Forestar (FOR)
Market Price (8/12/2026): $29.12 | Market Cap: $1.5 BilSector: Real Estate | Industry: Real Estate Development
Forestar (FOR)
Market Price (8/12/2026): $29.12Market Cap: $1.5 BilSector: Real EstateIndustry: Real Estate Development
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 19% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include Urbanization & Housing Growth. Themes include Residential Lot Development, Community Infrastructure, and Sustainable Land Use & Planning. | Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -79% | Key risksFOR key risks include [1] a critical dependence on D.R. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Urbanization & Housing Growth. Themes include Residential Lot Development, Community Infrastructure, and Sustainable Land Use & Planning. |
| Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -79% |
| Key risksFOR key risks include [1] a critical dependence on D.R. Show more. |
Qualitative Assessment
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Forestar (FOR) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance.
Forestar (FOR) reported robust financial results for its fiscal third quarter ended June 30, 2026, demonstrating significant year-over-year growth. Net income attributable to Forestar increased 9% to $35.9 million, or $0.70 per diluted share. Pre-tax income saw a 12% rise to $48.7 million, achieving a pre-tax profit margin of 12.0%. Consolidated revenues also grew 4% to $407.0 million from 3,659 lots sold.
2. Reaffirmed Fiscal Year 2026 Guidance and Solid Backlog.
Despite a slight miss on analyst EPS estimates for fiscal Q3 2026, Forestar's management maintained its full-year fiscal 2026 guidance, projecting 14,000-14,500 lot deliveries and $1.6 billion-$1.7 billion in revenue. This reaffirmation signaled confidence in the company's future performance. Additionally, Forestar reported a strong backlog, with 23,500 lots contracted for sale, representing $2.3 billion of future revenue, supported by $202 million in earnest money deposits.
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Forestar (FOR) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Financial Performance.
Forestar (FOR) reported robust financial results for its fiscal third quarter ended June 30, 2026, demonstrating significant year-over-year growth. Net income attributable to Forestar increased 9% to $35.9 million, or $0.70 per diluted share. Pre-tax income saw a 12% rise to $48.7 million, achieving a pre-tax profit margin of 12.0%. Consolidated revenues also grew 4% to $407.0 million from 3,659 lots sold.
2. Reaffirmed Fiscal Year 2026 Guidance and Solid Backlog.
Despite a slight miss on analyst EPS estimates for fiscal Q3 2026, Forestar's management maintained its full-year fiscal 2026 guidance, projecting 14,000-14,500 lot deliveries and $1.6 billion-$1.7 billion in revenue. This reaffirmation signaled confidence in the company's future performance. Additionally, Forestar reported a strong backlog, with 23,500 lots contracted for sale, representing $2.3 billion of future revenue, supported by $202 million in earnest money deposits.
3. Healthy Balance Sheet and Ample Liquidity.
The company demonstrated financial strength by ending its fiscal third quarter 2026 with approximately $1.1 billion of total liquidity, which included $395 million in unrestricted cash and $670 million available on its revolving credit facility. Forestar also maintained a modest net debt to total capital ratio of 17.7% and faced no senior note maturities within the next 12 months. The book value per share increased by 10% to $36.40.
4. Resilient U.S. Housing Market Conditions.
The broader U.S. housing market exhibited resilience during the second calendar quarter of 2026 (which largely overlaps with Forestar's fiscal Q3 2026), contributing to positive sentiment for residential lot developers. Existing home sales strengthened, and properties sold more quickly, even amidst rising mortgage rates. The national median price for single-family existing homes increased 1.5% year-over-year to $434,900, with prices rising in 80% of metropolitan areas. This sustained demand provided a favorable operating environment for Forestar.
