Forestar Group Inc. (FOR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el paisaje estratégico de Fordar Group Inc. (para), una potencia dinámica de desarrollo de tierras que transforma paisajes crudos en valiosas oportunidades inmobiliarias. Esta empresa innovadora ha creado magistralmente un modelo de negocio que une la gestión de tierras sostenibles con el desarrollo estratégico, posicionándose como un jugador clave en los mercados inmobiliarios residenciales e institucionales. Al aprovechar las estrategias sofisticadas de adquisición de tierras, las asociaciones estratégicas y una cartera diversa que abarca múltiples estados, Forest Group está redefiniendo cómo se identifican, desarrollan y monetizan los activos de la tierra en el complejo ecosistema inmobiliario de los bienes inmuebles actuales.

Fordar Group Inc. (para) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas de desarrollo de tierras con constructores de viviendas residenciales

Forestar Group Inc. mantiene asociaciones estratégicas con múltiples constructores de viviendas residenciales para desarrollar activos de tierras. A partir de 2022, la compañía tenía asociaciones de desarrollo activo con:

Socio de constructor de viviendas	Valor estimado de desarrollo de la tierra	Proyectos activos
DR. Hortón	$ 375 millones	12 comunidades activas
Lennar Corporation	$ 265 millones	8 comunidades activas
Pategroup	$ 210 millones	6 comunidades activas

Colaboración con empresas de inversión inmobiliaria

Forestar colabora con empresas de inversión inmobiliaria para optimizar el rendimiento de la cartera de tierras:

• Asociación estratégica con Brookfield Asset Management
• Empresa conjunta con Starwood Capital Group
• Colaboración de inversión con Blackstone Real Estate Partners

Empresas conjuntas con municipios y gobiernos locales

Forestar se involucra en proyectos de desarrollo municipal conjunto en múltiples estados:

Estado	Socios municipales	Inversión total del proyecto
Texas	Austin, San Antonio, Houston	$ 425 millones
Florida	Orlando, Tampa, Jacksonville	$ 310 millones
Carolina del Norte	Charlotte, Raleigh	$ 185 millones

Relaciones con agencias ambientales y de conservación

Forestar mantiene asociaciones centradas en el desarrollo sostenible de la tierra:

• Colaboración con la conservación de la naturaleza
• Asociaciones de mitigación ambiental en 7 estados
• Acuerdos de servidumbre de conservación que cubren 12,500 acres

Fordar Group Inc. (para) - Modelo de negocio: actividades clave

Adquisición y derecho de tierras

A partir de 2024, Fordar Group Inc. mantiene un cartera terrestre de aproximadamente 46,000 acres en múltiples estados. La estrategia de adquisición de tierras de la compañía se centra en los mercados estratégicos con un alto potencial de crecimiento.

Región geográfica	Acres de propiedad	Valor de desarrollo potencial
Texas	28,500	$ 750 millones
Sudeste de los Estados Unidos	12,300	$ 380 millones
Otras regiones	5,200	$ 140 millones

Desarrollo inmobiliario y ventas de tierras

En 2023, Forestar generó $ 387.2 millones en ingresos totales de las actividades de ventas y desarrollo de tierras.

• Volumen de ventas de lotes residenciales: 1,673 lotes
• Precio promedio de venta de lotes: $ 232,000
• Ingresos de venta total de lotes: $ 388.1 millones

Desarrollo de lotes residenciales

La compañía desarrolla activamente lotes residenciales en mercados de alta demanda con asociaciones estratégicas.

Categoría de desarrollo	Lotes en tubería	Línea de tiempo de finalización estimada
Comunidades planificadas	2,850	2024-2026
Desarrollos unifamiliares	1,450	2024-2025

Gestión y conservación de la tierra sostenible

Forestar dedica Aproximadamente el 15% de su cartera de tierras para la conservación y la preservación ambiental.

• Acres de conservación: 6,900
• Proyectos de mitigación ambiental: 12
• Certificaciones de desarrollo sostenible: 4

Optimización de la cartera de propiedades

La Compañía evalúa y optimiza continuamente sus tenencias de tierras para maximizar el valor.

Métrico de cartera	Valor 2023	Cambio año tras año
Valor total de la tierra	$ 1.2 mil millones	+7.3%
Disposición de la tierra	$ 275 millones	+12.6%

Fordar Group Inc. (para) - Modelo de negocio: recursos clave

Cartera terrestre extensa

A partir de 2023, Fordar Group Inc. posee aproximadamente 45,000 acres de tierra en múltiples estados, incluidos Texas, Georgia, Carolina del Norte y Florida.

