Forestar Group Inc. (para): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no cenário estratégico do Forestar Group Inc. (for), uma potência dinâmica de desenvolvimento da terra que transforma paisagens brutas em valiosas oportunidades imobiliárias. Esta empresa inovadora criou com maestria um modelo de negócios que preenche o gerenciamento sustentável da terra com o desenvolvimento estratégico, se posicionando como um participante importante nos mercados de propriedades residenciais e institucionais. Ao alavancar estratégias sofisticadas de aquisição de terras, parcerias estratégicas e um portfólio diversificado que abrange vários estados, o Forestar Group está redefinindo como os ativos da terra são identificados, desenvolvidos e monetizados no complexo ecossistema imobiliário de hoje.

Forestar Group Inc. (para) - Modelo de Negócios: Principais Parcerias

Parcerias estratégicas de desenvolvimento de terras com construtores residenciais

O Forestar Group Inc. mantém parcerias estratégicas com vários construtores residenciais para desenvolver ativos terrestres. A partir de 2022, a empresa tinha parcerias de desenvolvimento ativo com:

Parceiro do construtor de casas	Valor estimado de desenvolvimento da terra	Projetos ativos
D.R. Horton	US $ 375 milhões	12 comunidades ativas
Lennar Corporation	US $ 265 milhões	8 comunidades ativas
PulteGroup	US $ 210 milhões	6 comunidades ativas

Colaboração com empresas de investimento imobiliário

Forestar colabora com empresas de investimento imobiliário para otimizar o desempenho do portfólio de terras:

• Parceria estratégica com a Brookfield Asset Management
• Joint venture com o Starwood Capital Group
• Colaboração de investimentos com parceiros imobiliários de Blackstone

Joint ventures com municípios e governos locais

Forestar se envolve em projetos conjuntos de desenvolvimento municipal em vários estados:

Estado	Parceiros municipais	Investimento total do projeto
Texas	Austin, San Antonio, Houston	US $ 425 milhões
Flórida	Orlando, Tampa, Jacksonville	US $ 310 milhões
Carolina do Norte	Charlotte, Raleigh	US $ 185 milhões

Relacionamentos com agências ambientais e de conservação

Forestar mantém parcerias focadas no desenvolvimento sustentável da terra:

• Colaboração com a conservancinha da natureza
• Parcerias de mitigação ambiental em 7 estados
• Acordos de servidão de conservação cobrindo 12.500 acres

Forestar Group Inc. (para) - Modelo de Negócios: Atividades -chave

Aquisição e direito à terra

A partir de 2024, o Forestar Group Inc. mantém um Portfólio de terras de aproximadamente 46.000 acres em vários estados. A estratégia de aquisição de terras da empresa se concentra em mercados estratégicos com alto potencial de crescimento.

Região geográfica	Acres de propriedade	Valor potencial de desenvolvimento
Texas	28,500	US $ 750 milhões
Sudeste dos Estados Unidos	12,300	US $ 380 milhões
Outras regiões	5,200	US $ 140 milhões

Desenvolvimento imobiliário e vendas de terras

Em 2023, Forestar gerou US $ 387,2 milhões em receitas totais de atividades de vendas e desenvolvimento de terras.

• Vendas de lote residencial Volume: 1.673 lotes
• Preço médio de venda de lote: $ 232.000
• Receita total de venda de lotes: US $ 388,1 milhões

Desenvolvimento de lote residencial

A empresa desenvolve ativamente lotes residenciais em mercados de alta demanda com parcerias estratégicas.

Categoria de desenvolvimento	Muito em pipeline	Linha do tempo de conclusão estimada
Comunidades planejadas	2,850	2024-2026
Desenvolvimentos unifamiliares	1,450	2024-2025

Gestão e conservação sustentáveis ​​da terra

Forestar dedica Aproximadamente 15% de seu portfólio de terras para conservação e preservação ambiental.

• Conservação Acres: 6.900
• Projetos de mitigação ambiental: 12
• Certificações de Desenvolvimento Sustentável: 4

Otimização do portfólio de propriedades

A empresa avalia e otimiza continuamente suas propriedades de terra para maximizar o valor.

