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. In the quarter to June 2026, revenue fell 10.2%, EPS grew 276.2%, free cash flow fell 197.8% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Forrester Research, Inc. (FORR) Beneish M-score
Forrester Research, Inc.'s Beneish M-score for fiscal 2025 is −4.37; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −4.37 | (1.81) |
| FY2024 | −2.56 | 0.23 |
| FY2023 | −2.80 | (0.08) |
| FY2022 | −2.71 | 0.32 |
| FY2021 | −3.04 | (0.27) |
| FY2020 | −2.77 | (0.59) |
| FY2019 | −2.18 | 0.59 |
| FY2018 | −2.77 | (0.13) |
| FY2017 | −2.64 | 0.35 |
| FY2016 | −2.99 | (0.20) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.00 | — | 0.92 | |
| Gross margin index | 1.01 | — | 0.54 | |
| Asset quality index | 0.77 | — | 0.31 | |
| Sales growth index | 0.92 | — | 0.82 | |
| Depreciation index | 0.78 | — | 0.09 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.35) | — | −1.63 | |
| Leverage index | 1.25 | — | −0.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.37 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| FORR Forrester Research, Inc. | −4.4× |
| RGP Resources Connection, Inc. compare | −3.5× |
| CRAI Charles River Associates compare | −2.2× |
| SBC SBC Medical Group Holdings Incorporated compare | −2.0× |
| EFTY Etoiles Capital Group Co., Ltd. compare | −1.3× |
| ACCL Acco Group Holdings Limited compare | −0.6× |
| EGG Enigmatig Limited compare | 0.5× |
| ROMA Roma Green Finance Limited compare | 2.0× |
| LAWR Robot Consulting Co., Ltd. compare | 2.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI