FORRESTER RESEARCH, INC. FORR

Industrials SIC 8700 - Services-Engineering, Accounting, Research, Management NAICS Professional, Scientific, and Technical Services derived Nasdaq

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.

Last close 12.48 2026-10-23
Market cap $237.6M 2026-06-30 share count
52-week range 4.88 - 12.75

Valuation FY2025 figures against the last close

P/S0.6x
P/E—
P/FCF13.1x
EV/EBITDA—
Dividend yield—
Diluted EPS-6.28

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe (Excluding United Kingdom)
  • Asia Pacific
  • United Kingdom
  • Canada
  • Other
Revenue by geography, 6 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 304.2M (76.6%) 77% United States Europe (Excluding United Kingdom), FY2025: 37M (9.3%) 9% Asia Pacific, FY2025: 21.8M (5.5%) 5% United Kingdom, FY2025: 15.7M (4.0%) 4% Canada, FY2025: 10.9M (2.8%) Other, FY2025: 7.2M (1.8%) FY2024 United States, FY2024: 334.1M (77.3%) 77% Europe (Excluding United Kingdom), FY2024: 37.7M (8.7%) 9% Asia Pacific, FY2024: 20.8M (4.8%) 5% United Kingdom, FY2024: 18.9M (4.4%) 4% Canada, FY2024: 12.2M (2.8%) Other, FY2024: 8.7M (2.0%) FY2023 United States, FY2023: 373.5M (77.7%) 78% Europe (Excluding United Kingdom), FY2023: 37.9M (7.9%) 8% Asia Pacific, FY2023: 23.6M (4.9%) 5% United Kingdom, FY2023: 21.3M (4.4%) 4% Canada, FY2023: 16.4M (3.4%) Other, FY2023: 8.1M (1.7%)
Region FY2025FY2024FY2023
United States $304.2M $334.1M $373.5M
Europe (Excluding United Kingdom) $37.0M $37.7M $37.9M
Asia Pacific $21.8M $20.8M $23.6M
United Kingdom $15.7M $18.9M $21.3M
Canada $10.9M $12.2M $16.4M
Other $7.2M $8.7M $8.1M

As the company reported it, from the “Operating Segment and Enterprise Wide Reporting - Schedule of Revenues by Geographic Destination, Based on Location Products and Services and as a Percentage of Total Revenues (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Research Segment
  • Consulting Segment
  • Events Segment
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Research Segment, FY2025: 317.6M (80.0%) 80% Research Segment Consulting Segment, FY2025: 66.2M (16.7%) 17% Consulting Segment Events Segment, FY2025: 13.1M (3.3%) FY2024 Research Segment, FY2024: 337.8M (78.1%) 78% Consulting Segment, FY2024: 76.2M (17.6%) 18% Events Segment, FY2024: 18.5M (4.3%) 4% FY2023 Research Segment, FY2023: 363.2M (75.5%) 76% Consulting Segment, FY2023: 89.4M (18.6%) 19% Events Segment, FY2023: 28.2M (5.9%) 6%
Segment FY2025FY2024FY2023
Research Segment $317.6M $337.8M $363.2M
Consulting Segment $66.2M $76.2M $89.4M
Events Segment $13.1M $18.5M $28.2M

As the company reported it, from the “Operating Segment and Enterprise Wide Reporting - Schedule of Information by Reportable Segment (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -6.28-0.300.161.151.30-0.530.520.850.840.98
EPS, diluted -6.28-0.300.161.141.280.530.520.840.830.97
Shares, diluted (wtd. avg.) 19.0M19.1M19.3M19.2M19.4M18.9M18.5M18.4M18.2M18.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Revenue, FY2016: 326.1M Gross profit, FY2016: 213.9M Net income, FY2016: 17.7M Revenue, FY2017: 337.7M Gross profit, FY2017: 219M Net income, FY2017: 15.1M Revenue, FY2018: 357.6M Gross profit, FY2018: 229.2M Net income, FY2018: 15.4M Revenue, FY2019: 461.7M Gross profit, FY2019: 279.1M Net income, FY2019: -9.6M Revenue, FY2020: 449M Gross profit, FY2020: 286.8M Net income, FY2020: 10M Revenue, FY2021: 494.3M Gross profit, FY2021: 311.7M Net income, FY2021: 24.8M Revenue, FY2022: 537.8M Gross profit, FY2022: 314M Net income, FY2022: 21.8M Revenue, FY2023: 480.8M Gross profit, FY2023: 276.3M Net income, FY2023: 3M Revenue, FY2024: 432.5M Gross profit, FY2024: 249.9M Net income, FY2024: -5.7M Revenue, FY2025: 396.9M Gross profit, FY2025: 226.2M Net income, FY2025: -119.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $326.1M $337.7M $357.6M $461.7M $449.0M $494.3M $537.8M $480.8M $432.5M $396.9M
Gross profit $213.9M $219.0M $229.2M $279.1M $286.8M $311.7M $314.0M $276.3M $249.9M $226.2M
Net income $17.7M $15.1M $15.4M -$9.6M $10.0M $24.8M $21.8M $3.0M -$5.7M -$119.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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