Forestar (FOR) financial statements
Forestar reported revenue of $1.7B in fiscal 2025, up 25.3% a year over 9 years.
Net income was $168M.
Free cash flow was -$200M.
The diluted share count rose 49% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Forestar's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $219M | $197M | $114M | $428M | $932M | $1.3B | $1.5B | $1.4B | $1.5B | $1.7B |
| Cost of revenue | — | — | $113M | $363M | $814M | $1.1B | $1.2B | $1.1B | $1.2B | $1.3B |
| Gross profit | — | — | $2M | $66M | $118M | $229M | $324M | $304M | $359M | $364M |
| Selling, general and admin | $27M | $22M | $75M | $29M | $46M | $68M | $94M | $98M | $118M | $154M |
| Operating income | $24M | $140M | $40M | — | — | — | — | — | — | — |
| Interest expense | $34M | $20M | $8M | $0 | $0 | — | — | — | — | — |
| Pre-tax income | $9M | $92M | $52M | $46M | $78M | $147M | $236M | $222M | $270M | $219M |
| Income tax | $35M | $15M | $46M | $9M | $16M | $36M | $57M | $55M | $67M | $51M |
| Net income | -$213M | $59M | $50M | $33M | $61M | $110M | $179M | $167M | $203M | $168M |
| EPS (diluted) | -$6.22 | $1.38 | $1.19 | $0.79 | $1.26 | $2.25 | $3.59 | $3.33 | $4.00 | $3.29 |
| Diluted shares | 34M | 42M | 42M | 42M | 48M | 49M | 50M | 50M | 51M | 51M |
| Gross margin | — | — | 1.5% | 15.3% | 12.7% | 17.3% | 21.3% | 21.2% | 23.8% | 21.9% |
| Operating margin | 11.0% | 71.1% | 34.8% | — | — | — | — | — | — | — |
| Net margin | -97.5% | 29.7% | 44.0% | 7.7% | 6.5% | 8.3% | 11.8% | 11.6% | 13.5% | 10.1% |
Balance sheet
Fiscal years, from Forestar's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $96M | $266M | $323M | $383M | $394M | $154M | $265M | $616M | $481M | $379M |
| Property, plant and equipment | $11M | $3M | $2M | $2M | $1M | $3M | $6M | $6M | $7M | $8M |
| Goodwill | $42M | $38M | $0 | — | — | — | — | — | — | — |
| Total assets | $972M | $733M | $762M | $1.5B | $1.7B | $2.1B | $2.3B | $2.5B | $2.8B | $3.1B |
| Total liabilities | $468M | $171M | $156M | $647M | $868M | $1.1B | $1.1B | $1.1B | $1.2B | $1.4B |
| Shareholders' equity | $502M | $561M | $604M | $808M | $871M | $1.0B | $1.2B | $1.4B | $1.6B | $1.8B |
| Net debt | -$96M | -$266M | -$323M | -$383M | -$394M | -$154M | -$265M | -$616M | -$481M | -$379M |
Cash flow
Fiscal years, from Forestar's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $35M | $67M | -$15M | -$391M | -$168M | -$303M | $109M | $364M | -$158M | -$198M |
| Capital spending | $15M | $6M | $100,000 | $900,000 | $600,000 | $2M | $4M | $1M | $2M | $2M |
| Free cash flow | $20M | $61M | -$15M | -$392M | -$169M | -$305M | $105M | $363M | -$161M | -$200M |
| Stock-based compensation | $4M | $4M | $7M | $1M | $2M | $3M | $3M | $4M | $5M | $7M |
| Share buybacks (net) | $0 | -$4M | $0 | — | — | — | — | — | — | — |
| Net borrowing | -$47M | -$312M | -$7M | $350M | — | — | — | -$12M | $0 | $100M |
| Free cash flow margin | 9.3% | 30.9% | -13.5% | -91.5% | -18.1% | -23.0% | 6.9% | 25.2% | -10.6% | -12.0% |
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Open FOR in InvestinglyQuestions
What was Forestar's revenue in 2025?
$1.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Forestar generate?
-$200M in fiscal 2025 (operating cash flow minus capital spending).
From Forestar's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.