Forestar Group (FOR)
Develops finished residential lots for homebuilders across U.S. markets.
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Acquires entitled land, builds community infrastructure, and sells finished single-family lots to homebuilders. Operations are concentrated in the United States, with demand and governance shaped by D.R. Horton as controlling shareholder and largest customer.
Acquires entitled real estate, installs infrastructure, and sells finished single-family residential lots to local, regional, and national homebuilders through one real estate segment. Finished lot sales are the core activity, alongside smaller tract sales and other real estate revenue.
Operates across U.S. markets, with activity tied to land entitlement, zoning, environmental review, subcontractor capacity, mortgage affordability, and the pace of homebuilding demand. Project selection emphasizes feasibility work before land or lot acquisition.
Functions as a controlled public company under D.R. Horton, which owns a majority stake and buys most of the lot volume. The Master Supply Agreement gives D.R. Horton rights over specified Forestar-developed lots through long-dated ownership-linked terms.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Oct 29, 2025 | JMP Securities | Target | Target: $30 | Target: $35 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $394.9M · Total debt $810.2M · Total assets $3.22B · Shareholders' equity $1.86B
- Revenue
- $407.0M
- Operating income
- $45.8M
- Net income
- $35.9M
No dividends on record.
| Institutions | ≈ 36.88% | 18.82M shares | |
|---|---|---|---|
| 189 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.61% | 310.2K shares | |
| 10 holders · as of Aug 19, 2026 | |||
| Strategic holders | 62.69% | 31.98M shares | |
| 2 holders · as of Apr 21, 2021 | |||
| Adds to | 100.18% | ||
51.02M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 100.18%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
D.R. Horton, Inc.Strategic | 61.65% | 31.45M | filed Apr 21, 2021 |
Dimensional Fund Advisors LPInstitution | 5.61% | 2.86M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 3.52% | 1.79M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 3.48% | 1.77M | as of Jun 30, 2026 |
American Century Companies IncInstitution | 1.86% | 946,901 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Lisa H. Jamieson | director | −3,000 | $29.25 |
- Lennar
Land-light national builder using land banks and optioned homesites
- PulteGroup
Scaled builder with heavy land acquisition and optioned lot control
- NVR
Finished-lot buyer using LPAs with third-party land developers
- Meritage Homes
Entry-level builder competing for land and lot pipelines
- KB Home
Builder competing for entitled land and controlled lots
- Green Brick Partners
Regional lot developer and builder in growth markets
- Howard Hughes
Master-planned community land seller to homebuilders
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Forestar Group | $27.21 | +0.15% | $1.35B | 7.9 | 9.6 | 0.8 | +4.2% |
| Lennar | $83.35 | +0.36% | $19.39B | 14.8 | 16.8 | 0.6 | −9.0% |
| PulteGroup | $122.29 | −0.02% | $22.96B | 12.2 | 11.5 | 1.4 | −9.6% |
| NVR | $6,338.92 | −0.15% | $16.71B | 16.1 | 16.4 | 1.8 | −10.6% |
| Meritage Homes | $66.40 | +0.02% | $4.29B | 13.5 | 12.3 | 0.8 | −14.3% |
| KB Home | $47.62 | −2.06% | $2.93B | 11.6 | 11.4 | 0.5 | −20.0% |
| Green Brick Partners | $68.80 | −0.10% | $2.91B | 10.2 | 11.2 | 1.5 | −10.1% |
| Howard Hughes | $66.00 | −0.23% | $3.91B | 13.3 | 20.9 | 1.6 | +330.2% |
| Median | 13.3 | 12.3 | 1.4 | −10.1% |