Forestar Group Inc. (FOR) Balance Sheet
FOR balance sheet, FY2025
September 30, 2025 · U.S. dollars$3.14B assets = $1.37B liabilities + $1.77B equity
Both columns are drawn to the same scale: what FOR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FOR financial health
Current ratio0.94
Tight · current assets cover current liabilities 0.94×
Debt / equity0.46
Low leverage · $0.46 of debt for each $1 of equity
Equity / assets56.4%
Equity-funded · of assets funded by shareholders
Cash / debt46.4%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
FOR balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $733.2MFY2016 | $3.14BFY2025 | +17.5%/yr | |
| Total liabilities | $171.1MFY2016 | $1.37BFY2025 | +26.0%/yr | |
| Shareholders’ equity | $562.1MFY2016 | $1.77BFY2025 | +13.6%/yr | |
| Cash & short-term investments | $265.8MFY2016 | $379.2MFY2025 | +4.0%/yr | |
| Total debt | $130.7MFY2016 | $817.1MFY2025 | +22.6%/yr | |
| Net cash (debt) | $135.1MFY2016 | −$437.9MFY2025 | −$573.0M | |
| Working capital | $277.0MFY2016 | −$24.4MFY2025 | −$301.4M | |
| Book value per share | $13.28FY2016 | $34.73FY2025 | +11.3%/yr | |
| Current ratio | 7.75FY2016 | 0.94FY2025 | −6.81 | |
| Debt / equity | 0.23FY2016 | 0.46FY2025 | +0.23 | |
| Shares outstanding | 42.3MFY2016 | 50.9MFY2025 | +2.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FOR assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FOR liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FOR debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FOR balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $379.2M | $481.2M | $616.0M | $264.8M | $153.6M | $394.3M | $382.8M | $335.0M | $321.8M | $265.8M |
| Cash & equivalents | $379.2M | $481.2M | $616.0M | $264.8M | $153.6M | $394.3M | $382.8M | $335.0M | $321.8M | $265.8M |
| Short-term investments | — | — | — | $500,000 | — | — | — | $16.2M | $40.0M | $275,000 |
| Receivables | $21.6M | $37.3M | $25.7M | $11.4M | $1.1M | $6.3M | $3.2M | $7.1M | $13.0M | $19.8M |
| Inventory | $0 | $0 | $1 | −$40.3M | −$26.9M | −$10.4M | −$8.5M | −$885.9M | $130.4M | $293.0M |
| Other current assets | $17.5M | $13.2M | $0 | $28.9M | $25.8M | $10.4M | $8.5M | $893.1M | $94.4M | $0 |
| Total current assets | $418.3M | $531.7M | $616.0M | $264.8M | $153.6M | $400.6M | $386.0M | $349.3M | $559.5M | $318.0M |
| Property, plant & equipment (net) | $56.3M | $40.1M | $5.9M | $5.7M | $2.9M | $1.1M | $2.4M | $1.7M | $2.0M | $3.1M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $1.03B | $26.9M | $448,000 | $75.8M |
| Long-term investments | $0 | $300,000 | $500,000 | $500,000 | $900,000 | $3.6M | $7.3M | $11.7M | $64.6M | $77.6M |
| Other non-current assets | $2.66B | $2.27B | $1.85B | $2.07B | $1.94B | $1.33B | $31.1M | $503.5M | $135.4M | $258.7M |
| Total assets | $3.14B | $2.84B | $2.47B | $2.34B | $2.10B | $1.74B | $1.46B | $893.1M | $761.9M | $733.2M |
| Liabilities | ||||||||||
| Accounts payable | $71.0M | $85.9M | $68.4M | $72.2M | $47.4M | $29.2M | $16.8M | $7.9M | $2.4M | $4.8M |
| Short-term debt | $9.9M | $0 | $135.5M | $35.1M | $55.4M | $73.8M | $65.0M | $0 | $18.6M | $20.3M |
| Deferred revenue | $198.1M | $179.1M | $135.5M | $20.2M | $104.5M | $9.5M | $11.8M | −$294.3M | $11.9M | $10.5M |
| Total current liabilities | $442.7M | $455.2M | $233.7M | $264.6M | $208.6M | $123.0M | $96.4M | $43.9M | $33.9M | $41.0M |
| Long-term debt | $802.7M | $706.4M | $695.0M | $706.0M | $704.5M | $641.1M | $460.5M | $111.7M | $108.4M | $110.4M |
| Lease obligations | $14.4M | $10.2M | $8.1M | $8.1M | $7.3M | $3.8M | — | — | — | — |
| Other long-term liabilities | $122.7M | $83.4M | $172.1M | $173.1M | $172.7M | $104.0M | $89.9M | $63.0M | $13.9M | $19.7M |
