The Reds were unable to further bolster their ranks on Monday, despite being on the lookout for as many as three fresh faces, but they have made nine additions this summer.
Davies believes his squad is a lot healthier than it was - despite losing Adlene Guedioura to Crystal Palace - and has no complaints at the club's refusal to meet unreasonable demands towards the end of the window.
He told Forest's official website: "The chairman and I are very proud of the business we have done in the transfer market.
"We've brought in nine players, spent over £5million, and done a good bit of business by selling Guedioura to Palace - we got some very good money for him.
"Of course, we missed out on some key signings but a valuation is a valuation. We won't be stupid -we had a certain figure in mind for each player which we weren't prepared to go above.
"All in all, I'm delighted with the business we've done - it's been a very positive transfer window for the club."
Davies has also praised the backing he has received from chairman and owner Fawaz Al Hasawi.
He added: "The one thing you can't do is criticise the enthusiasm and commitment of Fawaz and his family. Before I came into the club, and ever since, he has given absolutely fantastic support and he's tried to do all he can to move this club forward.
"At the same time he's a very good businessman - he knows the valuation of certain things and certain people. We will not be bullied in to paying over the odds for players who we don't think meet the valuation."