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Stock Movement Drivers
Fundamental Drivers
The 2.9% change in FOR stock from 4/30/2026 to 8/11/2026 was primarily driven by a 1.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.26 | 29.08 | 2.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,708 | 1,725 | 1.0% |
| Net Income Margin (%) | 9.8% | 9.9% | 0.8% |
| P/E Multiple | 8.6 | 8.7 | 1.3% |
| Shares Outstanding (Mil) | 51 | 51 | -0.2% |
| Cumulative Contribution | 2.9% |
Market Drivers
4/30/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FOR | 2.9% | |
| Market (SPY) | 7.2% | 22.6% |
| Sector (XLRE) | -0.7% | 38.1% |
Fundamental Drivers
The 11.8% change in FOR stock from 1/31/2026 to 8/11/2026 was primarily driven by a 9.7% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.02 | 29.08 | 11.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,685 | 1,725 | 2.4% |
| Net Income Margin (%) | 9.9% | 9.9% | -0.3% |
| P/E Multiple | 8.0 | 8.7 | 9.7% |
| Shares Outstanding (Mil) | 51 | 51 | -0.2% |
| Cumulative Contribution | 11.8% |
Market Drivers
1/31/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FOR | 11.8% | |
| Market (SPY) | 11.7% | 30.2% |
| Sector (XLRE) | 7.1% | 43.9% |
Fundamental Drivers
The 17.3% change in FOR stock from 7/31/2025 to 8/11/2026 was primarily driven by a 12.4% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.80 | 29.08 | 17.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,543 | 1,725 | 11.8% |
| Net Income Margin (%) | 10.5% | 9.9% | -6.3% |
| P/E Multiple | 7.8 | 8.7 | 12.4% |
| Shares Outstanding (Mil) | 51 | 51 | -0.4% |
| Cumulative Contribution | 17.3% |
Market Drivers
7/31/2025 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FOR | 17.3% | |
| Market (SPY) | 22.9% | 31.1% |
| Sector (XLRE) | 9.2% | 38.7% |
Fundamental Drivers
The -1.4% change in FOR stock from 7/31/2023 to 8/11/2026 was primarily driven by a -14.1% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.48 | 29.08 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,268 | 1,725 | 36.0% |
| Net Income Margin (%) | 11.5% | 9.9% | -13.8% |
| P/E Multiple | 10.2 | 8.7 | -14.1% |
| Shares Outstanding (Mil) | 50 | 51 | -2.0% |
| Cumulative Contribution | -1.4% |
Market Drivers
7/31/2023 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FOR | -1.4% | |
| Market (SPY) | 74.3% | 37.4% |
| Sector (XLRE) | 26.8% | 43.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FOR Return | 8% | -29% | 115% | -22% | -5% | 16% | 41% |
| Peers Return | 33% | -26% | 53% | -2% | 19% | 5% | 88% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| FOR Win Rate | 58% | 42% | 58% | 33% | 25% | 62% | |
| Peers Win Rate | 65% | 42% | 53% | 47% | 52% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FOR Max Drawdown | -28% | -53% | -26% | -37% | -32% | -21% | |
| Peers Max Drawdown | -26% | -46% | -30% | -28% | -22% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GRBK, FPH, JOE, TRC, DHI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/11/2026 (YTD)
How Low Can It Go
| Event | FOR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.4% | 23.1% |
| Time to Breakeven | 92 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.0% | -9.5% |
| % Gain to Breakeven | 26.6% | 10.5% |
| Time to Breakeven | 19 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.0% | -24.5% |
| % Gain to Breakeven | 112.8% | 32.4% |
| Time to Breakeven | 251 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.0% | -33.7% |
| % Gain to Breakeven | 117.5% | 50.9% |
| Time to Breakeven | 266 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.1% | -19.2% |
| % Gain to Breakeven | 61.5% | 23.8% |
| Time to Breakeven | 224 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.9% | -12.2% |
| % Gain to Breakeven | 56.0% | 13.9% |
| Time to Breakeven | 50 days | 62 days |
In The Past
Forestar's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.4% gain to breakeven.
