Forestar Group Inc. — Form 8-K
Filed October 29, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
Forestar reported fiscal 2026 net income of $142.6M ($2.78/share), down 15% from $167.9M ($3.29/share) in FY2025. Revenues declined 2% to $1.635B on 13,545 lots sold (down 5% from 14,240 lots). The company ended the year with 84,400 total lots (58,200 owned, 26,200 controlled), 21,500 lots under contract representing ~$2.2B future revenue, $1.3B total liquidity, and 6.7% net debt-to-capital. Management guided FY2027 at 12,000–13,000 lots and $1.4B–$1.5B revenue, citing persistent affordability constraints and rising mortgage rates.
Why this rating
Earnings and lot sales both declined year-over-year. Declining pipeline (contracted lots down, total lot position down 15%) signals softer near-term demand. Yet: strong balance sheet ($1.3B liquidity, 6.7% leverage), large backlog ($2.2B contracted revenue), and D.R. Horton relationship provide cushion. Modest guidance cut reflects market cyclicality, not structural distress. Material but not transformational relative to ~$404M market cap.
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