Forestar Group Inc. (FOR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+234.9%

$80.82

vs $24.13 price

Levered DCF

$4.74

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.68

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	9.23×	8.06×	8.01×	8.07×	3.12×	8.28×	13.94×	23.14×
P/B	0.69×	0.77×	1.02×	0.98×	0.47×	0.9×	0.98×	0.95×
P/S	0.8×	0.81×	1.08×	0.94×	0.37×	0.69×	0.91×	1.79×
EV / EBITDA	7.56×	8.04×	6.84×	6.38×	4.22×	9.84×	14.24×	19.47×
Gross margin	19.7%	21.9%	23.8%	21.2%	21.3%	17.3%	12.7%	15.3%
Operating margin	10.5%	12.6%	16.0%	14.4%	15.2%	12.1%	7.8%	8.6%
Net margin	8.7%	10.1%	13.5%	11.6%	11.8%	8.3%	6.5%	7.7%
Current ratio	6.4×	0.94×	1.17×	1.91×	0.75×	0.49×	1.93×	2.16×
Debt / equity	0.41×	0.46×	0.45×	0.51×	0.6×	0.7×	0.74×	0.57×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.4%	9.5%	12.8%	12.2%	14.9%	10.9%	7.0%	4.1%
Return on invested capital	4.5%	5.9%	7.6%	7.3%	9.0%	6.9%	3.8%	2.3%
Return on assets	4.3%	5.4%	7.2%	6.8%	7.6%	5.2%	3.5%	2.3%
Free cash flow yield	0.0%	-14.8%	-9.8%	26.9%	18.9%	-33.4%	-19.9%	-51.1%
Earnings yield	10.8%	12.4%	12.5%	12.4%	32.1%	12.1%	7.2%	4.3%
Enterprise value	$1.5B	$1.8B	$1.9B	$1.4B	$1B	$1.5B	$1.1B	$845M
Net debt / EBITDA	0.71×	1.97×	0.86×	0.39×	1.88×	3.74×	3.24×	1.79×
Cash conversion cycle (days)	686	-15	-18	-16	-19	-15	-9	-13