Cash generation remains highly erratic, highlighted by a 2024Q4 OCF/NI ratio of -4.24, indicating a fundamental disconnect between accounting earnings and actual cash inflows.
Forrester Research, Inc. (FORR) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 37.88M | 21.08M | -3.86M | 21.67M | 39.42M | 107.07M | 47.75M | 48.41M | 38.42M | 37.49M | 41.86M | 32.47M | 28.8M | 30.71M | 53.15M | 55.44M | 38.66M | 43.1M | 43.65M | 37.43M | 45.76M | 23.93M | 18.01M | 4.12M | 5.56M | 28.67M | 69.97M | 31.9M | 12.3M | 11.9M | 11.3M |
| Operating CF Margin % | - | 5.31% | -0.89% | 4.51% | 7.33% | 21.66% | 10.64% | 10.48% | 10.74% | 11.1% | 12.84% | 10.35% | 9.23% | 10.32% | 18.14% | 19.55% | 15.42% | 18.47% | 18.12% | 17.65% | 25.22% | 15.62% | 13% | 3.27% | 5.74% | 18.02% | 44.52% | 36.54% | 19.97% | 29.46% | 45.2% |
| Operating CF Growth % | 768.28% | 646% | -117.81% | -45.03% | -63.18% | 124.21% | -1.35% | 26% | 2.47% | -10.43% | 28.93% | 12.75% | -6.24% | -42.21% | -4.14% | 43.43% | -10.31% | -1.27% | 16.62% | -18.21% | 91.22% | 32.91% | 337.57% | -26% | -80.6% | -59.02% | 119.34% | 159.35% | 3.36% | 5.31% | 145.65% |
| Net Income | -42.57M | -119.36M | -5.75M | 3.05M | 21.81M | 24.84M | 9.99M | -9.57M | 15.38M | 15.14M | 17.65M | 12M | 10.87M | 13.02M | 25.57M | 23.01M | 20.51M | 18.87M | 29.21M | 18.94M | 17.76M | 11.35M | 4.13M | 2.19M | 589K | 18.12M | 21.61M | 11M | 7.5M | 5.6M | 4M |
| Depreciation & Amortization | 20.67M | 14.77M | 30.18M | 32.07M | 36.94M | 35.93M | 42.96M | 43.78M | 9.12M | 7.43M | 8.64M | 9.24M | 11.5M | 11.5M | 11.37M | 7.92M | 7.29M | 7.57M | 6.31M | 5.74M | 6.46M | 7.07M | 11.08M | 15.87M | 8.41M | 11.09M | 7.94M | 4M | 2.8M | 1.2M | 500K |
| Stock-Based Compensation | 11.41M | 12.26M | 14.34M | 15.49M | 14.54M | 10.07M | 10.88M | 11.68M | 8.3M | 8.49M | 7.98M | 8.35M | 7.44M | 6.05M | 5.4M | 3.64M | 4.87M | 6.11M | 8.33M | 7.21M | 7.21M | 1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 11.96M | -3.93M | -58K | -5.46M | -6.65M | -275K | -1.68M | -3.96M | 2.93M | 6.42M | 2.6M | -985K | -7.53M | -4.53M | -10.38M | 15.14M | 2.36M | 1.94M | 1.5M | 6.88M | 9.64M | 5.26M | -158K | -128K | -2.24M | -2.42M | 13.59M | 500K | 300K | -300K | 400K |
| Other Non-Cash Items | 34.1M | 125.67M | 2.92M | 918K | 1.67M | 2.42M | 189K | 1.86M | 110K | 1.32M | 1.07M | 749K | 1.7M | 5.08M | 3.66M | 3.59M | 1.72M | 3.26M | -12.32M | 2.8M | -1.22M | 860K | 925K | 2.37M | -1K | 11.78M | 2.39M | -100K | 100K | -500K | 0 |
| Working Capital Changes | 2.31M | -8.32M | -45.5M | -24.39M | -28.88M | 34.07M | -14.58M | 4.61M | 2.58M | -1.31M | 3.92M | 3.12M | 4.81M | -410K | 17.54M | 2.14M | 1.91M | 5.36M | 10.62M | -4.14M | 5.92M | -2.16M | 2.03M | -16.19M | -12.95M | -9.9M | 24.42M | 16.5M | 1.6M | 5.9M | 6.4M |
| Change in Receivables | 3.74M | 4.85M | -9K | 14.71M | 12.84M | -3.9M | 234K | 3.7M | 2.59M | -10.33M | 7.96M | -718K | 9.14M | -2.93M | 6.96M | -7.59M | -7.47M | -2.09M | -9.97M | -7.76M | -7.76M | -14.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 7.77M | -10.7M | -10.23M | 1.5M | 3.71M | -1.7M | 6.09M | 2.79M | 4.15M | 6.66M | -146.47M | -138.18M | -180.88M | -146.59M | -207.07M | -153.76M | -71.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -478K | -144K | -814K | 1.43M | -461K | 201K | 109K | 278K | 172K | -1.6M | 1.32M | -357K | -82K | 222K | -490K | -1.9M | 1.42M | -2.34M | 1.17M | 1.17M | 1.17M | -2.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -25.2M | -14.07M | 5.02M | -36.76M | -6.81M | -29.3M | -4.57M | -249.54M | 40.09M | -970K | -17.86M | 2.79M | 24.77M | 57.56M | -4.08M | -53.04M | 15.6M | -59.54M | 38.57M | -25.29M | -86.38M | 2.29M | 8.97M | 12.97M | -951K | -43M | -112.21M | -39.1M | -14.8M | -39.7M | -5.5M |
| Capital Expenditures | -19.98M | -2.99M | -3.4M | -5.5M | -5.66M | -10.74M | -8.9M | -11.89M | -5.05M | -7.86M | -4.14M | -3.93M | -1.5M | -3.13M | -5.1M | -39.78M | -13.43M | -4.28M | -3.7M | -5.11M | -3.33M | -3.01M | -3.66M | -1.44M | -1.03M | -10.05M | -18.04M | -8.9M | -6.1M | -3.2M | -2M |
| CapEx % of Revenue | 5.24% | 0.75% | 0.79% | 1.14% | 1.05% | 2.17% | 1.98% | 2.58% | 1.41% | 2.33% | 1.27% | 1.25% | 0.48% | 1.05% | 1.74% | 14.02% | 5.35% | 1.84% | 1.54% | 2.41% | 1.84% | 1.97% | 2.65% | 1.14% | 1.06% | 6.31% | 11.48% | 10.19% | 9.9% | 7.92% | 8% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -237.68M | -9.25M | 0 | 0 | 0 | 0 | 0 | 0 | -7.53M | -1.66M | -5.59M | -22.41M | 250K | 1.64M | 0 | 0 | -59.96M | 0 | 0 | -14.85M | 1.4M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -193K | 1.64M | 5.94M | 13K | 201K | 56K | 4.33M | 29K | 1K | 343K | -48K | 347K | 1.54M | 264K | 1.11M | 15.09M | 1.77M | -16.21M | 444K | 146K | 391K | 295K | 1.08M | -1.31M | 61K | 42K | -45K | -800K | 0 | 0 | 0 |
| Cash from Financing | -3.83M | -2.57M | -16.1M | -18.3M | -38.87M | -49.14M | -23.69M | 129.44M | -13.95M | -37.62M | 2.51M | -29.71M | -75.92M | -113.38M | -31.73M | -6.33M | -61.84M | -16.12M | -3.37M | 1.11M | 30.53M | -14.51M | -12.42M | -6.15M | -10.8M | 16.42M | 44.48M | 10.2M | 5.2M | 1.1M | 27.7M |
| Debt Issued (Net) | -132K | 0 | 0 | -15M | -25M | -34.38M | -23.38M | 129.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -2.36M | -1.27M | -15.92M | -4.08M | -10.76M | -10.9M | 5.71M | 0 | 3.07M | -21.46M | 14.94M | -17.58M | -73.17M | -100.82M | -18.63M | -6.85M | 4.63M | -16.12M | -11.85M | 302K | 30.22M | -14.51M | -12.48M | 3.77M | -10.8M | 16.42M | 44.48M | 10.2M | 3.2M | 700K | 33.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14.5M | -13.63M | -12.99M | -12.18M | -11.96M | -12.39M | -12.59M | 0 | -68.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.6M |
| Share Repurchases | -3.45M | -2.54M | -15.92M | -4.08M | -15.11M | -20.07M | 0 | -2.26M | -9.95M | -39.97M | -1.79M | -20.93M | -73.17M | -118.21M | -29.84M | -18.41M | -21.34M | -20.4M | -30.42M | -4.59M | -12.3M | -23.47M | -17.76M | 0 | -22.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.34M | -1.29M | -179K | 783K | -3.11M | -3.87M | -6.02M | 413K | -2.53M | -2.53M | 550K | 51K | 9.21M | -163K | -519K | 525K | 1.95M | 0 | 8.48M | 807K | 308K | 0 | 54K | 0 | 0 | 0 | 0 | 0 | 2M | 400K | 100K |
| Net Change in Cash | 6.54M | 7.4M | -16.86M | -30.61M | -12.38M | 27.38M | 21.46M | -71.1M | 60.51M | 2.83M | 23.63M | 3.68M | -24.48M | -24.68M | 17.76M | -5.88M | -10.88M | -31.67M | 76.31M | 14.01M | -9.38M | 11.21M | 14.94M | 10.91M | -6.27M | 1.9M | 2.4M | 3M | 5.2M | 1.1M | 27.7M |
| Free Cash Flow | 17.9M | 18.09M | -7.26M | 16.18M | 33.76M | 96.32M | 38.85M | 36.52M | 33.37M | 29.63M | 37.72M | 28.54M | 27.29M | 27.59M | 48.04M | 15.67M | 25.23M | 38.81M | 39.95M | 32.32M | 42.43M | 20.92M | 14.34M | 2.67M | 4.53M | 18.63M | 51.92M | 23M | 6.2M | 8.7M | 9.3M |
| FCF Margin % | 4.7% | 4.56% | -1.68% | 3.36% | 6.28% | 19.49% | 8.65% | 7.91% | 9.33% | 8.78% | 11.57% | 9.1% | 8.75% | 9.27% | 16.4% | 5.52% | 10.06% | 16.63% | 16.59% | 15.24% | 23.38% | 13.65% | 10.36% | 2.12% | 4.67% | 11.71% | 33.04% | 26.35% | 10.06% | 21.53% | 37.2% |
| FCF Growth % | -6.44% | 349.19% | -144.88% | -52.08% | -64.95% | 147.94% | 6.39% | 9.43% | 12.61% | -21.44% | 32.18% | 4.55% | -1.07% | -42.58% | 206.64% | -37.9% | -35% | -2.85% | 23.6% | -23.81% | 102.81% | 45.87% | 436.35% | -40.97% | -75.68% | -64.13% | 125.76% | 270.97% | -28.74% | -6.45% | 275.47% |
| FCF per Share | 0.92 | 0.95 | -0.38 | 0.84 | 1.76 | 4.98 | 2.05 | 1.97 | 1.82 | 1.62 | 2.06 | 1.57 | 1.44 | 1.29 | 2.10 | 0.68 | 1.09 | 1.70 | 1.69 | 1.36 | 1.85 | 0.96 | 0.64 | 0.12 | 0.19 | 0.78 | 2.12 | 1.15 | 0.33 | 0.50 | 0.71 |
| FCF Conversion (FCF/Net Income) | -0.42x | -0.18x | 0.67x | 7.11x | 1.81x | 4.31x | 4.78x | -5.06x | 2.50x | 2.48x | 2.37x | 2.71x | 2.65x | 2.40x | 2.04x | 2.41x | 1.89x | 2.18x | 1.49x | 1.98x | 2.58x | 2.11x | 4.36x | 1.88x | 9.44x | 1.58x | 3.24x | 2.90x | 1.64x | 2.13x | 2.83x |
| Interest Paid | 1.52M | 2.23M | 2.56M | 2.6M | 2.02M | 3.28M | 4.37M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 3.82M | 7.23M | 9.28M | 10.64M | 8.9M | 9.81M | 3.19M | 4.43M | 4.17M | 10.43M | 8.51M | 6.42M | 14.18M | 9.36M | 7.1M | 5.93M | 16.58M | 10.95M | 7.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying FORR stock.
Forrester Research, Inc. (FORR) generated $21.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Forrester Research, Inc. (FORR) generated $18.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Forrester Research, Inc. (FORR) spent $3.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Forrester Research, Inc. (FORR) spent $2.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent cash flow volatility
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
Based on reported financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently swinging into negative territory, as seen in the 2024Q4 figure of -4.24, which suggests that accounting earnings are failing to translate into actual cash generation.
The persistent divergence between net income and operating cash flow indicates that the company's reported losses are being exacerbated by non-cash charges or significant working capital outflows. Investors should monitor whether this disconnect is a temporary byproduct of the Forrester Decisions platform transition or a structural inability to convert service-based revenue into liquid assets.
Free Cash Flow Margin Instability
As reported in recent filings, Forrester's free cash flow trajectory remains inconsistent, with margins oscillating between a high of 29.0% in 2025Q1 and deep negative territory in multiple quarters, reflecting a business model that struggles to maintain a predictable cash-generative baseline for its shareholders.
The inability to sustain positive free cash flow suggests that the firm's core operations are not currently self-funding. This volatility may indicate that the company is forced to rely on external liquidity or balance sheet reserves to cover operational gaps, which warrants further investigation into the sustainability of its current cost structure.
Working Capital Drag on Liquidity
According to quarterly data, working capital changes have frequently acted as a significant drain on cash, including a notable $15.1 million outflow in 2025Q2, which suggests that the firm is facing challenges in managing its collection cycles or optimizing its payables relative to its service delivery.
The recurring negative impact of working capital changes implies that the company may be experiencing delays in client payments or is carrying inefficient inventory levels of service-related assets. This trend appears to be a primary driver of the firm's cash flow instability, potentially signaling a weakening bargaining position with its client base.
Capital Allocation Amidst Cash Scarcity
Based on the provided cash flow data, Forrester has continued to allocate capital toward share repurchases, such as the $5.0 million spent in 2024Q3, even while operating cash flow remained near zero, which may indicate a disconnect between management's capital return strategy and the firm's underlying cash reality.
Prioritizing share buybacks during periods of negative or stagnant cash flow may suggest that management is attempting to signal confidence to the market at the expense of internal liquidity. Investors should consider whether these funds would be better utilized to strengthen the balance sheet or support the ongoing transition to the Forrester Decisions platform.