Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002.3Wikipedia text CC BY-SA 4.0
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and develops it into finished residential lots for sale to homebuilders with a strategic focus on asset turns and efficiency.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue101112136$1.7B in 2025+288% since 2019Net income101112136$167.9M in 2025+409% since 2019
Revenue1415$407.0M in Q3 FY2026+9% since Q2 FY2026Net income1415$35.9M in Q3 FY2026+133% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2025-09-30
2024-09-30
2023-09-30
Revenues
$1.7B
$1.5B
$1.4B
Cost of sales
$1.3B
$1.2B
$1.1B
Selling, general and administrative expense
$154.4M
$118.5M
$97.7M
Equity in earnings of unconsolidated ventures
-$600.0K
$0
$0
Gain on sale of assets
-$4.5M
-$9.5M
-$1.6M
Interest and other income
-$6.3M
-$19.8M
-$13.6M
Loss on extinguishment of debt
$1.2M
$0
$0
Income before income taxes
$219.3M
$270.1M
$221.6M
Income tax expense
$51.4M
$66.7M
$54.7M
Net income
$167.9M
$203.4M
$166.9M
Basic net income per common share
$3.30
$4.03
$3.34
Weighted average number of common shares
50.9M shares
50.4M shares
50.0M shares
Diluted net income per common share
$3.29
$4.00
$3.33
Adjusted weighted average number of common shares
51.1M shares
50.8M shares
50.1M shares
No quarter-by-quarter statement was filed.
Total assets1617101112136$3.1B in 2025+251% since 2018Total liabilities1617101112136$1.4B in 2025+526% since 2018Shareholders’ equity1617101112136$1.8B in 2025+163% since 2018Cash1617101112136$379.2M in 2025+19% since 2018Long-term debt1617101112136$802.7M in 2025+619% since 2018
Total assets1415$3.2B in Q3 FY2026+2% since Q2 FY2026Total liabilities1415$1.4B in Q3 FY2026+1% since Q2 FY2026Shareholders’ equity1415$1.9B in Q3 FY2026+4% since Q2 FY2025Cash1415$394.9M in Q3 FY2026+9% since Q2 FY2026Long-term debt1415$793.8M in Q3 FY2026+0% since Q2 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2025-09-30
2024-09-30
2023-09-30
2022-09-30
Cash and cash equivalents
$379.2M
$481.2M
Real estate
$2.6B
$2.3B
Investment in unconsolidated ventures
$0
$300.0K
Property and equipment, net
$8.1M
$7.1M
Other assets
$104.6M
$85.3M
Total assets
$3.1B
$2.8B
Accounts payable
$71.0M
$85.9M
Accrued development costs
$131.8M
$144.6M
Earnest money on sales contracts
$193.3M
$172.3M
Deferred tax liability, net
$86.2M
$67.5M
Accrued expenses and other liabilities
$83.1M
$68.3M
Debt
$802.7M
$706.4M
Total liabilities
$1.4B
$1.2B
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
$50.8M
$50.7M
Additional paid-in capital
$671.0M
$665.2M
Retained earnings
$1.0B
$878.2M
Stockholders' equity
$1.8B
$1.6B
Noncontrolling interests
$1.0M
$1.0M
Total equity
$1.8B
$1.6B
$1.4B
$1.2B
Total liabilities and equity
$3.1B
$2.8B
Common stock, par value (in usd per share)
$1.00
$1.00
Common Stock, Shares Authorized
200.0M shares
200.0M shares
Common Stock, Shares, Issued
50.8M shares
50.7M shares
Common Stock, Shares, Outstanding
50.8M shares
50.7M shares
Period ending
2025-09-30
2024-09-30
2023-09-30
2022-09-30
Cash and cash equivalents
$379.2M
$481.2M
Real estate
$2.6B
$2.3B
Investment in unconsolidated ventures
$0
$300.0K
Property and equipment, net
$8.1M
$7.1M
Other assets
$104.6M
$85.3M
Total assets
$3.1B
$2.8B
Accounts payable
$71.0M
$85.9M
Accrued development costs
$131.8M
$144.6M
Earnest money on sales contracts
$193.3M
$172.3M
Deferred tax liability, net
$86.2M
$67.5M
Accrued expenses and other liabilities
$83.1M
$68.3M
Debt
$802.7M
$706.4M
Total liabilities
$1.4B
$1.2B
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
$50.8M
$50.7M
Additional paid-in capital
$671.0M
$665.2M
Retained earnings
$1.0B
$878.2M
Stockholders' equity
$1.8B
$1.6B
Noncontrolling interests
$1.0M
$1.0M
Total equity
$1.8B
$1.6B
$1.4B
$1.2B
Total liabilities and equity
$3.1B
$2.8B
Common stock, par value (in usd per share)
$1.00
$1.00
Common Stock, Shares Authorized
200.0M shares
200.0M shares
Common Stock, Shares, Issued
50.8M shares
50.7M shares
Common Stock, Shares, Outstanding
50.8M shares
50.7M shares
Cash from operations101112136-$197.7M in 2025−49% since 2019Capital spending101112136$2.2M in 2025+144% since 2019Free cash flow101112136-$199.9M in 2025−49% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2025-09-30
