FORRESTER RESEARCH, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FORRESTER RESEARCH, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	326	338	358	462	449	494	538	481	432	397
Cost of revenue	112	119	129	178	162	183	212	198	183	171
Gross profit	214	219	229	279	287	312	326	283	250	226
Selling, general and administrative	181	191	201	253	245	258	279	254	233	218
Selling and marketing	117	124	132	173	166	171	182	167	160	149
General and administrative	40.6	41.9	43.9	53	50.4	58.1	67.7	68.5	58.8	52.7
Operating income	30.8	27.5	22.4	1.08	-16.2	38.6	32.7	6.77	0.74	-113
Interest expense				8.05	5.34	4.22	2.46
Other non-operating income	0.74	0.3	0.67	-0.52	-0.37	-1.23	0.22	2.37	4.09	3.75
Pre-tax income	30.7	27.4	23.5	-9.6	12.9	33.2	30.7	6.29	2.64	-119
Income tax	13.1	12.2	8.15	-0.03	2.94	8.35	8.92	3.24	8.38	-0.05
Net income	17.7	15.1	15.4	-9.57	9.99	24.8	21.8	3.05	-5.75	-119
EBITDA	38.6	34.2	30.4	9.65	-6.3	48	41.9	15.2	8.3	-107
EPS, basic	0.98	0.84	0.85	0.52	-0.53	1.30	1.15	0.16	-0.30	-6.28
EPS, diluted	0.97	0.83	0.84	0.52	0.53	1.28	1.14	0.16	-0.30	-6.28
Shares, basic (weighted)	18	17.9	18.1	18.5	18.8	19.1	19	19.2	19.1	19
Shares, diluted (weighted)	18.3	18.2	18.4	18.5	18.9	19.4	19.2	19.3	19.1	19
Dividend per share	0.72	0.76	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	77	79.8	140	67.9	90.3	116	104	72.9	56.1	63.3
Short-term investments	61.1	54.3
Receivables	58.8	70	67.3	84.6	84.7	87	73.3	59	55.5	50.9
Other current assets	14.5	18.9	12.8	19.2	18.6	18.6	14.1	9.31	18.3	12.1
Total current assets	223	237	236	192	217	269	235	216	201	213
Property, plant and equipment	23.9	25.2	22	29.9	27	28.2	23.2	19.4	11.7	11.2
Lease right-of-use assets				69.1	69.3	65	50	39.7	27	30.7
Goodwill	73.2	76.2	85.2	244	247	245	242	244	228	120
Intangible assets	1.46	0.73	4.95	97.4	78	62.7	49.5	37.6	27.5	18.7
Other non-current assets	13.8	6.23	5.31	6.83	5.52	9.66	8.32	7.16	8.32	10.4
Total assets	336	345	354	639	644	680	608	564	504	404
Accounts payable	1.81	0.22	0.59	0.51	0.66	0.84	0.36	1.8	0.97	0.83
Accrued liabilities	41.4	49.6	54.1	79.9	76.6	97.8	91	81.5	57.6	62.4
Deferred revenue	134	145
Short-term debt				9.38	12.5	0			0	35
Total current liabilities	177	195	190	269	270	312	269	240	204	240
Long-term debt				121	95.3	75	50	35	35	0
Lease liabilities				67.1	70.3	65	50.8	37.7	24.8	29.5
Other non-current liabilities			11.9	23.9	23.1	23.8	16.6	11.2	10.5	2.05
Total liabilities	186	204	202	481	458	476	387	324	274	278
Total debt				131	108	75	50	35	35	35
Paid-in capital	158	182	201	216	230	246	262	278	292	304
Retained earnings	122	123	128	118	128	153	175	178	172	52.6
Treasury stock	-122	-162	-172	-172	-172	-192	-207	-211	-227	-230
Other comprehensive income	-7.57	-2.01	-5.15	-4.86	-0.69	-3.19	-7.92	-4.57	-7.75	-1.09
Shareholders' equity	150	141	152	158	186	204	222	240	230	127
Total equity	150	141	152	158	186	204	222	240	230	127
Total liabilities and equity	336	345	354	639	644	680	608	564	504	404
Shares outstanding	18.4	18	18.3	18.6	19	19.1	19.1	19.2	18.8	19

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	17.7	15.1	15.4	9.57	9.99	24.8	21.8	3.05	-5.75	-119
Depreciation and amortization	7.81	6.65	7.96	8.57	9.88	9.39	9.27	8.45	7.56	6.03
Stock-based compensation	7.98	8.49	8.3	11.7	10.9	10.1	14.5	15.5	14.3	12.3
Deferred income tax	2.6	6.43	2.93	-3.96	-1.68	-0.28	-6.65	-5.46	-0.06	-3.93
Change in receivables	7.96	-10.3	2.59	3.7	0.23	-3.9	12.8	14.7	-0.01	4.85
Change in payables	1.32	-1.6	0.17	0.28	0.11	0.2	-0.46	1.43	-0.81	-0.14
Cash from operations	44.5	37.5	38.4	48.4	47.8	107	39.4	21.7	-3.86	21.1
Capital expenditures	-4.14	-7.86	-5.05	-11.9	-8.91	-10.7	-5.66	-5.5	-3.4	-2.99
Acquisitions			-9.25	-238	0	0
Purchases of investments	-36.8	-31.9	-41.8	0	0	-21.6	-28.7	-61.1	-59.4	-33.5
Sales and maturities of investments	18.3	31.9	63.6	0	0	2	27.3	28.3	51.7	15.2
Cash from investing	-17.9	-0.97	40.1	250	-4.57	-29.3	-6.81	-36.8	5.02	-14.1
Debt repaid				-42.3	-23.4	-34.4	-25	-15	0	0
Share buybacks	-1.79	-40	-9.95	0	0	-20.1	-15.1	-4.08	-15.9	-2.54
Dividends paid	-13	-13.6	-14.5
Cash from financing	-0.11	-37.6	-14	129	-23.7	-49.1	-38.9	-18.3	-16.1	-2.57
Exchange rate effect	-2.87	3.93	-4.04
Net change in cash	23.6	2.83	60.5	-71.1	21.5	27.4	-12.4	-30.6	-16.9	7.4
Free cash flow	40.3	29.6	33.4	36.5	38.8	96.3	33.8	16.2	-7.26	18.1
Interest paid				7	4.37	3.28	2.02	2.6	2.56	2.24
Income taxes paid	8.51	10.4	4.17	4.43	3.19	9.82	8.9	10.6	9.28	7.23

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.0%	Gross profit / revenue.
Operating margin	-12.5%	Operating income / revenue.
EBITDA margin	-11.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-14.2%	Pre-tax income / revenue.
Net margin	-11.2%	Net income / revenue.
FCF margin	0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.0%	Cash from operations / revenue.
Return on equity (ROE)	-35.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-10.2%	Net income / average total assets.
Return on invested capital (ROIC)	-38.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	55.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.2%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-9.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-4.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-15,394.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-1,391.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-15.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-18.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-14.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-44.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-17.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-7.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-19.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-12.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-8.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.4%	Total debt / total assets.
Liabilities / assets	70.8%	Total liabilities / total assets.
Net debt	-$24.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$13.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	29.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	12.0x	Revenue / average property, plant and equipment.
Receivables turnover	10.6x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	3 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	86.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.59	Revenue / diluted weighted shares.
FCF per share	$0.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.18	Cash from operations / diluted weighted shares.
Book value per share	$6.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.10	Tangible book value / shares outstanding.
Cash per share	$3.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$217.0M	Share price x shares outstanding.
Enterprise value	$192.5M	Market cap + total debt - cash - short-term investments.
P/S	0.57x	Market cap / revenue.
P/B	1.78x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	71.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.43x	Market cap / cash from operations, when positive.
EV/Sales	0.51x	Enterprise value / revenue.
EV/FCF	63.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.4%	Free cash flow / market cap.
Earnings yield	-19.6%	Net income / market cap (the inverse of P/E).

What was FORRESTER RESEARCH, INC.'s revenue in fiscal 2025?

FORRESTER RESEARCH, INC. reported revenue of $396.9M for fiscal 2025, 8.2% lower than the year before.

Was FORRESTER RESEARCH, INC. profitable in fiscal 2025?

No. It reported a net loss of $119.4M.

How much free cash flow did FORRESTER RESEARCH, INC. generate in fiscal 2025?

Cash from operations of $21.1M minus capital expenditures of $3.0M left free cash flow of $18.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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