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Side-by-side financial comparison of Forestar Group Inc. (FOR) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $273.0M, roughly 1.2× Forestar Group Inc.). Forestar Group Inc. runs the higher net margin — 5.6% vs -12.9%, a 18.5% gap on every dollar of revenue. On growth, Forestar Group Inc. posted the faster year-over-year revenue change (9.0% vs -0.4%). Forestar Group Inc. produced more free cash flow last quarter ($-157.1M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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...
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
FOR vs WD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $340.0M |
| Net Profit | $15.4M | $-13.9M |
| Gross Margin | 20.1% | — |
| Operating Margin | 7.6% | -17.2% |
| Net Margin | 5.6% | -12.9% |
| Revenue YoY | 9.0% | -0.4% |
| Net Profit YoY | -6.7% | -131.0% |
| EPS (diluted) | $0.30 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $670.5M | $337.7M | ||
| Q2 25 | $390.5M | $319.2M | ||
| Q1 25 | $351.0M | $237.4M | ||
| Q4 24 | $250.4M | $341.5M | ||
| Q3 24 | $551.3M | $292.3M | ||
| Q2 24 | $318.4M | $270.7M | ||
| Q1 24 | $333.8M | $228.1M |
| Q4 25 | $15.4M | $-13.9M | ||
| Q3 25 | $86.9M | $33.5M | ||
| Q2 25 | $32.9M | $34.0M | ||
| Q1 25 | $31.6M | $2.8M | ||
| Q4 24 | $16.5M | $44.8M | ||
| Q3 24 | $81.5M | $28.8M | ||
| Q2 24 | $38.7M | $22.7M | ||
| Q1 24 | $45.0M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | 16.9% | 13.6% | ||
| Q2 25 | 11.2% | 14.5% | ||
| Q1 25 | 11.6% | 2.2% | ||
| Q4 24 | 8.7% | 15.3% | ||
| Q3 24 | 19.7% | 12.8% | ||
| Q2 24 | 16.2% | 10.4% | ||
| Q1 24 | 17.6% | 6.0% |
| Q4 25 | 5.6% | -12.9% | ||
| Q3 25 | 13.0% | 9.9% | ||
| Q2 25 | 8.4% | 10.6% | ||
| Q1 25 | 9.0% | 1.2% | ||
| Q4 24 | 6.6% | 13.1% | ||
| Q3 24 | 14.8% | 9.9% | ||
| Q2 24 | 12.2% | 8.4% | ||
| Q1 24 | 13.5% | 5.2% |
| Q4 25 | $0.30 | $-0.41 | ||
| Q3 25 | $1.70 | $0.98 | ||
| Q2 25 | $0.65 | $0.99 | ||
| Q1 25 | $0.62 | $0.08 | ||
| Q4 24 | $0.32 | $1.32 | ||
| Q3 24 | $1.59 | $0.85 | ||
| Q2 24 | $0.76 | $0.67 | ||
| Q1 24 | $0.89 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | $793.2M | — |
| Stockholders' EquityBook value | $1.8B | $1.7B |
| Total Assets | $3.2B | $5.1B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $211.7M | $299.3M | ||
| Q3 25 | $379.2M | $274.8M | ||
| Q2 25 | $189.2M | $233.7M | ||
| Q1 25 | $174.3M | $181.0M | ||
| Q4 24 | $132.0M | $279.3M | ||
| Q3 24 | $481.2M | $179.8M | ||
| Q2 24 | $359.2M | $208.1M | ||
| Q1 24 | $416.2M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.6B | $1.7B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.5B | $1.7B | ||
| Q1 24 | $1.5B | $1.7B |
| Q4 25 | $3.2B | $5.1B | ||
| Q3 25 | $3.1B | $5.8B | ||
| Q2 25 | $3.1B | $4.7B | ||
| Q1 25 | $3.0B | $4.5B | ||
| Q4 24 | $3.0B | $4.4B | ||
| Q3 24 | $2.8B | $4.6B | ||
| Q2 24 | $2.7B | $4.2B | ||
| Q1 24 | $2.6B | $3.8B |
| 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 | $-664.3M |
| Free Cash FlowOCF − Capex | $-157.1M | $-680.1M |
| FCF MarginFCF / Revenue | -57.5% | -200.0% |
| Capex IntensityCapex / Revenue | 0.0% | 4.6% |
| Cash ConversionOCF / Net Profit | -10.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | $93.0M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-157.0M | $-664.3M | ||
| Q3 25 | $256.3M | $-948.1M | ||
| Q2 25 | $15.8M | $-238.5M | ||
| Q1 25 | $-19.8M | $-281.1M | ||
| Q4 24 | $-450.0M | $129.4M | ||
| Q3 24 | $119.2M | $-202.0M | ||
| Q2 24 | $-61.7M | $-237.8M | ||
| Q1 24 | $-59.2M | $38.4M |
| Q4 25 | $-157.1M | $-680.1M | ||
| Q3 25 | $255.6M | $-950.4M | ||
| Q2 25 | $15.0M | $-241.0M | ||
| Q1 25 | $-20.5M | $-284.7M | ||
| Q4 24 | — | $116.4M | ||
| Q3 24 | $118.4M | $-204.0M | ||
| Q2 24 | $-62.3M | $-241.7M | ||
| Q1 24 | $-59.8M | $35.2M |
| Q4 25 | -57.5% | -200.0% | ||
| Q3 25 | 38.1% | -281.5% | ||
| Q2 25 | 3.8% | -75.5% | ||
| Q1 25 | -5.8% | -120.0% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | 21.5% | -69.8% | ||
| Q2 24 | -19.6% | -89.3% | ||
| Q1 24 | -17.9% | 15.4% |
| Q4 25 | 0.0% | 4.6% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | 0.2% | 0.8% | ||
| Q1 25 | 0.2% | 1.5% | ||
| Q4 24 | 0.0% | 3.8% | ||
| Q3 24 | 0.1% | 0.7% | ||
| Q2 24 | 0.2% | 1.4% | ||
| Q1 24 | 0.2% | 1.4% |
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | -28.34× | ||
| Q2 25 | 0.48× | -7.02× | ||
| Q1 25 | -0.63× | -102.07× | ||
| Q4 24 | -27.27× | 2.89× | ||
| Q3 24 | 1.46× | -7.01× | ||
| Q2 24 | -1.59× | -10.49× | ||
| Q1 24 | -1.32× | 3.24× |
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% |
WD
Segment breakdown not available.
