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Side-by-side financial comparison of Forestar Group Inc. (FOR) and PJT Partners Inc. (PJT). Click either name above to swap in a different company.
PJT Partners Inc. is the larger business by last-quarter revenue ($531.4M vs $273.0M, roughly 1.9× Forestar Group Inc.). PJT Partners Inc. runs the higher net margin — 10.0% vs 5.6%, a 4.4% gap on every dollar of revenue. On growth, PJT Partners Inc. posted the faster year-over-year revenue change (12.9% vs 9.0%). PJT Partners Inc. produced more free cash flow last quarter ($138.6M vs $-157.1M). Over the past eight quarters, PJT Partners Inc.'s revenue compounded faster (27.5% 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...
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
FOR vs PJT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $531.4M |
| Net Profit | $15.4M | $53.4M |
| Gross Margin | 20.1% | — |
| Operating Margin | 7.6% | 23.1% |
| Net Margin | 5.6% | 10.0% |
| Revenue YoY | 9.0% | 12.9% |
| Net Profit YoY | -6.7% | 4.0% |
| EPS (diluted) | $0.30 | — |
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.
| Q4 25 | $273.0M | $531.4M | ||
| Q3 25 | $670.5M | $442.3M | ||
| Q2 25 | $390.5M | $401.1M | ||
| Q1 25 | $351.0M | $321.9M | ||
| Q4 24 | $250.4M | $470.5M | ||
| Q3 24 | $551.3M | $320.3M | ||
| Q2 24 | $318.4M | $358.1M | ||
| Q1 24 | $333.8M | $327.1M |
| Q4 25 | $15.4M | $53.4M | ||
| Q3 25 | $86.9M | $39.8M | ||
| Q2 25 | $32.9M | $32.9M | ||
| Q1 25 | $31.6M | $54.0M | ||
| Q4 24 | $16.5M | $51.3M | ||
| Q3 24 | $81.5M | $22.1M | ||
| Q2 24 | $38.7M | $28.3M | ||
| Q1 24 | $45.0M | $32.6M |
| 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 24 | 24.9% | — |
| Q4 25 | 7.6% | 23.1% | ||
| Q3 25 | 16.9% | 20.6% | ||
| Q2 25 | 11.2% | 19.1% | ||
| Q1 25 | 11.6% | 16.3% | ||
| Q4 24 | 8.7% | 21.9% | ||
| Q3 24 | 19.7% | 15.4% | ||
| Q2 24 | 16.2% | 18.0% | ||
| Q1 24 | 17.6% | 16.5% |
| Q4 25 | 5.6% | 10.0% | ||
| Q3 25 | 13.0% | 9.0% | ||
| Q2 25 | 8.4% | 8.2% | ||
| Q1 25 | 9.0% | 16.8% | ||
| Q4 24 | 6.6% | 10.9% | ||
| Q3 24 | 14.8% | 6.9% | ||
| Q2 24 | 12.2% | 7.9% | ||
| Q1 24 | 13.5% | 10.0% |
| Q4 25 | $0.30 | — | ||
| Q3 25 | $1.70 | — | ||
| Q2 25 | $0.65 | — | ||
| Q1 25 | $0.62 | — | ||
| Q4 24 | $0.32 | — | ||
| Q3 24 | $1.59 | — | ||
| Q2 24 | $0.76 | — | ||
| Q1 24 | $0.89 | — |
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 | $538.9M |
| Total DebtLower is stronger | $793.2M | — |
| Stockholders' EquityBook value | $1.8B | $308.2M |
| Total Assets | $3.2B | $1.8B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $211.7M | $538.9M | ||
| Q3 25 | $379.2M | $400.5M | ||
| Q2 25 | $189.2M | $214.6M | ||
| Q1 25 | $174.3M | $194.3M | ||
| Q4 24 | $132.0M | $483.9M | ||
| Q3 24 | $481.2M | $148.8M | ||
| Q2 24 | $359.2M | $164.2M | ||
| Q1 24 | $416.2M | $215.5M |
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
| Q4 25 | $1.8B | $308.2M | ||
| Q3 25 | $1.8B | $228.6M | ||
| Q2 25 | $1.7B | $167.4M | ||
| Q1 25 | $1.6B | $148.8M | ||
| Q4 24 | $1.6B | $187.0M | ||
| Q3 24 | $1.6B | $159.1M | ||
| Q2 24 | $1.5B | $133.8M | ||
| Q1 24 | $1.5B | $174.6M |
| Q4 25 | $3.2B | $1.8B | ||
| Q3 25 | $3.1B | $1.7B | ||
| Q2 25 | $3.1B | $1.5B | ||
| Q1 25 | $3.0B | $1.4B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $2.8B | $1.6B | ||
| Q2 24 | $2.7B | $1.4B | ||
| Q1 24 | $2.6B | $1.3B |
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.48× | — |
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 | $155.7M |
| Free Cash FlowOCF − Capex | $-157.1M | $138.6M |
| FCF MarginFCF / Revenue | -57.5% | 26.1% |
| Capex IntensityCapex / Revenue | 0.0% | 3.2% |
| Cash ConversionOCF / Net Profit | -10.19× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $93.0M | $480.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-157.0M | $155.7M | ||
| Q3 25 | $256.3M | $256.1M | ||
| Q2 25 | $15.8M | $190.4M | ||
| Q1 25 | $-19.8M | $-75.9M | ||
| Q4 24 | $-450.0M | $195.7M | ||
| Q3 24 | $119.2M | $180.5M | ||
| Q2 24 | $-61.7M | $193.6M | ||
| Q1 24 | $-59.2M | $-38.8M |
| Q4 25 | $-157.1M | $138.6M | ||
| Q3 25 | $255.6M | $240.9M | ||
| Q2 25 | $15.0M | $178.9M | ||
| Q1 25 | $-20.5M | $-77.9M | ||
| Q4 24 | — | $195.3M | ||
| Q3 24 | $118.4M | $178.5M | ||
| Q2 24 | $-62.3M | $193.0M | ||
| Q1 24 | $-59.8M | $-39.2M |
| Q4 25 | -57.5% | 26.1% | ||
| Q3 25 | 38.1% | 54.5% | ||
| Q2 25 | 3.8% | 44.6% | ||
| Q1 25 | -5.8% | -24.2% | ||
| Q4 24 | — | 41.5% | ||
| Q3 24 | 21.5% | 55.7% | ||
| Q2 24 | -19.6% | 53.9% | ||
| Q1 24 | -17.9% | -12.0% |
| Q4 25 | 0.0% | 3.2% | ||
| Q3 25 | 0.1% | 3.4% | ||
| Q2 25 | 0.2% | 2.9% | ||
| Q1 25 | 0.2% | 0.6% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.1% | 0.6% | ||
| Q2 24 | 0.2% | 0.1% | ||
| Q1 24 | 0.2% | 0.1% |
| Q4 25 | -10.19× | 2.92× | ||
| Q3 25 | 2.95× | 6.43× | ||
| Q2 25 | 0.48× | 5.79× | ||
| Q1 25 | -0.63× | -1.41× | ||
| Q4 24 | -27.27× | 3.81× | ||
| Q3 24 | 1.46× | 8.15× | ||
| Q2 24 | -1.59× | 6.84× | ||
| Q1 24 | -1.32× | -1.19× |
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% |
PJT
Segment breakdown not available.
