Forrester Research, Inc. (FORR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.27	$0.4	+48.1%	—	$100.2M	—
Q1 26	$0.12	-$0.04	-133.3%	—	$85.5M	—
Q4 25	$0.21	$0.17	-19.0%	—	$101.1M	—
Q3 25	$0.31	$0.37	+19.4%	—	$94.3M	—
Q2 25	$0.5	$0.51	+2.0%	—	$111.7M	—
Q1 25	$0.08	$0.11	+37.5%	—	$89.9M	—
Q4 24	$0.34	$0.36	+5.9%	—	$108M	—
Q3 24	$0.34	$0.29	-14.7%	—	$102.5M	—
Q2 24	$0.7	$0.68	-2.9%	—	$121.8M	—
Q1 24	$0.22	$0.14	-36.4%	—	$100.1M	—
Q4 23	$0.26	$0.25	-3.8%	—	$118.1M	—
Q3 23	$0.35	$0.44	+25.7%	—	$113.4M	—
Q2 23	$0.72	$0.94	+30.6%	—	$135.6M	—
Q1 23	$0.46	$0.27	-41.3%	—	$113.7M	—
Q4 22	$0.33	$0.45	+36.4%	—	$136.9M	—
Q3 22	$0.39	$0.57	+46.2%	—	$127.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$6.28	—	—	$396.9M	—
FY24	—	-$0.3	—	—	$432.5M	—
FY23	—	$0.16	—	—	$480.8M	—
FY22	—	$1.15	—	—	$537.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$326.1M	$337.7M	$357.6M	$461.7M	$449M	$494.3M	$537.8M	$480.8M	$432.5M	$396.9M
YoY change	+3.94%	+3.55%	+5.89%	+29.1%	-2.75%	+10.1%	+8.79%	-10.6%	-10%	-8.23%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	326.1M	337.7M	357.6M	461.7M	449M	494.3M	537.8M	480.8M	432.5M	396.9M
Cost of revenue	128.2M	136.9M	146.5M	196.7M	180.9M	201.8M	223.8M	204.5M	182.5M	170.7M
Gross profit	197.9M	200.8M	211.1M	265M	268.1M	292.5M	314M	276.3M	249.9M	226.2M
Gross margin	60.7%	59.5%	59%	57.4%	59.7%	59.2%	58.4%	57.5%	57.8%	57%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	157.5M	165.8M	175.7M	225.9M	216.6M	229M	249.6M	235.8M	218.4M	202.1M
Operating expenses	157.5M	165.8M	175.7M	225.9M	216.6M	229M	249.6M	235.8M	218.4M	202.1M
Operating income	31.8M	27.5M	26.2M	7.9M	22M	39M	42M	20M	14.3M	1.9M
Operating margin	9.75%	8.16%	7.33%	1.71%	4.89%	7.88%	7.81%	4.17%	3.3%	0.49%
Non-operating income, net	-1.1M	-178K	-2.7M	-9.4M	-3.7M	-1.6M	-8.8M	-10.7M	-8.6M	-118.7M
Pretax income	30.7M	27.4M	23.5M	-9.6M	12.9M	33.2M	30.7M	6.3M	2.6M	-119.4M
Income tax	13.1M	12.2M	8.1M	-29K	2.9M	8.3M	8.9M	3.2M	8.4M	-49K
Net income	17.7M	15.1M	15.4M	-9.6M	10M	24.8M	21.8M	3M	-5.7M	-119.4M
Net margin	5.41%	4.48%	4.3%	-2.07%	2.23%	5.03%	4.05%	0.63%	-1.33%	-30.1%
EBITDA	42.3M	35.3M	36M	51.1M	64.5M	73.7M	79.2M	54.5M	48.6M	27.1M
EPS	0.98	0.84	0.85	-0.52	0.53	1.3	1.15	0.16	-0.3	-6.28
Diluted EPS	0.97	0.83	0.84	-0.52	0.53	1.28	1.14	0.16	-0.3	-6.28

