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Friday 6 November 2026
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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
8.40
0.30
−3.45%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
44.74 | 52.82 | 53.21 | 0.00 | 79.06 | 44.83 | 29.88 | 151.47 | 0.00 | 0.00 |
Piotroski F-Score |
8 | 5 | 6 | 2 | 7 | 7 | 7 | 5 | 4 | 5 |
P/S ratio |
2.39 | 2.38 | 2.26 | 1.67 | 1.76 | 2.27 | 1.22 | 1.03 | 0.69 | 0.39 |
Altman Z-Score |
4.44 | 4.22 | 4.29 | 1.79 | 1.99 | 2.57 | 2.45 | 2.23 | 1.99 | 0.49 |
P/FCF ratio |
19.35 | 27.15 | 24.23 | 21.12 | 20.31 | 11.65 | 19.47 | 30.53 | 0.00 | 8.53 |
Altman Z″-Score (non-manufacturers) |
3.54 | 3.22 | 3.25 | 0.15 | 0.71 | 1.15 | 1.53 | 1.61 | 1.97 | (1.42) |
Beneish M-Score |
(2.99) | (2.64) | (2.77) | (2.18) | (2.77) | (3.04) | (2.71) | (2.80) | (2.56) | (4.37) |
P/Operating CF |
126.46 | 1,277.08 | 820.15 | 276.98 | 42.51 | 50.84 | 405.30 | 41.57 | (163.50) | (48.08) |
P/B ratio |
5.20 | 5.70 | 5.33 | 4.88 | 4.25 | 5.50 | 2.97 | 2.06 | 1.30 | 1.22 |
Price to Tangible BV |
10.35 | 12.52 | 13.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
1.97 | 1.99 | 1.87 | 1.81 | 1.80 | 2.18 | 1.11 | 0.87 | 0.56 | 0.24 |
EV/EBITDA |
16.16 | 19.05 | 21.24 | 19.09 | 13.41 | 14.24 | 8.59 | 10.78 | 7.88 | 5.10 |
EV/Operating CF |
14.44 | 17.88 | 17.40 | 17.22 | 16.89 | 10.05 | 15.16 | 19.31 | (63.11) | 4.59 |
EV/FCF |
15.93 | 22.63 | 20.03 | 22.83 | 20.76 | 11.17 | 17.70 | 25.87 | (33.56) | 5.35 |
Quick Ratio |
1.11 | 1.05 | 1.09 | 0.57 | 0.65 | 0.71 | 0.73 | 0.76 | 0.79 | 0.74 |
Current Ratio |
1.26 | 1.21 | 1.24 | 0.71 | 0.81 | 0.86 | 0.87 | 0.90 | 0.99 | 0.89 |
Net Debt/EBITDA |
(3.47) | (3.81) | (4.46) | 1.43 | 0.29 | (0.61) | (0.86) | (2.30) | (2.25) | (4.88) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 20.42% | 16.73% | 12.94% | 10.46% | 6.20% | 6.95% | 8.66% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.83 | 0.58 | 0.43 | 0.29 | 0.15 | 0.15 | 0.28 |
Asset Turnover |
1.00 | 0.99 | 1.02 | 0.93 | 0.70 | 0.75 | 0.83 | 0.82 | 0.81 | 0.87 |
Operating CF/Net income |
2.52 | 2.48 | 2.50 | (5.06) | 4.78 | 4.31 | 1.81 | 7.11 | 0.67 | (0.18) |
Capex/Depreciation |
(0.46) | (1.03) | (0.56) | (0.27) | (0.20) | (0.29) | (0.15) | (0.17) | (0.11) | (0.02) |
Interest Coverage |
— | — | — | (0.13) | 3.03 | 9.15 | 13.27 | 2.21 | 0.25 | (42.23) |
| 12.73% | 10.40% | 10.51% | (6.18%) | 5.81% | 12.75% | 10.25% | 1.32% | (2.45%) | (67.04%) | |
| 5.39% | 4.45% | 4.40% | (1.93%) | 1.56% | 3.75% | 3.38% | 0.52% | (1.08%) | (26.29%) | |
ROIC |
161.21% | 243.68% | 123.99% | (0.30%) | 4.97% | 15.32% | 12.60% | 2.80% | 0.29% | (208.84%) |
Return on Tangible Assets |
25.27% | 22.59% | 22.58% | 20.38% | (39.10%) | (170.13%) | (200.22%) | (65.24%) | (63.21%) | 738.61% |
Average Days of Receivables |
65.83 | 75.69 | 68.72 | 66.89 | 68.85 | 64.21 | 49.78 | 44.79 | 46.83 | 46.76 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
48.29% | 49.11% | 49.15% | 48.93% | 48.24% | 46.33% | 46.41% | 49.06% | 50.51% | 50.93% |
Intangible Assets out of Total Assets |
0.22 | 0.22 | 0.25 | 0.53 | 0.50 | 0.45 | 0.48 | 0.50 | 0.51 | 0.34 |
Share Based Compensation of Revenue |
2.45% | 2.51% | 2.32% | 2.53% | 2.42% | 2.04% | 2.70% | 3.22% | 3.32% | 3.09% |
Graham Net Nets |
0.05 | 0.04 | 0.04 | (0.37) | (0.31) | (0.18) | (0.23) | (0.22) | (0.24) | (0.42) |
Graham Number |
13.49 | 12.28 | 12.58 | 0.00 | 10.85 | 17.73 | 17.46 | 6.92 | 0.00 | 0.00 |
Earnings Yield |
2.24% | 1.89% | 1.88% | (1.29%) | 1.26% | 2.23% | 3.35% | 0.66% | (1.91%) | (77.59%) |
Free Cash Flow Yield |
5.17% | 3.68% | 4.13% | 4.74% | 4.92% | 8.58% | 5.14% | 3.28% | (2.43%) | 11.72% |
Revenue per Share |
18.13 | 18.84 | 19.77 | 24.97 | 23.85 | 25.87 | 28.35 | 25.06 | 22.65 | 20.87 |
Operating CF per Share |
2.47 | 2.09 | 2.12 | 2.62 | 2.54 | 5.60 | 2.08 | 1.13 | (0.20) | 1.11 |
Capex per Share |
(0.23) | (0.44) | (0.28) | (0.64) | (0.47) | (0.56) | (0.30) | (0.29) | (0.18) | (0.16) |
Free Cash Flow per Share |
2.24 | 1.65 | 1.84 | 1.97 | 2.06 | 5.04 | 1.78 | 0.84 | (0.38) | 0.95 |
Cash per Share |
7.68 | 7.49 | 7.76 | 3.67 | 4.79 | 7.03 | 6.50 | 6.49 | 5.48 | 6.71 |
Shareholders Equity per Share |
8.34 | 7.88 | 8.38 | 8.55 | 9.87 | 10.67 | 11.69 | 12.52 | 12.02 | 6.65 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
8.34 | 7.88 | 8.38 | 8.55 | 9.87 | 10.67 | 11.69 | 12.52 | 12.02 | 6.65 |
Free Cash Flow |
40.34 | 29.63 | 33.37 | 36.52 | 38.85 | 96.32 | 33.76 | 16.18 | (7.26) | 18.09 |
Working Capital |
45.96 | 41.77 | 46.11 | (76.89) | (52.58) | (42.85) | (34.10) | (24.08) | (2.61) | (27.38) |
Capital Expenditures |
(4.14) | (7.86) | (5.05) | (11.89) | (8.90) | (10.74) | (5.66) | (5.49) | (3.40) | (2.99) |
Net Current Asset Value |
37.69 | 32.81 | 34.17 | (289.04) | (241.29) | (206.73) | (151.49) | (107.91) | (72.96) | (64.82) |
EV/EBIT |
20.87 | 24.34 | 29.80 | 0.00 | 49.85 | 27.85 | 18.30 | 61.87 | 329.26 | 0.00 |
Capex to Sales |
0.01 | 0.02 | 0.01 | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 |
Price to Operating Income |
25.36 | 29.20 | 36.06 | 0.00 | 48.77 | 29.04 | 20.13 | 73.01 | 404.33 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.38 | 0.30 | 0.41 | 1.49 | 1.63 | 1.31 | 1.59 | 1.65 | 2.58 | 11.78 |
Cash ROIC |
14.00% | 10.76% | 11.43% | 10.24% | 10.12% | 22.60% | 8.26% | 4.05% | (1.97%) | 6.26% |
Accounts Receivable Turnover |
5.17 | 5.24 | 5.21 | 6.08 | 5.30 | 5.76 | 6.71 | 7.27 | 7.55 | 7.46 |
Accounts Payable Turnover |
109.97 | 135.32 | 363.98 | 359.97 | 311.36 | 269.63 | 372.64 | 189.60 | 132.22 | 190.00 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
5.14 | 0.58 | 1.47 | 0.94 | 1.33 | 1.52 | 0.59 | 3.21 | 1.93 | 1.78 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
63.08 | 64.42 | 68.67 | 75.96 | 84.65 | 85.83 | 80.16 | 66.17 | 57.24 | 53.17 |
Average Payables |
1.17 | 1.01 | 0.40 | 0.55 | 0.58 | 0.75 | 0.60 | 1.08 | 1.38 | 0.90 |
Average Assets |
327.39 | 340.49 | 349.36 | 496.34 | 641.69 | 662.17 | 644.28 | 586.31 | 534.02 | 453.95 |
Average Common Equity |
138.67 | 145.61 | 146.39 | 154.84 | 171.93 | 194.84 | 212.78 | 230.96 | 234.90 | 178.03 |
Columns are period end dates · fundamentals updated 2 Nov 2026