NASDAQ : FORR
Forrester Research, Inc. — Financial statements
Industrials · Consulting Services · United States
Last price 11.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 209.62M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Forrester Research, Inc. (FORR) reported revenue of 372.85M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 372.85M | 396.89M | 432.47M | 480.78M | 537.79M | 494.31M |
| Cost of Revenue | 160.59M | 170.72M | 182.53M | 204.48M | 223.77M | 201.81M |
| Gross Profit | 212.26M | 226.17M | 249.94M | 276.30M | 314.01M | 292.50M |
| Selling, General & Admin | 197.11M | 202.14M | 218.44M | 231.05M | 249.59M | 229.00M |
| Amortization of Goodwill & Intangibles | 8.34M | 8.74M | 9.65M | 11.96M | 13.16M | 15.13M |
| Operating Expenses | 210.99M | 216.91M | 235.65M | 251.46M | 272.02M | 253.52M |
| Operating Income | 1.28M | 9.26M | 14.29M | 24.84M | 41.99M | 38.98M |
| Interest Expense | -2.35M | -2.68M | -3.01M | -3.06M | -2.46M | -4.22M |
| Currency Exchange Gain (Loss) | -439.00K | -439.00K | -719.00K | -313.00K | -394.00K | -1.49M |
| Other Non Operating Income (Expenses) | 3.55M | 4.19M | 4.81M | 2.68M | 616.00K | 261.00K |
| EBT Excluding Unusual Items | 2.03M | 10.33M | 15.37M | 24.15M | 39.75M | 33.52M |
| Merger & Restructuring Charges | -13.51M | -11.72M | -11.77M | -13.27M | -9.34M | -334.00K |
| Impairment of Goodwill | -37.61M | -110.71M | ||||
| Gain (Loss) on Sale of Investments | 116.00K | 2.00K | 814.00K | 208.00K | 309.00K | |
| Gain (Loss) on Sale of Assets | -1.77M | |||||
| Legal Settlements | -4.80M | |||||
| Other Unusual Items | -900.00K | -7.31M | ||||
| Pretax Income | -49.88M | -119.41M | 2.64M | 6.29M | 30.72M | 33.19M |
| Income Tax Expense | -5.01M | -49.00K | 8.38M | 3.23M | 8.92M | 8.35M |
| Net Income | -44.87M | -119.36M | -5.75M | 3.05M | 21.81M | 24.84M |
| Net Income to Common | -44.87M | -119.36M | -5.75M | 3.05M | 21.81M | 24.84M |
| Shares Outstanding (Basic) | 19.10M | 19.02M | 19.09M | 19.18M | 18.97M | 19.11M |
| Shares Outstanding (Diluted) | 19.10M | 19.02M | 19.09M | 19.26M | 19.17M | 19.36M |
| EPS (Basic) | -2.35 | -6.28 | -0.30 | 0.16 | 1.15 | 1.30 |
| EPS (Diluted) | -2.35 | -6.28 | -0.30 | 0.16 | 1.14 | 1.28 |
| Free Cash Flow | 18.09M | -7.26M | 16.18M | 33.76M | 96.32M | |
| Free Cash Flow Per Share | 0.95 | -0.38 | 0.84 | 1.76 | 4.98 | |
| Gross Margin | 56.93% | 56.99% | 57.79% | 57.47% | 58.39% | 59.17% |
| Operating Margin | 0.34% | 2.33% | 3.30% | 5.17% | 7.81% | 7.89% |
| Profit Margin | -12.03% | -30.07% | -1.33% | 0.63% | 4.06% | 5.03% |
| Free Cash Flow Margin | 4.56% | -1.68% | 3.36% | 6.28% | 19.49% | |
| EBITDA | 11.35M | 20.83M | 27.20M | 40.55M | 59.62M | 58.90M |
| EBITDA Margin | 3.04% | 5.25% | 6.29% | 8.43% | 11.09% | 11.91% |
