Forrester Research, Inc. (FORR) 10-Year Financial Performance & Capital Metrics

FORR • • Industrial / General

IndustrialsConsulting ServicesManagement & Strategy ConsultingGeneral Management Consultants

AboutForrester Research, Inc. operates as an independent research and advisory services company. The company operates in three segments: Research, Consulting, and Events. The Research segment primary subscription research portfolio services include Forrester Research, SiriusDecisions Research, and Forrester Decisions, which are designed to provide business and technology leaders with a proven path to growth through customer obsession. This segment delivers content, such as future trends, predictions, and market forecasts; deep consumer and business buyer data and insights; curated best practice models and tools to run business functions; operational and performance benchmarking data; and technology and service market landscapes and vendor evaluations through online access. The Consulting segment provides consulting projecs, including conducting maturity assessments, prioritizing best practices, developing strategies, building business cases, selecting technology vendors, structuring organizations, developing content marketing strategies and collateral, and sales tools; and advisory services. The Events segment hosts in-person and virtual events related to business-to-business marketing, sales and product leadership, customer experience, security and risk, new technology and innovation, and data strategies and insights. The company sells its products and services through direct sales force in various locations in the United States, Europe, the United Kingdom, Canada, the Asia Pacific region, and internationally. Forrester Research, Inc. was incorporated in 1983 and is headquartered in Cambridge, Massachusetts.Show more

Revenue $432M -10.0%
EBITDA $31M -20.4%
Net Income -$6M -288.4%
EPS (Diluted) -0.30 -287.5%
Gross Margin 97.77% +70.1%
EBITDA Margin 7.15% -11.5%
Operating Margin 0.17% -87.8%
Net Margin -1.33% -309.5%
ROE -2.45% -285.3%
ROIC 0.22% -89.8%
Debt/Equity 0.32 -12.5%
Interest Coverage 0.25 -88.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.7x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.0%
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.32%

5Y-1.3%

3Y-4.36%

TTM-9.11%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-6261.46%

EPS CAGR

10Y-

5Y-

3Y-

TTM-6308.21%

ROCE

10Y Avg9.2%

5Y Avg5.25%

3Y Avg3.84%

Latest0.24%

Peer Comparison

General Management Consultants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ICFIICF International, Inc.	1.79B	96.92	16.65	2.88%	5.13%	9.65%	8.4%	0.61
RGPResources Connection, Inc.	156.12M	4.66	-0.80	-12.87%	-35.25%	-91.33%	10.37%	0.12
FORRForrester Research, Inc.	158.29M	8.33	-27.77	-10.05%	-21.53%	-55.61%		0.32