2024-09-30
2023-09-30
Net income
$167.9M
$203.4M
$166.9M
Depreciation and amortization
$3.5M
$3.0M
$3.0M
Deferred income taxes
$18.7M
$16.8M
$13.8M
Equity in earnings of unconsolidated ventures
-$600.0K
$0
$0
Stock-based compensation expense
$7.3M
$5.3M
$4.3M
Impairments and land option charges
$7.2M
$4.1M
$24.0M
Gain on sale of assets
-$4.5M
-$9.5M
-$1.6M
Loss on extinguishment of debt
-$1.2M
$0
$0
(Increase) decrease in real estate
-$384.8M
-$469.9M
$206.3M
Increase in other assets
-$7.4M
-$27.7M
-$7.0M
(Decrease) increase in accounts payable and other accrued liabilities
-$14.4M
$24.7M
-$12.7M
(Decrease) increase in accrued development costs
-$12.8M
$40.5M
-$18.2M
Increase (decrease) in earnest money deposits on sales contracts
$21.0M
$50.9M
-$14.7M
Net cash (used in) provided by operating activities
-$197.7M
-$158.4M
$364.1M
Expenditures for property, equipment, software and other
-$2.2M
-$2.2M
-$1.3M
Return of investment in unconsolidated ventures
$900.0K
$0
$0
Proceeds from sale of assets
$4.5M
$9.5M
$1.6M
Net cash provided by investing activities
$3.2M
$7.3M
$300.0K
Issuance of common stock
$0
$19.7M
$0
Additions to debt
$780.0M
$0
$0
Repayment of debt
$680.0M
$0
$12.5M
Deferred financing fees
-$6.2M
$0
$0
Cash paid for shares withheld for taxes
-$1.8M
-$3.4M
-$700.0K
Stock issued under employee benefit plans
$500.0K
$0
$0
Net cash provided by (used in) financing activities
Forestar Group is part of a group headed by D. R. Horton. 625 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Forestar Group
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Forestar Group, latest Mar 26, 2026 (4 filings since Feb 10, 2022)
4S/RPG Land Company LP Subsidiary · Texas, United States
Bentwater Links, LLC Subsidiary · Georgia, United States
Chisholm Trail Tower LLC Subsidiary · Delaware, United States
CL Texas I GP, L.L.C. Subsidiary · Georgia, United States
CL/RPG Land Company, LP Subsidiary · Texas, United States
FirstLand Investment Corporation Subsidiary · Texas, United States
FMF Development LLC Subsidiary · Delaware, United States
FOR California Development LLC Subsidiary · Delaware, United States
FOR Greenway Farms Utilities, LLC Subsidiary · Maryland, United States
FOR Nevada Development LLC Subsidiary · Delaware, United States
FOR NorCal Development LLC Subsidiary · Delaware, United States
FOR NorVada Development LLC Subsidiary · Delaware, United States
FOR Renn Quarter Utilities, LLC Subsidiary · Maryland, United States
FOR Texas Utilities, LLC Subsidiary · Delaware, United States
FOR Tuscarora Utilities, LLC Subsidiary · Maryland, United States
FOR Woodyard Station Utilities, LLC Subsidiary · Maryland, United States
FORCO Real Estate Inc. Subsidiary · Delaware, United States
Forestar (USA) Real Estate Group Inc. Subsidiary · Delaware, United States
Forestar Real Estate Group Inc. Subsidiary · Delaware, United States
Forestar Realty Inc. Subsidiary · Delaware, United States
GBF/LIC 288, Ltd. Subsidiary · Texas, United States
Hickory Hill Development, LP Subsidiary · Texas, United States
HOA Management, LLC Subsidiary · Delaware, United States
LM Development, LP Subsidiary · Texas, United States
LM Land Holdings, LP Subsidiary · Texas, United States
and 4 more
1050 North Argonne Road, LLC Subsidiary · Delaware, United States
10700 Pecan Park Austin, Inc. Subsidiary · Delaware, United States
11241 Slater Avenue NE, LLC Subsidiary · Delaware, United States
137 Mitchells Chance, LLC Subsidiary · Delaware, United States
1900 South Price Road, LLC Subsidiary · Delaware, United States
2 C Development Company LLC Subsidiary · California, United States
2635 Meridian Parkway, LLC Subsidiary · Delaware, United States
3665-3685 Priority Way South Drive, LLC Subsidiary · Delaware, United States
3692 Coolidge Court, LLC Subsidiary · Delaware, United States
415-H Church Street, LLC Subsidiary · Delaware, United States
5502 West Walsh Lane, LLC Subsidiary · Delaware, United States
5901 North Honore Avenue, LLC Subsidiary · Delaware, United States
6875 North Oracle Road, LLC Subsidiary · Delaware, United States
7689 East Pinnacle Peak Road, LLC Subsidiary · Delaware, United States
8440 Wyoming Blvd NE, LLC Subsidiary · Delaware, United States
