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Side-by-side financial comparison of Forestar Group Inc. (FOR) and INDEPENDENCE REALTY TRUST, INC. (IRT). Click either name above to swap in a different company.
Forestar Group Inc. is the larger business by last-quarter revenue ($273.0M vs $165.3M, roughly 1.7× INDEPENDENCE REALTY TRUST, INC.). On growth, Forestar Group Inc. posted the faster year-over-year revenue change (9.0% vs 2.5%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs -9.6%).
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and...
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
FOR vs IRT — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $165.3M |
| Net Profit | $15.4M | — |
| Gross Margin | 20.1% | — |
| Operating Margin | 7.6% | — |
| Net Margin | 5.6% | — |
| Revenue YoY | 9.0% | 2.5% |
| Net Profit YoY | -6.7% | — |
| EPS (diluted) | $0.30 | $0.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $165.3M | ||
| Q4 25 | $273.0M | $167.1M | ||
| Q3 25 | $670.5M | $167.1M | ||
| Q2 25 | $390.5M | $162.2M | ||
| Q1 25 | $351.0M | $161.2M | ||
| Q4 24 | $250.4M | $161.0M | ||
| Q3 24 | $551.3M | $160.1M | ||
| Q2 24 | $318.4M | $158.4M |
| Q1 26 | — | — | ||
| Q4 25 | $15.4M | $33.3M | ||
| Q3 25 | $86.9M | $6.9M | ||
| Q2 25 | $32.9M | $8.0M | ||
| Q1 25 | $31.6M | $8.4M | ||
| Q4 24 | $16.5M | $-1.0M | ||
| Q3 24 | $81.5M | $12.4M | ||
| Q2 24 | $38.7M | $10.4M |
| Q1 26 | — | — | ||
| Q4 25 | 20.1% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 20.4% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 23.9% | — | ||
| Q2 24 | 22.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | — | ||
| Q3 25 | 16.9% | — | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | 11.6% | — | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 19.7% | — | ||
| Q2 24 | 16.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 5.6% | 19.9% | ||
| Q3 25 | 13.0% | 4.1% | ||
| Q2 25 | 8.4% | 5.0% | ||
| Q1 25 | 9.0% | 5.2% | ||
| Q4 24 | 6.6% | -0.6% | ||
| Q3 24 | 14.8% | 7.7% | ||
| Q2 24 | 12.2% | 6.5% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | $0.30 | $0.14 | ||
| Q3 25 | $1.70 | $0.03 | ||
| Q2 25 | $0.65 | $0.03 | ||
| Q1 25 | $0.62 | $0.04 | ||
| Q4 24 | $0.32 | $-0.01 | ||
| Q3 24 | $1.59 | $0.05 | ||
| Q2 24 | $0.76 | $0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $211.7M | $23.3M |
| Total DebtLower is stronger | $793.2M | — |
| Stockholders' EquityBook value | $1.8B | $3.4B |
| Total Assets | $3.2B | $6.1B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.3M | ||
| Q4 25 | $211.7M | $23.6M | ||
| Q3 25 | $379.2M | $23.3M | ||
| Q2 25 | $189.2M | $19.5M | ||
| Q1 25 | $174.3M | $29.1M | ||
| Q4 24 | $132.0M | $21.2M | ||
| Q3 24 | $481.2M | $17.6M | ||
| Q2 24 | $359.2M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | $793.2M | $2.3B | ||
| Q3 25 | $802.7M | $2.3B | ||
| Q2 25 | $872.8M | $2.2B | ||
| Q1 25 | $872.5M | $2.3B | ||
| Q4 24 | $806.8M | $2.3B | ||
| Q3 24 | $706.4M | $2.3B | ||
| Q2 24 | $706.1M | $2.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | $1.8B | $3.5B | ||
| Q3 25 | $1.8B | $3.5B | ||
| Q2 25 | $1.7B | $3.4B | ||
| Q1 25 | $1.6B | $3.5B | ||
| Q4 24 | $1.6B | $3.4B | ||
| Q3 24 | $1.6B | $3.4B | ||
| Q2 24 | $1.5B | $3.4B |
| Q1 26 | — | $6.1B | ||
| Q4 25 | $3.2B | $6.0B | ||
| Q3 25 | $3.1B | $6.1B | ||
| Q2 25 | $3.1B | $6.0B | ||
| Q1 25 | $3.0B | $6.0B | ||
| Q4 24 | $3.0B | $6.1B | ||
| Q3 24 | $2.8B | $5.9B | ||
| Q2 24 | $2.7B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | 0.44× | 0.66× | ||
| Q3 25 | 0.45× | 0.66× | ||
| Q2 25 | 0.52× | 0.66× | ||
| Q1 25 | 0.53× | 0.65× | ||
| Q4 24 | 0.50× | 0.68× | ||
| Q3 24 | 0.44× | 0.68× | ||
| Q2 24 | 0.47× | 0.66× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-157.0M | — |
| Free Cash FlowOCF − Capex | $-157.1M | — |
| FCF MarginFCF / Revenue | -57.5% | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | -10.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | $93.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-157.0M | $282.1M | ||
| Q3 25 | $256.3M | $79.3M | ||
| Q2 25 | $15.8M | $82.2M | ||
| Q1 25 | $-19.8M | $60.4M | ||
| Q4 24 | $-450.0M | $259.8M | ||
| Q3 24 | $119.2M | $69.2M | ||
| Q2 24 | $-61.7M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-157.1M | — | ||
| Q3 25 | $255.6M | — | ||
| Q2 25 | $15.0M | — | ||
| Q1 25 | $-20.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $-62.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | -57.5% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | -19.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | -10.19× | 8.48× | ||
| Q3 25 | 2.95× | 11.51× | ||
| Q2 25 | 0.48× | 10.22× | ||
| Q1 25 | -0.63× | 7.23× | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | 5.60× | ||
| Q2 24 | -1.59× | 8.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