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	313.73M	326.1M	337.67M	357.57M	461.7M	448.98M	494.31M	537.79M	480.78M	432.47M
Revenue Growth %	0.01%	0.04%	0.04%	0.06%	0.29%	-0.03%	0.1%	0.09%	-0.11%	-0.1%
Cost of Goods Sold+	126.26M	128.18M	136.87M	146.5M	196.73M	180.9M	201.81M	223.77M	204.48M	9.65M
COGS % of Revenue	0.4%	0.39%	0.41%	0.41%	0.43%	0.4%	0.41%	0.42%	0.43%	0.02%
Gross Profit+	187.47M	197.92M	200.8M	211.07M	264.97M	268.08M	292.5M	314.01M	276.3M	422.82M
Gross Margin %	0.6%	0.61%	0.59%	0.59%	0.57%	0.6%	0.59%	0.58%	0.57%	0.98%
Gross Profit Growth %	0.01%	0.06%	0.01%	0.05%	0.26%	0.01%	0.09%	0.07%	-0.12%	0.53%
Operating Expenses+	164.21M	166.12M	173.25M	184.86M	266.05M	251.91M	253.86M	281.36M	269.53M	422.08M
OpEx % of Revenue	0.52%	0.51%	0.51%	0.52%	0.58%	0.56%	0.51%	0.52%	0.56%	0.98%
Selling, General & Admin	155.12M	157.48M	165.82M	175.74M	225.91M	216.57M	229M	249.59M	235.85M	218.44M
SG&A % of Revenue	0.49%	0.48%	0.49%	0.49%	0.49%	0.48%	0.46%	0.46%	0.49%	0.51%
Research & Development	200K	0	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	-	-	-	-	-	-	-	-	-
Other Operating Expenses	511K	740K	301K	674K	40.14M	35.34M	24.85M	31.77M	33.68M	203.64M
Operating Income+	18.83M	30.77M	27.55M	22.43M	-1.07M	16.18M	38.64M	32.65M	6.77M	740K
Operating Margin %	0.06%	0.09%	0.08%	0.06%	-0%	0.04%	0.08%	0.06%	0.01%	0%
Operating Income Growth %	0.03%	0.63%	-0.1%	-0.19%	-1.05%	16.05%	1.39%	-0.15%	-0.79%	-0.89%
EBITDA+	27.91M	39.42M	34.98M	31.54M	42.71M	59.13M	74.58M	69.59M	38.83M	30.92M
EBITDA Margin %	0.09%	0.12%	0.1%	0.09%	0.09%	0.13%	0.15%	0.13%	0.08%	0.07%
EBITDA Growth %	-0.06%	0.41%	-0.11%	-0.1%	0.35%	0.38%	0.26%	-0.07%	-0.44%	-0.2%
D&A (Non-Cash Add-back)	9.08M	8.64M	7.43M	9.12M	43.78M	42.96M	35.93M	36.94M	32.07M	30.18M
EBIT	19.32M	31.8M	27.55M	23.52M	-1.54M	18.27M	37.41M	33.19M	9.35M	5.65M
Net Interest Income+	0	0	0	0	-8.05M	-5.34M	-4.22M	-2.46M	-3.06M	-3.01M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	8.05M	5.34M	4.22M	2.46M	3.06M	3.01M
Other Income/Expense	493K	-65K	-178K	1.1M	-8.52M	-3.24M	-5.45M	-1.93M	-481K	1.9M
Pretax Income+	19.32M	30.71M	27.37M	23.52M	-9.6M	12.93M	33.19M	30.72M	6.29M	2.64M
Pretax Margin %	0.06%	0.09%	0.08%	0.07%	-0.02%	0.03%	0.07%	0.06%	0.01%	0.01%
Income Tax+	7.32M	13.06M	12.23M	8.14M	-29K	2.94M	8.35M	8.92M	3.23M	8.38M
Effective Tax Rate %	0.62%	0.57%	0.55%	0.65%	1%	0.77%	0.75%	0.71%	0.49%	-2.18%
Net Income+	12M	17.65M	15.14M	15.38M	-9.57M	9.99M	24.84M	21.81M	3.05M	-5.75M
Net Margin %	0.04%	0.05%	0.04%	0.04%	-0.02%	0.02%	0.05%	0.04%	0.01%	-0.01%
Net Income Growth %	0.1%	0.47%	-0.14%	0.02%	-1.62%	2.04%	1.49%	-0.12%	-0.86%	-2.88%
Net Income (Continuing)	12M	17.65M	15.14M	15.38M	-9.57M	9.99M	24.84M	21.81M	3.05M	-5.75M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.66	0.97	0.83	0.84	-0.52	0.53	1.28	1.14	0.16	-0.30
EPS Growth %	0.16%	0.47%	-0.14%	0.01%	-1.62%	2.02%	1.42%	-0.11%	-0.86%	-2.88%
EPS (Basic)	0.67	0.98	0.84	0.85	-0.52	0.53	1.30	1.15	0.16	-0.30
Diluted Shares Outstanding	18.14M	18.27M	18.24M	18.38M	18.49M	18.93M	19.36M	19.17M	19.26M	19.09M
Basic Shares Outstanding	17.93M	17.98M	17.92M	18.09M	18.49M	18.83M	19.11M	18.97M	19.18M	19.09M
Dividend Payout Ratio	1.02%	0.74%	0.9%	0.94%	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	197.73M	223.44M	236.82M	236.09M	192.04M	217.16M	269.49M	235.29M	216M	201.36M
Cash & Short-Term Investments	101.11M	138.1M	134.12M	140.3M	67.9M	90.26M	134.28M	123.32M	124.49M	104.67M
Cash Only	53.33M	76.96M	79.79M	140.3M	67.9M	90.26M	115.77M	123.32M	72.91M	56.09M
Short-Term Investments	47.77M	61.15M	54.33M	0	0	0	18.51M	0	51.58M	48.58M
Accounts Receivable	67.36M	58.81M	70.02M	67.32M	84.61M	84.69M	86.97M	73.34M	59M	55.49M
Days Sales Outstanding	78.36	65.83	75.69	68.72	66.89	68.85	64.21	49.78	44.79	46.83
Inventory	13.53M	12.05M	13.73M	15.68M	20.33M	23.62M	29.63M	0	0	0
Days Inventory Outstanding	39.11	34.32	36.62	39.06	37.71	47.66	53.59	-	-	-
Other Current Assets	13.53M	12.05M	13.73M	15.68M	1.25M	0	0	24.56M	23.21M	41.2M
Total Non-Current Assets+	121.26M	112.35M	108.38M	117.43M	447.12M	427.06M	410.64M	373.15M	348.17M	302.5M
Property, Plant & Equipment	27.57M	23.89M	25.25M	22M	99.04M	96.33M	93.25M	73.18M	59.12M	38.75M
Fixed Asset Turnover	11.38x	13.65x	13.37x	16.25x	4.66x	4.66x	5.30x	7.35x	8.13x	11.16x
Goodwill	74.07M	73.19M	76.17M	85.17M	243.9M	247.21M	244.99M	242.15M	244.26M	227.96M
Intangible Assets	2.33M	1.46M	732K	4.95M	97.36M	78M	62.73M	49.5M	37.64M	27.48M
Long-Term Investments	3.6M	2.8M	1.9M	2.5M	2.54M	600K	2.86M	2.92M	1.2M	2.1M
Other Non-Current Assets	590K	1.2M	831K	5.31M	3.29M	3.32M	5.3M	4.59M	5.96M	6.22M
Total Assets+	318.99M	335.79M	345.2M	353.52M	639.16M	644.22M	680.13M	608.44M	564.17M	503.86M
Asset Turnover	0.98x	0.97x	0.98x	1.01x	0.72x	0.70x	0.73x	0.88x	0.85x	0.86x
Asset Growth %	-0.04%	0.05%	0.03%	0.02%	0.81%	0.01%	0.06%	-0.11%	-0.07%	-0.11%
Total Current Liabilities+	182.45M	177.47M	195.05M	189.99M	268.93M	269.75M	312.34M	269.39M	240.08M	203.97M
Accounts Payable	525K	1.81M	217K	588K	505K	657K	840K	361K	1.8M	965K
Days Payables Outstanding	1.52	5.14	0.58	1.47	0.94	1.33	1.52	0.59	3.21	36.51
Short-Term Debt	0	0	0	0	9.38M	12.5M	12.99M	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	8.79M	8.02M	10.91M	15.61M	16.99M	12.75M	5.11M	17.97M	19.2M	11.82M
Current Ratio	1.08x	1.26x	1.21x	1.24x	0.71x	0.81x	0.86x	0.87x	0.90x	0.99x
Quick Ratio	1.01x	1.19x	1.14x	1.16x	0.64x	0.72x	0.77x	0.87x	0.90x	0.99x
Cash Conversion Cycle	115.96	95.01	111.73	106.31	103.66	115.19	116.29	-	-	-
Total Non-Current Liabilities+	9.24M	8.28M	8.96M	11.94M	212.14M	188.71M	163.89M	117.39M	83.83M	70.35M
Long-Term Debt	0	0	0	0	121.17M	95.3M	75M	50M	35M	35M
Capital Lease Obligations	0	0	0	0	67.06M	70.32M	65.04M	50.75M	37.67M	24.81M
Deferred Tax Liabilities	204K	100K	500K	969K	22.88M	21.53M	21.35M	14.13M	8.68M	8.71M
Other Non-Current Liabilities	9.03M	8.28M	8.96M	10.97M	1.02M	1.56M	2.5M	2.51M	2.48M	1.84M
Total Liabilities	191.69M	185.75M	204.01M	201.92M	481.07M	458.45M	476.22M	386.78M	323.91M	274.32M
Total Debt+	0	0	0	0	209.81M	190.09M	153.03M	114.38M	86.85M	72.57M
Net Debt	-53.33M	-76.96M	-79.79M	-140.3M	141.91M	99.84M	18.75M	-8.93M	13.95M	16.48M
Debt / Equity	-	-	-	-	1.33x	1.02x	0.75x	0.52x	0.36x	0.32x
Debt / EBITDA	-	-	-	-	4.91x	3.21x	2.05x	1.64x	2.24x	2.35x
Net Debt / EBITDA	-1.91x	-1.95x	-2.28x	-4.45x	3.32x	1.69x	0.25x	-0.13x	0.36x	0.53x
Interest Coverage	-	-	-	-	-0.13x	3.03x	9.15x	13.27x	2.21x	0.25x
Total Equity+	127.3M	150.04M	141.19M	151.6M	158.09M	185.77M	203.91M	221.66M	240.26M	229.54M
Equity Growth %	-0.1%	0.18%	-0.06%	0.07%	0.04%	0.18%	0.1%	0.09%	0.08%	-0.04%
Book Value per Share	7.02	8.21	7.74	8.25	8.55	9.81	10.53	11.56	12.48	12.02
Total Shareholders' Equity	127.3M	150.04M	141.19M	151.6M	158.09M	185.77M	203.91M	221.66M	240.26M	229.54M
Common Stock	211K	217K	224K	230K	233K	236K	241K	244K	247K	251K
Retained Earnings	117.14M	121.8M	123.01M	127.72M	118.15M	127.98M	152.82M	174.63M	177.68M	171.93M
Treasury Stock	-120.19M	-121.98M	-161.94M	-171.89M	-171.89M	-171.89M	-191.96M	-207.07M	-211.15M	-227.12M
Accumulated OCI	-4.83M	-7.57M	-2.01M	-5.15M	-4.86M	-690K	-3.19M	-7.92M	-4.57M	-7.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	32.47M	41.86M	37.49M	38.42M	48.41M	47.75M	107.07M	39.42M	21.67M	-3.86M
Operating CF Margin %	0.1%	0.13%	0.11%	0.11%	0.1%	0.11%	0.22%	0.07%	0.05%	-0.01%
Operating CF Growth %	0.13%	0.29%	-0.1%	0.02%	0.26%	-0.01%	1.24%	-0.63%	-0.45%	-1.18%
Net Income	12M	17.65M	15.14M	15.38M	-9.57M	9.99M	24.84M	21.81M	3.05M	-5.75M
Depreciation & Amortization	9.24M	8.64M	7.43M	9.12M	43.78M	42.96M	35.93M	36.94M	32.07M	30.18M
Stock-Based Compensation	8.35M	7.98M	8.49M	8.3M	11.68M	10.88M	10.07M	14.54M	15.49M	14.34M
Deferred Taxes	-985K	2.6M	6.42M	2.93M	-3.96M	-1.68M	-275K	-6.65M	-5.46M	-58K
Other Non-Cash Items	749K	1.07M	1.32M	110K	1.86M	189K	2.42M	1.67M	918K	2.92M
Working Capital Changes	3.12M	3.92M	-1.31M	2.58M	4.61M	-14.58M	34.07M	-28.88M	-24.39M	-45.5M
Change in Receivables	-718K	7.96M	-10.33M	2.59M	3.7M	234K	-3.9M	12.84M	14.71M	-9K
Change in Inventory	6.09M	-1.7M	3.71M	1.5M	-10.23M	-10.7M	7.77M	0	0	0
Change in Payables	-357K	1.32M	-1.6M	172K	278K	109K	201K	-461K	1.43M	-814K
Cash from Investing+	2.79M	-17.86M	-970K	40.09M	-249.54M	-4.57M	-29.3M	-6.81M	-36.76M	5.02M
Capital Expenditures	-3.93M	-4.14M	-7.86M	-5.05M	-11.89M	-8.9M	-10.74M	-5.66M	-5.5M	-3.4M
CapEx % of Revenue	0.01%	0.01%	0.02%	0.01%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	347K	-48K	343K	1K	29K	4.33M	56K	201K	13K	5.94M
Cash from Financing+	-29.71M	2.51M	-37.62M	-13.95M	129.44M	-23.69M	-49.14M	-38.87M	-18.3M	-16.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-12.18M	-12.99M	-13.63M	-14.5M	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	51K	550K	-2.53M	-2.53M	413K	-6.02M	-3.87M	-3.11M	783K	-179K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	28.54M	37.72M	29.63M	33.37M	36.52M	38.85M	96.32M	33.76M	16.18M	-7.26M
FCF Margin %	0.09%	0.12%	0.09%	0.09%	0.08%	0.09%	0.19%	0.06%	0.03%	-0.02%
FCF Growth %	0.05%	0.32%	-0.21%	0.13%	0.09%	0.06%	1.48%	-0.65%	-0.52%	-1.45%
FCF per Share	1.57	2.06	1.62	1.82	1.97	2.05	4.98	1.76	0.84	-0.38
FCF Conversion (FCF/Net Income)	2.71x	2.37x	2.48x	2.50x	-5.06x	4.78x	4.31x	1.81x	7.11x	0.67x
Interest Paid	0	0	0	0	7M	4.37M	3.28M	2.02M	2.6M	2.56M
Taxes Paid	6.42M	8.51M	10.43M	4.17M	4.43M	3.19M	9.81M	8.9M	10.64M	9.28M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.92%	12.73%	10.4%	10.51%	-6.18%	5.81%	12.75%	10.25%	1.32%	-2.45%
Return on Invested Capital (ROIC)	17.02%	31.39%	30.73%	46.27%	-0.52%	4.14%	11%	10.79%	2.17%	0.22%
Gross Margin	59.75%	60.69%	59.47%	59.03%	57.39%	59.71%	59.17%	58.39%	57.47%	97.77%
Net Margin	3.82%	5.41%	4.48%	4.3%	-2.07%	2.23%	5.03%	4.05%	0.63%	-1.33%
Debt / Equity	-	-	-	-	1.33x	1.02x	0.75x	0.52x	0.36x	0.32x
Interest Coverage	-	-	-	-	-0.13x	3.03x	9.15x	13.27x	2.21x	0.25x
FCF Conversion	2.71x	2.37x	2.48x	2.50x	-5.06x	4.78x	4.31x	1.81x	7.11x	0.67x
Revenue Growth	0.53%	3.94%	3.55%	5.89%	29.12%	-2.75%	10.1%	8.79%	-10.6%	-10.05%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Research Revenue	-	-	-	-	-	-	-	-	334.4M	316.74M
Research Revenue Growth	-	-	-	-	-	-	-	-	-	-5.28%
Professional Services	-	-	-	-	-	-	-	-	-	12.71M
Professional Services Growth	-	-	-	-	-	-	-	-	-	-
Software	-	-	-	-	-	-	-	-	-	1.29M
Software Growth	-	-	-	-	-	-	-	-	-	-
Research Services	-	-	-	-	-	294.49M	325.34M	354.45M	-	-
Research Services Growth	-	-	-	-	-	-	10.48%	8.95%	-	-
Research	43M	45.6M	45.05M	-	214.75M	-	-	-	-	-
Research Growth	-	6.06%	-1.20%	-	-	-	-	-	-	-
Product	-	235.59M	238.36M	-	167.22M	-	-	-	-	-
Product Growth	-	-	1.17%	-	-	-	-	-	-	-
Sirius Decisions	-	-	-	-	79.73M	-	-	-	-	-
Sirius Decisions Growth	-	-	-	-	-	-	-	-	-	-
Project Consulting	42.95M	44.9M	54.26M	55.47M	-	-	-	-	-	-
Project Consulting Growth	-	4.55%	20.84%	2.22%	-	-	-	-	-	-
Research Organization	-	-	-	10.03M	-	-	-	-	-	-
Research Organization Growth	-	-	-	-	-	-	-	-	-	-
Products	227.78M	-	-	-	-	-	-	-	-	-
Products Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	252.22M	260.08M	274.15M	362.87M	356.29M	381.66M	426.04M	373.48M	334.1M
UNITED STATES Growth	-	-	3.11%	5.41%	32.36%	-1.81%	7.12%	11.63%	-12.34%	-10.55%
Europe Excluding United Kingdom	24.61M	27.06M	28.52M	29.74M	32.59M	34.9M	41.26M	36.66M	37.91M	37.7M
Europe Excluding United Kingdom Growth	-	9.97%	5.41%	4.26%	9.56%	7.10%	18.25%	-11.15%	3.40%	-0.56%
Asia Pacific	-	-	-	17.84M	22.84M	22.97M	26.77M	26.55M	23.6M	20.78M
Asia Pacific Growth	-	-	-	-	28.05%	0.56%	16.54%	-0.82%	-11.09%	-11.97%
CANADA	-	13.81M	14.52M	15.57M	17.25M	14.01M	17.21M	20.76M	16.42M	12.22M
CANADA Growth	-	-	5.19%	7.20%	10.77%	-18.79%	22.91%	20.60%	-20.92%	-25.55%
Other Country	16.86M	18.2M	20.9M	5M	4.84M	5.08M	5.5M	7.7M	8.05M	8.74M
Other Country Growth	-	7.97%	14.83%	-76.06%	-3.22%	5.02%	8.08%	40.05%	4.64%	8.58%
U S	241.03M	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-
C A	14.42M	-	-	-	-	-	-	-	-	-
C A Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Forrester Research, Inc. (FORR) reported $412.1M in revenue for fiscal year 2024. This represents a 45% increase from $283.6M in 2011.

Forrester Research, Inc. (FORR) saw revenue decline by 10.0% over the past year.

Forrester Research, Inc. (FORR) reported a net loss of $88.7M for fiscal year 2024.

Dividend & Returns

Forrester Research, Inc. (FORR) has a return on equity (ROE) of -2.4%. Negative ROE indicates the company is unprofitable.

Forrester Research, Inc. (FORR) generated $19.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Forrester Research, Inc. (FORR) 10-Year Financial Performance & Capital Metrics

FORR • • Industrial / General

IndustrialsConsulting ServicesManagement & Strategy ConsultingGeneral Management Consultants

Revenue $432M -10.0%
EBITDA $31M -20.4%
Net Income -$6M -288.4%
EPS (Diluted) -0.30 -287.5%
Gross Margin 97.77% +70.1%
EBITDA Margin 7.15% -11.5%
Operating Margin 0.17% -87.8%
Net Margin -1.33% -309.5%
ROE -2.45% -285.3%
ROIC 0.22% -89.8%
Debt/Equity 0.32 -12.5%
Interest Coverage 0.25 -88.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.7x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.0%
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.32%

5Y-1.3%

3Y-4.36%

TTM-9.11%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-6261.46%

EPS CAGR

10Y-

5Y-

3Y-

TTM-6308.21%

ROCE

10Y Avg9.2%

5Y Avg5.25%

3Y Avg3.84%

Latest0.24%

Peer Comparison

General Management Consultants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ICFIICF International, Inc.	1.79B	96.92	16.65	2.88%	5.13%	9.65%	8.4%	0.61
RGPResources Connection, Inc.	156.12M	4.66	-0.80	-12.87%	-35.25%	-91.33%	10.37%	0.12
FORRForrester Research, Inc.	158.29M	8.33	-27.77	-10.05%	-21.53%	-55.61%		0.32

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	313.73M	326.1M	337.67M	357.57M	461.7M	448.98M	494.31M	537.79M	480.78M	432.47M
Revenue Growth %	0.01%	0.04%	0.04%	0.06%	0.29%	-0.03%	0.1%	0.09%	-0.11%	-0.1%
Cost of Goods Sold+	126.26M	128.18M	136.87M	146.5M	196.73M	180.9M	201.81M	223.77M	204.48M	9.65M
COGS % of Revenue	0.4%	0.39%	0.41%	0.41%	0.43%	0.4%	0.41%	0.42%	0.43%	0.02%
Gross Profit+	187.47M	197.92M	200.8M	211.07M	264.97M	268.08M	292.5M	314.01M	276.3M	422.82M
Gross Margin %	0.6%	0.61%	0.59%	0.59%	0.57%	0.6%	0.59%	0.58%	0.57%	0.98%
Gross Profit Growth %	0.01%	0.06%	0.01%	0.05%	0.26%	0.01%	0.09%	0.07%	-0.12%	0.53%
Operating Expenses+	164.21M	166.12M	173.25M	184.86M	266.05M	251.91M	253.86M	281.36M	269.53M	422.08M
OpEx % of Revenue	0.52%	0.51%	0.51%	0.52%	0.58%	0.56%	0.51%	0.52%	0.56%	0.98%
Selling, General & Admin	155.12M	157.48M	165.82M	175.74M	225.91M	216.57M	229M	249.59M	235.85M	218.44M
SG&A % of Revenue	0.49%	0.48%	0.49%	0.49%	0.49%	0.48%	0.46%	0.46%	0.49%	0.51%
Research & Development	200K	0	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	-	-	-	-	-	-	-	-	-
Other Operating Expenses	511K	740K	301K	674K	40.14M	35.34M	24.85M	31.77M	33.68M	203.64M
Operating Income+	18.83M	30.77M	27.55M	22.43M	-1.07M	16.18M	38.64M	32.65M	6.77M	740K
Operating Margin %	0.06%	0.09%	0.08%	0.06%	-0%	0.04%	0.08%	0.06%	0.01%	0%
Operating Income Growth %	0.03%	0.63%	-0.1%	-0.19%	-1.05%	16.05%	1.39%	-0.15%	-0.79%	-0.89%
EBITDA+	27.91M	39.42M	34.98M	31.54M	42.71M	59.13M	74.58M	69.59M	38.83M	30.92M
EBITDA Margin %	0.09%	0.12%	0.1%	0.09%	0.09%	0.13%	0.15%	0.13%	0.08%	0.07%
EBITDA Growth %	-0.06%	0.41%	-0.11%	-0.1%	0.35%	0.38%	0.26%	-0.07%	-0.44%	-0.2%
D&A (Non-Cash Add-back)	9.08M	8.64M	7.43M	9.12M	43.78M	42.96M	35.93M	36.94M	32.07M	30.18M
EBIT	19.32M	31.8M	27.55M	23.52M	-1.54M	18.27M	37.41M	33.19M	9.35M	5.65M
Net Interest Income+	0	0	0	0	-8.05M	-5.34M	-4.22M	-2.46M	-3.06M	-3.01M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	8.05M	5.34M	4.22M	2.46M	3.06M	3.01M
Other Income/Expense	493K	-65K	-178K	1.1M	-8.52M	-3.24M	-5.45M	-1.93M	-481K	1.9M
Pretax Income+	19.32M	30.71M	27.37M	23.52M	-9.6M	12.93M	33.19M	30.72M	6.29M	2.64M
Pretax Margin %	0.06%	0.09%	0.08%	0.07%	-0.02%	0.03%	0.07%	0.06%	0.01%	0.01%
Income Tax+	7.32M	13.06M	12.23M	8.14M	-29K	2.94M	8.35M	8.92M	3.23M	8.38M
Effective Tax Rate %	0.62%	0.57%	0.55%	0.65%	1%	0.77%	0.75%	0.71%	0.49%	-2.18%
Net Income+	12M	17.65M	15.14M	15.38M	-9.57M	9.99M	24.84M	21.81M	3.05M	-5.75M
Net Margin %	0.04%	0.05%	0.04%	0.04%	-0.02%	0.02%	0.05%	0.04%	0.01%	-0.01%
Net Income Growth %	0.1%	0.47%	-0.14%	0.02%	-1.62%	2.04%	1.49%	-0.12%	-0.86%	-2.88%
Net Income (Continuing)	12M	17.65M	15.14M	15.38M	-9.57M	9.99M	24.84M	21.81M	3.05M	-5.75M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.66	0.97	0.83	0.84	-0.52	0.53	1.28	1.14	0.16	-0.30
EPS Growth %	0.16%	0.47%	-0.14%	0.01%	-1.62%	2.02%	1.42%	-0.11%	-0.86%	-2.88%
EPS (Basic)	0.67	0.98	0.84	0.85	-0.52	0.53	1.30	1.15	0.16	-0.30
Diluted Shares Outstanding	18.14M	18.27M	18.24M	18.38M	18.49M	18.93M	19.36M	19.17M	19.26M	19.09M
Basic Shares Outstanding	17.93M	17.98M	17.92M	18.09M	18.49M	18.83M	19.11M	18.97M	19.18M	19.09M
Dividend Payout Ratio	1.02%	0.74%	0.9%	0.94%	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	197.73M	223.44M	236.82M	236.09M	192.04M	217.16M	269.49M	235.29M	216M	201.36M
Cash & Short-Term Investments	101.11M	138.1M	134.12M	140.3M	67.9M	90.26M	134.28M	123.32M	124.49M	104.67M
Cash Only	53.33M	76.96M	79.79M	140.3M	67.9M	90.26M	115.77M	123.32M	72.91M	56.09M
Short-Term Investments	47.77M	61.15M	54.33M	0	0	0	18.51M	0	51.58M	48.58M
Accounts Receivable	67.36M	58.81M	70.02M	67.32M	84.61M	84.69M	86.97M	73.34M	59M	55.49M
Days Sales Outstanding	78.36	65.83	75.69	68.72	66.89	68.85	64.21	49.78	44.79	46.83
Inventory	13.53M	12.05M	13.73M	15.68M	20.33M	23.62M	29.63M	0	0	0
Days Inventory Outstanding	39.11	34.32	36.62	39.06	37.71	47.66	53.59	-	-	-
Other Current Assets	13.53M	12.05M	13.73M	15.68M	1.25M	0	0	24.56M	23.21M	41.2M
Total Non-Current Assets+	121.26M	112.35M	108.38M	117.43M	447.12M	427.06M	410.64M	373.15M	348.17M	302.5M
Property, Plant & Equipment	27.57M	23.89M	25.25M	22M	99.04M	96.33M	93.25M	73.18M	59.12M	38.75M
Fixed Asset Turnover	11.38x	13.65x	13.37x	16.25x	4.66x	4.66x	5.30x	7.35x	8.13x	11.16x
Goodwill	74.07M	73.19M	76.17M	85.17M	243.9M	247.21M	244.99M	242.15M	244.26M	227.96M
Intangible Assets	2.33M	1.46M	732K	4.95M	97.36M	78M	62.73M	49.5M	37.64M	27.48M
Long-Term Investments	3.6M	2.8M	1.9M	2.5M	2.54M	600K	2.86M	2.92M	1.2M	2.1M
Other Non-Current Assets	590K	1.2M	831K	5.31M	3.29M	3.32M	5.3M	4.59M	5.96M	6.22M
Total Assets+	318.99M	335.79M	345.2M	353.52M	639.16M	644.22M	680.13M	608.44M	564.17M	503.86M
Asset Turnover	0.98x	0.97x	0.98x	1.01x	0.72x	0.70x	0.73x	0.88x	0.85x	0.86x
Asset Growth %	-0.04%	0.05%	0.03%	0.02%	0.81%	0.01%	0.06%	-0.11%	-0.07%	-0.11%
Total Current Liabilities+	182.45M	177.47M	195.05M	189.99M	268.93M	269.75M	312.34M	269.39M	240.08M	203.97M
Accounts Payable	525K	1.81M	217K	588K	505K	657K	840K	361K	1.8M	965K
Days Payables Outstanding	1.52	5.14	0.58	1.47	0.94	1.33	1.52	0.59	3.21	36.51
Short-Term Debt	0	0	0	0	9.38M	12.5M	12.99M	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	8.79M	8.02M	10.91M	15.61M	16.99M	12.75M	5.11M	17.97M	19.2M	11.82M
Current Ratio	1.08x	1.26x	1.21x	1.24x	0.71x	0.81x	0.86x	0.87x	0.90x	0.99x
Quick Ratio	1.01x	1.19x	1.14x	1.16x	0.64x	0.72x	0.77x	0.87x	0.90x	0.99x
Cash Conversion Cycle	115.96	95.01	111.73	106.31	103.66	115.19	116.29	-	-	-
Total Non-Current Liabilities+	9.24M	8.28M	8.96M	11.94M	212.14M	188.71M	163.89M	117.39M	83.83M	70.35M
Long-Term Debt	0	0	0	0	121.17M	95.3M	75M	50M	35M	35M
Capital Lease Obligations	0	0	0	0	67.06M	70.32M	65.04M	50.75M	37.67M	24.81M
Deferred Tax Liabilities	204K	100K	500K	969K	22.88M	21.53M	21.35M	14.13M	8.68M	8.71M
Other Non-Current Liabilities	9.03M	8.28M	8.96M	10.97M	1.02M	1.56M	2.5M	2.51M	2.48M	1.84M
Total Liabilities	191.69M	185.75M	204.01M	201.92M	481.07M	458.45M	476.22M	386.78M	323.91M	274.32M
Total Debt+	0	0	0	0	209.81M	190.09M	153.03M	114.38M	86.85M	72.57M
Net Debt	-53.33M	-76.96M	-79.79M	-140.3M	141.91M	99.84M	18.75M	-8.93M	13.95M	16.48M
Debt / Equity	-	-	-	-	1.33x	1.02x	0.75x	0.52x	0.36x	0.32x
Debt / EBITDA	-	-	-	-	4.91x	3.21x	2.05x	1.64x	2.24x	2.35x
Net Debt / EBITDA	-1.91x	-1.95x	-2.28x	-4.45x	3.32x	1.69x	0.25x	-0.13x	0.36x	0.53x
Interest Coverage	-	-	-	-	-0.13x	3.03x	9.15x	13.27x	2.21x	0.25x
Total Equity+	127.3M	150.04M	141.19M	151.6M	158.09M	185.77M	203.91M	221.66M	240.26M	229.54M
Equity Growth %	-0.1%	0.18%	-0.06%	0.07%	0.04%	0.18%	0.1%	0.09%	0.08%	-0.04%
Book Value per Share	7.02	8.21	7.74	8.25	8.55	9.81	10.53	11.56	12.48	12.02
Total Shareholders' Equity	127.3M	150.04M	141.19M	151.6M	158.09M	185.77M	203.91M	221.66M	240.26M	229.54M
Common Stock	211K	217K	224K	230K	233K	236K	241K	244K	247K	251K
Retained Earnings	117.14M	121.8M	123.01M	127.72M	118.15M	127.98M	152.82M	174.63M	177.68M	171.93M
Treasury Stock	-120.19M	-121.98M	-161.94M	-171.89M	-171.89M	-171.89M	-191.96M	-207.07M	-211.15M	-227.12M
Accumulated OCI	-4.83M	-7.57M	-2.01M	-5.15M	-4.86M	-690K	-3.19M	-7.92M	-4.57M	-7.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	32.47M	41.86M	37.49M	38.42M	48.41M	47.75M	107.07M	39.42M	21.67M	-3.86M
Operating CF Margin %	0.1%	0.13%	0.11%	0.11%	0.1%	0.11%	0.22%	0.07%	0.05%	-0.01%
Operating CF Growth %	0.13%	0.29%	-0.1%	0.02%	0.26%	-0.01%	1.24%	-0.63%	-0.45%	-1.18%
Net Income	12M	17.65M	15.14M	15.38M	-9.57M	9.99M	24.84M	21.81M	3.05M	-5.75M
Depreciation & Amortization	9.24M	8.64M	7.43M	9.12M	43.78M	42.96M	35.93M	36.94M	32.07M	30.18M
Stock-Based Compensation	8.35M	7.98M	8.49M	8.3M	11.68M	10.88M	10.07M	14.54M	15.49M	14.34M
Deferred Taxes	-985K	2.6M	6.42M	2.93M	-3.96M	-1.68M	-275K	-6.65M	-5.46M	-58K
Other Non-Cash Items	749K	1.07M	1.32M	110K	1.86M	189K	2.42M	1.67M	918K	2.92M
Working Capital Changes	3.12M	3.92M	-1.31M	2.58M	4.61M	-14.58M	34.07M	-28.88M	-24.39M	-45.5M
Change in Receivables	-718K	7.96M	-10.33M	2.59M	3.7M	234K	-3.9M	12.84M	14.71M	-9K
Change in Inventory	6.09M	-1.7M	3.71M	1.5M	-10.23M	-10.7M	7.77M	0	0	0
Change in Payables	-357K	1.32M	-1.6M	172K	278K	109K	201K	-461K	1.43M	-814K
Cash from Investing+	2.79M	-17.86M	-970K	40.09M	-249.54M	-4.57M	-29.3M	-6.81M	-36.76M	5.02M
Capital Expenditures	-3.93M	-4.14M	-7.86M	-5.05M	-11.89M	-8.9M	-10.74M	-5.66M	-5.5M	-3.4M
CapEx % of Revenue	0.01%	0.01%	0.02%	0.01%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	347K	-48K	343K	1K	29K	4.33M	56K	201K	13K	5.94M
Cash from Financing+	-29.71M	2.51M	-37.62M	-13.95M	129.44M	-23.69M	-49.14M	-38.87M	-18.3M	-16.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-12.18M	-12.99M	-13.63M	-14.5M	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	51K	550K	-2.53M	-2.53M	413K	-6.02M	-3.87M	-3.11M	783K	-179K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	28.54M	37.72M	29.63M	33.37M	36.52M	38.85M	96.32M	33.76M	16.18M	-7.26M
FCF Margin %	0.09%	0.12%	0.09%	0.09%	0.08%	0.09%	0.19%	0.06%	0.03%	-0.02%
FCF Growth %	0.05%	0.32%	-0.21%	0.13%	0.09%	0.06%	1.48%	-0.65%	-0.52%	-1.45%
FCF per Share	1.57	2.06	1.62	1.82	1.97	2.05	4.98	1.76	0.84	-0.38
FCF Conversion (FCF/Net Income)	2.71x	2.37x	2.48x	2.50x	-5.06x	4.78x	4.31x	1.81x	7.11x	0.67x
Interest Paid	0	0	0	0	7M	4.37M	3.28M	2.02M	2.6M	2.56M
Taxes Paid	6.42M	8.51M	10.43M	4.17M	4.43M	3.19M	9.81M	8.9M	10.64M	9.28M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.92%	12.73%	10.4%	10.51%	-6.18%	5.81%	12.75%	10.25%	1.32%	-2.45%
Return on Invested Capital (ROIC)	17.02%	31.39%	30.73%	46.27%	-0.52%	4.14%	11%	10.79%	2.17%	0.22%
Gross Margin	59.75%	60.69%	59.47%	59.03%	57.39%	59.71%	59.17%	58.39%	57.47%	97.77%
Net Margin	3.82%	5.41%	4.48%	4.3%	-2.07%	2.23%	5.03%	4.05%	0.63%	-1.33%
Debt / Equity	-	-	-	-	1.33x	1.02x	0.75x	0.52x	0.36x	0.32x
Interest Coverage	-	-	-	-	-0.13x	3.03x	9.15x	13.27x	2.21x	0.25x
FCF Conversion	2.71x	2.37x	2.48x	2.50x	-5.06x	4.78x	4.31x	1.81x	7.11x	0.67x
Revenue Growth	0.53%	3.94%	3.55%	5.89%	29.12%	-2.75%	10.1%	8.79%	-10.6%	-10.05%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Research Revenue	-	-	-	-	-	-	-	-	334.4M	316.74M
Research Revenue Growth	-	-	-	-	-	-	-	-	-	-5.28%
Professional Services	-	-	-	-	-	-	-	-	-	12.71M
Professional Services Growth	-	-	-	-	-	-	-	-	-	-
Software	-	-	-	-	-	-	-	-	-	1.29M
Software Growth	-	-	-	-	-	-	-	-	-	-
Research Services	-	-	-	-	-	294.49M	325.34M	354.45M	-	-
Research Services Growth	-	-	-	-	-	-	10.48%	8.95%	-	-
Research	43M	45.6M	45.05M	-	214.75M	-	-	-	-	-
Research Growth	-	6.06%	-1.20%	-	-	-	-	-	-	-
Product	-	235.59M	238.36M	-	167.22M	-	-	-	-	-
Product Growth	-	-	1.17%	-	-	-	-	-	-	-
Sirius Decisions	-	-	-	-	79.73M	-	-	-	-	-
Sirius Decisions Growth	-	-	-	-	-	-	-	-	-	-
Project Consulting	42.95M	44.9M	54.26M	55.47M	-	-	-	-	-	-
Project Consulting Growth	-	4.55%	20.84%	2.22%	-	-	-	-	-	-
Research Organization	-	-	-	10.03M	-	-	-	-	-	-
Research Organization Growth	-	-	-	-	-	-	-	-	-	-
Products	227.78M	-	-	-	-	-	-	-	-	-
Products Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	252.22M	260.08M	274.15M	362.87M	356.29M	381.66M	426.04M	373.48M	334.1M
UNITED STATES Growth	-	-	3.11%	5.41%	32.36%	-1.81%	7.12%	11.63%	-12.34%	-10.55%
Europe Excluding United Kingdom	24.61M	27.06M	28.52M	29.74M	32.59M	34.9M	41.26M	36.66M	37.91M	37.7M
Europe Excluding United Kingdom Growth	-	9.97%	5.41%	4.26%	9.56%	7.10%	18.25%	-11.15%	3.40%	-0.56%
Asia Pacific	-	-	-	17.84M	22.84M	22.97M	26.77M	26.55M	23.6M	20.78M
Asia Pacific Growth	-	-	-	-	28.05%	0.56%	16.54%	-0.82%	-11.09%	-11.97%
CANADA	-	13.81M	14.52M	15.57M	17.25M	14.01M	17.21M	20.76M	16.42M	12.22M
CANADA Growth	-	-	5.19%	7.20%	10.77%	-18.79%	22.91%	20.60%	-20.92%	-25.55%
Other Country	16.86M	18.2M	20.9M	5M	4.84M	5.08M	5.5M	7.7M	8.05M	8.74M
Other Country Growth	-	7.97%	14.83%	-76.06%	-3.22%	5.02%	8.08%	40.05%	4.64%	8.58%
U S	241.03M	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-
C A	14.42M	-	-	-	-	-	-	-	-	-
C A Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Forrester Research, Inc. (FORR) reported $412.1M in revenue for fiscal year 2024. This represents a 45% increase from $283.6M in 2011.

Forrester Research, Inc. (FORR) saw revenue decline by 10.0% over the past year.

Forrester Research, Inc. (FORR) reported a net loss of $88.7M for fiscal year 2024.

Dividend & Returns

Forrester Research, Inc. (FORR) has a return on equity (ROE) of -2.4%. Negative ROE indicates the company is unprofitable.

Forrester Research, Inc. (FORR) generated $19.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.