Forestar Group Inc — Earnings Quality Grade F
FOR · Real Estate
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 4 days, change -2 days YoY
AR growth -28.9% vs revenue growth 10.1%
Revenue grew 10.1% but CFFO declined -24.8%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
No material inventory
CapEx growth 0.0% vs revenue 10.1%. Normal
SG&A/Gross Profit = 42.5%. Normal
Gross margin 21.9%, change -1.9pp. Stable
Cash Flow Quality
CFFO/NI = -1.18. Only -118% of profit backed by cash
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF < 50% of Net Income for 2 years
Accruals ratio = 11.7%. Exceeds 10%
Cash $0.4B covers only 46% of debt $0.8B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 3.8x. Healthy
Other assets grew 861.1% vs revenue 10.1%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
No goodwill
Manipulation Score
M-Score = -2.10 (grey zone)
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25