Saturday 17 October 2026 Export FORR’s income statement to Excel — free account

Forrester Research, Inc.

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.

11.76 0.18 −1.51%

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Market cap: $227.2M
P/E: 0.0×
Fwd P/E: −9.1×
Dividend yield: —
F-score: 5/9
Altman Z: 0.49
Beneish M: −4.37
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.20

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	3	—	—

Insider Ownership 41.76%

Capital & Financial Ratios $m

Market Cap 227.23

Revenue 381.04

Net Income (42.57)

Free Cash Flow 3.03

Net Debt (95.83)

Current Ratio 1.06

Debt/Equity 0.29

P/E ratio 0.00

Fwd P/E (9.09)

P/S ratio 0.60

P/B ratio 1.88

Past 5Y EPS Growth —

This Y EPS Growth (33.19%)

Next Y EPS Growth 16.77%

Next Y revenue growth (10.50%)

Next 5Y EPS Growth 6.19%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 14.78%

10-year low 10-year high

P/B against its own 10 years 24.18%

10-year low 10-year high

EV/Sales against its own 10 years 14.67%

10-year low 10-year high

EV/FCF against its own 10 years 94.79%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	0.80	0.20 0.20 0.20 0.20
2017	0.76	0.19 0.19 0.19 0.19
2016	0.72	0.18 0.18 0.18 0.18

special payouts not included in total or ratios

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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	85	100	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(1.14)	0.78	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	27.05	34.95	36.19	30.76	22.45	36.41	32.73	22.27	14.38	6.60	Analyst estimates 2026–2028 Powerpack
	High	44.40	47.75	50.00	51.75	50.00	60.90	59.97	39.09	27.11	15.99
People
People	Employees	1,378	1,392	1,432	1,795	1,798	1,781	2,033	1,744	1,571	1,474
	Revenue/emp, $m	0.24	0.24	0.25	0.26	0.25	0.28	0.26	0.28	0.28	0.27
Income, $m
Income, $m	Revenue	326	338	358	462	449	494	538	481	432	397
	Gross margin, %	60.69	59.47	59.03	57.39	59.71	59.17	58.39	57.47	57.79	56.99
	EBT	31	27	24	(10)	13	33	31	6	3	(119)
	EBT margin, %	9.42	8.11	6.58	(2.08)	2.88	6.71	5.71	1.31	0.61	(30.09)
	Net income	18	15	15	(10)	10	25	22	3	(6)	(119)
	Depreciation	9	8	9	45	44	37	37	32	30	132
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
	Earnings	0.98	0.84	0.85	(0.52)	0.53	1.30	1.15	0.16	(0.30)	(6.28)
	Cash flow	2.47	2.09	2.12	2.62	2.54	5.60	2.08	1.13	(0.20)	1.11
	Capex	(0.23)	(0.44)	(0.28)	(0.64)	(0.47)	(0.56)	(0.30)	(0.29)	(0.18)	(0.16)
	Free cash flow	2.24	1.65	1.84	1.97	2.06	5.04	1.78	0.84	(0.38)	0.95
	Book value	8.34	7.88	8.38	8.55	9.87	10.67	11.69	12.52	12.02	6.65
	Shares, m	18	18	18	18	19	19	19	19	19	19
Valuation, ×
Valuation, ×	P/E	44.74	52.82	53.21	0.00	79.06	44.83	29.88	151.47	0.00	0.00
	P/S	2.39	2.38	2.26	1.67	1.76	2.27	1.22	1.03	0.69	0.39
	P/B	5.20	5.70	5.33	4.88	4.25	5.50	2.97	2.06	1.30	1.22
	EV/Sales	1.97	1.99	1.87	1.81	1.80	2.18	1.11	0.87	0.56	0.24
	EV/FCF	15.93	22.63	20.03	22.83	20.76	11.17	17.70	25.87	(33.56)	5.35
Cash, $m
Cash, $m	Operating cash flow	44	37	38	48	48	107	39	22	(4)	21
	Capex	(4)	(8)	(5)	(12)	(9)	(11)	(6)	(5)	(3)	(3)
	Free cash flow	40	30	33	37	39	96	34	16	(7)	18
Balance, $m
Balance, $m	Working capital	46	42	46	(77)	(53)	(43)	(34)	(24)	(3)	(27)
	Total debt	—	—	—	131	108	88	64	35	35	35
	Net debt	(138)	(134)	(140)	63	18	(46)	(60)	(89)	(70)	(93)
	Shareholders’ equity	150	141	152	158	186	204	222	240	230	127
Returns, %
Returns, %	ROA	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)
	ROE	12.73	10.40	10.51	(6.18)	5.81	12.75	10.25	1.32	(2.45)	(67.04)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CRAI Charles River Associates	$1.1B	23.5×	17.6×	+12.81% (above 0%: growing)	+17.68% (above 0%: growing)	−230.17% (below 0%: shrinking)	29.45%	11.17%	Compare
SBC SBC Medical Group Holdings Incorporated	$545.1M	11.0×	6.6×	+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	$496.8M	—	—	—	—	+20.80% (above 0%: growing)	—	—	Compare
FORR Forrester Research, Inc.	$227.2M	— (loss-making)	— (loss-making)	−10.23% (below 0%: shrinking)	+276.19% (above 0%: growing)	−197.82% (below 0%: shrinking)	56.38%	3.39%
LAWR Robot Consulting Co., Ltd.	$172.4M	—	—	—	—	−270.95% (below 0%: shrinking)	—	—	Compare
EGG Enigmatig Limited	$131.9M	—	—	—	—	—	—	—	Compare
RGP Resources Connection, Inc.	$94.4M	— (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	$40.0M	—	—	—	—	−149.84% (below 0%: shrinking)	—	—	Compare
Median of peers	$152.1M	—	—	+12.81%	—	−145.19%	37.38%	11.17%

All 23 Consulting Services stocks →

Forrester Research, Inc. (FORR) key facts

Concern: Forrester Research, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $396.9 million, down 8.23% from fiscal 2024.
Forrester Research, Inc. (FORR) is a Consulting Services company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, FORR traded at $11.76, a market capitalization of $227.2 million.
Return on equity was −67.0% and debt-to-equity 0.29.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.49 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.