FORRESTER RESEARCH, INC. FORR
Forrester Research, Inc. is a global independent research and advisory firm. We empower leaders in technology, customer experience, digital, marketing, sales, and product functions to accelerate growth through customer obsession. Forrester's unique research and continuance guidance model helps executives and their teams achieve their initiatives and outcomes faster and with confidence.
Our common stock is listed on Nasdaq Global Select Market under the symbol "FORR".
We believe that market dynamics — from empowered customers and changing business-to-business buying behaviors to rapid advancements in AI — have fundamentally changed the business and technology landscape. These dynamics demand that leaders architect change rather than react to disruption.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $396.9M | $432.5M | $480.8M | $537.8M | $494.3M | $449.0M | $461.7M | $357.6M | $337.7M | $326.1M |
| Cost of revenue | $170.7M | $182.5M | $204.5M | $223.8M | $182.6M | $162.2M | $178.0M | $129.1M | $118.7M | $112.2M |
| Gross profit | $226.2M | $249.9M | $276.3M | $314.0M | $311.7M | $286.8M | $279.1M | $229.2M | $219.0M | $213.9M |
| SG&A | $218.4M | $232.7M | $253.9M | $278.5M | $257.6M | $245.1M | $253.2M | $201.1M | $190.6M | $181.3M |
| Total operating expenses | $510.1M | $431.7M | $474.0M | $505.1M | $455.7M | $432.8M | $462.8M | $335.1M | $310.1M | $295.3M |
| Operating income | -$113.2M | $740.0K | $6.8M | $32.7M | $38.6M | -$16.2M | $1.1M | $22.4M | $27.5M | $30.8M |
| Interest expense | $2.7M | $3.0M | $3.1M | $2.5M | $4.2M | $5.3M | $8.1M | — | — | — |
| Pre-tax income | -$119.4M | $2.6M | $6.3M | $30.7M | $33.2M | $12.9M | -$9.6M | $23.5M | $27.4M | $30.7M |
| Income tax | $49.0K | $8.4M | $3.2M | $8.9M | $8.3M | $2.9M | $29.0K | $8.1M | $12.2M | $13.1M |
| Net income | -$119.4M | -$5.7M | $3.0M | $21.8M | $24.8M | $10.0M | -$9.6M | $15.4M | $15.1M | $17.7M |
| EPS, basic | -6.28 | -0.30 | 0.16 | 1.15 | 1.30 | -0.53 | 0.52 | 0.85 | 0.84 | 0.98 |
| EPS, diluted | -6.28 | -0.30 | 0.16 | 1.14 | 1.28 | 0.53 | 0.52 | 0.84 | 0.83 | 0.97 |
| Shares, diluted (wtd. avg.) | $19.0M | $19.1M | $19.3M | $19.2M | $19.4M | $18.9M | $18.5M | $18.4M | $18.2M | $18.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $63.3M | $56.1M | $72.9M | $103.6M | $115.8M | $90.3M | $67.9M | $140.3M | $79.8M | $77.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $54.3M | $61.1M |
| Receivables | $50.9M | $55.5M | $59.0M | $73.3M | $87.0M | $84.7M | $84.6M | $67.3M | $70.0M | $58.8M |
| Total current assets | $212.7M | $201.4M | $216.0M | $235.3M | $269.5M | $217.2M | $192.0M | $236.1M | $236.8M | $223.4M |
| Property, plant and equipment | $11.2M | $11.7M | $19.4M | $23.2M | $28.2M | $27.0M | $29.9M | $22.0M | $25.2M | $23.9M |
| Goodwill | $120.4M | $228.0M | $244.3M | $242.1M | $245.0M | $247.2M | $243.8M | $85.2M | $76.2M | $73.2M |
| Other intangibles | $18.7M | $27.5M | $37.6M | $49.5M | $62.7M | $78.0M | $97.4M | $5.0M | $732.0K | $1.5M |
| Total assets | $404.0M | $503.9M | $564.2M | $608.4M | $680.1M | $644.2M | $639.2M | $353.5M | $345.2M | $335.8M |
| Accounts payable | $832.0K | $965.0K | $1.8M | $361.0K | $840.0K | $657.0K | $505.0K | $588.0K | $217.0K | $1.8M |
| Short-term debt | $35.0M | $0 | — | — | $0 | $12.5M | $9.4M | — | — | — |
| Total current liabilities | $240.1M | $204.0M | $240.1M | $269.4M | $312.3M | $269.7M | $268.9M | $190.0M | $195.1M | $177.5M |
| Long-term debt | $0 | $35.0M | $35.0M | $50.0M | $75.0M | $95.3M | $121.2M | — | — | — |
| Total liabilities | $277.5M | $274.3M | $323.9M | $386.8M | $476.2M | $458.5M | $481.1M | $201.9M | $204.0M | $185.7M |
| Retained earnings | $52.6M | $171.9M | $177.7M | $174.6M | $152.8M | $128.0M | $118.1M | $127.7M | $123.0M | $121.8M |
| Total equity | $126.5M | $229.5M | $240.3M | $221.7M | $203.9M | $185.8M | $158.1M | $151.6M | $141.2M | $150.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21.1M | -$3.9M | $21.7M | $39.4M | $107.1M | $47.8M | $48.4M | $38.4M | $37.5M | $44.5M |
| Depreciation and amortisation | $6.0M | $7.6M | $8.5M | $9.3M | $9.4M | $9.9M | $8.6M | $8.0M | $6.6M | $7.8M |
| Stock-based compensation | $12.3M | $14.3M | $15.5M | $14.5M | $10.1M | $10.9M | $11.7M | $8.3M | $8.5M | $8.0M |
| Capital expenditure | $3.0M | $3.4M | $5.5M | $5.7M | $10.7M | $8.9M | $11.9M | $5.0M | $7.9M | $4.1M |
| Investing cash flow | -$14.1M | $5.0M | -$36.8M | -$6.8M | -$29.3M | -$4.6M | $249.5M | $40.1M | -$970.0K | -$17.9M |
| Financing cash flow | -$2.6M | -$16.1M | -$18.3M | -$38.9M | -$49.1M | -$23.7M | $129.4M | -$14.0M | -$37.6M | -$113.0K |
| Dividends paid | — | — | — | — | — | — | — | $14.5M | $13.6M | $13.0M |
| Buybacks | $2.5M | $15.9M | $4.1M | $15.1M | $20.1M | $0 | $0 | $9.9M | $40.0M | $1.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-105114.
Others in SIC 8700
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| PAYX | PAYCHEX INC | $43.29B | 24.9x | 16.5% |
| GLXG | Galaxy Payroll Group Ltd | — | — | -9.4% |