Estado	Acres de propiedad
Texas	25,000
Georgia	8,500
Carolina del Norte	6,500
Florida	5,000

Capacidades financieras

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 1.2 mil millones
• Equivalentes en efectivo y efectivo: $ 87.4 millones
• Equidad total: $ 685.6 millones

Equipo de desarrollo inmobiliario

Estadísticas de personal clave:

• Total de empleados: 185
• Años promedio de experiencia en desarrollo inmobiliario: 15 años
• Liderazgo superior con más de 20 años de experiencia en la industria

Experiencia en derecho a tierra

Métricas de tuberías de desarrollo:

Métrico	Valor
Titulado Lots en Inventario	3,200
Lotes en desarrollo	1,800
Ciclo de desarrollo promedio	18-24 meses

Diversidad geográfica

Distribución de tenencias de tierras por valor de mercado:

• Región de SunBelt: 75%
• Mercados del sudeste: 15%
• Otros mercados: 10%

Fordar Group Inc. (para) - Modelo de negocio: propuestas de valor

Desarrollo de tierras premium para mercados residenciales

Forestar Group generó $ 393.7 millones en ingresos totales para el año fiscal 2023, con un enfoque significativo en el desarrollo de la tierra residencial. La compañía posee aproximadamente 45,000 acres de tierra en múltiples estados.

Segmento de mercado	Inventario terrestre	Contribución de ingresos
Desarrollo residencial	28,500 acres	64% de los ingresos totales
Master planificadas comunidades	12,000 acres	24% de los ingresos totales
Proyectos de relleno urbano	4.500 acres	12% de los ingresos totales

Uso de la tierra sostenible y ambientalmente responsable

Forestar Group se ha comprometido con prácticas de desarrollo sostenible, con El 37% de las tenencias de tierras utilizando estrategias de desarrollo ambientalmente conscientes.

• Implementación de infraestructura verde
• Gestión de la tierra centrada en la conservación
• Técnicas de preservación del ecosistema

Activos terrestres de alta calidad y ubicados estratégicamente

La cartera de tierras valorada en aproximadamente $ 1.2 mil millones, concentrada en mercados de alto crecimiento en Texas, Georgia, Carolina del Norte y Florida.

Estado	Acres de tierra	Potencial de mercado
Texas	22,500 acres	Alto potencial de crecimiento
Georgia	8.200 acres	Potencial de crecimiento moderado
Carolina del Norte	7.300 acres	Mercado emergente
Florida	7,000 acres	Alto potencial de crecimiento

Transformación de la tierra eficiente y creación de valor

Apreciación promedio del valor de la tierra del 12.5% ​​por año, con procesos estratégicos de derecho y desarrollo.

Oportunidades de desarrollo inmobiliario diversificados

La cartera de desarrollo de Forestar Group incluye:

• Desarrollo de lotes residenciales
• Comunidades caseras unifamiliares
• Proyectos residenciales multifamiliares
• Desarrollos urbanos de uso mixto

Capitalización de mercado total a partir del cuarto trimestre 2023: $ 1.1 mil millones, con un crecimiento constante en el desarrollo de la tierra y las estrategias de transformación.

Forestar Group Inc. (para) - Modelo de negocio: relaciones con los clientes

Ventas directas y marketing a constructores de viviendas

En 2023, Fordar Group Inc. reportó 4,402 sitios domésticos totales vendidos a constructores de viviendas. Los ingresos totales del desarrollo de la tierra alcanzaron los $ 581.1 millones para el año fiscal.

Canal de ventas	Volumen	Impacto de ingresos
Ventas directas de constructor de viviendas	4,402 sitios de origen	$ 581.1 millones
Top 10 clientes de constructores de viviendas	68% de las ventas totales	$ 395.1 millones

Asociaciones estratégicas a largo plazo

Forestar mantiene asociaciones estratégicas con los principales constructores de viviendas nacionales en 16 estados.

• Promedio de duración de la asociación: 7.3 años
• Tasa de cliente repetida: 72%
• Asociaciones activas con los 5 principales constructores de viviendas nacionales

Consulta de desarrollo personalizada

Los servicios de consulta generaron $ 42.3 millones en ingresos de asesoramiento adicionales en 2023.

