Forestar Group
FOR on NYSE. Forestar sells developed residential lots to homebuilders. Market value $1.3bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to September 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $21.08 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 68 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.
$26.31 a share, 15% above its 1-year low
Over the past year the price has ranged from $22.81 to $32.06.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $283 million in the past 12 months, a shortfall of $200 million in the year to September 2025.
| Revenue | |||||
| Revenue | $1.3bn | $1.5bn | $1.4bn | $1.5bn | $1.7bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.69 | 0.59 | 0.51 | 0.44 | 0.45 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.45× equity
- Revenue growth, five yearsStrong, 12.3% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $407 million last quarter, up 4% on a year ago.
- Profit: $36 million, up 9% on a year ago.
- Spare cash over the past 12 months: $283 million. A year earlier it spent $337 million more than it brought in.
- About the same number of shares as a year ago.
- Debt is $399 million more than cash, down from $684 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $551m |
| December 2024 | $250m |
| March 2025 | $351m |
| June 2025 | $391m |
| September 2025 | $671m |
| December 2025 | $273m |
| March 2026 | $374m |
| June 2026 | $407m |
| Quarter to | Amount |
|---|---|
| September 2024 | $82m |
| December 2024 | $17m |
| March 2025 | $32m |
| June 2025 | $33m |
| September 2025 | $87m |
| December 2025 | $15m |
| March 2026 | $32m |
| June 2026 | $36m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 November 2025
- Next quarterly (estimated, 10-Q)
- 21 October 2026
Who owns it
1 long-term investor we follow owns it, down from 2 last quarter. 186 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Heartland AdvisorsBill Nasgovitz | $15m | 0.7% | Cut |
Sold out this quarter
Largest holders overall
- Dimensional Fund Advisors LP$91m
- Vanguard Portfolio Management$57m
- BlackRock$56mAdded
- American Century Companies$30mAdded
- Vanguard Capital Management$28m
- Ameriprise Financial$18mAdded
- Geode Capital Management$17mAdded
- Goldman Sachs Group$17mCut
- State Street$15mAdded
- Heartland Advisors$15mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $157,310.
- Jamieson Lisa H.DirectorSold
- Date
- 18 August 2026
- Shares
- 3,000
- Price
- $29.25
- Value
- $87,750
- Parmer ElizabethDirectorSold
- Date
- 2 June 2026
- Shares
- 2,535
- Price
- $27.44
- Value
- $69,560
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 August 2026 | Jamieson Lisa H. Director | Sold | 3,000 | $29.25 | $87,750 |
| 2 June 2026 | Parmer Elizabeth Director | Sold | 2,535 | $27.44 | $69,560 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Nov 2025, plus the 10-Q filed 22 Jul 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.