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FORR · Nasdaq · United States · Services-Engineering, Accounting, Research, Management
In shortFORRESTER RESEARCH, INC. is loss-making, generates cash and holds more cash than debt, with revenue shrinking (−8.2% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -28.5% | 0/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -30.1% | 0/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -67.0% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -70.0% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.89× | 7/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.28× | 96/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | – | n/a |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | -1.42 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 4.6% | 38/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 4 of 5 | 75/100 |
Weight in the score: 20%
| Profitable years (last 5) | 3 of 5 | 60/100 |
|---|---|---|
| Years of revenue decline (last 5) | 3 of 5 | 0/100 |
| Revenue growth volatility | 10.5% | 72/100 |
| Operating margin volatility | 14.8% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | -9.6% | 0/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 494 | 538 | 481 | 432 | 397 |
| Cost of revenue | 183 | 212 | 198 | 183 | 171 |
| Gross profit | 312 | 326 | 283 | 250 | 226 |
| Selling, general & admin | 258 | 279 | 254 | 233 | 218 |
| Operating income | 39 | 33 | 6.8 | 0.7 | (113) |
| Interest expense | 4.2 | 2.5 | – | – | – |
| Pre-tax income | 33 | 31 | 6.3 | 2.6 | (119) |
| Income tax | 8.3 | 8.9 | 3.2 | 8.4 | (0) |
| Net income | 25 | 22 | 3.1 | (5.7) | (119) |
| Diluted EPS | $1.28 | $1.14 | $0.16 | −$0.30 | −$6.28 |
| Diluted shares (millions) | 19 | 19 | 19 | 19 | 19 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
−1.42 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Aug 6, 2026