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| Event | FOR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.4% | 23.1% |
| Time to Breakeven | 92 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.0% | -9.5% |
| % Gain to Breakeven | 26.6% | 10.5% |
| Time to Breakeven | 19 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.0% | -24.5% |
| % Gain to Breakeven | 112.8% | 32.4% |
| Time to Breakeven | 251 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.0% | -33.7% |
| % Gain to Breakeven | 117.5% | 50.9% |
| Time to Breakeven | 266 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.1% | -19.2% |
| % Gain to Breakeven | 61.5% | 23.8% |
| Time to Breakeven | 224 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.9% | -12.2% |
| % Gain to Breakeven | 56.0% | 13.9% |
| Time to Breakeven | 50 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -58.0% | -6.8% |
| % Gain to Breakeven | 138.1% | 7.3% |
| Time to Breakeven | 649 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -20.4% | -0.2% |
| % Gain to Breakeven | 25.7% | 0.2% |
| Time to Breakeven | 1323 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -41.5% | -17.9% |
| % Gain to Breakeven | 71.0% | 21.8% |
| Time to Breakeven | 347 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -33.4% | -15.4% |
| % Gain to Breakeven | 50.2% | 18.2% |
| Time to Breakeven | 973 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -87.6% | -53.4% |
| % Gain to Breakeven | 705.1% | 114.4% |
| Time to Breakeven | 1630 days | 1085 days |
In The Past
Forestar's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Forestar (FOR)
Forestar Group Inc. (FOR) is a leading residential lot development company operating across the United States. The company specializes in the critical initial phase of housing construction by identifying and acquiring undeveloped land. Subsequently, Forestar undertakes comprehensive infrastructure development, transforming raw land into shovel-ready sites for new homes.
Its core business involves developing and selling finished residential single-family lots. These lots are equipped with essential utilities and infrastructure, making them ready for construction. Forestar's primary customers are homebuilders, to whom it sells these developed lots. Notably, Forestar operates as a subsidiary of D.R. Horton, Inc., one of the largest homebuilders in the United States, which provides a strategic relationship within the housing market.
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Here are 1-3 brief analogies for Forestar (FOR):
- TSMC for residential land development.
- Intel for residential building lots.
- Corning for residential building lots.
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- Residential Single-Family Finished Lots: Forestar develops land by adding infrastructure and sells these ready-to-build lots to homebuilders for the construction of single-family residences.
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Forestar (FOR) primarily sells its residential single-family finished lots to other companies, specifically homebuilders.
Its major customer is:
- D.R. Horton, Inc. (symbol: DHI)
Forestar is a subsidiary of D.R. Horton, Inc., and frequently provides lots for D.R. Horton's homebuilding operations.
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Anthony W. Oxley President and Chief Executive Officer
Anthony (Andy) W. Oxley has served as President and Chief Executive Officer of Forestar since January 2024. Before joining Forestar, Mr. Oxley was D.R. Horton's Senior Vice President – Business Development, where he oversaw all mergers and acquisitions activity and new market opportunities for start-up divisions. During his 25-year tenure with D.R. Horton, he was involved in land acquisition, land banking and development, homebuilding, and daily division operations, as well as property, technology, and innovation investments. Prior to his time at D.R. Horton, Mr. Oxley was a partner at the Atlanta-based law firm Hyatt & Stubblefield, P.C.
James D. Allen Executive Vice President, Chief Financial Officer and Treasurer
James D. Allen assumed the roles of Executive Vice President, Chief Financial Officer, and Treasurer of Forestar in March 2020. Mr. Allen brings over 35 years of operating and financial experience across various industries, including manufacturing. Most recently, he was a Senior Operating Partner at Palm Beach Capital, a private equity investment firm, where he was responsible for operational oversight and financial support for their portfolio companies. Prior to Palm Beach Capital, he served as CFO of Hollander Sleep Products and held executive positions at both private and public companies. These roles include Operating Vice President and Group CFO at Sun Capital Partners, a private equity firm, Chief Administrative Officer at Mattress Firm Inc., and various C-Suite roles at Tandycrafts Inc. Mr. Allen began his career at PricewaterhouseCoopers, where he spent 10 years.
