A Business at a Glance
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FORRESTER RESEARCH, INC.
FORR
$169M
Mkt Cap
$8.87
+0.23%
FORRESTER RESEARCH, INC. (FORR) has a 5-year average return on invested capital (ROIC) of -6.4%. This is below average and may indicate limited pricing power.
FORRESTER RESEARCH, INC. (FORR) has a market capitalization of $169M. It is classified as a small-cap stock.
FORRESTER RESEARCH, INC. (FORR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.51%.
FORRESTER RESEARCH, INC. (FORR) operates in the Services-Engineering, Accounting, Research, Management industry, within the Industrials sector.
FORRESTER RESEARCH, INC. (FORR) reported annual revenue of $397 million in its most recent fiscal year, based on SEC EDGAR filings.
FORRESTER RESEARCH, INC. (FORR) has a net profit margin of -30.1%. The company is currently unprofitable.
FORRESTER RESEARCH, INC. (FORR) generated $18 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Forrester Research, Inc. is a global independent research and advisory firm. We empower leaders in technology, customer experience, digital, marketing, sales, and product functions to accelerate growth through customer obsession. Forrester’s unique research and continuance guidance model helps executives and their teams achieve their initiatives and outcomes faster and with confidence. Our common stock is listed on Nasdaq Global Select Market under the symbol "FORR". Market Overview We believe that market dynamics — from empowered customers and changing business-to-business buying behaviors to rapid advancements in AI — have fundamentally changed the business and technology landscape. These dynamics demand that leaders architect change rather than react to disruption.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 397M | 397M | 432M | 481M | 538M | 494M |
| Net Income | -119M | -119M | -5.7M | 3.1M | 22M | 25M |
| EPS | $-6.28 | $-6.28 | $-0.30 | $0.16 | $1.14 | $1.28 |
| Free Cash Flow | 18M | 18M | -7.3M | 16M | 34M | 96M |
| ROIC | -66.2% | -61.0% | 0.3% | 2.3% | 13.0% | 13.6% |
| Gross Margin | 57.0% | 57.0% | 57.8% | 57.5% | 58.4% | 59.2% |
| Debt/Equity | 0.57 | 0.57 | 0.32 | 0.36 | 0.52 | 0.75 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -113M | -113M | 740K | 6.8M | 33M | 39M |
| Operating Margin | -28.5% | -28.5% | 0.2% | 1.4% | 6.1% | 7.8% |
| ROE | -94.3% | -67.0% | -2.4% | 1.3% | 10.2% | 12.8% |
| Shares Outstanding | 19M | 19M | 19M | 19M | 19M | 19M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 312M | 314M | 326M | 338M | 358M | 462M | 449M | 494M | 538M | 481M | 432M | 397M | 397M |
| Gross Margin | 61.5% | 64.9% | 65.6% | 64.8% | 64.1% | 60.5% | 63.9% | 59.2% | 58.4% | 57.5% | 57.8% | 57.0% | 57.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 170M | 179M | 181M | 191M | 201M | 253M | 245M | 258M | 279M | 254M | 233M | 218M | 218M |
| EBIT | 18M | 19M | 31M | 28M | 22M | 1.1M | -16M | 39M | 33M | 6.8M | 740K | -113M | -113M |
| Op. Margin | 5.8% | 6.0% | 9.4% | 8.2% | 6.3% | 0.2% | -3.6% | 7.8% | 6.1% | 1.4% | 0.2% | -28.5% | -28.5% |
| Net Income | 11M | 12M | 18M | 15M | 15M | -9.6M | 10.0M | 25M | 22M | 3.1M | -5.7M | -119M | -119M |
| Net Margin | 3.5% | 3.8% | 5.4% | 4.5% | 4.3% | -2.1% | 2.2% | 5.0% | 4.1% | 0.6% | -1.3% | -30.1% | -30.1% |
| Non-Recurring | 1.8M | 4.4M | 1.0M | 0 | 0 | 0 | 0 | 0 | 9.3M | 13M | 10.0M | 122M | 122M |
| Returns on Capital | |||||||||||||
| ROIC | 25.2% | 37.0% | 96.9% | 10.8% | 9.7% | 0.7% | 3.6% | 13.6% | 13.0% | 2.3% | 0.3% | -61.0% | -66.2% |
| ROE | 6.3% | 8.9% | 12.7% | 10.4% | 10.5% | -6.2% | 5.8% | 12.8% | 10.2% | 1.3% | -2.4% | -67.0% | -94.3% |
| ROA | 3.0% | 3.7% | 5.4% | 4.4% | 4.4% | -1.9% | 1.6% | 3.8% | 3.4% | 0.5% | -1.1% | -26.3% | -29.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 29M | 34M | 44M | 37M | 38M | 48M | 48M | 107M | 39M | 22M | -3.9M | 21M | 21M |
| Free Cash Flow | 27M | 30M | 40M | 30M | 33M | 37M | 39M | 96M | 34M | 16M | -7.3M | 18M | 18M |
| Owner Earnings | 9.9M | 17M | 28M | 22M | 21M | 5.5M | 7.3M | 72M | 2.5M | -14M | -35M | -5.9M | -5.9M |
| CapEx | 1.5M | 3.9M | 4.1M | 7.9M | 5.0M | 12M | 8.9M | 11M | 5.7M | 5.5M | 3.4M | 3.0M | 3.0M |
| Maint. CapEx | 11M | 9.1M | 8.6M | 7.4M | 9.1M | 31M | 30M | 25M | 22M | 20M | 17M | 15M | 15M |
| Growth CapEx | 0 | 0 | 0 | 432K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 11M | 9.1M | 8.6M | 7.4M | 9.1M | 31M | 30M | 25M | 22M | 20M | 17M | 15M | 15M |
| CapEx/OCF | 5.2% | 12.1% | 9.3% | 21.0% | 13.1% | 24.6% | 18.6% | 10.0% | 14.4% | 25.4% | N/A | N/A | 14.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 12M | 12M | 13M | 14M | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 1.8% | 2.1% | 2.1% | 1.9% | 1.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 73M | 21M | 1.8M | 40M | 9.9M | 0 | 0 | 20M | 15M | 4.1M | 16M | 2.5M | 2.5M |
| Buyback Yield | 10.3% | 4.1% | 0.2% | 5.0% | 1.2% | N/A | N/A | 1.7% | 2.3% | 0.8% | 5.3% | 0.0% | 1.5% |
| Stock-Based Comp | 7.4M | 8.3M | 8.0M | 8.5M | 8.3M | 12M | 11M | 10M | 15M | 15M | 14M | 12M | 12M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 42M | 23M | 34M | 25M | 15M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | 142M | 100M | 19M | -8.9M | -38M | -32M | -56M | 8.6M |
| Cash & Equiv. | 50M | 53M | 77M | 80M | 140M | 68M | 90M | 116M | 104M | 73M | 56M | 63M | 63M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | 121M | 95M | 75M | 50M | 35M | 35M | 0 | N/A |
| Debt/Equity | 1.35 | 1.51 | 1.24 | 1.44 | 1.33 | 1.33 | 1.02 | 0.75 | 0.52 | 0.36 | 0.32 | 0.57 | 0.57 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | 0.1 | -3.0 | 9.2 | 13.3 | 2.2 | 0.2 | -42.2 | -42.2 |
| Equity | 142M | 127M | 150M | 141M | 152M | 158M | 186M | 204M | 222M | 240M | 230M | 127M | 127M |
| Total Assets | 333M | 319M | 336M | 345M | 354M | 639M | 644M | 680M | 608M | 564M | 504M | 404M | 404M |
| Total Liabilities | 191M | 192M | 186M | 204M | 202M | 481M | 458M | 476M | 387M | 324M | 274M | 278M | 278M |
| Intangibles | 3.4M | 2.3M | 1.5M | 732K | 5.0M | 97M | 78M | 63M | 50M | 38M | 27M | 19M | 19M |
| Retained Earnings | 117M | 117M | 122M | 123M | 128M | 118M | 128M | 153M | 175M | 178M | 172M | 53M | 53M |
| Working Capital | 26M | 15M | 46M | 42M | 46M | -77M | -53M | -43M | -34M | -24M | -2.6M | -27M | -27M |
| Current Assets | 208M | 198M | 223M | 237M | 236M | 192M | 217M | 269M | 235M | 216M | 201M | 213M | 213M |
| Current Liabilities | 182M | 182M | 177M | 195M | 190M | 269M | 270M | 312M | 269M | 240M | 204M | 240M | 240M |
| Per Share Data | |||||||||||||
| EPS | 0.57 | 0.66 | 0.97 | 0.83 | 0.84 | -0.51 | 0.53 | 1.28 | 1.14 | 0.16 | -0.30 | -6.28 | -6.28 |
| Owner EPS | 0.52 | 0.91 | 1.53 | 1.18 | 1.15 | 0.30 | 0.39 | 3.73 | 0.13 | -0.75 | -1.85 | -0.31 | -0.31 |
| Book Value | 7.43 | 7.00 | 8.25 | 7.74 | 8.28 | 8.48 | 9.86 | 10.51 | 11.59 | 12.60 | 11.98 | 6.66 | 6.66 |
| Cash Flow/Share | 1.51 | 1.87 | 2.44 | 2.06 | 2.10 | 2.60 | 2.53 | 5.52 | 2.06 | 1.14 | -0.20 | 1.11 | -5.50 |
| Dividends/Share | 0.64 | 0.68 | 0.72 | 0.76 | 0.80 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 19.1M | 18.2M | 18.2M | 18.2M | 18.3M | 18.6M | 18.8M | 19.4M | 19.1M | 19.1M | 19.2M | 19.0M | 19.0M |
| Valuation | |||||||||||||
| P/E Ratio | 65.3 | 42.2 | 42.7 | 52.8 | 52.5 | N/A | 79.5 | 46.8 | 30.3 | 172.1 | N/A | N/A | -1.4 |
| P/FCF | 26.0 | 16.9 | 18.7 | 27.0 | 24.2 | 21.4 | 20.4 | 12.1 | 19.6 | 32.4 | N/A | N/A | 9.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 29.0 | 18.6 | 72.0 | 378.2 | N/A | N/A |
| Price/Book | 5.0 | 4.0 | 5.0 | 5.7 | 5.3 | 4.9 | 4.3 | 5.7 | 3.0 | 2.2 | 1.3 | N/A | 1.3 |
| Price/Sales | 2.1 | 1.9 | 1.9 | 2.2 | 2.2 | 1.7 | 1.5 | 1.8 | 1.7 | 1.2 | 0.8 | N/A | 0.4 |
| FCF Yield | 3.8% | 5.9% | 5.4% | 3.7% | 4.1% | 4.7% | 4.9% | 8.3% | 5.1% | 3.1% | -2.4% | N/A | 10.7% |
| Market Cap | 709M | 507M | 753M | 799M | 808M | 771M | 794M | 1.2B | 660M | 525M | 301M | 0 | 169M |
| Avg. Price | 34.84 | 32.09 | 34.73 | 39.89 | 43.10 | 42.86 | 35.96 | 47.09 | 46.54 | 30.35 | 18.86 | 0.00 | 8.87 |
| Year-End Price | 37.19 | 27.88 | 41.40 | 43.80 | 44.11 | 41.92 | 42.12 | 59.87 | 34.52 | 27.53 | 15.71 | 0.00 | 8.87 |
FORRESTER RESEARCH, INC. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 8.5x vs a median of 20.9x. The company's 5-year average gross margin is 58.0%. Total shareholder yield (buybacks) is 1.5%. At current prices, the estimated annualized return to fair value is -24.6%.
FORRESTER RESEARCH, INC. (FORR) has a debt-to-equity ratio of 0.57. This indicates moderate leverage.
FORRESTER RESEARCH, INC. (FORR) reported earnings per share (EPS) of $-6.28 in its most recent fiscal year.
FORRESTER RESEARCH, INC. (FORR) has a return on equity (ROE) of -67.0%. A negative ROE may indicate losses or negative equity.
FORRESTER RESEARCH, INC. (FORR) has a 5-year average gross margin of 58.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for FORRESTER RESEARCH, INC. (FORR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FORRESTER RESEARCH, INC. (FORR) has a book value per share of $6.66, based on its most recent annual SEC filing.