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	113.4M	118.1M	100.1M	121.8M	102.5M	108M	89.9M	111.7M	94.3M	101.1M	85.5M	100.2M
Cost of revenue	48M	52.6M	44.7M	51.2M	42.2M	44.5M	39.6M	49.7M	37.7M	43.8M	38.6M	43.7M
Gross profit	65.5M	65.5M	55.4M	70.7M	60.4M	63.5M	50.3M	62M	56.6M	57.3M	46.8M	56.5M
Gross margin	57.7%	55.5%	55.3%	58%	58.9%	58.8%	55.9%	55.5%	60%	56.7%	54.8%	56.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	55.1M	61.1M	53.5M	54.7M	54M	56.3M	48.8M	50.7M	48.5M	54.2M	49M	47.8M
Operating expenses	55.1M	61.1M	53.5M	54.7M	54M	56.3M	48.8M	50.7M	48.5M	54.2M	49M	47.8M
Operating income	5.1M	-306K	-2.7M	11.4M	2M	3.6M	-2.2M	7.4M	-2.1M	-346K	-5.7M	4.6M
Operating margin	4.47%	-0.26%	-2.67%	9.35%	1.93%	3.31%	-2.44%	6.67%	-2.18%	-0.34%	-6.65%	4.55%
Non-operating income, net	549K	-185K	-5.3M	933K	-2.3M	-1.9M	-85.4M	344K	1M	-35.5M	-12.2M	-1.3M
Pretax income	4.9M	-1.3M	-8.8M	11.6M	-1.1M	925K	-88.3M	7.1M	-1.7M	-36.5M	-18.7M	2.9M
Income tax	2.4M	-602K	-2.1M	5.3M	4.7M	493K	-1M	3.2M	437K	-2.7M	3.1M	-12.3M
Net income	2.5M	-663K	-6.7M	6.3M	-5.8M	432K	-87.3M	3.9M	-2.1M	-33.9M	-21.8M	15.3M
Net margin	2.19%	-0.56%	-6.67%	5.16%	-5.66%	0.4%	-97.1%	3.5%	-2.25%	-33.5%	-25.5%	15.2%
EBITDA	13.3M	7.7M	8.9M	19.3M	17.5M	10.9M	4.9M	12.2M	8.1M	5.4M	120K	8.6M
EPS	0.13	-0.03	-0.35	0.33	-0.3	0.02	-4.62	0.21	-0.11	-1.78	-1.14	0.79
Diluted EPS	0.13	-0.03	-0.35	0.33	-0.3	0.02	-4.62	0.2	-0.11	-1.78	-1.14	0.78

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	772.4M	792M	808.7M	771.1M	788.9M	1.1B	678.3M	514.3M	299.2M	154.4M	215.7M
Enterprise value	634.3M	657.9M	668.4M	913M	888.7M	1.1B	669.3M	476.7M	267.1M	98.7M	149.6M
Shares outstanding	18M	17.9M	18.1M	18.5M	18.8M	19.1M	19M	19.2M	19.1M	19M	19M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	43.8	52.3	52.6	—	79	45.2	31.1	168.6	—	—	200
P/S	2.37	2.35	2.26	1.67	1.76	2.27	1.26	1.07	0.69	0.39	0.57
P/B	5.15	5.61	5.33	4.88	4.25	5.5	3.06	2.14	1.3	1.22	1.8
EV/EBITDA	15	18.6	18.6	17.9	13.8	15.5	8.46	8.75	5.5	3.63	10.3
EV/Sales	1.95	1.95	1.87	1.98	1.98	2.31	1.24	0.99	0.62	0.25	0.39
Earnings yield	2.29%	1.91%	1.9%	—	1.27%	2.21%	3.21%	0.59%	—	—	0.5%
FCF yield	5.22%	3.74%	4.13%	4.74%	4.92%	8.58%	4.98%	3.15%	-2.43%	11.7%	5.36%
PEG	—	—	—	—	—	—	—	—	—	—	0.72

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	60.7%	59.5%	59%	57.4%	59.7%	59.2%	58.4%	57.5%	57.8%	57%	56.4%
Operating margin	9.75%	8.16%	7.33%	1.71%	4.89%	7.88%	7.81%	4.17%	3.3%	0.49%	5.45%
Net margin	5.41%	4.48%	4.3%	-2.07%	2.23%	5.03%	4.05%	0.63%	-1.33%	-30.1%	-11.2%
ROE	11.8%	10.7%	10.1%	-6.05%	5.38%	12.2%	9.84%	1.27%	-2.5%	-94.3%	-30.3%
ROA	5.26%	4.39%	4.35%	-1.5%	1.55%	3.65%	3.58%	0.54%	-1.14%	-29.5%	0.55%
ROIC	153.2%	215.7%	151.6%	2.62%	5.94%	13.1%	14%	4.8%	0%	2.75%	-6.42%
Return on tangible assets	9.47%	7.91%	8.88%	22.1%	-161.3%	38.4%	86.8%	790.2%	82%	-94.9%	-25.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.26	1.21	1.24	0.71	0.81	0.86	0.87	0.9	0.99	0.89	1.06
Quick ratio	1.26	1.21	1.24	0.71	0.81	0.86	0.87	0.9	0.99	0.89	1.06
Debt / equity	—	—	0	1.33	1.02	0.75	0.52	0.36	0.32	0.57	0.53
Debt / assets	—	—	0	0.33	0.3	0.23	0.19	0.15	0.14	0.18	0.15
Net debt / EBITDA	—	—	-3.9	2.77	1.55	0.25	-0.11	-0.69	-0.66	-2.05	-3.01
Interest coverage	—	—	—	-0.19	3.42	8.86	13.5	3.05	1.88	-43.6	-20.4
Effective tax rate	42.5%	44.7%	34.6%	0%	22.8%	25.1%	29%	51.5%	100%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18.1	18.8	19.8	25	23.8	25.9	28.4	25.1	22.6	20.9	19.9
EPS (basic)	0.98	0.84	0.85	-0.52	0.53	1.3	1.15	0.16	-0.3	-6.28	-6.28
EPS (diluted)	0.97	0.83	0.84	-0.52	0.53	1.28	1.14	0.16	-0.3	-6.28	-2.23
Book value per share	8.34	7.88	8.38	8.55	9.87	10.7	11.7	12.5	12	6.65	6.31
FCF per share	2.24	1.65	1.84	1.97	2.06	5.04	1.78	0.84	-0.38	0.95	0.16
Cash per share	7.68	7.48	7.76	3.67	4.79	7.03	6.5	6.49	5.48	6.71	6.9
Capex per share	0.23	0.44	0.28	0.64	0.47	0.56	0.3	0.29	0.18	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.27%	2.33%	1.41%	2.58%	1.98%	2.17%	1.05%	1.14%	0.79%	—	—
Capex / operating cash flow	9.74%	24.2%	13.7%	25.4%	18.3%	12.4%	14.2%	21.3%	23.5%	—	—
Payout ratio	73.6%	90%	94.3%	0%	0%	—	—	—	—	—	0%
Dividend yield	1.68%	1.72%	1.79%	0%	0%	—	—	—	—	—	7.06%

Yield

7.06%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Dec 11, 2018

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 11, 2018	$0.20
Sep 11, 2018	$0.20
Jun 12, 2018	$0.20
Mar 6, 2018	$0.20
Dec 5, 2017	$0.19
Sep 1, 2017	$0.19
Jun 5, 2017	$0.19
Feb 27, 2017	$0.19

