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Side-by-side financial comparison of Forestar Group Inc. (FOR) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Forestar Group Inc. is the larger business by last-quarter revenue ($273.0M vs $137.5M, roughly 2.0× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs 5.6%, a 109.4% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 9.0%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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...
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
FOR vs TRNO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $137.5M |
| Net Profit | $15.4M | $158.2M |
| Gross Margin | 20.1% | — |
| Operating Margin | 7.6% | — |
| Net Margin | 5.6% | 115.1% |
| Revenue YoY | 9.0% | 32.6% |
| Net Profit YoY | -6.7% | 107.9% |
| EPS (diluted) | $0.30 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $670.5M | $116.2M | ||
| Q2 25 | $390.5M | $112.2M | ||
| Q1 25 | $351.0M | $110.4M | ||
| Q4 24 | $250.4M | $103.7M | ||
| Q3 24 | $551.3M | $99.6M | ||
| Q2 24 | $318.4M | $94.2M | ||
| Q1 24 | $333.8M | $85.0M |
| Q4 25 | $15.4M | $158.2M | ||
| Q3 25 | $86.9M | $103.4M | ||
| Q2 25 | $32.9M | $93.3M | ||
| Q1 25 | $31.6M | $48.1M | ||
| Q4 24 | $16.5M | $76.1M | ||
| Q3 24 | $81.5M | $36.6M | ||
| Q2 24 | $38.7M | $35.7M | ||
| Q1 24 | $45.0M | $36.1M |
| 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% | — | ||
| 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 24 | 17.6% | — |
| Q4 25 | 5.6% | 115.1% | ||
| Q3 25 | 13.0% | 88.9% | ||
| Q2 25 | 8.4% | 83.1% | ||
| Q1 25 | 9.0% | 43.6% | ||
| Q4 24 | 6.6% | 73.4% | ||
| Q3 24 | 14.8% | 36.8% | ||
| Q2 24 | 12.2% | 37.9% | ||
| Q1 24 | 13.5% | 42.4% |
| Q4 25 | $0.30 | $1.54 | ||
| Q3 25 | $1.70 | $1.00 | ||
| Q2 25 | $0.65 | $0.90 | ||
| Q1 25 | $0.62 | $0.47 | ||
| Q4 24 | $0.32 | $0.78 | ||
| Q3 24 | $1.59 | $0.37 | ||
| Q2 24 | $0.76 | $0.37 | ||
| Q1 24 | $0.89 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | $793.2M | $943.3M |
| Stockholders' EquityBook value | $1.8B | $4.1B |
| Total Assets | $3.2B | $5.4B |
| Debt / EquityLower = less leverage | 0.44× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $211.7M | $25.0M | ||
| Q3 25 | $379.2M | $26.2M | ||
| Q2 25 | $189.2M | $128.4M | ||
| Q1 25 | $174.3M | $156.5M | ||
| Q4 24 | $132.0M | $18.1M | ||
| Q3 24 | $481.2M | $243.7M | ||
| Q2 24 | $359.2M | $182.0M | ||
| Q1 24 | $416.2M | $649.6M |
| Q4 25 | $793.2M | $943.3M | ||
| Q3 25 | $802.7M | $1.0B | ||
| Q2 25 | $872.8M | $742.4M | ||
| Q1 25 | $872.5M | $741.9M | ||
| Q4 24 | $806.8M | $823.4M | ||
| Q3 24 | $706.4M | $672.2M | ||
| Q2 24 | $706.1M | $772.0M | ||
| Q1 24 | $705.7M | $771.8M |
| Q4 25 | $1.8B | $4.1B | ||
| Q3 25 | $1.8B | $4.0B | ||
| Q2 25 | $1.7B | $3.9B | ||
| Q1 25 | $1.6B | $3.9B | ||
| Q4 24 | $1.6B | $3.7B | ||
| Q3 24 | $1.6B | $3.6B | ||
| Q2 24 | $1.5B | $3.4B | ||
| Q1 24 | $1.5B | $3.4B |
| Q4 25 | $3.2B | $5.4B | ||
| Q3 25 | $3.1B | $5.3B | ||
| Q2 25 | $3.1B | $5.0B | ||
| Q1 25 | $3.0B | $4.9B | ||
| Q4 24 | $3.0B | $4.8B | ||
| Q3 24 | $2.8B | $4.6B | ||
| Q2 24 | $2.7B | $4.5B | ||
| Q1 24 | $2.6B | $4.4B |
| Q4 25 | 0.44× | 0.23× | ||
| Q3 25 | 0.45× | 0.26× | ||
| Q2 25 | 0.52× | 0.19× | ||
| Q1 25 | 0.53× | 0.19× | ||
| Q4 24 | 0.50× | 0.22× | ||
| Q3 24 | 0.44× | 0.19× | ||
| Q2 24 | 0.47× | 0.22× | ||
| Q1 24 | 0.48× | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | $-157.1M | — |
| FCF MarginFCF / Revenue | -57.5% | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | -10.19× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $93.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-157.0M | $271.9M | ||
| Q3 25 | $256.3M | $79.5M | ||
| Q2 25 | $15.8M | $60.6M | ||
| Q1 25 | $-19.8M | $61.4M | ||
| Q4 24 | $-450.0M | $232.7M | ||
| Q3 24 | $119.2M | $70.0M | ||
| Q2 24 | $-61.7M | $64.3M | ||
| Q1 24 | $-59.2M | $47.0M |
| 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 24 | $-59.8M | — |
| 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 24 | -17.9% | — |
| 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 24 | 0.2% | — |
| Q4 25 | -10.19× | 1.72× | ||
| Q3 25 | 2.95× | 0.77× | ||
| Q2 25 | 0.48× | 0.65× | ||
| Q1 25 | -0.63× | 1.28× | ||
| Q4 24 | -27.27× | 3.06× | ||
| Q3 24 | 1.46× | 1.91× | ||
| Q2 24 | -1.59× | 1.80× | ||
| Q1 24 | -1.32× | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
