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Forrester Research, Inc.

FORR Industrials Consulting Services

Forrester Research, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $396.9 million, down 8.23% from fiscal 2024.

Revenue
−8.68%
EPS
−112.5%
Free cash flow
−197.8%
Total debt
0.00%

Quarter to September 2026, against a year earlier

8.78 0.08 +0.92%
Market cap
$165.6M
P/E
0.0×
Fwd P/E
−47.9×
Dividend yield
—
F-score
5/9
Altman Z
0.49
Beneish M
−4.37
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.20
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — 3 — — —
Insider Ownership 40.26%

Capital & Financial Ratios $m

Size
Market Cap 165.64
Revenue ttm 372.85
Net income ttm (42.57)
Free cash flow ttm 3.03
Net debt Q (95.83)
Valuation
P/E 0.00
Forward P/E (47.90) (negative: loss-making)
Price / sales 0.44
Forward P/S Powerpack
Price / FCF 54.45
Price / book 1.36
Financial health
Current ratio Q 1.06
Debt / equity Q 0.29 (at or below 0.5: strong)
Interest coverage Q 4.66
Growth
Revenue growth Q −8.68% (below 0%: shrinking)
Operating income growth Q −46.58% (below 0%: shrinking)
EPS, this year −31.47% (below 0%: weak)
EPS, next year A +3.14%
Revenue, next year A −10.38% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −1.46% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.3×, against a ten-year median of 1.6×; over the ten years it ranged from 0.1× in 2026 to 2.7× in 2019.
P/S against its own 10 years 8.47%
10-year low 10-year high
P/B against its own 10 years 14.78%
10-year low 10-year high
EV/Sales against its own 10 years 11.00%
10-year low 10-year high
EV/FCF against its own 10 years 84.14%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2016–23
−100.0%/yr
  1. 0.72 ’16
  2. 0.76 ’17 +6
  3. 0.80 ’18 +5
  4. 0.00 ’19 −100
  5. 0.00 ’20
  6. 0.00 ’21
  7. 0.00 ’22
  8. 0.00 ’23
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 124 105 128 131
Receivables 59 55 51 36
Inventory — — — —
Other — — — —
216 201 213 222
2023 2024 2025 Q'26
Payables 2 1 1 1
ST’ Debt — — 35 —
Other — — — —
240 204 240 209

Compound Annual Growth %

10y 5y 3y
Sales 2.38% (2.44%) (9.63%)
Cash Flow (4.66%) (15.09%) (18.83%)
Earnings 0.00% 0.00% 0.00%
Book Value (0.06%) (7.39%) (17.05%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.21 Actual 0.24