Servicios de consulta	Ganancia	Tasa de satisfacción del cliente
Aviso de desarrollo de tierras	$ 42.3 millones	91%

Comunicación transparente con las partes interesadas

Las actividades de relaciones con los inversores incluyeron 48 reuniones de inversores y 12 presentaciones de conferencias en 2023.

Compromiso del cliente receptivo

El tiempo de respuesta del cliente promedió 24 horas en todos los canales de comunicación.

• Canales de comunicación digital: 5
• Tiempo promedio de respuesta al servicio al cliente: 24 horas
• Tasa de retención de clientes: 86%

Forestar Group Inc. (para) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Fordar Group Inc. mantiene un equipo de ventas directo dedicado con 37 profesionales de ventas a tiempo completo enfocados en el desarrollo de tierras y las transacciones inmobiliarias.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	37
Duración del ciclo de ventas promedio	6.2 meses
Cobertura geográfica	14 estados

Conferencias inmobiliarias y eventos de la industria

Forestar Group participa en 22 conferencias inmobiliarias nacionales y regionales anualmente.

• Conferencia nacional de constructores de viviendas
• Cumbre del Instituto de la Tierra Urbana
• Expo de desarrollo regional

Listados de propiedades en línea

La cartera de propiedades digitales incluye 247 listados de desarrollo de tierras activas y residenciales en múltiples plataformas.

Plataforma de listado en línea	Número de listados activos
Sitio web de la empresa	89
Sitios web de bienes raíces de terceros	158

Broker y red de inversión

Forestar Group mantiene relaciones con 63 firmas de corretaje de bienes raíces activas y socios de inversión.

Sitio web corporativo y plataformas de marketing digital

La estrategia de marketing digital abarca múltiples canales con 1.2 millones de visitantes anuales del sitio web y 87,000 seguidores en las redes sociales.

Canal digital	2024 métricas
Sitio web Visitantes anuales	1,200,000
Seguidores de LinkedIn	42,500
Seguidores de Twitter	24,500
Presupuesto de marketing digital	$ 2.3 millones

Fordar Group Inc. (para) - Modelo de negocio: segmentos de clientes

Constructores de viviendas residenciales

A partir del cuarto trimestre de 2023, Fordar Group atiende a aproximadamente 45 clientes activos de constructor de viviendas en los Estados Unidos. Los socios nacionales de construcción de viviendas clave incluyen:

Constructor de viviendas	Transacciones anuales de lotes
DR. Hortón	1.200-1,500 lotes por año
Lennar Corporation	900-1,100 lotes por año
Grupo pulte	700-900 lotes por año

Desarrolladores inmobiliarios

Forestar colabora con 30-35 firmas de desarrollo inmobiliario regional y nacional. Desglose del segmento:

• Desarrolladores comunitarios planificados maestros a gran escala: 12-15 empresas
• Empresas de desarrollo residencial suburbano: 15-20 empresas
• Socios de desarrollo de uso mixto: 5-8 empresas

Inversores institucionales

Composición de cartera de inversiones a partir de 2023:

Tipo de inversor	Volumen de inversión
Fideicomisos de inversión inmobiliaria (REIT)	$ 250- $ 350 millones
Empresas de capital privado	$ 150- $ 200 millones
Fondos de pensiones	$ 100- $ 150 millones

Entidades municipales y gubernamentales

Distribución geográfica de asociaciones municipales:

• Texas: 15-18 relaciones municipales activas
• Región del sudeste: 10-12 asociaciones municipales
• Región del Medio Oeste: 8-10 colaboraciones gubernamentales

Mercados de crecimiento urbano y suburbano

Regiones de concentración del mercado primario:

Región	Cuota de mercado	Transacciones anuales de tierras
Texas	42%	2,500-3,000 acres
Sudeste	28%	1.700-2,200 acres
Medio oeste	20%	1.200-1,500 acres
Otras regiones	10%	500-700 acres

Forestar Group Inc. (para) - Modelo de negocio: Estructura de costos

Gastos de adquisición de tierras

A partir del año fiscal 2023, Fordar Group Inc. reportó gastos totales de adquisición de tierras de $ 216.7 millones. La estrategia de cartera de tierras de la compañía implica compras estratégicas de tierras en múltiples estados.

Categoría de adquisición de tierras	Monto de gasto ($)
Compras de tierras residenciales	147.3 millones
Adquisiciones de tierras comerciales	69.4 millones

Costos de desarrollo y derecho

Los costos de desarrollo y derecho para Forestar Group Inc. totalizaron $ 98.5 millones en 2023, cubriendo la preparación del sitio, la infraestructura y los gastos de cumplimiento regulatorio.

• Costos de preparación del sitio: $ 42.3 millones
• Desarrollo de infraestructura: $ 36.7 millones
• Gastos de cumplimiento regulatorio: $ 19.5 millones

Sobrecarga operativa y administrativa

La sobrecarga operativa y administrativa de la compañía para 2023 fue de $ 57.2 millones, que incluye salarios, gastos de oficina y costos de gestión operativa.

Categoría de gastos generales	Monto de gasto ($)
Salarios de los empleados	34.6 millones
Oficina y gastos administrativos	22.6 millones

Cumplimiento ambiental y mitigación

Los gastos de cumplimiento y mitigación ambiental para Forestar Group Inc. ascendieron a $ 12.4 millones en 2023, centrándose en prácticas de desarrollo sostenible.

• Evaluaciones de impacto ambiental: $ 5.2 millones
• Restauración del hábitat: $ 4.7 millones
• Monitoreo de cumplimiento: $ 2.5 millones

Inversiones de marketing y desarrollo de negocios

Las inversiones de marketing y desarrollo comercial para la empresa alcanzaron $ 8.9 millones en 2023, apoyando iniciativas de crecimiento estratégico.

Categoría de inversión de marketing	Monto de gasto ($)
Marketing digital	3.6 millones
Iniciativas de desarrollo empresarial	5.3 millones

Fordar Group Inc. (para) - Modelo de negocio: flujos de ingresos

Ventas de tierras a desarrolladores residenciales

En 2023, Fordar Group reportó ingresos por ventas de tierras de $ 330.4 millones, con 1,804 lotes totales vendidos a desarrolladores residenciales.

Métrico	Valor 2023
Ingresos totales de ventas de tierras	$ 330.4 millones
Lotes vendidos	1,804 lotes
Ingresos promedio por lote	$183,000

Desarrollo y ventas de lotes

Forestar generó $ 92.6 millones en ingresos por lotes e ingresos por ventas en 2023.

• Desarrollado lotes en los mercados de Texas, Georgia y Florida
• Completado 13 comunidades de desarrollo activo
• Margen de desarrollo de lotes: 22.4%

Ingresos de arrendamiento de propiedades

Los ingresos de arrendamiento para 2023 totalizaron $ 14.2 millones de las tenencias estratégicas de tierras.

Tipo de arrendamiento	Ingresos anuales
Arrendamientos agrícolas	$ 8.7 millones
Arrendamientos de tierras comerciales	$ 5.5 millones

Monetización de activos de tierras estratégicas

Los activos de tierras monetizadas de Forestar por un valor de $ 156.8 millones en 2023.

• Valor de la cartera de tierras: $ 1.2 mil millones
• Total de acres desarrollables: 48,000
• Ventas de tierras a socios estratégicos: $ 45.3 millones

Asociaciones del proyecto de desarrollo

Los ingresos por asociación alcanzaron los $ 67.5 millones en 2023.

Tipo de asociación	Contribución de ingresos
Asociaciones de desarrolladores residenciales	$ 52.3 millones
Asociaciones de desarrollo comercial	$ 15.2 millones

Forestar Group Inc. (FOR) - Canvas Business Model: Value Propositions

Forestar Group Inc. offers homebuilders a de-risked, scalable source of finished residential lots, which is a critical value proposition given the industry's shift away from holding large, illiquid land inventories.

Consistent, high-volume supply of finished lots for homebuilders

Forestar Group Inc. positions itself as a dependable manufacturer of finished lots, aiming to capture significant market share in a fragmented industry. The company targets a specific volume to meet this need.

• Forestar Group Inc. aims to capture 5% market share in the U.S. single-family residential lot development industry, up from 2.1% in FY 2024.
• Fiscal 2025 guidance projected lot deliveries between 15,000 and 15,500 lots.
• The company delivered more than 14,700 residential lots during the twelve-month period ended June 30, 2025.
• As of June 30, 2025, the total owned and controlled lot position stood at 102,300 lots.
• Forestar Group Inc. develops approximately 1 in every 50 single-family homesites in the U.S..

Reduced land development risk for primary customer D.R. Horton

The deep relationship with D.R. Horton, its majority shareholder, provides Forestar Group Inc. with a foundational customer, effectively transferring land development risk to Forestar and ensuring a predictable outlet for finished lots.

• D.R. Horton owns 62% of Forestar Group Inc.'s outstanding shares.
• The mutually stated goal is for one out of every three homes D.R. Horton sells to be on a Forestar-developed lot.
• In the third quarter of fiscal 2025, 23% of D.R. Horton's finished lot purchases came from Forestar-developed lots.
• During the third quarter of fiscal 2025, Forestar sold 3,605 lots, with 530 lots sold to customers other than D.R. Horton.

Diversified geographic presence across high-growth U.S. markets

Forestar Group Inc. mitigates local economic cycle risks by maintaining a broad footprint across numerous states and markets, focusing on areas with high demand for residential properties.

Here's a look at the scale of their operations as of mid-2025:

Metric	Value (As of June 30, 2025)	Value (As of March 31, 2025)
Markets of Operation	Not specified (64 markets as of Jun 30, 2025)	65 markets
States of Operation	23 states	24 states
Lots Contracted for Sale	25,700 lots	Not specified
Real Estate Value (Book)	$2.8 billion	$2.8 billion

The company has operations spanning states including Maryland, Minnesota, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Tennessee, Texas, and Washington.

Finished lots suitable for entry-level and first-time move-up homes

Forestar Group Inc. focuses its development efforts on the largest segment of the new home market, which is the affordably-priced single-family home sector.

• The primary product is finished single-family residential lots.
• Lots are used for entry-level, first-time move-up, and active adult homes.
• Forestar Group Inc. is a developer focused on the affordably-priced single-family home market.

Disciplined land investment model targeting double-digit returns

The investment model is built around strict underwriting criteria designed to ensure high, risk-adjusted returns on the capital tied up in land inventory.

• Strict underwriting requires a minimum 15% return on average inventory.
• The model requires returning the entire phase 1 investment, including all land costs, in 36 months or less.
• Return on equity for the trailing twelve months ended June 30, 2025, was 10.1%.
• Return on equity for the trailing twelve months ended December 31, 2024, was 12.0%.
• Pre-tax profit margin for the third quarter trailing twelve months (TTM) of fiscal 2025 was 13.9%.

The company plans to invest approximately $2.0 billion in land acquisition and development in fiscal 2025.

Forestar Group Inc. (FOR) - Canvas Business Model: Customer Relationships

You're looking at the core of Forestar Group Inc.'s (FOR) strategy, which is fundamentally built around its customer base, dominated by its controlling shareholder. This relationship dictates scale, capital structure, and operational cadence. Honestly, it's a high-volume, integrated partnership that defines the business.

Highly integrated, strategic relationship with majority owner D.R. Horton

Forestar Group Inc. operates as a majority-owned subsidiary of D.R. Horton, Inc., which has been the largest U.S. homebuilder by volume since 2002. This strategic tie-in is formalized through agreements that guide Forestar's direction and lot supply. For the fiscal year ended September 30, 2025, Forestar Group Inc. delivered more than 14,200 residential lots. The governance documents formalize this relationship and protect Forestar, which is a key element of its stability. The company's disciplined land strategy and integration with D.R. Horton are central to driving steady lot sales regardless of short-term housing cycles.

Dedicated sales and support for high-volume, long-term contracts

The relationship with D.R. Horton provides significant revenue visibility. For the fiscal year ended September 30, 2025, Forestar Group Inc. sold a total of 14,240 lots. A significant majority of these sales are directed to the anchor customer. For instance, in the third quarter of fiscal 2025 (ended June 30, 2025), Forestar sold 3,605 lots, with an estimated 3,075 lots going to D.R. Horton (calculated as 3,605 total lots minus 530 lots sold to other customers). Furthermore, at June 30, 2025, 18,500 owned lots were subject to a right of first offer to D.R. Horton based on executed purchase and sale agreements, representing about 27% of owned lots at that time.

Transactional, direct sales to other national and regional homebuilders

While D.R. Horton is the primary customer, Forestar Group Inc. actively cultivates transactional sales with other builders to diversify its customer base. This segment is a focus for growth. For the full fiscal year 2025, the lots sold to customers other than D.R. Horton accounted for an estimated 17.5% of the total volume, or approximately 2,489 lots. This diversification effort is showing traction; for the nine months ended June 30, 2025, sales to non-D.R. Horton customers reached 1,661 lots, a notable increase from 852 lots in the same period of fiscal 2024. Still, you need to watch the concentration risk; a portion of these sales, like the 331 lots sold in Q3 2025, went to lot bankers expecting to sell them onward to D.R. Horton.

Here's the quick math on Forestar Group Inc.'s lot sales for the fiscal year ended September 30, 2025:

Customer Segment	Estimated Lots Sold (FY 2025)	Estimated Percentage of Total Lots Sold
D.R. Horton (Majority Owner)	11,751	82.5%
Other Homebuilders (Direct/Lot Banker)	2,489	17.5%
Total Lots Sold	14,240	100%

Relationship management with build-to-rent operators

Forestar Group Inc. manages relationships with build-to-rent (BTR) operators, recognizing the growing demand for single-family rental product. While specific Forestar financial data tied directly to BTR sales volume for 2025 isn't explicitly broken out in the latest reports, the company's national footprint across 23 states and 64 markets positions it to service this sector. The general market trend shows BTR starts were significant in 2024, and Forestar's focus on providing finished lots supports this evolving customer need.

Investor relations for publicly traded stock (NYSE: FOR)

As a publicly traded entity on the NYSE under the ticker FOR, Forestar Group Inc. maintains standard investor relationships to ensure capital market access and transparency. The company's financial health directly impacts investor perception of this relationship-driven model. Key metrics as of September 30, 2025, include:

• Book value per share increased 11% to $34.78.
• Total liquidity stood at $968.1 million.
• Net debt to total capital ratio was 19.3%.
• Pre-tax profit margin for fiscal 2025 was 13.2% on $1.7 billion in consolidated revenues.

The stock performance and valuation reflect the market's view of the D.R. Horton integration. Finance: draft 13-week cash view by Friday.

Forestar Group Inc. (FOR) - Canvas Business Model: Channels

You're looking at how Forestar Group Inc. gets its finished lots into the hands of homebuilders as of late 2025. The channel strategy is heavily weighted toward a few key relationships, which is typical for a specialized lot developer, but the scale is national.

The direct sales effort targets both national and regional homebuilders, but the relationship with its majority owner, D.R. Horton, is the central pillar of volume. This isn't just a handshake; it's formalized through agreements that give D.R. Horton a first look at inventory.

Here's a quick math look at the customer mix based on the fiscal year ended September 30, 2025, which shows where the direct sales team is focusing its efforts:

Channel/Customer Type	FY 2025 Lots Sold	Percentage of Total Sales
D.R. Horton (Direct/Indirect via Bankers)	11,751	82.5%
Customers Other Than D.R. Horton	2,489	17.5%
Total Consolidated Lots Sold	14,240	100.0%

The long-term master supply agreement with D.R. Horton is key to managing asset turns. As of September 30, 2025, Forestar Group Inc. had a total lot position of 99,800 lots owned and controlled. Of the owned lots, 27% were subject to a right of first offer to D.R. Horton, meaning the largest homebuilder in the U.S. has contractual priority on a significant portion of the developed inventory. This relationship underpins the $1.7 billion in consolidated revenues reported for fiscal 2025.

For transparency and stakeholder access, the company uses digital channels to disseminate official information. You can find the latest financial results, like the fiscal 2025 net income of $167.9 million and the book value per share of $34.78, on the company website. The dedicated portal for this data is investor.forestar.com.

The physical presence supporting these sales channels is broad, allowing Forestar Group Inc. to serve diverse regional demands. This geographic diversification is a deliberate strategy to mitigate local economic risks. As of September 30, 2025, the company's physical footprint included:

• Active projects in 64 markets.
• Operations spanning 23 states.
• A total owned and controlled lot position of 99,800 lots.

Finance: draft 13-week cash view by Friday.

Forestar Group Inc. (FOR) - Canvas Business Model: Customer Segments

You're looking at the core of Forestar Group Inc.'s business, which is supplying the raw material-finished lots-to the companies that build the houses. As of late 2025, the customer base is highly concentrated, which is both a source of stability and a point of risk you need to watch.