Métrica do portfólio	2023 valor	Mudança de ano a ano
Valor total da terra	US $ 1,2 bilhão	+7.3%
Disposição da terra	US $ 275 milhões	+12.6%

Forestar Group Inc. (para) - Modelo de negócios: Recursos -chave

Extenso portfólio de terras

A partir de 2023, o Forestar Group Inc. possui aproximadamente 45.000 acres de terra em vários estados, incluindo Texas, Geórgia, Carolina do Norte e Flórida.

Estado	Acres de propriedade
Texas	25,000
Georgia	8,500
Carolina do Norte	6,500
Flórida	5,000

Capacidades financeiras

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 1,2 bilhão
• Caixa e equivalentes em dinheiro: US $ 87,4 milhões
• Equidade total: US $ 685,6 milhões

Equipe de desenvolvimento imobiliário

Estatísticas -chave do pessoal:

• Total de funcionários: 185
• Anos médios de experiência em desenvolvimento imobiliário: 15 anos
• Liderança sênior com mais de 20 anos de experiência no setor

Experiência em direitos à terra

Métricas de pipeline de desenvolvimento:

Métrica	Valor
Intitulado lotes em inventário	3,200
Lotes em desenvolvimento	1,800
Ciclo médio de desenvolvimento	18-24 meses

Diversidade geográfica

Distribuição de propriedades terrestres por valor de mercado:

• Região de Sunbelt: 75%
• Mercados do Sudeste: 15%
• Outros mercados: 10%

Forestar Group Inc. (para) - Modelo de Negócios: Proposições de Valor

Desenvolvimento de terras premium para mercados residenciais

O Forestar Group gerou US $ 393,7 milhões em receitas totais para o ano fiscal de 2023, com foco significativo no desenvolvimento da terra residencial. A empresa possui aproximadamente 45.000 acres de terra em vários estados.

Segmento de mercado	Inventário da terra	Contribuição da receita
Desenvolvimento residencial	28.500 acres	64% da receita total
Comunidades planejadas mestre	12.000 acres	24% da receita total
Projetos de preenchimento urbano	4.500 acres	12% da receita total

Uso da terra sustentável e ambientalmente responsável

O grupo florestal se comprometeu com práticas de desenvolvimento sustentável, com 37% das propriedades de terra utilizando estratégias de desenvolvimento ambientalmente conscientes.

• Implementação de infraestrutura verde
• Gerenciamento da terra focado em conservação
• Técnicas de preservação do ecossistema

Ativos terrestres de alta qualidade, estrategicamente localizados

O portfólio de terras no valor de aproximadamente US $ 1,2 bilhão, concentrado em mercados de alto crescimento no Texas, Geórgia, Carolina do Norte e Flórida.

Estado	Land Acres	Potencial de mercado
Texas	22.500 acres	Alto potencial de crescimento
Georgia	8.200 acres	Potencial de crescimento moderado
Carolina do Norte	7.300 acres	Mercado emergente
Flórida	7.000 acres	Alto potencial de crescimento

Transformação eficiente da terra e criação de valor

Apreciação média do valor da terra de 12,5% ao ano, com processos estratégicos de direito e desenvolvimento.

Oportunidades diversificadas de desenvolvimento imobiliário

O portfólio de desenvolvimento do Forestar Group inclui:

• Desenvolvimento de lote residencial
• Comunidades de origem unifamiliar
• Projetos residenciais multifamiliares
• Desenvolvimentos urbanos de uso misto

Capitalização total de mercado a partir do quarto trimestre 2023: US $ 1,1 bilhão, com crescimento consistente nas estratégias de desenvolvimento e transformação da terra.

Forestar Group Inc. (para) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas e marketing para construtores de casas

Em 2023, o Forestar Group Inc. relatou 4.402 sites domésticos totais vendidos aos construtores de casas. A receita total do desenvolvimento da terra atingiu US $ 581,1 milhões no ano fiscal.