Donald J. Tomnitz Executive Chairman of the Board
Donald J. Tomnitz has been the Executive Chairman of the Board of Forestar since October 2017. Previously, he served as the Vice Chairman and Chief Executive Officer of D.R. Horton, Inc. from November 1998 to September 2014. His career at D.R. Horton also included various Vice President and President roles from 1983 to 1998. Before his tenure at D.R. Horton, Mr. Tomnitz was a captain in the U.S. Army, a Vice President of RepublicBank of Dallas, N.A., and a Vice President of Crow Development Company, a Trammell Crow Company.
Mark S. Walker Executive Vice President and Chief Operating Officer
Mark S. Walker was appointed Executive Vice President and Chief Operating Officer of Forestar in October 2022. He joined Forestar in February 2019 as a Region President, and his responsibilities progressively expanded to include oversight of the Mid-Atlantic, North, and Texas regions. Prior to joining Forestar, Mr. Walker spent time at D.R. Horton, Inc. from January 2012 to January 2019 as a Vice President in land acquisition and development. With over 20 years of experience in residential real estate, he has held diverse operational roles at both public and private homebuilders, including Division President at Robert Harris Homes and Vice President of Operations for a private builder.
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- Cyclicality of the Residential Real Estate Market: Forestar's business is highly susceptible to the inherent cyclical nature of the real estate and homebuilding industries. Fluctuations in economic conditions, such as interest rates, employment levels, consumer confidence, housing demand, and the availability of financing for homebuyers and lot purchasers, can significantly impact the company's financial results. Elevated mortgage interest rates, for instance, can dampen demand for residential lots, adversely affecting Forestar's business and financial performance. In adverse economic conditions, homebuilders may be less willing or able to purchase lots, potentially leading to increased contract cancellations.
- Dependence on D.R. Horton: Forestar Group Inc. is a subsidiary of D.R. Horton, Inc., which owns a majority stake in the company. While this strategic relationship provides a stable demand channel and financial backing, it also exposes Forestar to risks associated with concentrated ownership and potential conflicts of interest. A significant portion of Forestar's lot sales are to D.R. Horton, making the company highly dependent on its parent's operational decisions and market performance. Changes in D.R. Horton's business strategy or a weakening of their relationship could materially impact Forestar.
- Operational Challenges and Cost Volatility: Forestar faces ongoing operational risks related to the cost and availability of materials, labor shortages, and delays in governmental and municipal approvals. The cost of materials like steel, concrete, and petroleum-based products is subject to commodity price fluctuations, government regulations, and trade restrictions. Sourcing qualified labor at reasonable prices also remains a challenge. Delays in municipal approvals can affect development activities, leading to revenue delays and higher costs, which directly impact profitability and project timelines.
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The addressable market for Forestar Group Inc.'s primary products and services is the U.S. land development market.
The market size for Land Development in the U.S. was approximately $22.5 billion in 2025. This market is projected to reach $22.6 billion in 2026.
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Forestar Group Inc. (FOR) Expected Revenue Growth Drivers
Over the next 2-3 years, Forestar Group Inc. (FOR) is expected to drive future revenue growth through several key strategies:- Increasing Market Share: Forestar aims to significantly expand its market share, with a stated goal to double it to 5% over the intermediate term. This growth is anticipated through strategic expansion within its existing operational footprint and potentially via selective acquisitions.
- Strategic Relationship with D.R. Horton: As a subsidiary of D.R. Horton, the largest homebuilder in the United States, Forestar benefits from a consistent and substantial demand for its developed lots. This strategic partnership provides a foundational volume of sales and enhances Forestar's financial flexibility.
- Geographic Expansion and Diversification: The company plans to continue expanding its operational platform and diversifying its geographic presence. Forestar operates in 64 markets across 23 states, providing a robust base for further market share consolidation within the fragmented lot development industry.
- Focus on Affordable Housing and Addressing Lot Supply Constraints: Forestar is strategically focused on developing lots for affordable homes, capitalizing on the ongoing constrained supply of residential lots. This approach aligns with market demand and leverages the company's expertise in this segment.
- Leveraging Strong Balance Sheet and Liquidity: Forestar's robust balance sheet and considerable liquidity position provide the company with the financial agility to invest in new land opportunities. This financial strength is crucial for acquiring and developing land, which directly supports an increase in lot deliveries and, consequently, revenue growth.
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Capital Allocation Decisions (Last 3-5 Years)
Capital Expenditures
- Forestar invested over $7.3 billion in land acquisition and development during the five fiscal years ended September 30, 2025.
- The primary focus of these capital expenditures is land acquisition and development for single-family residential communities.
- The company strategically invests in entitled, short-duration projects that can be developed in phases, allowing for efficient capital deployment aligned with market demand.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Forestar Earnings Notes | 12/16/2025 | |
| null | 10/17/2025 | |
| Why Forestar Stock Moved: FOR Stock Has Gained 58% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S) | 08/08/2025 | |
| FOR Dip Buy Analysis | 07/10/2025 | |
| Forestar (FOR) Valuation Ratios Comparison | 05/15/2025 | |
| Forestar (FOR) Operating Cash Flow Comparison | 02/17/2025 | |
| Forestar (FOR) Net Income Comparison | 02/15/2025 | |
| Forestar (FOR) Operating Income Comparison | 02/14/2025 | |
| Forestar (FOR) Revenue Comparison | 02/13/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.74 |
| Mkt Cap | 2.3 |
| Rev LTM | 1,136 |
| Op Inc LTM | 189 |
| FCF LTM | 151 |
| FCF 3Y Avg | 93 |
| CFO LTM | 167 |
| CFO 3Y Avg | 95 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.1% |
| Rev Chg 3Y Avg | 7.5% |
| Rev Chg Q | 13.6% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Inc Chg LTM | -6.2% |
| Op Inc Chg 3Y Avg | 6.5% |
| Op Mgn LTM | 11.9% |
| Op Mgn 3Y Avg | 13.9% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 19.2% |
| CFO/Rev 3Y Avg | 17.6% |
| FCF/Rev LTM | 13.0% |
| FCF/Rev 3Y Avg | 6.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate segment | 1,662 | 1,509 | 1,437 | ||
| Deferred development lot sales | 27 | 0 | |||
| Residential lot sales | 1,456 | 1,293 | |||
| Tract sales and other | 37 | 33 | |||
| Total | 1,662 | 1,509 | 1,437 | 1,519 | 1,326 |
| $ Mil | 2021 | 2020 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Real estate segment | 2,102 | 1,740 | 522 | 386 | 403 |
| Items Not Allocated to Segments | 369 | 372 | 280 | ||
| Other | 2 | 3 | 12 | ||
| Discontinued operations | 0 | ||||
| Mineral Resources | 39 | ||||
| Total | 2,102 | 1,740 | 893 | 762 | 733 |
Price Behavior
| Market Price | $29.08 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 12/13/2007 | |
| Distance from 52W High | -9.1% | |
| 50 Days | 200 Days | |
| DMA Price | $29.19 | $27.00 |
| DMA Trend | up | up |
| Distance from DMA | -0.4% | 7.7% |