Split history

Date

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$113.4M	$118.1M	$100.1M	$121.8M	$102.5M	$108M	$89.9M	$111.7M	$94.3M	$101.1M	$85.5M	$100.2M
YoY change	-11.2%	-13.7%	-12%	-10.2%	-9.61%	-8.51%	-10.2%	-8.34%	-8.03%	-6.46%	-4.92%	-10.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	138.1M	134.1M	140.3M	67.9M	90.3M	134.3M	123.3M	124.5M	104.7M	127.7M
Receivables	58.8M	70M	67.3M	84.6M	84.7M	87M	73.3M	59M	55.5M	50.9M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	223.4M	236.8M	236.1M	192M	217.2M	269.5M	235.3M	216M	201.4M	212.7M
Property, plant & equipment	23.9M	25.2M	22M	99M	96.3M	93.3M	73.2M	59.1M	38.7M	41.9M
Goodwill & intangibles	149.3M	153.8M	180.2M	682.5M	650.4M	615.5M	583.3M	563.8M	510.9M	278.2M
Total assets	335.8M	345.2M	353.5M	639.2M	644.2M	680.1M	608.4M	564.2M	503.9M	404M
Accounts payable	1.8M	217K	588K	505K	657K	840K	361K	1.8M	965K	832K
Short-term debt	—	—	—	21.6M	24.5M	13M	13.6M	14.2M	12.8M	42.4M
Total current liabilities	177.5M	195.1M	190M	268.9M	269.7M	312.3M	269.4M	240.1M	204M	240.1M
Long-term debt	—	—	0	188.2M	165.6M	140M	100.8M	72.7M	59.8M	29.5M
Total liabilities	185.7M	204M	201.9M	481.1M	458.5M	476.2M	386.8M	323.9M	274.3M	277.5M
Shareholders' equity	150M	141.2M	151.6M	158.1M	185.8M	203.9M	221.7M	240.3M	229.5M	126.5M
Total debt	—	—	0	209.8M	190.1M	153M	114.4M	86.9M	72.6M	71.9M
Net debt	—	—	-140.3M	141.9M	99.8M	37.3M	10.8M	13.9M	16.5M	8.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	111.5M	124.5M	118.5M	110.8M	114.9M	104.7M	134.3M	135M	132M	127.7M	145.5M	130.8M
Receivables	41M	59M	54.7M	47.7M	39.2M	55.5M	43.3M	40.2M	33.6M	50.9M	40.9M	36.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	184.9M	216M	218.6M	193.4M	193.9M	201.4M	218.5M	214.2M	193.6M	212.7M	218.4M	222M
Property, plant & equipment	61.7M	59.1M	52.2M	48.7M	42.4M	38.7M	35.8M	43.3M	41.6M	41.9M	48.9M	60.9M
Goodwill & intangibles	564.8M	563.8M	556.2M	551M	519.9M	510.9M	341.1M	340.8M	336M	278.2M	251.5M	247.2M
Total assets	536.1M	564.2M	555.7M	524.2M	505.3M	503.9M	439.8M	436M	414.2M	404M	409.1M	416.5M
Accounts payable	762K	1.8M	2.7M	2.3M	1.6M	965K	422K	1.8M	1.8M	832K	1.1M	1.3M
Short-term debt	—	14.2M	—	—	—	12.8M	—	—	—	42.4M	—	—
Total current liabilities	215.6M	240.1M	241.1M	211.6M	198M	204M	223.7M	197.2M	182.1M	240.1M	237.9M	208.8M
Long-term debt	75.8M	72.7M	69.5M	66.3M	63.4M	59.8M	57M	70.1M	66.8M	29.5M	62.3M	64M
