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FORR

Forrester Research, Inc.

FORR

Forrester Research, Inc. • NASDAQ
$7.19 ▲ 0.98% (+0.07)
Market Cap $136.63 M
52w High $17.51
52w Low $6.62
Dividend Yield 0%
P/E -1.61
Volume 33.23K
Outstanding Shares 19.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $94.295M ▼ $54.889M ▼ $-2.126M ▼ -2.255% ▼ $-0.11 ▼ $2.744M ▼
Q2-2025 $111.659M ▲ $55.049M ▼ $3.913M ▲ 3.504% ▲ $0.21 ▲ $11.667M ▲
Q1-2025 $89.876M ▼ $175.25M ▲ $-87.272M ▼ -97.103% ▼ $-4.62 ▼ $-81.53M ▼
Q4-2024 $108.041M ▲ $64.086M ▲ $432K ▲ 0.4% ▲ $0.023 ▲ $7.586M ▲
Q3-2024 $102.527M $54.011M $-5.798M -5.655% $-0.3 $4.057M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $134.954M ▲ $436.038M ▼ $276.499M ▼ $159.539M ▲
Q1-2025 $134.254M ▲ $439.806M ▼ $292.372M ▲ $147.434M ▼
Q4-2024 $104.669M ▼ $503.862M ▼ $274.325M ▲ $229.537M ▼
Q3-2024 $114.932M ▲ $505.259M ▼ $270.925M ▼ $234.334M ▼
Q2-2024 $110.813M $524.167M $287.113M $237.054M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $3.913M ▲ $-3.627M ▼ $-6.277M ▲ $-485K ▼ $-7.695M ▼ $-4.229M ▼
Q1-2025 $-87.272M ▼ $26.723M ▲ $-8.472M ▼ $235K ▲ $19.572M ▲ $26.075M ▲
Q4-2024 $432K ▲ $-1.83M ▼ $245K ▼ $-3.051M ▲ $-6.809M ▼ $-2.487M ▼
Q3-2024 $-5.798M ▼ $264K ▲ $7.45M ▲ $-4.774M ▼ $4.027M ▲ $-223K ▲
Q2-2024 $6.292M $-2.906M $4.56M $-4.001M $-2.527M $-3.736M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Professional Services
Professional Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Research Revenue
Research Revenue
 $80.00M ▲$80.00M ▲$70.00M ▼$80.00M ▲
Software
Software
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Forrester’s revenue has slipped from its recent peak, suggesting some pressure on demand or pricing after a period of growth. Profitability is thin: operating profits are modest, and the company moved from small profits in prior years to a slight loss most recently. This indicates that costs have not adjusted as quickly as revenue, and the business currently has limited margin for error. Overall, the income statement reflects a solid, high‑value service model but one that is going through an earnings soft patch and needs either renewed growth or tighter cost control to restore healthier profitability.

Balance Sheet

Balance Sheet The balance sheet looks generally sound but not overly cushioned. Total assets have edged down from earlier highs, suggesting a period of consolidation rather than expansion. Cash reserves are reasonable for a research and consulting business, though slimmer than a few years ago, which reduces flexibility somewhat. Debt has been coming down over time, which lowers financial risk and interest burden, while shareholders’ equity has stayed broadly stable, pointing to a generally steady capital base despite the recent earnings dip.

Cash Flow

Cash Flow Cash generation from operations was strong a few years ago but has weakened notably, recently hovering around breakeven. Free cash flow has moved from comfortably positive to slightly negative, meaning the company is no longer consistently generating surplus cash after its modest investment needs. Capital spending remains low and disciplined, which fits a knowledge‑based business model, but the softer cash flow limits room for large new initiatives without tapping other resources. The trend in cash flow is the main financial pressure point and bears watching to see if it rebounds with any recovery in revenue and margins.

Competitive Edge

Competitive Edge Forrester holds a respected niche in research and advisory, especially around customer experience, digital strategy, and technology decisions. Its Forrester Wave evaluations and long history with large enterprises, including many major global companies, support its credibility and brand. However, it competes against larger, better‑resourced rivals and premium consultancies, so it must differentiate through depth of insight, domain focus, and service quality rather than scale alone. The integrated model of research, consulting, and events creates multiple touchpoints with clients, which can deepen relationships but also exposes the firm to swings in corporate spending cycles.

Innovation and R&D

Innovation and R&D Innovation at Forrester is centered on methodology, data, and digital delivery rather than heavy physical R&D. The company has been early to embed AI into its offerings through tools like Izola and AI‑enabled access to its research, effectively turning its content and expertise into more interactive, on‑demand services. Its focus on emerging technologies, agentic AI, and outcome‑based metrics keeps the research agenda forward‑looking and can enhance perceived value to clients. The key execution risk is ensuring these AI‑driven tools truly improve client outcomes and are differentiated enough from what larger competitors can build on their own.

Summary

Overall, Forrester looks like a specialized, knowledge‑driven firm with a solid reputation but currently softer financial momentum. Revenue and profits have come off their highs, and cash flow has weakened, signaling a period of adjustment and potential strategic refocus. The balance sheet is reasonably healthy, supported by manageable debt and steady equity, but not so cash‑rich that prolonged underperformance would be comfortable. Strategically, the company’s strengths lie in its customer‑obsessed positioning, trusted research frameworks, and early move into AI‑enabled delivery. The central question going forward is whether these innovations can reignite sustainable growth and restore stronger margins in a competitive and budget‑sensitive market.

NEWS

November 17, 2025 · 9:00 AM UTC

Forrester Announces Call For Nominations For Its 2026 North America B2B Awards

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October 30, 2025 · 4:05 PM UTC

Forrester Research Reports 2025 Third-Quarter Financial Results

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October 30, 2025 · 12:00 PM UTC

Forrester and Carahsoft Partner to Enhance Research Services in the Public Sector

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October 28, 2025 · 9:00 AM UTC

Forrester's 2026 B2B Marketing, Sales, And Product Predictions: B2B Companies Will Lose More Than $10 Billion Because Of Ungoverned Use Of Generative AI

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October 22, 2025 · 9:30 AM UTC

Forrester Honors Recipients Of Its 2025 Security & Risk Enterprise Leadership Award

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