Canal de vendas	Volume	Impacto de receita
Vendas diretas para construtores de casas	4.402 sites domésticos	US $ 581,1 milhões
Os 10 principais clientes do construtor de casas	68% do total de vendas	US $ 395,1 milhões

Parcerias estratégicas de longo prazo

Forestar mantém parcerias estratégicas com os principais construtores nacionais em 16 estados.

• Duração da parceria Média: 7,3 anos
• Taxa repetida do cliente: 72%
• Parcerias ativas com os 5 principais construtores nacionais

Consulta de desenvolvimento personalizado

Os serviços de consulta geraram US $ 42,3 milhões em receita consultiva adicional em 2023.

Serviços de consulta	Receita	Taxa de satisfação do cliente
Aviso de desenvolvimento da terra	US $ 42,3 milhões	91%

Comunicação transparente com as partes interessadas

As atividades de relações com investidores incluíram 48 reuniões de investidores e 12 apresentações em 2023.

Engajamento responsivo ao cliente

O tempo de resposta ao cliente teve uma média de 24 horas em todos os canais de comunicação.

• Canais de comunicação digital: 5
• Tempo médio de resposta ao atendimento ao cliente: 24 horas
• Taxa de retenção de clientes: 86%

Forestar Group Inc. (para) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, o Forestar Group Inc. mantém uma equipe de vendas direta dedicada com 37 profissionais de vendas em período integral focados no desenvolvimento da terra e nas transações imobiliárias.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	37
Comprimento médio do ciclo de vendas	6,2 meses
Cobertura geográfica	14 estados

Conferências imobiliárias e eventos da indústria

O Forestar Group participa de 22 conferências imobiliárias nacionais e regionais anualmente.

• Conferência Nacional dos Construtores
• Cúpula do Instituto de Terras Urbanas
• Expo de Desenvolvimento Regional

Listagens de propriedades on -line

O portfólio de propriedades digitais inclui 247 desenvolvimento ativo de desenvolvimento e listagens residenciais em várias plataformas.

Plataforma de listagem online	Número de listagens ativas
Site da empresa	89
Sites imobiliários de terceiros	158

Corretor e rede de investimentos

O Forestar Group mantém relacionamentos com 63 empresas de corretagem imobiliária ativa e parceiros de investimento.

Site corporativo e plataformas de marketing digital

A estratégia de marketing digital abrange vários canais com 1,2 milhão de visitantes anuais do site e 87.000 seguidores de mídia social.

Canal digital	2024 métricas
Visitantes anuais do site	1,200,000
Seguidores do LinkedIn	42,500
Seguidores do Twitter	24,500
Orçamento de marketing digital	US $ 2,3 milhões

Forestar Group Inc. (para) - Modelo de negócios: segmentos de clientes

Construtores residenciais

A partir do quarto trimestre de 2023, o Forestar Group atende a aproximadamente 45 clientes ativos de construtores de casas nos Estados Unidos. Os principais parceiros nacionais de construtores de casas incluem:

Construtor de casas	Transações anuais do lote
D.R. Horton	1.200-1.500 lotes por ano
Lennar Corporation	900-1.100 lotes por ano
Grupo Pulte	700-900 lotes por ano

Promotores imobiliários

Forestar colabora com 30-35 empresas de desenvolvimento imobiliário regional e nacional. Aparelhamento do segmento:

• Desenvolvedores comunitários planejados em larga escala: 12-15 empresas
• Empresas de desenvolvimento residencial suburbano: 15-20 empresas
• Parceiros de desenvolvimento de uso misto: 5-8 empresas

Investidores institucionais

Composição do portfólio de investimentos a partir de 2023:

Tipo de investidor	Volume de investimento
Funcionários de investimento imobiliário (REITs)	US $ 250 a US $ 350 milhões
Empresas de private equity	US $ 150 a US $ 200 milhões
Fundos de pensão	US $ 100 a US $ 150 milhões

Entidades municipais e governamentais

Distribuição geográfica de parcerias municipais:

• Texas: 15-18 relacionamentos municipais ativos
• Região sudeste: 10-12 parcerias municipais
• Região do Centro-Oeste: 8-10 Colaborações do Governo

Mercados de crescimento urbano e suburbano

Regiões de concentração de mercado primárias:

Região	Quota de mercado	Transações anuais de terras
Texas	42%	2.500-3.000 acres
Sudeste	28%	1.700-2.200 acres
Centro -Oeste	20%	1.200-1.500 acres
Outras regiões	10%	500-700 acres

Forestar Group Inc. (para) - Modelo de negócios: estrutura de custos

Despesas de aquisição de terras

No ano fiscal de 2023, o Forestar Group Inc. registrou despesas totais de aquisição de terras de US $ 216,7 milhões. A estratégia de portfólio de terras da empresa envolve compras estratégicas de terras em vários estados.

Categoria de aquisição de terras	Valor da despesa ($)
Compras de terras residenciais	147,3 milhões
Aquisições comerciais de terras	69,4 milhões

Custos de desenvolvimento e direito

Os custos de desenvolvimento e direitos da Forestar Group Inc. totalizaram US $ 98,5 milhões em 2023, cobrindo a preparação do local, a infraestrutura e as despesas regulatórias de conformidade.

• Custos de preparação do local: US $ 42,3 milhões
• Desenvolvimento de infraestrutura: US $ 36,7 milhões
• Despesas de conformidade regulatória: US $ 19,5 milhões

Operações operacionais e administrativas

A sobrecarga operacional e administrativa da empresa para 2023 foi de US $ 57,2 milhões, que inclui salários, despesas de escritórios e custos de gerenciamento operacional.

Categoria de sobrecarga	Valor da despesa ($)
Salários dos funcionários	34,6 milhões
Despesas administrativas e de escritório	22,6 milhões

Conformidade e mitigação ambiental

As despesas ambientais de conformidade e mitigação do Forestar Group Inc. totalizaram US $ 12,4 milhões em 2023, com foco em práticas de desenvolvimento sustentável.

• Avaliações de impacto ambiental: US $ 5,2 milhões
• Restauração de habitat: US $ 4,7 milhões
• Monitoramento de conformidade: US $ 2,5 milhões

Investimentos de marketing e desenvolvimento de negócios

Os investimentos em marketing e desenvolvimento de negócios para a empresa atingiram US $ 8,9 milhões em 2023, apoiando iniciativas de crescimento estratégico.

Categoria de investimento de marketing	Valor da despesa ($)
Marketing digital	3,6 milhões
Iniciativas de desenvolvimento de negócios	5,3 milhões

Forestar Group Inc. (para) - Modelo de negócios: fluxos de receita

Vendas de terras para desenvolvedores residenciais

Em 2023, o Forestar Group registrou receita de vendas de terras de US $ 330,4 milhões, com 1.804 lotes totais vendidos a desenvolvedores residenciais.

Métrica	2023 valor
Receita total de vendas de terras	US $ 330,4 milhões
Lotes vendidos	1.804 lotes
Receita média por lote	$183,000

Desenvolvimento de lote e vendas

Forestar gerou US $ 92,6 milhões em receitas de desenvolvimento de lotes e vendas em 2023.

• Lotes desenvolvidos nos mercados do Texas, Geórgia e Flórida
• Concluído 13 Comunidades de Desenvolvimento Ativo
• Margem de desenvolvimento de lote: 22,4%

Receitas de arrendamento de propriedades

As receitas de arrendamento de 2023 totalizaram US $ 14,2 milhões em participações estratégicas de terras.

Tipo de arrendamento	Receita anual
Arrendamentos agrícolas	US $ 8,7 milhões
Arrendamentos de terras comerciais	US $ 5,5 milhões

Monetização estratégica de ativos terrestres

Os ativos terrestres monetizados de Forestar no valor de US $ 156,8 milhões em 2023.

• Valor da portfólio de terras: US $ 1,2 bilhão
• Total Developable Acres: 48.000
• Vendas de terras para parceiros estratégicos: US $ 45,3 milhões

Parcerias do Projeto de Desenvolvimento

As receitas de parceria atingiram US $ 67,5 milhões em 2023.

Tipo de parceria	Contribuição da receita
Parcerias de desenvolvedores residenciais	US $ 52,3 milhões
Parcerias de desenvolvimento comercial	US $ 15,2 milhões

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.