| Total liabilities | $1.37B | $1.25B | $1.10B | $1.14B | $1.09B | $868.1M | $646.8M | $41.9M | $156.3M | $171.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $50.7M | $50.7M | $49.9M | $49.8M | $49.6M | $48.1M | $48.0M | $41.9M | $547.9M | $597.8M |
| Retained earnings (deficit) | $1.05B | $878.2M | $674.8M | $507.9M | $329.1M | $218.9M | $158.1M | $673.4M | $56.3M | $12.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | −$49.8M |
| Accumulated other comprehensive income | — | — | $1.37B | $1.20B | $0 | −$1.9M | $0 | $674.6M | −$4.7M | −$4.5M |
| Minority interest | $1.0M | $1.0M | $1.0M | $1.0M | — | — | — | — | $1.4M | $1.5M |
| Total shareholders' equity | $1.77B | $1.59B | $1.37B | $1.20B | $1.02B | $871.8M | $808.9M | $893.1M | $605.6M | $562.1M |
| Key figures | ||||||||||
| Total debt | $817.1M | $716.6M | $830.5M | $741.1M | $759.9M | $714.9M | $525.5M | $9.2M | $127.0M | $130.7M |
| Net cash (debt) | −$437.9M | −$235.4M | −$214.5M | −$476.3M | −$606.3M | −$320.6M | −$142.7M | $325.8M | $194.8M | $135.1M |
| Working capital | −$24.4M | $76.5M | $382.3M | $200,000 | −$55.0M | $277.6M | $289.6M | $305.4M | $525.6M | $277.0M |
| Tangible book value | $1.77B | $1.59B | $1.37B | $1.20B | $1.02B | $871.8M | −$220.0M | $866.3M | $605.2M | $486.3M |
| Book value per share | $34.73 | $31.38 | $27.33 | $24.06 | $20.74 | $18.13 | $19.26 | $21.26 | $14.29 | $13.28 |
| Shares outstanding | 50.9M | 50.8M | 50.1M | 49.8M | 49.0M | 48.1M | 42.0M | 42.0M | 42.4M | 42.3M |
| Current ratio | 0.94 | 1.17 | 2.64 | 1.00 | 0.74 | 3.26 | 4.00 | 7.96 | 16.50 | 7.75 |
| Quick ratio | 0.91 | 1.14 | 2.75 | 1.04 | 0.74 | 3.26 | 4.00 | 7.79 | 9.87 | 6.96 |
| Debt / equity | 0.46 | 0.45 | 0.61 | 0.62 | 0.75 | 0.82 | 0.65 | 0.01 | 0.21 | 0.23 |
| Equity / assets | 56.4% | 56.1% | 55.4% | 51.2% | 48.3% | 50.1% | 55.6% | 100.0% | 79.5% | 76.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $394.9M | $362.2M | $211.7M | $379.2M | $189.2M | $174.3M | $132.0M | $481.2M | $359.2M | $416.2M | $458.9M | $616.0M |
| Cash & equivalents | $394.9M | $362.2M | $211.7M | $379.2M | $189.2M | $174.3M | $132.0M | $481.2M | $359.2M | $416.2M | $458.9M | $616.0M |
| Receivables | $18.2M | $19.6M | $20.0M | $21.6M | $35.7M | $42.4M | $36.4M | $37.3M | $33.0M | $28.5M | $28.4M | $25.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $0 | $1 |
| Other current assets | $36.7M | $0 | $18.7M | $17.5M | $17.9M | $11.2M | $12.3M | $13.2M | $13.0M | $21.6M | $20.7M | $0 |
| Total current assets | $449.8M | $362.2M | $250.4M | $418.3M | $242.8M | $227.9M | $180.7M | $531.7M | $405.2M | $466.3M | $508.0M | $616.0M |
| Property, plant & equipment (net) | $56.4M | $7.7M | $57.8M | $56.3M | $50.4M | $51.5M | $39.3M | $40.1M | $29.1M | $14.3M | $13.7M | $5.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $300,000 | $300,000 | $500,000 | $500,000 | $500,000 |
| Other non-current assets | $2.71B | $2.80B | $2.87B | $2.66B | $2.83B | $2.76B | $2.74B | $2.27B | $2.24B | $2.12B | $2.01B | $1.85B |
| Total assets | $3.22B | $3.17B | $3.18B | $3.14B | $3.12B | $3.04B | $2.96B | $2.84B | $2.67B | $2.60B | $2.53B | $2.47B |
| Liabilities | ||||||||||||
| Accounts payable | $65.3M | $73.3M | $80.1M | $71.0M | $67.2M | $70.0M | $78.6M | $85.9M | $70.9M | $61.7M | $65.3M | $68.4M |
| Short-term debt | — | — | $0 | $9.9M | $0 | $0 | $0 | $0 | — | $22.3M | — | $135.5M |
| Deferred revenue | $210.8M | $216.9M | $214.6M | $198.1M | $236.0M | $217.5M | $212.1M | $179.1M | $173.4M | $154.3M | $154.2M | $135.5M |
| Total current liabilities | $433.7M | $437.1M | $471.2M | $442.7M | $462.2M | $422.2M | $450.4M | $455.2M | $390.7M | $356.8M | $357.4M | $233.7M |
| Long-term debt | $793.8M | $793.5M | $793.2M | $802.7M | $872.8M | $872.5M | $806.8M | $706.4M | $706.1M | $705.7M | $705.3M | $695.0M |