8800 Roswell Road Bldg. B, LLC Subsidiary · Delaware, United States
91 st Avenue & Happy Valley, L.L.C. Subsidiary · Arizona, United States
Active Resource Management LLC Subsidiary · Arizona, United States
Austin Data, Inc. Subsidiary · Texas, United States
BLM Nevada I, LLC Subsidiary · Delaware, United States
BLM Nevada II, LLC Subsidiary · Delaware, United States
BLM Nevada III, LLC Subsidiary · Delaware, United States
C. Richard Dobson Builders, Inc. Subsidiary · Virginia, United States
and 570 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Forestar Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our principal executive office is leased and is located in Arlington, Texas. We also lease office space in other locations to support our business operations.
The company's origins date back to the 1955 incorporation of Lumbermen's Investment Corporation, which in 2006 changed its name to Forestar (USA) Real Estate Group Inc. The company has a long legacy of residential and commercial real estate development operations, primarily in Texas. In 1991, Forestar and Cousins Properties Incorporated formed Temco Associates, LLC as a venture to develop residential sites in Paulding County, Georgia, and in 2002 Forestar and Cousins formed CL Realty, L.L.C. as a venture to develop residential and mixed-use communities in Texas and across the southeastern U.S. Those ventures continue today. In 2001, Forestar opened an office in the Atlanta area to manage nearby land with a focus on its long-term real estate development potential. In 2006, Temple-Inland Inc. began reporting Forestar Real Estate Group as a separate business segment. On December 28, 2007, Temple-Inland distributed 100% of the issued and outstanding shares of Forestar's common stock to its shareholders. In September 2012, Forestar acquired CREDO Petroleum, an oil and gas exploration, development and production company with leasehold interests in over 135,000 net mineral acres.
In October 2017, Forestar became a majority-owned subsidiary of D.R. Horton, Inc. Immediately following the merger, D.R. Horton owned 75% of Forestar's outstanding common stock, and as of December 31, 2020, D.R. Horton owned 65% of Forestar's outstanding common stock. In connection with the merger, Forestar and D.R. Horton entered into certain agreements, including a Stockholders' Agreement, a Master Supply Agreement and a Shared Services Agreement.
On 8 June 2020, Forestar Group Inc.'s market value currently stands at $771.95 million. In the past year, Forestar Group Inc's securities have moved between $23.12 and $9.44.
Stock
On 12 June 2020, Forestar Group Inc. CFO James Douglas Allen in a deal purchased 5,200 shares of the company 's stock. The shares were purchased at an average price of $14.41 per share, with a $74,932.00 purchase value.
Dec 11, 2007New chief executive James M. Decosmo becomes CEO22
Calendar
Coming up
Oct 29, 2026 · Before the openReports results for the quarter ending Sep/202674
When it reported results
Jul 21, 2026Reported quarterly or annual results62
Apr 21, 2026Reported quarterly or annual results63
Jan 20, 2026Reported quarterly or annual results65
Oct 28, 2025Reported quarterly or annual results66
Jul 22, 2025Reported quarterly or annual results67
Apr 17, 2025Reported quarterly or annual results68
Jan 21, 2025Reported quarterly or annual results75
Oct 29, 2024Reported quarterly or annual results76
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
351 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 40 major events, 231 insider forms, 10 large holders, 50 other. The latest 20:
36 open-market trades by officers, directors and large owners since October 2021: 10 buys and 26 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Nov 19, 2025 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Forestar Group names in Item 1A of its 10-K filed Nov 19, 2025: 30 risks under these headings, as written.18
Risks Related to our Concentrated Ownership
So long as D.R. Horton controls us, our other stockholders will have limited ability to influence matters requiring stockholder approval, and D.R. Horton's interest may conflict with the interests of other current or potential holders of our securities.