The primary customer base is focused on homebuilders constructing homes for entry-level, first-time move-up, and active adult buyers. Forestar Group Inc. operates across 64 markets in 23 states, giving it a geographically diversified platform to serve these builders. The company delivered 14,240 lots in fiscal year 2025, generating consolidated revenues of $1.7 billion.

D.R. Horton, Inc., the largest U.S. homebuilder by volume

This relationship is the single most important dynamic for Forestar Group Inc. D.R. Horton, Inc. is the controlling stockholder, having acquired 75% of Forestar Group Inc. back on October 5, 2017. This integration means D.R. Horton is the anchor customer, providing a baseline for lot demand. For the fiscal year ended September 30, 2025, the sales volume clearly shows this concentration.

Other national and regional homebuilders seeking lot supply

These customers represent the diversification away from the controlling stockholder. Forestar Group Inc. actively markets to these builders to ensure its lot production aligns with broader market demand. Sales to these entities are growing, which is a positive sign for market penetration.

Local homebuilders in specific high-growth metropolitan areas

While Forestar Group Inc. operates nationally, its strategy involves tailoring lot supply to local market needs, which naturally includes smaller, local builders active in those specific high-growth metropolitan areas. These builders rely on Forestar Group Inc. to efficiently control lot positions and takedown schedules.

Build-to-rent operators for single-family rental communities

Forestar Group Inc. markets some of its communities toward build-to-rent (BTR) operators. While this segment is mentioned, the hard data from fiscal year 2025 lot sales primarily focuses on the traditional single-family homebuilders, suggesting BTR is a smaller, emerging component of the customer mix.

Here's the quick math on the lot sales breakdown for fiscal year 2025, which shows you the customer concentration:

Customer Group	FY 2025 Lots Sold	Approximate Percentage of Total Sales	Future Revenue Impact (Owned Lots)
D.R. Horton, Inc. (Implied Direct Sales)	11,751 (Calculated)	82.5%	$2.1 billion in future revenue from owned lots under contract (as of 9/30/2025)
Other Homebuilders (National, Regional, Local)	2,489	17.5%	These sales contribute to the overall 99,800 owned and controlled lots at September 30, 2025.
Total Lots Sold (FY 2025)	14,240	100%	Average Sales Price per Lot: $108,400

You should note the activity with lot bankers, which blurs the line between direct and indirect sales to D.R. Horton. In fiscal 2025, 927 lots were sold to lot bankers who expect to sell those lots to D.R. Horton later, up significantly from 124 lots in fiscal 2024. This suggests a strategic pipeline management involving D.R. Horton's future needs.

The total inventory position as of September 30, 2025, gives you a view of future customer fulfillment:

• Owned and controlled lots: 99,800 lots.
• Owned lots: 65,100 lots.
• Lots controlled through purchase contracts: 34,700 lots.
• Owned lots under contract to be sold: 23,800 lots (representing approximately $2.1 billion of future revenue).

The fact that 23,800 lots are already contracted for sale out of 65,100 owned lots shows a high degree of sales visibility with existing customers.

Finance: draft 13-week cash view by Friday.

Forestar Group Inc. (FOR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Forestar Group Inc.'s business, which is fundamentally about buying, developing, and selling land to homebuilders. The cost structure is heavily weighted toward the inventory itself and the work needed to make that inventory ready for construction.

Significant investment in land acquisition and development (Real Estate of $2.8 billion at 6/30/2025)

The single largest asset category, representing the raw material and work-in-progress, is the Real Estate held for development and sale. As of the end of the third fiscal quarter, June 30, 2025, the balance sheet showed $2.8 billion in Real Estate assets. By the close of the full fiscal year 2025, September 30, 2025, this figure settled at $2.6 billion. This massive investment underpins the entire operation.

Cost of lots sold, which is the largest component of revenue

When Forestar Group Inc. recognizes revenue, the corresponding cost-the cost of the developed lot-is the biggest expense. For the full fiscal year ended September 30, 2025, Revenues were $1.7 billion (or $1,662.4 million). The corresponding Cost of Sales for that same period was $1,298.9 million. This means the Cost of Sales consumed approximately 78.13% of the total revenue for fiscal year 2025.

Here is a look at the primary cost components relative to the full fiscal year 2025 performance:

Cost Component	Amount (FY Ended 9/30/2025)	Percentage of Revenue
Revenues	$1,662.4 million	100.0%
Cost of Sales	$1,298.9 million	78.13%
Selling, General and Administrative Expense	$154.4 million	9.3%

Interest expense on debt, including 6.50% senior unsecured notes

Financing the land inventory requires debt, which results in interest expense. Forestar Group Inc. is active in the debt markets; for instance, in March 2025, the company completed a $500 million offering of 6.500% senior unsecured notes due 2033. Total Debt on the balance sheet at June 30, 2025, stood at $872.8 million. While the exact total interest expense for the full year 2025 isn't explicitly broken out in the summary results, the cost of servicing this debt is a definite, ongoing cash outflow.

General and administrative expenses for national operations

Managing operations across 64 markets in 23 states requires overhead. Selling, General and Administrative (SG&A) expense for the entire fiscal year 2025 was $154.4 million. This represented 9.3% of total revenues for the year. For context, the fourth quarter of fiscal 2025 alone saw SG&A of $37.4 million.

Development costs for infrastructure (roads, utilities, entitlements)

These costs are embedded within the Real Estate asset value and ultimately flow through Cost of Sales upon lot delivery. These are the costs of entitlement, grading, and installing roads and utilities. The scale of investment planned for this area shows its significance to the cost base. For the full fiscal year 2025, Forestar Group Inc. planned to invest approximately $2.0 billion in land acquisition and development. The nine months ended June 30, 2025, saw land acquisition and development investments totaling $684.4 million in the first quarter alone.

The cost structure is dominated by inventory acquisition and the associated development spend required to create the finished lot.

• Land and Lot Purchase Contracts (Owned and Controlled Lots): 102,300 lots as of June 30, 2025.
• Lots Under Contract to be Sold (Future Revenue): 25,700 lots, representing approximately $2.3 billion of future revenue as of June 30, 2025.
• Debt Interest Rate on New Notes: 6.500%.

Finance: draft 13-week cash view by Friday.

Forestar Group Inc. (FOR) - Canvas Business Model: Revenue Streams

The primary revenue stream for Forestar Group Inc. is the Sale of finished residential lots to homebuilders. This is the core of the business, where Forestar acquires, develops, and services land, delivering fully developed lots ready for vertical construction to builders.

For the full fiscal year 2025, Forestar Group Inc. achieved consolidated revenues of approximately $1.7 billion, based on the sale of 14,240 lots sold. The average sales price per lot for the year ended September 30, 2025, was $108,400. This revenue generation is supported by a significant contracted backlog.

As of September 30, 2025, the contracted future revenue, secured by lots under contract for sale, stood at approximately $2.1 billion. This figure is backed by 23,800 lots under contract for sale, representing 37% of the company's owned lot position at that date.

The overall financial performance for the fiscal year 2025 included a net income that totaled $167.9 million.

A notable trend within the revenue streams is the growth in Revenue from lot sales to customers other than D.R. Horton, which is a growing segment, indicating diversification away from its primary relationship. For the full fiscal year 2025, lots sold to customers other than D.R. Horton reached 2,489 lots, a clear increase from the 1,801 lots sold to these customers in fiscal 2024. This trend of increasing sales to third-party builders was evident throughout the year, with 530 lots sold to non-D.R. Horton customers in the third quarter of 2025, up from 352 lots in the third quarter of 2024.

You can see the key year-end 2025 figures laid out here:

Metric	Value
Full-Year Fiscal 2025 Consolidated Revenues	$1,662.4 million (reported as $1.7 billion)
Full-Year Fiscal 2025 Lots Sold	14,240 lots
Fiscal 2025 Net Income	$167.9 million
Contracted Future Revenue (as of 9/30/2025)	Approximately $2.1 billion
Lots Under Contract for Sale (as of 9/30/2025)	23,800 lots
Lots Sold to Non-D.R. Horton Customers (FY 2025)	2,489 lots

The revenue stream is also supported by the company's total lot position, which stood at 99,800 lots (owned and controlled) at the end of fiscal 2025. This inventory scale is what allows Forestar Group Inc. to consistently supply finished lots.

• Lots owned at September 30, 2025: 65,100
• Lots controlled through purchase contracts: 34,700
• Owned lots that were fully developed: 8,900

Also, remember that 27% of Forestar Group Inc.'s owned lots were subject to a right of first offer to D.R. Horton based on existing agreements as of September 30, 2025.

Finance: review the Q1 2026 revenue guidance against the $268.3 million analyst estimate by next Tuesday.