| 3M | 1YR | |
| Volatility | 33.0% | 34.1% |
| Downside Capture | 47.68 | 85.43 |
| Upside Capture | 78.88 | 80.28 |
| Correlation (SPY) | 21.5% | 32.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.00 | 0.19 | 0.48 | 0.66 | 0.80 | 0.92 |
| Up Beta | -2.20 | -1.13 | -0.36 | 0.72 | 0.88 | 0.90 |
| Down Beta | -0.70 | 0.65 | 0.80 | 0.74 | 0.84 | 0.66 |
| Up Capture | -3% | 50% | 52% | 61% | 67% | 86% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 23 | 35 | 67 | 123 | 363 |
| Down Capture | 175% | 34% | 70% | 63% | 82% | 104% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 20 | 28 | 58 | 128 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FOR | |
|---|---|---|---|---|
| FOR | 11.9% | 34.1% | 0.37 | - |
| Sector ETF (XLRE) | 9.6% | 14.1% | 0.42 | 38.7% |
| Equity (SPY) | 22.1% | 12.8% | 1.28 | 32.4% |
| Gold (GLD) | 28.2% | 28.4% | 0.86 | 3.6% |
| Commodities (DBC) | 37.4% | 20.1% | 1.47 | -33.3% |
| Real Estate (VNQ) | 12.5% | 13.8% | 0.61 | 42.6% |
| Bitcoin (BTCUSD) | -45.3% | 42.9% | -1.28 | 6.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FOR | |
|---|---|---|---|---|
| FOR | 8.1% | 37.6% | 0.30 | - |
| Sector ETF (XLRE) | 2.1% | 19.1% | 0.01 | 45.7% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 44.6% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 6.5% |
| Commodities (DBC) | 9.3% | 19.6% | 0.36 | -0.2% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 49.1% |
| Bitcoin (BTCUSD) | 10.9% | 52.8% | 0.39 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FOR | |
|---|---|---|---|---|
| FOR | 9.9% | 37.6% | 0.36 | - |
| Sector ETF (XLRE) | 5.9% | 20.4% | 0.24 | 45.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 47.7% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 6.7% |
| Commodities (DBC) | 7.9% | 18.0% | 0.35 | 12.9% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 49.2% |
| Bitcoin (BTCUSD) | 59.4% | 66.1% | 0.99 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 7/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | -4.2% | 2.4% | |
| 4/21/2026 | 2.2% | 5.0% | -2.7% |
| 1/20/2026 | -1.2% | -3.8% | 14.0% |
| 10/28/2025 | -3.2% | -9.9% | -7.8% |
| 7/22/2025 | 7.7% | 5.3% | 13.2% |
| 4/17/2025 | -2.5% | 3.8% | 5.0% |
| 1/21/2025 | -0.7% | -1.1% | -5.1% |
| 10/29/2024 | 1.1% | 0.8% | -5.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 17 | 13 |
| # Negative | 12 | 8 | 11 |
| Median Positive | 3.1% | 4.0% | 11.5% |
| Median Negative | -1.7% | -2.9% | -5.4% |
| Max Positive | 10.5% | 15.1% | 21.1% |
| Max Negative | -10.3% | -14.1% | -15.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | -4.2% | 2.4% | |
| 4/21/2026 | 2.2% | 5.0% | -2.7% |
| 1/20/2026 | -1.2% | -3.8% | 14.0% |
| 10/28/2025 | -3.2% | -9.9% | -7.8% |
| 7/22/2025 | 7.7% | 5.3% | 13.2% |
| 4/17/2025 | -2.5% | 3.8% | 5.0% |
| 1/21/2025 | -0.7% | -1.1% | -5.1% |
| 10/29/2024 | 1.1% | 0.8% | -5.4% |
| 7/18/2024 | -1.9% | -0.8% | -6.2% |
| 4/18/2024 | 1.0% | 0.0% | 11.7% |
| 1/23/2024 | -2.1% | -2.1% | -0.2% |
| 11/7/2023 | -0.7% | 4.0% | 4.0% |
| 7/20/2023 | 7.0% | 15.1% | 13.4% |
| 4/20/2023 | 1.4% | 8.6% | 20.9% |
| 1/24/2023 | -1.2% | -2.6% | -7.7% |
| 11/9/2022 | 6.4% | 10.4% | 21.1% |
| 7/19/2022 | -10.3% | -14.1% | -15.5% |
| 4/21/2022 | -0.5% | 0.1% | -3.1% |
