FORR · Forrester Research, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $396.89M | $432.47M | $480.78M | $537.79M | $494.31M | $448.98M |
| Cost of Revenue | $170.72M | $182.53M | $198.03M | $212.26M | $178.44M | $159.24M |
| Gross Profit | $226.17M | $249.94M | $282.75M | $325.53M | $315.87M | $289.74M |
| R&D | - | - | - | - | - | - |
| SG&A | $218.39M | $235.81M | $250.76M | $270.38M | $261.77M | $248.10M |
| Total Operating Expenses | $510.06M | $431.73M | $474.01M | $505.13M | $455.67M | $432.81M |
| D&A | $6.03M | $7.56M | $8.45M | $9.27M | $9.39M | $9.88M |
| Operating Income | ($113.17M) | $740.0K | $6.77M | $32.65M | $38.64M | $16.18M |
| Interest Expense | - | - | - | $2.46M | $4.22M | $5.34M |
| Income Tax | ($49.0K) | $8.38M | $3.23M | $8.92M | $8.35M | $2.94M |
| Net Income | ($119.36M) | ($5.75M) | $3.05M | $21.81M | $24.84M | $9.99M |
| EPS - Basic | ($6.28) | ($0.30) | $0.16 | $1.15 | $1.30 | $0.53 |
| EPS - Diluted | ($6.28) | ($0.30) | $0.16 | $1.14 | $1.28 | $0.53 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $63.34M | $56.09M | $72.91M | $103.63M | $115.77M | $90.26M |
| Accounts Receivable | $50.85M | $55.49M | $59.00M | $73.34M | $86.97M | $84.69M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $832.0K | $965.0K | $1.80M | $361.0K | $840.0K | $657.0K |
| Current Assets | $212.69M | $201.36M | $216.00M | $235.29M | $269.49M | $217.16M |
| Total Assets | $404.03M | $503.86M | $564.17M | $608.44M | $680.13M | $644.22M |
| Current Liabilities | $240.06M | $203.97M | $240.08M | $269.39M | $312.34M | $269.75M |
| Long-term Debt | $0 | $35.00M | $35.00M | $50.00M | $75.00M | $95.30M |
| Total Liabilities | $277.51M | $274.32M | $323.91M | $386.78M | $476.22M | $458.45M |
| Stockholders' Equity | $126.53M | $229.54M | $240.26M | $221.66M | $203.91M | $185.77M |
| Retained Earnings | $52.57M | $171.93M | $177.68M | $174.63M | $152.82M | $127.98M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $21.08M | ($3.86M) | $21.67M | $39.42M | $107.07M | $47.75M |
| Investing Cash Flow | ($14.07M) | $5.02M | ($36.76M) | ($6.81M) | ($29.30M) | ($4.57M) |
| Financing Cash Flow | ($2.57M) | ($16.10M) | ($18.30M) | ($38.87M) | ($49.14M) | ($23.69M) |
| CapEx | $2.99M | $3.40M | $5.50M | $5.66M | $10.74M | $8.90M |
| Free Cash Flow | $18.09M | ($7.26M) | $16.18M | $33.76M | $96.32M | $38.85M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 57.0% | 57.8% | 58.8% | 60.5% | 63.9% | 64.5% |
| Operating margin | -28.5% | 0.2% | 1.4% | 6.1% | 7.8% | 3.6% |
| EBITDA margin | -27.0% | 1.9% | 3.2% | 7.8% | 9.7% | 5.8% |
| Net margin | -30.1% | -1.3% | 0.6% | 4.1% | 5.0% | 2.2% |
| Free cash flow margin | 4.6% | -1.7% | 3.4% | 6.3% | 19.5% | 8.7% |
| FCF / Net income | -0.15 | 1.26 | 5.30 | 1.55 | 3.88 | 3.89 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 55.0% | 54.5% | 52.2% | 50.3% | 53.0% | 55.3% |
| Effective tax rate | - | 317.9% | 51.5% | 29.0% | 25.1% | 22.8% |
| Return on assets | -29.5% | -1.1% | 0.5% | 3.6% | 3.7% | 1.6% |
| Return on equity | -94.3% | -2.5% | 1.3% | 9.8% | 12.2% | 5.4% |
| Return on invested capital | -70.7% | 0.1% | 1.2% | 8.5% | 10.4% | 4.4% |
| Liquidity | ||||||
| Current ratio | 0.89 | 0.99 | 0.90 | 0.87 | 0.86 | 0.81 |
