What is Forrester Research, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Forrester Research, Inc.'s reported free cash flow gives $12.44 per share. The share price was $11.40 on September 25, 2026, 8% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -7.5% | 10.0% | $8.32 | -27% |
| Base | -2.5% | 9.0% | $12.44 | +9% |
| Bull | 2.5% | 8.0% | $20.46 | +79% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $15.24 | $16.06 | $17.08 | $18.34 | $19.97 |
| 8.0% | $13.17 | $13.71 | $14.34 | $15.10 | $16.04 |
| 9.0% | $11.65 | $12.02 | $12.44 | $12.93 | $13.52 |
| 10.0% | $10.48 | $10.74 | $11.04 | $11.38 | $11.77 |
| 11.0% | $9.56 | $9.75 | $9.97 | $10.21 | $10.48 |
Where the presets come from
Base: years 1 to 5 grow at Forrester Research, Inc.'s revenue growth rate over the last 5 fiscal years (-2.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions