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Develops finished residential lots for homebuilders; majority-owned by D.R. Horton, its largest customer.
Develops finished residential lots for homebuilders; majority-owned by D.R. Horton, its largest customer.
Buys raw land, installs roads and utilities, and sells finished lots to builders, with D.R. Horton, which owns most of the company, taking the largest share under an agreement that gives it first right to buy lots. Since D.R. Horton bought control in 2017 it has grown into a nationwide lot developer.
Moat: narrow (scale, distribution). A guaranteed anchor customer (D.R. Horton) and national land-development scale are hard for smaller developers to match.
Headquarters: Arlington, Texas, US · Founded: 1955
Size Forestar (FOR) is a United States Real Estate company (Real Estate Development) with a market value of $1.21B, the 2137th largest of 3,117 United States companies the cockpit tracks. Shares closed at $23.70 on 6 Nov 2026.
Performance Over six months the shares fell 13.8%, against -9.8% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue fell 1.6% over the last twelve months (peer median +2.3%); the operating margin is 12.8% (peer median 19.8%).
Valuation It trades at 10.4× forward earnings against a peer median of 19.2× (4th cheapest of 14).
Credit Forestar has 1 bond outstanding ($500M), rated BB- by the agencies and trading like BB at a weighted spread of 237 bp.
Short interest Short interest is 2.0% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $1.64B | $1.64B | $1.66B | $1.51B | $1.44B |
| Revenue growth | — | -2% | +10% | +5% | — |
| Gross profit | $364M | $322M | $401M | $363M | $331M |
| EBITDA | n/a | n/a | $250M | $248M | $236M |
| Net income | $143M | $143M | $168M | $203M | $167M |
| Free cash flow | n/a | n/a | -$200M | -$161M | $363M |
| Capital expenditure | n/a | n/a | $2.20M | $2.20M | $1.30M |
| Total debt | $794M | $794M | $817M | $717M | $703M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Forestar FOR | $1.21B | -14% | -2% | 13% | 10.4× | n/a |
| Millrose Properties MRP | $4.00B | -4% | +93% | 85% | 7.9× | n/a |
| Green Brick Partners GRBK | $2.75B | -2% | -10% | 19% | 12.2× | 7.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FOR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.5% | -5.1% | 8th lowest of 21 |
| 6-month return | -13.8% | -9.8% | 9th lowest of 20 |
| Distance from 52-week high | -26.1% | -31.4% | 9th highest of 21 |
| Revenue growth (TTM) | -1.6% | +2.3% | 10th lowest of 21 |
| Operating margin | 12.8% | 19.8% | 10th lowest of 21 |
| Forward P/E | 10.4× | 19.2× | 4th cheapest of 14 |
| Bond spread | 237 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Forestar FOR | United States | $1.21B | -14% | -2% | 13% | 10.4× | n/a | n/a |
| Sri Lotus Developers and Realty LOTUSDEV.NS | India | $1.21B | +59% | +40% | 38% | 33.4× | n/a | n/a |
| Mainstreet Equity MEQ.TO | Canada | $1.19B | +1% | +5% | 60% | 18.9× | n/a | n/a |
| Red Star Macalline 1528.HK | Hong Kong | $1.18B | -33% | -3% | -24% | 32.3× | n/a | n/a |
| Tosei 8923.T | Japan | $1.18B | +17% | +14% | 23% | 11.4× | n/a | n/a |
| Shenzhen Zhenye (Group) 000006.SZ | China | $1.24B | -37% | -56% | 0% | n/a | n/a | n/a |
| Frey FREY.PA | France | $1.24B | 0% | +45% | 49% | 22.9× | n/a | n/a |
| Beijing Urban Construction Investment & Development Co 600266.SS | China | $1.16B | -21% | -31% | -2% | n/a | n/a | n/a |
| Tibet Urban Development & Investment 600773.SS | China | $1.27B | -67% | -78% | -124% | n/a | n/a | n/a |
| Art 0565.HK | Hong Kong | $1.28B | +38% | +51% | 60% | n/a | n/a | n/a |
| China Overseas Grand Oceans 0081.HK | Hong Kong | $1.30B | -7% | -3% | 5% | 19.2× | n/a | n/a |
| Wedge Industrial 000534.SZ | China | $1.30B | -57% | +4% | 10% | 28.6× | n/a | n/a |
| IRSA Inversiones y Representaciones SA Sponsored ADR IRS | United States | $1.12B | -10% | +4% | 42% | 64.9× | n/a | n/a |
| Sakura Development 2539.TW | Taiwan | $1.31B | -28% | +10% | 39% | n/a | n/a | n/a |
| Signatureglobal (India) SIGNATURE.NS | India | $1.11B | -17% | -23% | -7% | 22.8× | n/a | n/a |
| Cibus Real Estate AB (publ) CIBUS.ST | Sweden | $1.11B | -12% | +20% | 75% | 11.2× | n/a | n/a |
| Icade ICAD.PA | France | $1.33B | -22% | -9% | 17% | 5.3× | n/a | n/a |
| Gmp Property SOCIMI YGMP.MC | Spain | $1.33B | -4% | 0% | 53% | n/a | n/a | n/a |
| AEDAS Homes AEDAS.MC | Spain | $1.10B | +1% | -25% | 10% | 9.1× | n/a | n/a |
| Horizon Industrial Parks HORIZONIND.NS | India | $1.33B | n/a | +83% | 44% | n/a | n/a | n/a |
| Shenzhen Kingkey Smart Agriculture Times 000048.SZ | China | $1.10B | -7% | -17% | -15% | 10.4× | n/a | n/a |
Forestar has 1 bond outstanding with $500M face value. The agencies rate it BB-; its bonds trade like BB. Weighted yield 7.05%, a spread of 237 bp over government bonds.