV
Fiscal year endedFY2025 (September 30, 2025)FY2025 (December 31, 2025)
Revenue$1.7B$5.5B
Revenue growth+10.1%+5.4%
Net income$167.9M$145M
Net margin10.1%2.6%
Free cash flow-$199.9M$318.2M
Free cash flow margin-12.0%5.8%
Earnings per share (diluted)$3.29$3.17
Cash$379.2M$154.4M
Debt$802.7M$1.1B
Price to earnings8.1n/a
Market value$1.4B$5.6B
Dividend yieldn/an/a
Rank by revenue in sector#157 of 444 · Finance#95 of 444 · Finance

Over the years

Revenue
FOR FY2017: $114.3MFOR FY2019: $428.3MFOR FY2020: $931.8MFOR FY2021: $1.3BFOR FY2022: $1.5BFOR FY2023: $1.4BFOR FY2024: $1.5BFOR FY2025: $1.7BFSV FY2018: $1.9BFSV FY2019: $2.4BFSV FY2020: $2.8BFSV FY2021: $3.2BFSV FY2022: $3.7BFSV FY2023: $4.3BFSV FY2024: $5.2BFSV FY2025: $5.5BFY17FY18FY19FY20FY21FY22FY23FY24FY25
FOR $1.7BFSV $5.5B
Net income
FOR FY2017: $50.3MFOR FY2019: $33MFOR FY2020: $60.8MFOR FY2021: $110.2MFOR FY2022: $178.8MFOR FY2023: $166.9MFOR FY2024: $203.4MFOR FY2025: $167.9MFSV FY2018: $65.9MFSV FY2019: -$251.6MFSV FY2020: $87.3MFSV FY2021: $135.2MFSV FY2022: $121.1MFSV FY2023: $100.4MFSV FY2024: $134.4MFSV FY2025: $145MFY17FY18FY19FY20FY21FY22FY23FY24FY25
FOR $167.9MFSV $145M
Net margin
FOR FY2017: 44.0%FOR FY2019: 7.7%FOR FY2020: 6.5%FOR FY2021: 8.3%FOR FY2022: 11.8%FOR FY2023: 11.6%FOR FY2024: 13.5%FOR FY2025: 10.1%FSV FY2018: 3.4%FSV FY2019: -10.5%FSV FY2020: 3.1%FSV FY2021: 4.2%FSV FY2022: 3.2%FSV FY2023: 2.3%FSV FY2024: 2.6%FSV FY2025: 2.6%FY17FY18FY19FY20FY21FY22FY23FY24FY25
FOR 10.1%FSV 2.6%
Revenue growth
FOR FY2020: +117.6%FOR FY2021: +42.3%FOR FY2022: +14.6%FOR FY2023: -5.4%FOR FY2024: +5.0%FOR FY2025: +10.1%FSV FY2019: +24.6%FSV FY2020: +15.2%FSV FY2021: +17.2%FSV FY2022: +15.3%FSV FY2023: +15.7%FSV FY2024: +20.4%FSV FY2025: +5.4%FY19FY20FY21FY22FY23FY24FY25
FOR +10.1%FSV +5.4%
Free cash flow
FOR FY2017: -$15.4MFOR FY2019: -$392.1MFOR FY2020: -$169MFOR FY2021: -$304.7MFOR FY2022: $105.2MFOR FY2023: $362.8MFOR FY2024: -$160.6MFOR FY2025: -$199.9MFSV FY2018: $58.9MFSV FY2019: $61.2MFSV FY2020: $252.4MFSV FY2021: $109.1MFSV FY2022: $28.3MFSV FY2023: $187.6MFSV FY2024: $172.9MFSV FY2025: $318.2MFY17FY18FY19FY20FY21FY22FY23FY24FY25
FOR -$199.9MFSV $318.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Forestar and FirstService

Which is bigger by revenue, Forestar or FirstService?

FirstService is bigger by revenue: $5.5B in fiscal 2025, against $1.7B for Forestar in fiscal 2025.

Which keeps more of its revenue as profit, Forestar or FirstService?

Forestar had a net margin of 10.1% in fiscal 2025; FirstService had 2.6% in fiscal 2025.

Which grew revenue faster, Forestar or FirstService?

In their latest fiscal years revenue changed by +10.1% at Forestar and +5.4% at FirstService.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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