FORRNasdaqServices-Engineering, Accounting, Research, ManagementFiscal year ends December 31
FORRESTER RESEARCH, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$11.71−0.04 (-0.34%)
Close on Oct 19, 2026
- Market cap
- $227.82M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
57.0%−6.9 pts over 5 years
Operating margin
-28.5%−24.9 pts over 5 years
Net margin
-30.1%−32.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -8.2% | -9.6% | -2.4% | +2.4% | |
| Gross profit | -9.5% | -10.4% | -4.6% | +1.1% | |
| Free cash flow | – | -18.8% | -14.2% | -4.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 12.7% | 5.8% | -67.0% | |
| Return on assets | 5.4% | 1.6% | -26.3% | |
| Current ratio | 1.26 | 0.81 | 0.89 | |
| Debt to equity | – | 0.58 | 0.28 | |
| Interest coverage | – | -3.0× | – | |
| Capex to revenue | 1.3% | 2.0% | 0.8% | |
| Diluted shares | 18M | 19M | 19M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Forrester Research generated $193.11M from operations and spent $86.01M on capital expenditure, dividends and share buybacks. 33% of that went back into the business.
Generated
$193.11M
Used
$86.01M
Capital expenditure$28.29M33%Dividends$00%Share buybacks$57.72M67%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-30.1%
×Asset turnover0.87×
×Equity multiplier2.55×
=Return on equity, FY2025-67.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -30.1% | 0.87× | 2.55× | -67.0% |
| FY2024 | -1.3% | 0.81× | 2.27× | -2.4% |
| FY2023 | 0.6% | 0.82× | 2.54× | 1.3% |
| FY2022 | 4.1% | 0.83× | 3.03× | 10.2% |
| FY2021 | 5.0% | 0.75× | 3.40× | 12.8% |
| FY2020 | 2.2% | 0.70× | 3.73× | 5.8% |
| FY2019 | -2.1% | 0.93× | 3.21× | -6.2% |
| FY2018 | 4.3% | 1.02× | 2.39× | 10.5% |
| FY2017 | 4.5% | 0.99× | 2.34× | 10.4% |
| FY2016 | 5.4% | 1.00× | 2.36× | 12.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$119.36M
- Cash generatingOperating cash flow above zero$21.08M
- Return on assets improvedROA up on the prior year-1.0% → -23.7%
- Earnings backed by cashOperating cash flow above net income$21.08M vs -$119.36M
- Less leverageLong-term debt to assets fell6.9% → 0.0%
- Better liquidityCurrent ratio rose0.99 → 0.89
- No dilutionShare count did not rise19M → 19M
- Gross margin improvedGross margin up on the prior year57.79% → 56.99%
- More efficientAsset turnover rose0.77 → 0.79