| D&A For EBITDA | 10.07M | 11.57M | 12.91M | 15.71M | 17.63M | 19.92M |
| EBIT | 1.28M | 9.26M | 14.29M | 24.84M | 41.99M | 38.98M |
| EBIT Margin | 0.34% | 2.33% | 3.30% | 5.17% | 7.81% | 7.89% |
| Effective Tax Rate | 317.94% | 51.47% | 29.03% | 25.15% | ||
| Revenue as Reported | 372.85M | 396.89M | 432.47M | 480.78M | 537.79M | 494.31M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 63.34M | 56.09M | 72.91M | 103.63M | 115.77M | |
| Short-Term Investments | 64.92M | 49.18M | 51.58M | 19.69M | 18.51M | |
| Cash & Short-Term Investments | 131.43M | 128.26M | 105.27M | 124.49M | 123.32M | 134.28M |
| Receivables | 50.85M | 55.49M | 59.00M | 73.34M | 86.97M | |
| Prepaid Expenses | 11.52M | 17.66M | 9.30M | 14.07M | 18.61M | |
| Other Current Assets | 22.06M | 22.94M | 23.21M | 24.56M | 29.63M | |
| Total Current Assets | 212.69M | 201.36M | 216.00M | 235.29M | 269.49M | |
| Property, Plant & Equipment | 41.88M | 38.75M | 59.12M | 73.18M | 93.25M | |
| Long-Term Investments | 2.60M | 2.60M | 1.20M | 600.00K | ||
| Goodwill | 120.38M | 227.96M | 244.26M | 242.15M | 244.99M | |
| Other Intangible Assets | 18.73M | 27.48M | 37.64M | 49.50M | 62.73M | |
| Long-Term Deferred Tax Assets | 1.80M | 800.00K | 700.00K | 800.00K | 1.50M | |
| Other Long-Term Assets | 5.96M | 4.92M | 5.26M | 7.52M | 7.56M | |
| Total Assets | 404.03M | 503.86M | 564.17M | 608.44M | 680.13M | |
| Accounts Payable | 832.00K | 965.00K | 1.80M | 361.00K | 840.00K | |
| Accrued Expenses | 36.16M | 30.88M | 43.43M | 53.58M | 61.98M | |
| Current Portion of Long-Term Debt | 35.00M | |||||
| Current Portion of Leases | 7.38M | 12.76M | 14.18M | 13.63M | 12.99M | |
| Current Income Taxes Payable | 3.30M | 2.14M | 4.68M | 5.82M | 4.73M | |
| Current Unearned Revenue | 141.81M | 145.40M | 156.80M | 178.02M | 213.70M | |
| Other Current Liabilities | 15.58M | 11.82M | 19.20M | 17.97M | 18.10M | |
| Total Current Liabilities | 240.06M | 203.97M | 240.08M | 269.39M | 312.34M | |
| Long-Term Debt | 35.00M | 35.00M | 50.00M | 75.29M | ||
| Long-Term Leases | 29.51M | 24.81M | 37.67M | 50.75M | 65.04M | |
| Long-Term Deferred Tax Liabilities | 5.88M | 8.71M | 8.68M | 14.13M | 21.35M | |
| Other Long-Term Liabilities | 2.05M | 1.84M | 2.48M | 2.51M | 2.21M | |
| Total Liabilities | 277.51M | 274.32M | 323.91M | 386.78M | 476.22M | |
| Common Stock | 255.00K | 251.00K | 247.00K | 244.00K | 241.00K | |
| Additional Paid-In Capital | 304.40M | 292.22M | 278.06M | 261.77M | 245.99M | |
| Retained Earnings | 52.57M | 171.93M | 177.68M | 174.63M | 152.82M | |
| Treasury Stock | -229.62M | -227.12M | -211.15M | -207.07M | -191.96M | |
| Comprehensive Income & Other | -1.09M | -7.75M | -4.57M | -7.92M | -3.19M | |
| Shareholders' Equity | 121.64M | 126.53M | 229.54M | 240.26M | 221.66M | 203.91M |
| Total Liabilities & Equity | 404.03M | 503.86M | 564.17M | 608.44M | 680.13M | |
| Total Debt | 63.99M | 71.89M | 72.57M | 86.85M | 114.38M | 153.32M |
| Net Cash (Debt) | 67.44M | 56.36M | 32.70M | 37.63M | 8.93M | -19.05M |
| Net Cash Per Share | 3.53 | 2.96 | 1.71 | 1.95 | 0.47 | -0.98 |
| Filing Date Shares Outstanding | 18.92M | 19.18M | 18.98M | 19.39M | 19.19M | 18.98M |
| Total Common Shares Outstanding | 18.92M | 19.01M | 18.84M | 19.25M | 19.06M | 19.06M |
| Working Capital | -27.38M | -2.61M | -24.08M | -34.10M | -42.85M | |
| Book Value Per Share | 6.31 | 6.65 | 12.18 | 12.48 | 11.63 | 10.70 |
| Tangible Book Value | -1.95M | -12.59M | -25.90M | -41.63M | -70.00M | -103.82M |
| Tangible Book Value Per Share | -0.10 | -0.66 | -1.37 | -2.16 | -3.67 | -5.45 |
| Machinery | 15.42M | 16.01M | 19.32M | 24.05M | 26.65M | |
| Leasehold Improvements | 24.00M | 25.42M | 29.51M | 30.29M | 31.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -119.36M | -5.75M | 3.05M | 21.81M | 24.84M | |
| Depreciation & Amortization | 11.57M | 12.91M | 15.71M | 17.63M | 31.33M | |
| Other Amortization | 3.20M | 4.30M | 4.70M | 4.80M | 5.52M | |
| Loss (Gain) From Sale of Assets | 1.77M | |||||
| Asset Writedown & Restructuring Costs | 110.77M | 5.57M | 3.33M | 6.30M | ||
| Loss (Gain) From Sale of Investments | 65.00K | |||||
| Stock-Based Compensation | 12.26M | 14.34M | 15.49M | 14.54M | 10.07M | |
| Other Operating Activities | 10.96M | 8.49M | 3.79M | 3.23M | 1.16M | |
| Change in Accounts Receivable | 4.85M | -9.00K | 14.71M | 12.84M | -3.90M | |
| Change in Accounts Payable | -144.00K | -814.00K | 1.43M | -461.00K | 201.00K | |
| Change in Unearned Revenue | -6.25M | -9.11M | -23.28M | -31.66M | 36.01M | |
| Change in Other Net Operating Assets | -6.78M | -35.57M | -17.25M | -9.60M | 1.76M | |
| Operating Cash Flow | 21.08M | -3.86M | 21.67M | 39.42M | 107.07M | |
| Capital Expenditures | -2.99M | -3.40M | -5.50M | -5.66M | -10.74M | |
| Divestitures | 6.00M | |||||
| Investment in Securities | -12.72M | 2.48M | -31.28M | -1.35M | -18.61M | |
| Other Investing Activities | 1.64M | -62.00K | 13.00K | 201.00K | 56.00K | |
| Investing Cash Flow | -14.07M | 5.02M | -36.76M | -6.81M | -29.30M | |
| Long-Term Debt Repaid | -15.00M | -25.00M | -34.38M | |||
| Net Debt Issued (Repaid) | -15.00M | -25.00M | -34.38M | |||
| Issuance of Common Stock | 1.26M | 2.43M | 3.49M | 4.35M | 9.16M | |
| Repurchase of Common Stock | -3.83M | -18.52M | -6.76M | -18.22M | -23.44M | |
| Other Financing Activities | -25.00K | -494.00K | ||||
| Financing Cash Flow | -2.57M | -16.10M | -18.30M | -38.87M | -49.14M | |
| Foreign Exchange Rate Adjustments | 2.96M | -1.91M | 2.77M | -6.12M | -1.25M | |
| Net Cash Flow | 7.40M | -16.86M | -30.61M | -12.38M | 27.38M | |
| Free Cash Flow | 18.09M | -7.26M | 16.18M | 33.76M | 96.32M | |
| Free Cash Flow Margin | 4.56% | -1.68% | 3.36% | 6.28% | 19.49% | |
| Free Cash Flow Per Share | 0.95 | -0.38 | 0.84 | 1.76 | 4.98 | |
| Levered Free Cash Flow | 46.28M | -4.07M | 34.61M | 35.66M | 103.66M | |
| Unlevered Free Cash Flow | 47.96M | -2.18M | 36.52M | 37.20M | 105.38M | |
| Cash Interest Paid | 2.23M | 2.56M | 2.60M | 2.02M | 3.28M | |
| Cash Income Tax Paid | 7.23M | 9.28M | 10.64M | 8.90M | 9.81M | |
| Change in Working Capital | -8.32M | -45.50M | -24.39M | -28.88M | 34.07M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 187.53M | 154.30M | 297.67M | 515.80M | 681.30M | 1.13B |
| Enterprise Value | 120.09M | 96.64M | 259.32M | 494.30M | 679.62M | 1.16B |
| Last Close Price | 9.85 | 8.12 | 15.67 | 26.81 | 35.76 | 58.73 |
| PE Ratio | 169.11 | 31.24 | 45.32 | |||
| Forward PE | 11.39 | 6.14 | 9.74 | 17.64 | 16.61 | 28.62 |
| PS Ratio | 0.50 | 0.39 | 0.69 | 1.07 | 1.27 | 2.28 |
| PB Ratio | 1.56 | 1.22 | 1.30 | 2.15 | 3.07 | 5.52 |
| P/FCF Ratio | 61.83 | 8.53 | 31.88 | 20.18 | 11.69 | |
| P/OCF Ratio | 8.15 | 7.32 | 23.80 | 17.28 | 10.52 | |
| PEG Ratio | 0.81 | 0.44 | 0.72 | 1.41 | 0.98 | 1.59 |
| EV/Sales Ratio | 0.32 | 0.24 | 0.60 | 1.03 | 1.26 | 2.35 |
| EV/EBITDA Ratio | 10.58 | 4.64 | 9.54 | 12.19 | 11.40 | 19.69 |
| EV/EBIT Ratio | 94.04 | 10.44 | 18.15 | 19.90 | 16.19 | 29.76 |
| EV/FCF Ratio | 39.60 | 5.34 | 30.55 | 20.13 | 12.04 | |
| Debt / Equity Ratio | 0.53 | 0.57 | 0.32 | 0.36 | 0.52 | 0.75 |
| Debt / EBITDA Ratio | 5.64 | 2.13 | 1.64 | 1.50 | 1.44 | 1.92 |
| Debt / FCF Ratio | 3.97 | 5.37 | 3.39 | 1.59 | ||
| Net Debt / Equity Ratio | -0.55 | -0.45 | -0.14 | -0.16 | -0.04 | 0.09 |
| Net Debt / EBITDA Ratio | -5.94 | -2.71 | -1.20 | -0.93 | -0.15 | 0.32 |
| Net Debt / FCF Ratio | -3.12 | 4.50 | -2.33 | -0.27 | 0.20 | |
| Asset Turnover | 0.87 | 0.81 | 0.82 | 0.83 | 0.75 | |
| Quick Ratio | 0.75 | 0.79 | 0.76 | 0.73 | 0.71 | |
| Current Ratio | 0.89 | 0.99 | 0.90 | 0.87 | 0.86 | |
| Return on Equity (ROE) | -67.04% | -2.45% | 1.32% | 10.25% | 12.75% | |
| Return on Assets (ROA) | 1.27% | 1.67% | 2.65% | 4.07% | 3.68% | |
| Return on Invested Capital (ROIC) | 2.36% | 6.93% | -15.59% | 5.80% | 13.68% | 11.45% |
| Return on Capital Employed (ROCE) | 5.60% | 4.80% | 7.70% | 12.40% | 10.60% | |
| Earnings Yield | -23.88% | -77.35% | -1.93% | 0.59% | 3.20% | 2.21% |
| FCF Yield | 1.62% | 11.73% | -2.44% | 3.14% | 4.96% | 8.55% |
| Buyback Yield / Dilution | -0.51% | 0.40% | 0.85% | -0.45% | 0.96% | -2.23% |
| Total Shareholder Return | -0.51% | 0.40% | 0.85% | -0.45% | 0.96% | -2.23% |