Forestar Group
Develops finished residential lots for homebuilders across U.S. markets.
Something off on this page? Send us feedback.
Profile
Acquires entitled land, builds community infrastructure, and sells finished single-family lots to homebuilders. Operations are concentrated in the United States, with demand and governance shaped by D.R. Horton as controlling shareholder and largest customer.
Acquires entitled real estate, installs infrastructure, and sells finished single-family residential lots to local, regional, and national homebuilders through one real estate segment. Finished lot sales are the core activity, alongside smaller tract sales and other real estate revenue.
Operates across U.S. markets, with activity tied to land entitlement, zoning, environmental review, subcontractor capacity, mortgage affordability, and the pace of homebuilding demand. Project selection emphasizes feasibility work before land or lot acquisition.
Functions as a controlled public company under D.R. Horton, which owns a majority stake and buys most of the lot volume. The Master Supply Agreement gives D.R. Horton rights over specified Forestar-developed lots through long-dated ownership-linked terms.
Company facts
Key statistics
Year to date +17.5% · Average volume (30d) 125.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior target | Target |
|---|---|---|---|---|
| Oct 29, 2025 | JMP Securities | Target | $30 | $35 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q3 FY26 | $0.81 | $0.70 | −13.6% | $437.7M | $407.0M | −7.0% | +1.41% |
| Apr 21, 2026Q2 FY26 | $0.72 | $0.63 | −12.5% | $373.7M | $374.3M | +0.2% | +2.21% |
| Jan 20, 2026Q1 FY26 | $0.21 | $0.30 | +42.9% | $265.6M | $273.0M | +2.8% | −1.23% |
| Oct 28, 2025Q4 FY25 | $1.26 | $1.70 | +34.9% | $556.6M | $670.5M | +20.5% | −3.18% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $351.0M | $390.5M | $670.5M | $273.0M | $374.3M | $407.0M | |
| Gross profit | $79.2M | $79.7M | $149.6M | $55.0M | $80.2M | $84.1M | |
| Operating income | $40.8M | $42.3M | $107.0M | $18.5M | $42.3M | $45.8M | |
| Net income | $31.6M | $32.9M | $87.0M | $15.4M | $32.1M | $35.9M | |
| Diluted EPS | $0.62 | $0.65 | $1.70 | $0.30 | $0.63 | $0.70 | |
| Gross margin | 22.6% | 20.4% | 22.3% | 20.1% | 21.4% | 20.7% | |
| Operating margin | 11.6% | 10.8% | 16.0% | 6.8% | 11.3% | 11.3% |
Fiscal years (4-quarter sums)FY21 $1.33B · FY22 $1.52B · FY23 $1.44B · FY24 $1.51B · FY25 $1.66B
Balance sheet, Jun 30, 2026Cash & short-term investments $394.9M · Total debt $810.2M · Total assets $3.22B · Shareholders' equity $1.86B
Dividends
No dividends on record.
Ownership
Shares outstanding 51.01M · Float 19.27M · 37.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Dimensional Fund Advisors LP | 2.86M | 5.61% | 13F | Aug 11, 2026 |
| Vanguard Portfolio Management LLC | 1.79M | 3.52% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 1.77M | 3.48% | 13F | Aug 7, 2026 |
| American Century Companies Inc | 946.9K | 1.86% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 883.9K | 1.73% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Lisa H. Jamieson | director | −3,000 | $29.25 |
Peers
- Lennar
Land-light national builder using land banks and optioned homesites
- PulteGroup
Scaled builder with heavy land acquisition and optioned lot control
- NVR
Finished-lot buyer using LPAs with third-party land developers
- Meritage Homes
Entry-level builder competing for land and lot pipelines
- KB Home
Builder competing for entitled land and controlled lots
- Green Brick Partners
Regional lot developer and builder in growth markets
- Howard Hughes
Master-planned community land seller to homebuilders
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Forestar Group | $28.63 | +0.17% | $1.46B | 8.6 | 10.1 | 0.8 | +4.2% |
| Lennar | $86.50 | +0.19% | $21.44B | 13.5 | 15.2 | 0.7 | −5.0% |
| PulteGroup | $128.55 | +0.02% | $24.81B | 13.2 | 12.0 | 1.5 | −9.6% |
| NVR | $6,396.27 | −0.21% | $17.27B | 16.6 | 16.6 | 1.8 | −10.6% |
| Meritage Homes | $71.02 | −0.14% | $4.74B | 14.9 | 12.9 | 0.9 | −14.3% |
| KB Home | $54.96 | +0.18% | $3.36B | 13.3 | 13.6 | 0.6 | −27.3% |
| Green Brick Partners | $74.74 | +2.01% | $3.15B | 11.0 | 11.9 | 1.6 | −10.1% |
| Howard Hughes | $64.80 | −0.06% | $3.86B | 13.1 | 19.9 | 1.6 | +330.2% |
| Median | 13.3 | 13.6 | 1.5 | −10.1% |