| Lease obligations | $16.4M | $16.9M | $16.6M | $14.4M | $10.6M | $8.8M | $9.5M | $10.2M | $9.0M | $8.8M | $8.4M | $8.1M |
| Other long-term liabilities | $135.3M | $122.1M | $125.2M | $122.7M | $105.1M | $102.1M | $89.3M | $83.4M | $65.3M | $63.3M | $62.3M | $172.1M |
| Total liabilities | $1.36B | $1.35B | $1.39B | $1.37B | $1.44B | $1.40B | $1.35B | $1.25B | $1.16B | $1.13B | $1.12B | $1.10B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $51.0M | $51.0M | $50.9M | $50.8M | $50.8M | $50.8M | $50.7M | $50.7M | $50.6M | $50.6M | $49.9M | $49.9M |
| Retained earnings (deficit) | $1.13B | $1.09B | $1.06B | $1.05B | $959.2M | $926.3M | $894.7M | $878.2M | $796.7M | $758.0M | $713.0M | $674.8M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | — |
| Minority interest | $1.2M | $1.1M | $1.0M | $1.0M | $1.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.86B | $1.82B | $1.79B | $1.77B | $1.68B | $1.65B | $1.61B | $1.59B | $1.51B | $713.9M | $1.41B | $1.37B |
| Key figures | ||||||||||||
| Total debt | $810.2M | $810.4M | $809.8M | $817.1M | $883.4M | $881.3M | $816.3M | $716.6M | $715.1M | $705.7M | $713.7M | $830.5M |
| Net cash (debt) | −$415.3M | −$448.2M | −$598.1M | −$437.9M | −$694.2M | −$707.0M | −$684.3M | −$235.4M | −$355.9M | −$289.5M | −$254.8M | −$214.5M |
| Working capital | $16.1M | −$74.9M | −$220.8M | −$24.4M | −$219.4M | −$194.3M | −$269.7M | $76.5M | $14.5M | $109.5M | $150.6M | $382.3M |
| Tangible book value | $1.86B | $1.82B | $1.79B | $1.77B | $1.68B | $1.65B | $1.61B | $1.59B | $1.51B | $713.9M | $1.41B | $1.37B |
| Book value per share | $36.43 | $35.68 | $35.04 | $34.73 | $32.93 | $32.27 | $31.60 | $31.26 | $29.61 | $14.10 | $27.90 | $27.16 |
| Shares outstanding | 51.0M | 51.0M | 51.0M | 50.9M | 51.0M | 51.0M | 51.1M | 51.0M | 51.1M | 50.6M | 50.5M | 50.4M |
| Current ratio | 1.04 | 0.83 | 0.53 | 0.94 | 0.53 | 0.54 | 0.40 | 1.17 | 1.04 | 1.31 | 1.42 | 2.64 |
| Quick ratio | 0.95 | 0.87 | 0.49 | 0.91 | 0.49 | 0.51 | 0.37 | 1.14 | 1.00 | 1.25 | 1.36 | 2.75 |
| Debt / equity | 0.44 | 0.45 | 0.45 | 0.46 | 0.53 | 0.54 | 0.51 | 0.45 | 0.47 | 0.99 | 0.51 | 0.61 |
| Equity / assets | 57.7% | 57.4% | 56.3% | 56.4% | 53.8% | 54.1% | 54.5% | 56.1% | 56.5% | 27.5% | 55.6% | 55.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 19, 2025); data from EODHD.
FOR financial position
At the end of fiscal 2025 (September 30, 2025), Forestar had total assets of $3.1 billion (up 10.5% from a year earlier), total liabilities of $1.4 billion and shareholders' equity of $1.8 billion. It held $379.2 million in cash and short-term investments against $817.1 million of debt, net debt of $437.9 million. Its current ratio was 0.94. In the latest quarter (ended June 30, 2026) total assets were $3.2 billion and equity $1.9 billion.
Related: FOR income statement, FOR cash flow statement, FOR key metrics. See the FOR stock overview for the latest quote and news.
FOR balance sheet FAQ
What are Forestar's total assets?
Forestar reported total assets of $3.1 billion at the end of fiscal 2025 (September 30, 2025), compared with $2.8 billion a year earlier.
How much debt does Forestar have?
Forestar had $817.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.46.
How much cash does Forestar have?
Forestar held $379.2 million in cash and short-term investments at the end of fiscal 2025; with $817.1 million of debt that is net debt of $437.9 million.
What is Forestar's book value?
Forestar's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2025, or $34.73 per share.
What is Forestar's current ratio?
Forestar had current assets of $418.3 million and current liabilities of $442.7 million, a current ratio of 0.94 (current liabilities exceed current assets).