$FOR Forestar Group Inc | Understand Stock

What Do They Do?

Sells finished residential lots to local, regional and national homebuilders, planning and developing the communities where the lots are located.

How Do They Make Money?

Homebuilders pay for finished residential lots when a sale closes and title and possession pass to the buyer.

FY2025 revenue

Who Are Their Customers?

Customers are primarily local, regional and national homebuilders. Lots are primarily for entry-level, first-time move-up and active adult homes; some communities are marketed to build-to-rent operators.

Do Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$199.9M.

Operating income, FY2025

13% of revenue

▼ −13% vs FY2024 ($240.8M, 16%)

Net income, FY2025

10% of revenue

▼ −17% vs FY2024 ($203.4M, 13%)

Free cash flow, FY2025

−12% of revenue

▲ +24% (Loss) vs FY2024 (−$160.6M, −11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +4%; vs $390.5M in Q3 FY2025
Net income: ▲ +9%; vs $32.9M in Q3 FY2025

Growing. Revenue grew 25% in 4 years, from $1.3B in FY2021 to $1.7B in FY2025, about 6% a year.