| 1/27/2022 | 10.5% | 12.2% | 1.9% |
| 11/4/2021 | 2.8% | 4.0% | 2.5% |
| 7/20/2021 | 6.9% | 6.1% | 1.7% |
| 4/20/2021 | 3.1% | 3.7% | -6.5% |
| 1/21/2021 | -1.6% | -3.2% | -3.9% |
| 11/5/2020 | 4.0% | 0.9% | 11.5% |
| 7/23/2020 | 0.1% | 2.3% | 6.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 17 | 13 |
| # Negative | 12 | 8 | 11 |
| Median Positive | 3.1% | 4.0% | 11.5% |
| Median Negative | -1.7% | -2.9% | -5.4% |
| Max Positive | 10.5% | 15.1% | 21.1% |
| Max Negative | -10.3% | -14.1% | -15.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/22/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 01/22/2026 | 10-Q |
| 09/30/2025 | 11/19/2025 | 10-K |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 01/23/2025 | 10-Q |
| 09/30/2024 | 11/19/2024 | 10-K |
| 06/30/2024 | 07/22/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 01/24/2024 | 10-Q |
| 09/30/2023 | 11/17/2023 | 10-K |
| 06/30/2023 | 07/21/2023 | 10-Q |
| 03/31/2023 | 04/24/2023 | 10-Q |
| 12/31/2022 | 01/25/2023 | 10-Q |
| 09/30/2022 | 11/17/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/22/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 01/22/2026 | 10-Q |
| 09/30/2025 | 11/19/2025 | 10-K |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 01/23/2025 | 10-Q |
| 09/30/2024 | 11/19/2024 | 10-K |
| 06/30/2024 | 07/22/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 01/24/2024 | 10-Q |
| 09/30/2023 | 11/17/2023 | 10-K |
| 06/30/2023 | 07/21/2023 | 10-Q |
| 03/31/2023 | 04/24/2023 | 10-Q |
| 12/31/2022 | 01/25/2023 | 10-Q |
| 09/30/2022 | 11/17/2022 | 10-K |
| 06/30/2022 | 07/20/2022 | 10-Q |
| 03/31/2022 | 04/22/2022 | 10-Q |
| 12/31/2021 | 01/28/2022 | 10-Q |
| 09/30/2021 | 11/18/2021 | 10-K |
| 06/30/2021 | 07/23/2021 | 10-Q |
| 03/31/2021 | 04/23/2021 | 10-Q |
| 12/31/2020 | 01/27/2021 | 10-Q |
| 09/30/2020 | 11/19/2020 | 10-K |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 01/28/2020 | 10-Q |
| 09/30/2019 | 11/21/2019 | 10-K |
Recent Forward Guidance
Updated 7/27/2026Latest: Q3 2026 Earnings Reported 7/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Lot Deliveries | 14,000 | 14,250 | 14,500 | 0 | Affirmed | Guidance: 14,250 for 2026 | |
| 2026 Revenue | 1.60 Bil | 1.65 Bil | 1.70 Bil | 0 | Affirmed | Guidance: 1.65 Bil for 2026 | |
Prior: Q2 2026 Earnings Reported 4/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Lot Deliveries | 14,000 | 14,250 | 14,500 | -1.7% | Lowered | Guidance: 14,500 for 2026 | |
| 2026 Revenue | 1.60 Bil | 1.65 Bil | 1.70 Bil | 0 | Affirmed | Guidance: 1.65 Bil for 2026 | |
Q1 2026 Earnings Reported 1/20/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Lots Delivered | 14,000 | 14,500 | 15,000 | 0 | Affirmed | Guidance: 14,500 for 2026 | |
| 2026 Revenue | 1.60 Bil | 1.65 Bil | 1.70 Bil | 0 | Affirmed | Guidance: 1.65 Bil for 2026 | |
Q4 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Lots Delivered | 14,000 | 14,500 | 15,000 | -1.7% | Lower New | Guidance: 14,750 for 2025 | |
| 2026 Revenue | 1.60 Bil | 1.65 Bil | 1.70 Bil | 8.2% | Higher New | Guidance: 1.52 Bil for 2025 | |
Investor Activity (13F)
Updated Aug 12, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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