Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
Our common stock is traded on the NYSE and the NYSE Texas under the trading symbol "FOR." As of November 14, 2025, the closing price of our common stock on the NYSE and NYSE Texas was $24.42, an d there were approximately 718 holders of record.
Dividend Policy
We currently intend to retain any future earnings to support our business. The declaration and payment of any future dividends will be at the discretion of our Board of Directors after taking into account various factors, including without limitation, our financial condition, earnings, capital requirements of our business, the terms of any credit agreements or indentures to which we may be a party at the time, legal requirements, industry practice and other factors that our Board of Directors deems relevant.
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Stock Performance Graph
The following graph illustrates the cumulative total stockholder return of an initial investment of $100 on September 30, 2020 in Forestar common stock for the period from September 30, 2020 through September 30, 2025 compared to the same investment in the Russell 2000 Index and our peer group.
Pursuant to SEC rules, returns of each of the companies in the peer groups are weighted according to the respective company’s stock market capitalization at the beginning of each period for which a return is indicated. Shareholder returns over the indicated period are based on historical data and should not be considered indicative of future shareholder returns. The graph and related disclosure in no way reflect our forecast of future financial performance.
The peer group for the current year is unchanged from the prior year, except The St. Joe Company was excluded in fiscal 2025 solely because a significant portion of its business is now unrelated to the residential development industry and is primarily focused on hospitality and leasing. This change was made to ensure the peer group remains representative of companies with similar industry focus, market capitalization, and business models. The companies included in our peer group consist of American Woodmark Corporation; Beazer Homes USA, Inc.; Century Communities, Inc.; Five Point Holdings, LLC; Howard Hughes Holdings Inc.; JELD-WEN Holding, Inc.; LGI Homes, Inc.; M/I Homes, Inc.; and MasterBrand, Inc. The peer group is reviewed annually to ensure continued relevance for performance comparison.
Stock Performance Data: 2020 2021 2022 2023 2024 2025
Forestar Group Inc. $ 100.00 $ 105.25 $ 63.22 $ 152.20 $ 182.88 $ 150.23
Russell 2000 100.00 147.68 112.98 123.06 156.00 172.78
Peer Group 100.00 128.12 74.19 114.68 160.13 118.67
This performance graph shall not be deemed to be incorporated by reference into our SEC filings and should not constitute soliciting material or otherwise be considered filed under the Securities Act of 1933, as amended (Securities Act) or the Exchange Act.
Item 6. [Reserved]
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