Total liabilities	303.2M	323.9M	324.7M	287.1M	270.9M	274.3M	292.4M	276.5M	256.5M	277.5M	303M	294.9M
Shareholders' equity	232.9M	240.3M	230.9M	237.1M	234.3M	229.5M	147.4M	159.5M	157.7M	126.5M	106.1M	121.6M
Total debt	75.8M	86.9M	69.5M	66.3M	63.4M	72.6M	57M	70.1M	66.8M	71.9M	62.3M	64M
Net debt	-25.9M	13.9M	8.1M	7.5M	668K	16.5M	-18.6M	2.3M	1.7M	8.6M	-11.6M	4.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	17.7M	15.1M	15.4M	-9.6M	10M	24.8M	21.8M	3M	-5.7M	-119.4M
Depreciation & amortization	8.6M	7.4M	9.1M	43.8M	43M	35.9M	36.9M	32.1M	30.2M	21.4M
Stock-based compensation	8M	8.5M	8.3M	11.7M	10.9M	10.1M	14.5M	15.5M	14.3M	12.3M
Change in working capital	5.6M	-5M	1.1M	3.9M	-14.5M	14.9M	-27.2M	-19.8M	-24.4M	-11.6M
Operating cash flow	42.5M	32.5M	36.8M	46.8M	48.7M	86.4M	39.9M	25.8M	14.5M	21.1M
Capital expenditure	-4.1M	-7.9M	-5M	-11.9M	-8.9M	-10.7M	-5.7M	-5.5M	-3.4M	—
Investing cash flow	-17.9M	-970K	40.1M	-249.5M	-4.6M	-29.3M	-6.8M	-36.8M	5M	-11.1M
Dividends paid	-13M	-13.6M	-14.5M	0	0	—	—	—	—	—
Share repurchases	-1.8M	-40M	-9.9M	0	0	-20.1M	-15.1M	-4.1M	-15.9M	-2.5M
Financing cash flow	-16.8M	-56.1M	-27M	123.1M	-29.4M	-58.3M	-43.2M	-21.8M	-18.5M	-3.8M
Net change in cash	7.8M	-24.6M	49.9M	-79.6M	14.7M	-1.2M	-10.1M	-32.7M	954K	6.2M
Free cash flow	40.3M	29.6M	33.4M	36.5M	38.8M	96.3M	33.8M	16.2M	-7.3M	18.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.5M	-663K	-6.7M	6.3M	-5.8M	432K	-87.3M	3.9M	-2.1M	-33.9M	-21.8M	15.3M
Depreciation & amortization	7.7M	7.2M	10.3M	6.9M	15.1M	5.9M	6.1M	1.5M	9.2M	4.7M	5.1M	1.7M
Stock-based compensation	4.1M	4.3M	3.6M	4M	3.6M	3.1M	2.5M	4M	3.4M	2.4M	2.7M	2.9M
Change in working capital	-17.8M	-29.1M	39.9M	-23.9M	-8M	-32.5M	44.9M	-24M	-7M	-25.5M	42.7M	-16.3M
Operating cash flow	-6.1M	-19.4M	50.7M	-11.1M	6.6M	-23.6M	-31.6M	-3.6M	1.2M	-3.2M	25.6M	-555K
Capital expenditure	-1.2M	-1.6M	-1.4M	-830K	-487K	-657K	-648K	—	—	—	—	—
Investing cash flow	2.9M	-43.1M	-7.2M	4.6M	1.4M	245K	-8.5M	-5.7M	-283K	2.7M	-7.9M	225K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-3.3M	0	-4.1M	-3.9M	-5M	-2.9M	0	-44K	-2.4M	-133K	—	—
Financing cash flow	-4.6M	-61K	-5.5M	-4M	-5.9M	-3.1M	-429K	-484K	-2.7M	-196K	-340K	-708K
Net change in cash	-7.9M	-62.5M	37.9M	-10.6M	2.1M	-26.4M	-40.5M	-9.8M	-1.8M	-706K	17.4M	-1M
Free cash flow	-7.2M	10.3M	-815K	-3.7M	-223K	-2.5M	26.1M	-4.2M	524K	-4.3M	19.4M	-12.6M

Forrester Research, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement