Forestar Group Inc. (FOR) Key Metrics
FOR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.31B
- Enterprise value
- $1.78B
- P/E (TTM)
- 7.7 10-yr median 8.4
- Forward P/E
- 49.0
- PEG ratio
- 4.90
- Price / sales
- 0.8 10-yr median 1.0
- Price / book
- 0.7 10-yr median 1.0
- EV / EBITDA
- 8.2 10-yr median 8.1
- Dividend yield
- —
- Beta
- 1.40
FOR key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsFOR valuation Price multiples at each fiscal year-end price.
FOR returns How much profit the business earns on the capital it uses.
FOR per-share figures Results divided by the shares outstanding at year-end.
FOR financial health Debt, liquidity and how easily interest is covered.
FOR efficiency & capital use Working capital cycle and where the cash goes.
FOR valuation history
FOR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FOR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FOR cash returned to shareholders
FOR price vs earnings per share
FOR key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.35B | $1.64B | $1.35B | $557.8M | $912.4M | $851.3M | $767.9M | $890.7M | $729.0M | $495.7M |
| Enterprise value | $1.79B | $1.88B | $1.56B | $1.03B | $1.52B | $1.17B | $910.6M | $564.9M | $534.2M | $360.6M |
| P/E ratio | 8.1 | 8.1 | 8.1 | 3.1 | 8.3 | 14.0 | 23.3 | 15.0 | 14.5 | 8.5 |
| Price / sales | 0.8 | 1.1 | 0.9 | 0.4 | 0.7 | 0.9 | 1.8 | 8.5 | 6.4 | 2.5 |
| Price / book | 0.8 | 1.0 | 1.0 | 0.5 | 0.9 | 1.0 | 0.9 | 1.0 | 1.2 | 0.9 |
| Price / free cash flow | — | — | 3.7 | 5.3 | — | — | — | — | — | 8.2 |
| Price / operating cash flow | — | — | 3.7 | 5.1 | — | — | — | — | — | 7.4 |
| EV / sales | 1.1 | 1.2 | 1.1 | 0.7 | 1.1 | 1.3 | 2.1 | 5.4 | 4.7 | 1.8 |
| EV / EBITDA | 8.0 | 6.9 | 7.5 | 4.3 | 10.2 | 15.2 | 21.0 | 24.6 | 8.1 | 3.2 |
| EV / free cash flow | — | — | 4.3 | 9.8 | — | — | — | — | — | 6.0 |
| Earnings yield | 12.4% | 12.4% | 12.4% | 32.1% | 12.1% | 7.1% | 4.3% | 6.7% | 6.9% | 11.8% |
| Free cash flow yield | −14.8% | −9.8% | 26.9% | 18.9% | −33.4% | −19.9% | −51.1% | −32.0% | −2.6% | 12.1% |
| Dividend yield | — | — | — | — | 50.2% | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.1% | 0.2% | 0.1% | 0.1% | 50.3% | 0.0% | 0.0% | 0.0% | 2.0% | 0.7% |
| Share price at fiscal year-end | $26.59 | $32.37 | $26.94 | $11.19 | $18.63 | $17.70 | $18.28 | $21.20 | $17.20 | $11.71 |
| Per share | ||||||||||
| Revenue per share | $32.66 | $29.71 | $28.67 | $30.47 | $27.07 | $19.37 | $10.20 | $2.48 | $2.70 | $4.66 |
| Earnings per share | $3.30 | $4.00 | $3.33 | $3.59 | $2.25 | $1.26 | $0.79 | $1.42 | $1.19 | $1.39 |
| Operating cash flow per share | −$3.88 | −$3.12 | $7.26 | $2.18 | −$6.19 | −$3.50 | −$9.31 | −$6.79 | −$0.38 | $1.58 |
| Free cash flow per share | −$3.93 | −$3.16 | $7.24 | $2.11 | −$6.22 | −$3.51 | −$9.33 | −$6.79 | −$0.44 | $1.42 |
| Cash per share | $7.45 | $9.47 | $12.29 | $5.31 | $3.14 | $8.20 | $9.11 | $7.97 | $7.59 | $6.28 |
| Book value per share | $34.73 | $31.38 | $27.33 | $24.06 | $20.74 | $18.13 | $19.26 | $21.26 | $14.29 | $13.28 |
| Tangible book value per share | $34.73 | $31.38 | $27.33 | $24.06 | $20.74 | $18.13 | −$5.24 | $20.62 | $14.28 | $11.49 |
| Dividends per share | — | — | — | — | $9.35 | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.04 | $0.04 | $0.03 | $0.07 | $0.03 | $0.01 | $0.02 | $0.00 | $0.06 | $0.16 |
| Debt per share | $16.05 | $14.11 | $16.57 | $14.87 | $15.52 | $14.86 | $12.51 | $0.22 | $3.00 | $3.09 |
| Shares outstanding | 50.9M | 50.8M | 50.1M | 49.8M | 49.0M | 48.1M | 42.0M | 42.0M | 42.4M | 42.3M |
| Change in shares outstanding | +0.2% | +1.3% | +0.6% | +1.8% | +1.8% | +14.5% | −0.0% | −0.9% | +0.1% | +23.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.0% | 13.7% | 13.0% | 16.1% | 11.7% | 7.2% | 3.9% | 7.9% | 8.6% | 11.0% |
| Return on invested capital (ROIC) | 7.9% | 10.6% | 9.5% | 10.6% | 8.6% | 5.3% | 3.8% | 1.8% | 4.7% | 19.1% |
| Return on assets (ROA) | 5.6% | 7.7% | 6.9% | 8.0% | 5.7% | 3.8% | 2.8% | 7.2% | 6.7% | 6.8% |
| Return on tangible assets | 5.4% | 7.2% | 6.8% | 7.6% | 5.2% | 3.5% | 7.7% | 6.9% | 6.6% | 8.9% |
| Free cash flow margin | −12.0% | −10.6% | 25.2% | 6.9% | −23.0% | −18.1% | −91.5% | −273.3% | −16.3% | 30.5% |
| Income quality (OCF / net income) | −1.18 | −0.78 | 2.18 | 0.61 | −2.75 | −2.77 | −11.85 | −4.79 | −0.32 | 1.14 |
| Financial health | ||||||||||
| Total debt | $817.1M | $716.6M | $830.5M | $741.1M | $759.9M | $714.9M | $525.5M | $9.2M | $127.0M | $130.7M |
| Cash & short-term investments | $379.2M | $481.2M | $616.0M | $264.8M | $153.6M | $394.3M | $382.8M | $335.0M | $321.8M | $265.8M |
| Net debt | $437.9M | $235.4M | $214.5M | $476.3M | $606.3M | $320.6M | $142.7M | −$325.8M | −$194.8M | −$135.1M |
| Debt / equity | 0.46 | 0.45 | 0.61 | 0.62 | 0.75 | 0.82 | 0.65 | 0.01 | 0.21 | 0.23 |
| Debt / assets | 0.26 | 0.25 | 0.34 | 0.32 | 0.36 | 0.41 | 0.36 | 0.01 | 0.17 | 0.18 |
| Net debt / EBITDA | 1.97 | 0.86 | 1.03 | 2.00 | 4.06 | 4.15 | 3.29 | −14.17 | −2.95 | −1.19 |
| Current ratio | 0.94 | 1.17 | 2.64 | 1.00 | 0.74 | 3.26 | 4.00 | 7.96 | 16.50 | 7.75 |
| Quick ratio | 0.94 | 1.17 | 2.64 | 1.15 | 0.87 | 3.34 | 4.09 | 28.14 | 12.65 | 0.61 |
| Interest coverage | — | — | — | 230.4 | 134.0 | 14.8 | 6.7 | — | 4.7 | 7.0 |
| Working capital | −$24.4M | $76.5M | $382.3M | $200,000 | −$55.0M | $277.6M | $289.6M | $305.4M | $525.6M | $277.0M |
| Invested capital | $2.21B | $1.83B | $1.58B | $1.68B | $1.62B | $1.19B | $951.6M | $567.3M | $410.9M | $427.0M |
| Tangible asset value | $1.77B | $1.60B | $1.37B | $1.20B | $1.02B | $871.8M | −$220.0M | $824.3M | $605.2M | $486.3M |
| Net current asset value | −$949.8M | −$713.3M | −$484.8M | −$878.9M | −$932.2M | −$467.5M | −$260.8M | $307.4M | $403.2M | $146.9M |
| Graham number | $50.77 | $53.17 | $45.25 | $44.06 | $32.41 | $22.71 | $18.45 | $26.04 | $19.53 | $20.34 |
| Graham net-net per share | −$19.11 | −$14.48 | −$9.29 | −$17.86 | −$19.29 | −$9.86 | −$6.33 | −$3.44 | $5.67 | $6.05 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $458.0M | — | — | — | $0 | $0 |
| Share buybacks (net) | $1.8M | $3.4M | $700,000 | $500,000 | $600,000 | $300,000 | $100,000 | $0 | $14.3M | $3.5M |
| Dividend payout ratio | — | — | — | — | 415.6% | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | 0.2% | 0.5% | — | — | — | — | — | 5.9% |
| Capex / revenue | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | 0.2% | 0.0% | 2.1% | 3.4% |
| Capex / operating cash flow | — | — | 0.4% | 3.2% | — | — | — | — | — | 10.0% |
| Capex / depreciation | 0.63 | 0.73 | 0.43 | 1.30 | 0.59 | 0.12 | 0.13 | 0.01 | 0.45 | 6.88 |
| Stock-based compensation / revenue | 0.4% | 0.4% | 0.3% | 0.2% | 0.2% | 0.2% | 0.3% | 4.2% | 5.8% | 2.0% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% |
| SG&A / revenue | 9.3% | 7.9% | 6.8% | 6.2% | 5.2% | 4.9% | 6.7% | 11.3% | 49.4% | 10.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 6.5 | 7.6 | 4.7 | 1.5 | 1.0 | 1.9 | 4.4 | 35.1 | 52.3 | 51.3 |
| Days of inventory on hand | — | — | -6.5 | -10.3 | -6.2 | -4.2 | -450.1 | -2,103.6 | 703.8 | 324.8 |
| Days payables outstanding | 22.0 | 24.5 | 22.7 | 18.3 | 12.7 | 10.3 | 12.4 | 28.6 | 11.9 | 18.1 |
| Cash conversion cycle (days) | -15.6 | -16.9 | -24.4 | -27.0 | -17.9 | -12.7 | -458.1 | -2,097.1 | 744.2 | 358.1 |
| Receivables turnover | 56.45 | 47.92 | 77.46 | 243.06 | 358.32 | 196.17 | 83.12 | 10.40 | 6.98 | 7.11 |
| Payables turnover | 16.56 | 14.91 | 16.11 | 19.98 | 28.63 | 35.38 | 29.37 | 12.75 | 30.55 | 20.16 |
| Inventory turnover | — | — | — | — | — | — | — | — | 0.52 | 1.12 |
| Asset turnover | 0.56 | 0.57 | 0.60 | 0.68 | 0.69 | 0.58 | 0.36 | 0.13 | 0.15 | 0.23 |
| Average receivables | $29.4M | $31.5M | $18.6M | $6.2M | $3.7M | $4.8M | $5.2M | $10.0M | $16.4M | $27.8M |
| Average payables | $78.5M | $77.2M | $70.3M | $59.8M | $38.3M | $23.0M | $12.3M | $5.1M | $3.6M | $8.4M |
| Average inventory | — | — | −$20.1M | −$33.6M | −$18.6M | −$9.4M | −$447.2M | −$377.8M | $211.7M | $150.3M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 70.7% | 3.0% | 0.1% | 10.3% |
Computed from FOR's annual financial statements (latest annual report filed November 19, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FOR valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), Forestar traded at 8.1 times earnings, against a 10-year median of 8.4. Based on the latest twelve months, the trailing P/E is 7.7 and the forward P/E is 49.0. Forestar earned a return on equity of 10.0% and a return on invested capital of 7.9% in fiscal 2025. It ended the year with $817.1 million of debt and $379.2 million in cash and short-term investments, net debt of $437.9 million. It returned $1.8 million to shareholders: $0 in dividends and $1.8 million in share buybacks. The share count rose 20.2% from 42.3M to 50.9M over 9 years.
See the FOR income statement, the FOR chart for price history, or the FOR stock overview for the latest quote and news.
FOR key metrics FAQ
What is Forestar's P/E ratio?
Forestar's trailing P/E ratio is 7.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 49.0. At the end of fiscal 2025 it was 8.1, compared with a 10-year median of 8.4.
What is Forestar's EV/EBITDA?
Forestar's enterprise value was 8.0 times EBITDA at the end of fiscal 2025 (enterprise value $1.8 billion, EBITDA $222.8 million); the current EV/EBITDA is 8.2.
What is Forestar's return on equity?
Forestar's return on equity (ROE) was 10.0% in fiscal 2025: net income of $167.9 million on average shareholders' equity of $1.7 billion.
What is Forestar's ROIC?
Forestar's return on invested capital was 7.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Forestar have?
Forestar had total debt of $817.1 million at the end of fiscal 2025, a debt-to-equity ratio of 0.46 and $437.9 million of net debt (1.97 times EBITDA).
Does Forestar buy back its shares?
Yes. Forestar spent $1.8 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.2% over the year, to 50.9M..
What is Forestar's free cash flow yield?
Forestar generated -$199.9 million of free cash flow in fiscal 2025, a free cash flow yield of −14.8% on its market value at year-end ($1.4 billion).
What is Forestar's current ratio?
Forestar's current ratio was 0.94 at the end of fiscal 2025: current assets were 0.94 times current liabilities.