Any inability to resolve favorably any disputes that may arise between us and D.R. Horton may result in a significant reduction of our revenues and earnings.
D.R. Horton's ability to control our Board may make it difficult for us to recruit independent directors.
We qualify as a controlled company within the meaning of the NYSE rules and, as a result, may elect to rely on exemptions from certain corporate governance requirements that provide protection to stockholders of companies that are not controlled companies.
We may not realize potential benefits of the strategic relationship with D.R. Horton, including the transactions contemplated by the Master Supply Agreement with D.R. Horton.
D.R. Horton's control of us or the strategic relationship between D.R. Horton and us may negatively affect our business relationships with other builder customers.
Risks Related to Our Business and our Industry
The homebuilding and lot development industries are cyclical and significantly affected by changes in economic, real estate or other conditions that could adversely affect our business and financial results.
Our business and financial results could be adversely affected by significant inflation, higher interest rates or deflation.
Supply shortages and other risks related to acquiring land, materials and skilled labor and obtaining regulatory approval could increase our costs and delay lot deliveries.
Public health issues such as a major epidemic or pandemic could adversely affect our business and financial results.
The other 20 risks
Our business and financial results could be adversely affected by weather conditions and natural disasters.
A health and safety incident relating to our operations could be costly in terms of potential liability and reputational damage.
From time to time, we obtain performance bonds, the unavailability of which could adversely affect our results of operations and cash flows.
Information technology failures, cybersecurity incidents, and the failure to satisfy privacy and data protection laws and regulations could harm our business.
We are subject to litigation or other claims, which could materially and adversely affect us.
Governmental regulations and environmental matters could increase the cost and limit the availability of property suitable for residential lot development and could adversely affect our business and financial results.
Changes in income tax and securities laws could adversely affect our business and financial results
There can be no assurance that our current business strategy will be successful.
We may have continuing liabilities relating to assets that have been sold, which could adversely impact our results of operations.
Our real estate development operations span several markets and as a result, our financial results may be significantly influenced by the local economies of those markets.
Our real estate development operations are highly dependent upon national, regional and local homebuilders.
Delays or failures by governmental authorities to take expected actions could reduce our returns or cause us to incur losses on certain real estate development projects.
Failure to succeed in new markets may limit our growth.
We plan to raise additional capital in the future, and such capital may not be available when needed or at all.
The real estate development industry is highly competitive and a number of entities with which we compete are larger and have greater resources or are smaller and have lower cost structures, and competitive conditions may adversely affect our results of operations.
Risks Related to Our Indebtedness
We have significant amounts of consolidated debt and may incur additional debt; our debt obligations and our ability to comply with related covenants, restrictions or limitations could adversely affect our financial condition.
Possible Consequences
Dependence on Future Performance
Risks of Variable Rate Debt
Changes in Debt Ratings
Change of Control Purchase Option and Change of Control Default.
Our debt agreements contain a number of restrictive covenants which will limit our ability to finance future operations, acquisitions or capital needs or engage in other business activities that may be in our interest.
General Risk Factors
The market price of and trading volume of our shares of common stock may be volatile.
Our business may suffer if we lose key personnel.
Legal proceedings
We are involved in various legal proceedings that arise from time to time in the ordinary course of our business. We believe we have established adequate reserves for any probable losses and that the outcome of any of the proceedings should not have a material adverse effect on our financial position or long-term results of operations or cash flows. It is possible, however, that charges related to these matters could be significant to our results of operations or cash flow in any single accounting period.
With respect to administrative or judicial proceedings involving the environment, we have determined that we will disclose any such proceeding if we reasonably believe such proceeding will result in monetary sanctions, exclusive of interest and costs, at or in excess of $1 million.
On April 29, 2025, a verified stockholder of the Company filed a derivative complaint in the Delaware Court of Chancery, on behalf of the Company, against D.R. Horton, Inc., the Company’s Executive Chairman, and certain of the Company’s directors. The complaint, which is captioned Mississippi Public Employees’ Retirement System v. D.R. Horton, Inc., C.A. No. 2025-0465-MTZ, asserts claims for breach of fiduciary duty arising out of lot sale transactions between the Company and D.R. Horton. The complaint seeks judgment awarding the Company damages against the defendants and awarding the plaintiff the costs and disbursements of the action, including reasonable attorneys’ and experts’ fees.
The Company disputes the allegations of wrongdoing in this matter. Nevertheless, the outcome of this lawsuit is uncertain and cannot be predicted with any certainty. Accordingly, at this time, the Company is not able to estimate a possible loss or range of loss that may result from this lawsuit or to determine whether such loss, if any, would have a material adverse effect on its business, financial condition, results of operations or liquidity.
