Latest Ratios: P/E Ratio -1.9x · EV/EBITDA 10.1x · ROE -67.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $229M | $154M | $299M | $516M | $686M | $1.1B | $793M | $771M | $822M | $806M | $785M |
| Enterprise Value | $237M | $163M | $316M | $530M | $677M | $1.2B | $893M | $913M | $681M | $726M | $708M |
| P/E Ratio → | -1.88 | — | — | 167.56 | 31.37 | 45.88 | 79.06 | — | 53.21 | 53.25 | 44.28 |
| P/S Ratio | 0.58 | 0.39 | 0.69 | 1.07 | 1.27 | 2.30 | 1.77 | 1.67 | 2.30 | 2.39 | 2.41 |
| P/B Ratio | 1.77 | 1.22 | 1.30 | 2.15 | 3.09 | 5.58 | 4.27 | 4.88 | 5.42 | 5.71 | 5.23 |
| P/FCF | 12.64 | 8.53 | — | 31.91 | 20.31 | 11.80 | 20.42 | 21.12 | 24.62 | 27.21 | 20.80 |
| P/OCF | 10.85 | 7.32 | — | 23.82 | 17.39 | 10.62 | 16.61 | 15.93 | 21.38 | 21.50 | 18.75 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.41 | 0.73 | 1.10 | 1.26 | 2.34 | 1.99 | 1.98 | 1.91 | 2.15 | 2.17 |
| EV / EBITDA | 10.14 | 6.97 | 10.21 | 13.66 | 9.72 | 15.50 | 15.10 | 21.38 | 21.60 | 20.77 | 17.95 |
| EV / EBIT | 121.78 | — | 55.89 | 56.74 | 20.39 | 30.89 | 48.88 | — | 28.96 | 26.37 | 22.25 |
| EV / FCF | — | 9.01 | — | 32.78 | 20.04 | 12.00 | 22.99 | 25.00 | 20.42 | 24.51 | 18.76 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.0% | 57.0% | 97.8% | 57.5% | 58.4% | 59.2% | 59.7% | 57.4% | 59.0% | 59.5% | 60.7% |
| Operating Margin | 0.5% | 0.5% | 0.2% | 1.4% | 6.1% | 7.8% | 3.6% | -0.2% | 6.3% | 8.2% | 9.4% |
| Net Profit Margin | -30.1% | -30.1% | -1.3% | 0.6% | 4.1% | 5.0% | 2.2% | -2.1% | 4.3% | 4.5% | 5.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -67.0% | -67.0% | -2.4% | 1.3% | 10.2% | 12.8% | 5.8% | -6.2% | 10.5% | 10.4% | 12.7% |
| ROA | -26.3% | -26.3% | -1.1% | 0.5% | 3.4% | 3.8% | 1.6% | -1.9% | 4.4% | 4.4% | 5.4% |
| ROIC | 0.8% | 0.8% | 0.2% | 2.2% | 10.8% | 11.0% | 4.1% | -0.5% | 46.3% | 30.7% | 31.4% |
| ROCE | 0.8% | 0.8% | 0.2% | 2.0% | 9.2% | 10.4% | 4.3% | -0.4% | 14.3% | 17.9% | 20.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.57 | 0.57 | 0.32 | 0.36 | 0.52 | 0.75 | 1.02 | 1.33 | — | — | — |
| Debt / EBITDA | 3.07 | 3.07 | 2.35 | 2.24 | 1.64 | 2.05 | 3.21 | 4.91 | — | — | — |
| Net Debt / Equity | — | 0.07 | 0.07 | 0.06 | -0.04 | 0.09 | 0.54 | 0.90 | -0.93 | -0.57 | -0.51 |
| Net Debt / EBITDA | 0.37 | 0.37 | 0.53 | 0.36 | -0.13 | 0.25 | 1.69 | 3.32 | -4.45 | -2.28 | -1.95 |
| Debt / FCF | — | 0.47 | — | 0.86 | -0.26 | 0.19 | 2.57 | 3.89 | -4.20 | -2.69 | -2.04 |
| Interest Coverage | -43.56 | -43.56 | 1.88 | 3.05 | 13.48 | 8.86 | 3.42 | -0.19 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 0.99 | 0.90 | 0.87 | 0.86 | 0.81 | 0.71 | 1.24 | 1.21 | 1.26 |
| Quick Ratio | 0.89 | 0.89 | 0.99 | 0.90 | 0.87 | 0.77 | 0.72 | 0.64 | 1.16 | 1.14 | 1.19 |
| Cash Ratio | 0.53 | 0.53 | 0.51 | 0.52 | 0.53 | 0.43 | 0.33 | 0.25 | 0.74 | 0.69 | 0.78 |
| Asset Turnover | — | 0.98 | 0.86 | 0.85 | 0.88 | 0.73 | 0.70 | 0.72 | 1.01 | 0.98 | 0.97 |
| Inventory Turnover | — | — | — | — | — | 6.81 | 7.66 | 9.68 | 9.35 | 9.97 | 10.64 |
| Days Sales Outstanding | — | 46.76 | 46.83 | 44.79 | 49.78 | 64.21 | 68.85 | 66.89 | 68.72 | 75.69 | 65.83 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | 1.8% | 1.7% | 1.7% |
| Payout Ratio | — | — | — | — | — | — | — | — | 94.3% | 90.0% | 73.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 0.6% | 3.2% | 2.2% | 1.3% | — | 1.9% | 1.9% | 2.3% |
| FCF Yield | 7.9% | 11.7% | — | 3.1% | 4.9% | 8.5% | 4.9% | 4.7% | 4.1% | 3.7% | 4.8% |
| Buyback Yield | 1.1% | 1.6% | 5.3% | 0.8% | 2.2% | 1.8% | 0.0% | 0.3% | 1.2% | 5.0% | 0.2% |
| Total Shareholder Yield | 1.1% | 1.6% | 5.3% | 0.8% | 2.2% | 1.8% | 0.0% | 0.3% | 3.0% | 6.6% | 1.9% |
| Shares Outstanding | — | $19M | $19M | $19M | $19M | $19M | $19M | $18M | $18M | $18M | $18M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FORR stock.
Forrester Research, Inc.'s current P/E ratio is -1.9x. The historical average is 55.5x.
Forrester Research, Inc.'s current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.6x.
Forrester Research, Inc.'s return on equity (ROE) is -67.0%. The historical average is 5.6%.
Based on historical data, Forrester Research, Inc. is trading at a P/E of -1.9x. Compare with industry peers and growth rates for a complete picture.
Forrester Research, Inc. has 57.0% gross margin and 0.5% operating margin.
Forrester Research, Inc.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Persistent revenue contraction
Metrics are mathematically derived from official filings.
Discounted Multiples Reflect Structural Uncertainty
Based on reported figures, Forrester's P/S ratio of 0.38 suggests the market is heavily discounting the firm's future growth potential, particularly when compared to the higher valuation premiums commanded by larger, more stable industry peers like Gartner, which currently trades at significantly higher multiples.
The forward P/E of 10.21 implies that investors are pricing in a stagnant or declining earnings trajectory rather than a recovery. This valuation gap warrants investigation into whether the market views the current platform transition as a permanent impairment to the firm's competitive positioning.
Capital Efficiency Decaying Amidst Restructuring
As reported in financial statements, the ROIC has trended into negative territory, reaching -3.7% in 2026Q1, which indicates that the company is currently failing to generate returns on its invested capital that exceed its cost of capital, a stark reversal from previous periods of positive performance.
The erosion of ROIC appears driven by both margin compression and a shrinking asset base, suggesting that the capital deployed into the SiriusDecisions acquisition has not yet yielded the expected synergies. Investors should monitor whether management can stabilize these returns as the platform transition matures.
Working Capital Cycles Signal Friction
According to quarterly data, the DSO has fluctuated between 34 and 49 days, suggesting that the firm's ability to collect on its consulting and research contracts is becoming increasingly inconsistent, which may reflect broader challenges in client satisfaction or internal billing processes during the platform shift.
The lack of a stable cash conversion cycle indicates that the company is struggling to optimize its working capital, potentially placing additional pressure on liquidity. This volatility in collection cycles warrants further investigation into the underlying health of the firm's client relationships.
Liquidity Buffers Narrowing Under Stress
Based on recent filings, the current ratio has declined to 0.92 in 2026Q1, indicating that the firm's ability to cover its short-term obligations is becoming increasingly constrained, leaving little margin for error should the current revenue contraction persist or accelerate in the coming quarters.
The proximity of the current ratio to unity suggests that the company is operating with minimal liquidity headroom, which may limit management's flexibility to invest in growth initiatives. This trend warrants close monitoring as it increases the firm's vulnerability to unexpected operational or market-driven shocks.
Misapplied Reliance on Subscription Metrics
While analysts often focus on the recurring nature of subscription revenue, this metric may obscure the reality of Forrester's current business model, as the reported revenue contraction suggests that the firm's 'recurring' base is not as durable as the subscription label might otherwise imply.
Investors should prioritize 'Contract Value' (CV) over headline GAAP revenue, as the latter is a lagging indicator that fails to capture the immediate impact of churn and down-selling. Relying solely on the subscription model narrative risks ignoring the underlying erosion of the firm's competitive moat.