Forestar Group Inc.

NYSE•FOR

CEO: Mr. Donald J. Tomnitz

Sector: Real Estate

Industry: Real Estate - Development

Listing Date: 2007-12-13

Forestar Group Inc. operates as a residential lot development company in the United States. The company acquires land and develops infrastructure for single-family residential communities. It sells its residential single-family finished lots to local, regional, and national homebuilders. The company was incorporated in 2005 and is headquartered in Arlington, Texas. Forestar Group Inc. operates as a subsidiary of D.R. Horton, Inc.

Contact Information

2221 East Lamar Boulevard, Suite 790, Arlington, TX, 76006, United States

817-769-1860

www.forestar.com

Market Cap

$1.42B

P/E (TTM)

8.6

12.8

Dividend Yield

52W High

$30.74

52W Low

$18.00

52W Range

78%

Rank43Top 50.7%

3.8

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 3.8 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q1 2026 Data

Revenue

$273.00M+9.03%

4-Quarter Trend

EPS

$0.30-6.25%

4-Quarter Trend

FCF

-$157.10M-65.09%

4-Quarter Trend

2026 Q1 Earnings Highlights

Key Highlights

Revenue Growth Strong Consolidated revenues grew 9% to $273.0M USD for the quarter, compared to $250.4M USD last year.

Operating Cash Flow Improved Net cash used in operations significantly improved to $157.0M USD versus $450.0M USD used previously in the prior period.

Real Estate Assets Increased Total assets increased to $3,176.6M USD, driven by $2.85B USD in real estate holdings as of period end.

Strong Liquidity Maintained Strong liquidity maintained with $607.6M USD available capacity on credit facility; no outstanding borrowings reported at period end.

Risk Factors

Net Income Declined Slightly Net income decreased to $15.4M USD from $16.5M USD year-over-year; diluted EPS fell to $0.30 USD.

Lot Sales Volume Decreased Total residential lots sold decreased 17% to 1,944 lots, despite average selling price per lot rising 15%.

Fiduciary Duty Litigation Risk Derivative lawsuit filed against D.R. Horton and directors regarding lot sale transactions; outcome remains uncertain.

Development Costs Remain High Development cycle times remain extended in certain markets, keeping overall development costs elevated for projects.

Outlook

Maintain Disciplined Investment Maintain disciplined land investment strategy focused on affordable price points to consolidate market share in fragmented industry.

Leverage D.R. Horton Relationship Strategic relationship with controlling shareholder D.R. Horton supports platform stability and future lot sales pipeline execution.

Capital Structure Evaluation Evaluating alternatives for capital structure management, including potential debt or equity issuance to fund expected growth.

Tax Disclosure Changes Pending Evaluating impact of new FASB ASU 2023-09 regarding income tax disclosure requirements effective for fiscal 2026 annual periods.

Peer Comparison

Revenue (TTM)

HOUS

$5.87B

+5.3%

FOR

$1.69B

+15.9%

Gross Margin (Latest Quarter)

HOUS

81.2%

-0.2pp

FOR

20.1%

-1.8pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
HOUS	$1.98B	-15.4	-8.4%	51.0%
FOR	$1.42B	8.6	9.7%	25.5%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-8.0%

Growth Under Pressure

4Q Net Income CAGR

-21.3%

Declining Profitability

Cash Flow Stability

50%

Cash Flow Needs Attention

Deep Research

Next earnings:Apr 15, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data