Forestar Group Inc.

Listed Company

FORCIK 0001406587NYSEAcceleratedReal EstateDelawareFY ends Sep 30

Period

FY 2025

Revenue

$1.66B

Net Income

$167.90M

Total Assets

$3.14B

Equity

$1.77B

Shares Out

51.01M

Op. Cash Flow

$-197.70M

Business

Forestar Group Inc. acquires and develops land to sell finished single-family residential lots to homebuilders. It offers project planning and management, entitlements, infrastructure installation, site selection, permitting, marketing, and short-term lot and land banking. The company operates a single real estate segment focused on entitled, short-duration phased lot development and short-term lot/land investments, supported by corporate oversight and agreements with D.R. Horton. Forestar serves local, regional and national homebuilders and markets some communities to build-to-rent and multifamily operators across numerous U.S. markets and states.

Summary from filing dated 2025-11-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenues	1,662	1,509	1,437	1,519	1,326
Cost of sales	1,299	1,150	1,133	1,195	1,097
Selling, general and administrative expense	154	119	98	94	68
Equity in earnings of unconsolidated ventures	−600,000	0	0	−1	−200,000
Gain on sale of assets	−5	−10	−2	−3	−3
Interest and other income	−6	−20	−14	−1	−1
Loss on extinguishment of debt	1	0	0	—	—
Income before income taxes	219	270	222	236	147
Income tax expense	51	67	55	57	36
Net income	168	203	167	179	110
Basic net income per common share	3.3	4.03	3.34	3.59	2.25
Weighted average number of common shares	51	50	50	50	49
Diluted net income per common share	3.29	4	3.33	3.59	2.25
Adjusted weighted average number of common shares	51	51	50	50	49

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	379	481	616	265	154
Real estate	2,645	2,266	1,790	2,022	1,905
Investment in unconsolidated ventures	0	300,000	500,000	500,000	900,000
Property and equipment, net	8	7	6	6	3
Other assets	105	85	58	50	39
Total assets	3,137	2,840	2,471	2,343	2,102
Accounts payable	71	86	68	72	47
Accrued development costs	132	145	104	122	105
Earnest money on sales contracts	193	172	121	136	148
Deferred tax liability, net	86	68	51	37	24
Accrued expenses and other liabilities	83	68	61	70	57
Debt	803	706	695	706	705
Total liabilities	1,368	1,245	1,101	1,144	1,086
Commitments and contingencies (Note 12)	—	—	—	—	—
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 50,833,171 and 50,653,637 shares issued and outstanding at September 30, 2025 and 2024, respectively	51	51	50	50	50
Additional paid-in capital	671	665	644	641	636
Retained earnings	1,046	878	675	508	329
Stockholders' equity	1,768	1,594	1,369	1,198	1,015
Noncontrolling interests	1	1	1	1	1
Total equity	1,769	1,595	1,370	1,199	1,016
Total liabilities and equity	3,137	2,840	2,471	2,343	2,102

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	4	3	3	3	3
Deferred income taxes	19	17	14	13	19
Stock-based compensation expense	7	5	4	3	3
Impairments and land option charges	7	4	24	13	3
(Increase) decrease in real estate	−385	−470	206	−142	−586
Increase in other assets	−7	−28	−7	−2	−15
(Decrease) increase in accounts payable and other accrued liabilities	−14	25	−13	41	28
(Decrease) increase in accrued development costs	−13	41	−18	18	60
Increase (decrease) in earnest money deposits on sales contracts	21	51	−15	−12	50
Net cash (used in) provided by operating activities	−198	−158	364	109	−303
Expenditures for property, equipment, software and other	−2	−2	−1	−4	−2
Return of investment in unconsolidated ventures	900,000	0	0	2	3
Proceeds from sale of assets	5	10	2	3	0
Net cash provided by investing activities	3	7	300,000	1	1
Issuance of common stock	0	20	0	2	33
Additions to debt	780	0	0	—	—
Repayment of debt	680	0	13	—	—
Deferred financing fees	−6	0	0	0	5
Cash paid for shares withheld for taxes	−2	−3	−700,000	−500,000	−600,000
Stock issued under employee benefit plans	500,000	0	0	—	—
Net cash provided by (used in) financing activities	93	16	−13	1	61
(Decrease) increase in cash and cash equivalents	−102	−135	351	111	−241
Note payable issued for real estate	0	10	0	0	13
Income taxes paid, net	31	46	45	42	4

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