| Quick ratio | 0.89 | 0.99 | 0.90 | 0.87 | 0.86 | 0.81 |
| Cash ratio | 0.26 | 0.27 | 0.30 | 0.38 | 0.37 | 0.33 |
| Leverage | ||||||
| Debt / Equity | 0.00 | 0.15 | 0.15 | 0.23 | 0.37 | 0.51 |
| Debt / Assets | 0.00 | 0.07 | 0.06 | 0.08 | 0.11 | 0.15 |
| Debt / EBITDA | - | 4.22 | 2.30 | 1.19 | 1.56 | 3.66 |
| Interest coverage | - | - | - | 13.3x | 9.2x | 3.0x |
| Equity multiplier | 3.19 | 2.20 | 2.35 | 2.74 | 3.34 | 3.47 |
| Liabilities / Assets | 0.69 | 0.54 | 0.57 | 0.64 | 0.70 | 0.71 |
| Efficiency | ||||||
| Asset turnover | 0.98 | 0.86 | 0.85 | 0.88 | 0.73 | 0.70 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 47d | 47d | 45d | 50d | 64d | 69d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 2d | 2d | 3d | 1d | 2d | 2d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | 167.6x | 31.4x | 45.9x | 79.1x |
| P / B | 1.2x | 1.3x | 2.1x | 3.1x | 5.6x | 4.3x |
| P / S | 0.4x | 0.7x | 1.1x | 1.3x | 2.3x | 1.8x |
| EV / EBITDA | - | 33.5x | 31.4x | 15.1x | 22.8x | 30.6x |
| Growth | ||||||
| Revenue growth (YoY) | -8.2% | -10.0% | -10.6% | 8.8% | 10.1% | -2.8% |
| Revenue CAGR (3y) | -9.6% | -4.4% | 2.3% | 5.2% | 14.9% | - |
| Revenue CAGR (5y) | -2.4% | -1.3% | 8.1% | - | - | - |
| Gross profit growth (YoY) | -9.5% | -11.6% | -13.1% | 3.1% | 9.0% | 3.8% |
| Operating income growth (YoY) | - | -89.1% | -79.3% | -15.5% | 138.9% | - |
| Net income growth (YoY) | -1976.9% | - | -86.0% | -12.2% | 148.7% | - |
| EPS growth (YoY) | -1993.3% | - | -86.0% | -10.9% | 141.5% | - |
| EPS CAGR (3y) | - | - | -32.9% | - | 15.1% | -13.9% |
| EPS CAGR (5y) | - | - | -28.2% | 6.6% | 5.7% | -4.3% |
| FCF growth (YoY) | - | - | -52.1% | -64.9% | 147.9% | 6.4% |
| FCF CAGR (5y) | -14.2% | - | -16.3% | 2.6% | 20.6% | 6.4% |
| Book value growth (YoY) | -44.9% | -4.5% | 8.4% | 8.7% | 9.8% | 17.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$396.89M totalResearch Segment$317.57M · 80.0%
Consulting Segment$66.23M · 16.7%
Events Segment$13.09M · 3.3%
Product / service
$692.50M totalResearch Revenue$295.61M · 42.7%
Research Services$295.61M · 42.7%
Consulting Services Revenue$88.19M · 12.7%
Events Revenue$13.09M · 1.9%
Geographic
$396.89M totalUS$304.17M · 76.6%
Europe Excluding United Kingdom$37.03M · 9.3%
Asia Pacific$21.77M · 5.5%
GB$15.75M · 4.0%
CA$10.92M · 2.8%
Other Country$7.25M · 1.8%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.36
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Engineering, Accounting, Research, Management
Comparing FORRESTER RESEARCH against the 2 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Dec 11, 2018 | $0.2000 |
| Sep 11, 2018 | $0.2000 |
| Jun 12, 2018 | $0.2000 |
| Mar 6, 2018 | $0.2000 |
| Dec 5, 2017 | $0.1900 |
| Sep 1, 2017 | $0.1900 |
| Jun 5, 2017 | $0.1900 |
| Feb 27, 2017 | $0.1900 |
| Dec 5, 2016 | $0.1800 |
| Sep 2, 2016 | $0.1800 |
| Jun 6, 2016 | $0.1800 |
| Feb 29, 2016 | $0.1800 |
| Nov 30, 2015 | $0.1700 |
| Aug 31, 2015 | $0.1700 |
| Jun 8, 2015 | $0.1700 |
| Mar 2, 2015 | $0.1700 |
| Dec 1, 2014 | $0.1600 |
| Aug 29, 2014 | $0.1600 |
| Jun 2, 2014 | $0.1600 |
| Mar 3, 2014 | $0.1600 |
| Dec 2, 2013 | $0.1500 |
| Aug 30, 2013 | $0.1500 |
| Jun 3, 2013 | $0.1500 |
| Mar 4, 2013 | $0.1500 |