Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $197M | $114M | — | $428M | $932M | $1.33B | $1.52B | $1.44B | $1.51B | $1.66B |
| Revenue growth | — | -42.1% | — | — | 117.6% | 42.3% | 14.6% | -5.4% | 5.0% | 10.1% |
| Operating income | $140M | $39.8M | — | — | — | — | — | — | — | — |
| Operating margin | 71.1% | 34.8% | — | — | — | — | — | — | — | — |
| Net income | $58.6M | $50.3M | — | $33.0M | $60.8M | $110M | $179M | $167M | $203M | $168M |
| Net margin | 29.7% | 44.0% | — | 7.7% | 6.5% | 8.3% | 11.8% | 11.6% | 13.5% | 10.1% |
| EPS (diluted) | $1.38 | $1.19 | — | $0.79 | $1.26 | $2.25 | $3.59 | $3.33 | $4.00 | $3.29 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $66.9M | -$15.3M | — | -$391M | -$168M | -$303M | $109M | $364M | -$158M | -$198M |
| Capital expenditures | $6.14M | $100K | — | $900K | $600K | $1.60M | $3.50M | $1.30M | $2.20M | $2.20M |
| Free cash flow | $60.7M | -$15.4M | — | -$392M | -$169M | -$305M | $105M | $363M | -$161M | -$200M |
| Share buybacks | $3.54M | $0.00 | — | — | — | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $266M | $322M | $319M | $383M | $394M | $154M | $265M | $616M | $481M | $379M |
| Total assets | $733M | $762M | $893M | $1.46B | $1.74B | $2.10B | $2.34B | $2.47B | $2.84B | $3.14B |
| Total liabilities | $171M | $156M | $219M | $647M | $868M | $1.09B | $1.14B | $1.10B | $1.25B | $1.37B |
| Long-term debt | $110M | $108M | $112M | $461M | $641M | $705M | $706M | $695M | $706M | $803M |
| Shareholders' equity | $561M | $604M | $673M | $808M | $871M | $1.01B | $1.20B | $1.37B | $1.59B | $1.77B |
| Retained earnings | $12.6M | $56.3M | $125M | $158M | $219M | $329M | $508M | $675M | $878M | $1.05B |
| Shares (wtd avg diluted) | 42.3M | 42.4M | — | 42.0M | 48.1M | 49.0M | 49.8M | 50.1M | 50.8M | 51.1M |
Every figure is extracted from Forestar Group Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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