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.21 0.17 Miss by 0.04
Q1 FY26 0.12 −0.04 Miss by 0.16
Q2 FY26 0.27 0.40 Beat by 0.13
Q3 FY26 0.21 0.24 Beat by 0.03
Q4 FY26 0.21 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (1.14) 0.78 (0.23) — —
’25 (4.62) 0.20 (0.11) (1.78) (6.28)
’24 (0.35) 0.33 (0.30) 0.02 (0.30)
’23 (0.21) 0.28 0.13 (0.03) 0.16
’22 0.22 0.72 0.28 (0.09) 1.14
’21 0.21 0.43 0.23 0.41 1.28
’20 (0.03) 0.63 (0.20) 0.13 0.53
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 85 100 86 — —
’25 90 112 94 101 397
’24 100 122 103 108 432
’23 114 136 113 118 481
’22 125 148 128 137 538
’21 114 129 118 134 494
’20 106 114 109 121 449
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 26 (1) — — —
’25 27 (4) 1 (3) 21
’24 1 (3) 0 (2) (4)
’23 12 4 (6) 12 22
’22 23 12 3 2 39
’21 41 30 15 22 107
’20 22 3 4 19 48
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 19 (13) — — —
’25 26 (4) 1 (4) 18
’24 (1) (4) 0 (2) (7)
’23 11 2 (7) 10 16
’22 21 11 2 0 34
’21 39 26 10 21 96
’20 19 0 2 17 39
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 326 338 358 462 449 494 538 481 432 397 373 +2.2% 356 357 — (5.1%)
Gross margin, % 60.69 59.47 59.03 57.39 59.71 59.17 58.39 57.47 57.79 56.99 56.93 (3.7) pt
EBT 31 27 24 (10) 13 33 31 6 3 (119) (50) n/m
EBT margin, % 9.42 8.11 6.58 (2.08) 2.88 6.71 5.71 1.31 0.61 (30.09) (13.38) (39.5) pt
Net income 18 15 15 (10) 10 25 22 3 (6) (119) (43) n/m
Per share, $
Per share, $ Revenue 18.13 18.84 19.77 24.97 23.85 25.87 28.35 25.06 22.65 20.87 19.71 +1.6%
Earnings 0.98 0.84 0.85 (0.52) 0.53 1.30 1.15 0.16 (0.30) (6.28) (2.36) n/m
Cash flow 2.47 2.09 2.12 2.62 2.54 5.60 2.08 1.13 (0.20) 1.11 0.00 (8.5%)
Capex (0.23) (0.44) (0.28) (0.64) (0.47) (0.56) (0.30) (0.29) (0.18) (0.16) 0.00 (4.2%)
Free cash flow 2.24 1.65 1.84 1.97 2.06 5.04 1.78 0.84 (0.38) 0.95 0.00 (9.1%)
Book value 8.34 7.88 8.38 8.55 9.87 10.67 11.69 12.52 12.02 6.65 0.00 (2.5%)
Shares, m 18 18 18 18 19 19 19 19 19 19 19 +0.6%
Valuation, ×
Valuation, × P/E 44.74 52.82 53.21 0.00 79.06 44.83 29.88 151.47 0.00 0.00 0.00 45.6
P/S 2.39 2.38 2.26 1.67 1.76 2.27 1.22 1.03 0.69 0.39 0.44 1.6
P/B 5.20 5.70 5.33 4.88 4.25 5.50 2.97 2.06 1.30 1.22 1.36 3.8
EV/Sales 1.97 1.99 1.87 1.81 1.80 2.18 1.11 0.87 0.56 0.24 0.28 1.4
EV/FCF 15.93 22.63 20.03 22.83 20.76 11.17 17.70 25.87 (33.56) 5.35 34.39 12.9
Cash, $m
Cash, $m Operating cash flow 44 37 38 48 48 107 39 22 (4) 21 23 (8.0%)
Capex (4) (8) (5) (12) (9) (11) (6) (5) (3) (3) (20) (3.6%)
Free cash flow 40 30 33 37 39 96 34 16 (7) 18 3 (8.5%)
Balance, $m
Balance, $m Working capital 46 42 46 (77) (53) (43) (34) (24) (3) (27) 13 n/m
Net debt (138) (134) (140) 63 18 (46) (60) (89) (70) (93) (96) (4.3%)
Shareholders’ equity 150 141 152 158 186 204 222 240 230 127 122 (1.9%)
Returns, %
Returns, % ROA 5.39 4.45 4.40 (1.93) 1.56 3.75 3.38 0.52 (1.08) (26.29) 0.00 (31.7) pt
ROIC 161.21 243.68 123.99 (0.30) 4.97 15.32 12.60 2.80 0.29 (208.84) 0.00 (370.0) pt
ROE 12.73 10.40 10.51 (6.18) 5.81 12.75 10.25 1.32 (2.45) (67.04) 0.00 (79.8) pt
People
People Employees 1,378 1,392 1,432 1,795 1,798 1,781 2,033 1,744 1,571 1,474 — +0.8%
Revenue/emp, $m 0.24 0.24 0.25 0.26 0.25 0.28 0.26 0.28 0.28 0.27 — +1.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Forrester Research, Inc. vs peers in Consulting Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SBC SBC Medical Group Holdings Incorporated $516.3M 10.7× 11.3× +13.44% (above 0%: growing) +400.00% (above 0%: growing) +396.07% (above 0%: growing) 73.14% 38.55% Compare
ROMA Roma Green Finance Limited $373.5M — — — — +20.80% (above 0%: growing) — — Compare
PPHC Public Policy Holding Company, Inc. $342.7M — (loss-making) — (loss-making) +7.32% (above 0%: growing) n/m −69.72% (below 0%: shrinking) 21.77% (7.45%) Compare
FORR Forrester Research, Inc. $165.6M — (loss-making) — (loss-making) −8.68% (below 0%: shrinking) n/m −197.82% (below 0%: shrinking) 59.95% 2.77%
EGG Enigmatig Limited $143.8M — — — — — — — Compare
RGP Resources Connection, Inc. $91.3M — (loss-making) — (loss-making) −18.42% (below 0%: shrinking) n/m −140.54% (below 0%: shrinking) 37.38% (7.45%) Compare
EFTY Etoiles Capital Group Co., Ltd. $75.1M — — — — — — — Compare
ACCL Acco Group Holdings Limited $35.4M — — — — −149.84% (below 0%: shrinking) — — Compare
DGNX Diginex Limited $33.5M — — — — −114.00% (below 0%: shrinking) — — Compare
Median of peers $117.5M — — +7.32% — −91.86% 37.38% (7.45%)

All 23 Consulting Services stocks →

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 673.33k 673.33k 19.00
2024 215.29k 215.29k 37.00
2023 244.92k 244.92k 64.00
2022 992.63k 992.63k 85.00
2021 1.55m 1.55m 140.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Forrester Research, Inc. (FORR) Latest News

30 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

29 Oct

Impact 3 · · MarketBeat transcript
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · Business Wire

27 Oct

Impact 3 · · PR Newswire

22 Oct

Impact 3 · · ACCESS Newswire

21 Oct

Impact 4 · · PR Newswire
Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 3 · · PR Newswire

31 Aug

Impact 3 · · customerexperiencedive.com

25 Aug

Impact 3 ·

19 Aug

Impact 4 ·

6 Aug

Impact 4 ·

3 Aug

Impact 4 · · The Motley Fool transcript

31 Jul

Impact 4 · transcript

30 Jul

Impact 4 · · Moby transcript
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 ·
Impact 3 ·

17 Jul

Impact 3 · · techradar.com

15 Jul

Impact 3 ·

10 Jul

Impact 3 · · Trefis

9 Jul

Impact 3 · · Trefis

24 Jun

Impact 3 · · Business Wire

15 Jun

Impact 3 ·
stockrow.com/FORR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com