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Forrester Research, Inc. (FORR) stock

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NASDAQ: FORR Nasdaq Research & Consulting Services Next results ~February 11, 2027

C Fundamentals grade

Forrester Research, Inc. is a US-listed company in the research & consulting services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$5.4

Cash-flow model

Base case. Range ~$4.4–$6.8 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 45% below it.

Price used: $9.85, November 2, 2026

Forrester Research, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds53 adding, 56 cuttingOf 18 active managers that changed their stake, 11 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Forrester Research files

Where Forrester Research stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $381m, down 7.5% on a year earlier, about the same pace as a quarter earlier. That puts it 16 of 19 for growth among the research & consulting services companies we cover. Free-cash-flow margin fell to 0.8% from 4.6% a year earlier. Operating margin widened to -12.5% from -19.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $5.67 a share, against a share price of $11.91. At that price, our model says the market is pricing in about 17.8% a year of cash-flow growth for five years, faster than the -5.1% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Forrester Research, Inc.'s trailing-twelve-month revenue fell 7.5% year on year, with a free-cash-flow margin of 0.8%. Where it stands out: days sales outstanding of 35 days ranks 2 of 29 research & consulting services companies we cover. Where it lags: operating margin of -12.5% ranks 27 of 31 research & consulting services companies we cover.

Our discounted-cash-flow model values the business at ~$5.4 per share in the base case (~$4.4–$6.8 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 84.2% while net income grew 52.0%: a 136pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 7.3 points on a year ago.

Things to watch

  • Priced above our value. The share price of $9.85 is 45% above our value per share of $5.
  • Revenue shrinking. Revenue fell 7.5% over the last 12 months.
  • Loss-making. Operating margin is -12.5%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 55% and a beta of 0.6 against the S&P 500.
  • Below peers: free-cash-flow margin. Free-cash-flow margin of 0.8% ranks 26 of 33 research & consulting services companies we cover (median 7.4%).
  • Heavily shorted. 14.0% of the shares available to trade are sold short (5.1 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.24 against an average estimate of $0.20: beat by 17.1%
Revenue
$100m, down 10.2% on a year earlier
Share reaction
-8.6% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
total revenues $350m to $360m (Full-Year 2026); operating margin -3.3% to -2.8% (Full-Year 2026)
Next report
October 29, 2026; average EPS estimate $0.20

Forrester Research's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-10.5%
  • 1 week-20.1%
  • 1 month-12.2%
  • This year+21.3%
  • 1 year+38.1%
  • 5 years-81.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$381M
Operating margin
-12.5%
Net margin
-11.2%
EPS (TTM, diluted)
$-2.22

Growth

Revenue growth
−7.5%
Change in growth rate
−0.5 pts
Share count change
+0.7%

Cash

Free cash flow (TTM)
$3M
FCF margin
0.8%
Stock pay % of revenue
3.0%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Forrester Research, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 13.5% a year of cash-flow growth for five years.That is faster than the -5.1% a year revenue growth Forrester Research has delivered.

  • Priced in13.5%
  • Last 12 months-7.5%
  • 3 years a year-9.5%
  • 5 years a year-5.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($9.79, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$5.4
Price used
$9.79close November 3, 2026
Implied change
▼ 45%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Forrester Research, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($5.2M, FY2026 Q2 TTM), growing -4.2% and 1.7% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$4.4–~$6.8 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Forrester Research, Inc.'s free cash flow after stock-based pay ( $5.2M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Forrester Research, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.79 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$5.4 ~$4.4–$6.8 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$5.4 ~$4.4–$6.8 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Forrester Research, Inc. with Research & Consulting Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −17%
  • Revenue growth 5 points higher ▲ +22%
  • Last year's free-cash-flow margin change, if it persists ▼ −76%
  • Discount rate 1 point higher ▼ −10%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $5$7$8$11$14$18
8.5% $4$5$7$8$11$13
10% $4$4$5$7$9$11

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$41.40$43.40$44.70$41.70$41.90$58.73$35.76$26.81$15.67$8.12$9.85
Market value$756m$792m$822m$771m$793m$1.1bn$686m$516m$299m$154m$188m
+ Net debt (− = net cash)−$77m−$80m−$140m$65m$19m−$41m−$54m−$38m−$21m−$28m−$25m
Enterprise value$679m$712m$681m$836m$812m$1.1bn$632m$478m$278m$126m$164m
Multiples
Price / sales 2.3x2.3x2.3x1.7x1.8x2.3x1.3x1.1x0.7x0.4x0.5x
Price / earnings 42.8x52.3x53.4x—79.4x45.8x31.4x169.3x———
Price / free cash flow 18.8x26.7x24.6x21.1x20.4x11.8x20.3x31.9x—8.5x62.1x
EV / EBITDA 17.6x20.8x22.4x86.7x—22.8x15.1x31.4x33.5x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

41 /100

Weak moat

How hard Forrester Research's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Cash operating profit has been a median 7.0% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 61.5%, moving by 2.9 percentage points (standard deviation) across 9 years.

  • Durability 0 / 20

    Operating margin has been a median 1.7%; its worst year was -19.9%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 7.5% of revenue.

  • Discipline 16 / 20

    The diluted share count fell 0.4% over five years; stock-based pay has been a median 2.5% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (56 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.78 −33% $355m −11%
Next $0.91 +17% $358m +1%

Next year's EPS estimate has moved 0.0% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.3% on 90 days ago. In the last 30 days, 1 analyst raised Forrester Research, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Forrester Research, Inc., last 90 days
$0.75 $0.80 $0.85 $0.90 $0.95 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.77 Current fiscal year, 60 days ago: $0.78 Current fiscal year, 30 days ago: $0.78 Current fiscal year, 7 days ago: $0.78 Current fiscal year, Now: $0.78 $0.78 Next fiscal year, 90 days ago: $0.91 Next fiscal year, 60 days ago: $0.91 Next fiscal year, 30 days ago: $0.91 Next fiscal year, 7 days ago: $0.91 Next fiscal year, Now: $0.91 $0.91

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.77$0.91
60 days ago $0.78$0.91
30 days ago $0.78$0.91
7 days ago $0.78$0.91
Now $0.78$0.91

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.20 $0.24 +17.1%
Jun 2026 $0.27 $0.40 +50.9%
Mar 2026 $0.12 −$0.04 −134.8%
Dec 2025 $0.21 $0.17 −20.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Total revenues Full-Year 2026 $350m to $360m GAAP
    “Total revenues of approximately $350.0 million to $360.0 million, or a decline of 11.8% to 9.3% versus the prior year” source
  • Diluted loss per share Full-Year 2026 $0.74 to $0.79 GAAP
    “Diluted loss per share of approximately $0.79 to $0.74” source
  • Adjusted diluted earnings per share Full-Year 2026 $0.77 to $0.82 Non-GAAP Raised
    “Adjusted diluted earnings per share of approximately $0.77 to $0.82” source
  • Operating margin Full-Year 2026 -3.3% to -2.8% GAAP
    “Operating margin of approximately negative 3.3% to negative 2.8%” source
  • Adjusted operating margin Full-Year 2026 6% to 6.5% Non-GAAP
    “Adjusted operating margin of approximately 6.0% to 6.5%” source
  • Interest expense Full-Year 2026 about $2.2m GAAP
    “Interest expense of approximately $2.2 million” source
Show 2 more items
  • Effective tax rate Full-Year 2026 -20% to -10% GAAP
    “An effective tax rate of negative 20% to negative 10%” source
  • Adjusted effective tax rate Full-Year 2026 about 29% Non-GAAP
    “Adjusted effective tax rate of 29%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Forrester Research, Inc.'s revenue by -4.2% next year and +1.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-6.4%, weight 33%) , management guidance (-6.5%, weight 40%) and the company's own record (+2.0%, weight 27%) . How the weights are set.

Analyst recommendations

1 analysts, Oct 2026
Buy00%
Hold1100%
Sell00%

Monthly trend

  1. Oct 202611
  2. Sep 202611

Counts of recommendations published by analysts covering Forrester Research, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
14.0%
of tradable shares
Days to cover
5.08
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
60%
of shares
Held by insiders
40.5%
of shares
Employees
1,361
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +38.1%

$7.13 on October 31, 2025 to $9.85

ThenNowEffect
Revenue (last 12 months) $412m $381m −7.5%
P/S multiple 0.3x 0.5x +50.4%
Share count 19m 19m −0.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −58.2%

$23.54 on November 3, 2023 to $9.85

ThenNowEffect
Revenue (last 12 months) $514m $381m −25.8%
P/S multiple 0.9x 0.5x −43.6%
Share count 19m 19m +0.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FORR+40%−39%−25%−42%−48%+21%
Industry peers (median)+34%−15%+13%+2%−15%−3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FORR75%25%42%25%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FORR−14%−44%−42%−46%−58%−39%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 92% from November 24, 2021 to April 10, 2026. Getting back needed a 1103% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$5.05 – $12.65
From 52-week high
−22.1%
vs 50-day average
−16.3%
vs 200-day average
+14.6%
Volatility (1 year)
55%
Beta vs S&P 500
0.59

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±9.5%
After a week
6 up, 5 down
typical move ±8.4%
After a month
6 up, 5 down
typical move ±11.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −8.6% −2.1% — —
July 30, 2026 +12.1% +2.4% +16.9% +20.7%
May 6, 2026 +5.2% +1.1% +1.3% +12.7%
February 12, 2026 −14.5% −1.5% −6.4% −4.7%
October 30, 2025 −14.6% −0.8% −9.9% −12.6%
July 31, 2025 +12.8% −2.0% +4.7% +0.4%
May 6, 2025 +4.4% −0.4% +4.5% +4.3%
February 11, 2025 −11.9% −0.2% −16.9% −35.9%
November 5, 2024 +8.9% +3.7% +16.3% +15.0%
July 30, 2024 +6.6% +1.1% −3.2% +0.8%
April 30, 2024 −6.8% −1.9% +1.3% −2.5%
February 8, 2024 −8.1% +0.6% −10.5% −14.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Forrester Research, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Forrester Research, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Forrester Research, Inc.
$350M $400M $450M $500M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $499.6M Revenue (TTM), FY23 Q4: $480.8M Revenue (TTM), FY24 Q1: $467.2M Revenue (TTM), FY24 Q2: $453.4M Revenue (TTM), FY24 Q3: $442.5M Revenue (TTM), FY24 Q4: $432.5M Revenue (TTM), FY25 Q1: $422.3M Revenue (TTM), FY25 Q2: $412.1M Revenue (TTM), FY25 Q3: $403.9M Revenue (TTM), FY25 Q4: $396.9M Revenue (TTM), FY26 Q1: $392.5M Revenue (TTM), FY26 Q2: $381M $381M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $499.6M
FY23 Q4 $480.8M
FY24 Q1 $467.2M
FY24 Q2 $453.4M
FY24 Q3 $442.5M
FY24 Q4 $432.5M
FY25 Q1 $422.3M
FY25 Q2 $412.1M
FY25 Q3 $403.9M
FY25 Q4 $396.9M
FY26 Q1 $392.5M
FY26 Q2 $381M
Revenue growth, TTM YoY Forrester Research, Inc.
-15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -6.6% Revenue growth, TTM YoY, FY23 Q4: -10.6% Revenue growth, TTM YoY, FY24 Q1: -11.3% Revenue growth, TTM YoY, FY24 Q2: -11.8% Revenue growth, TTM YoY, FY24 Q3: -11.4% Revenue growth, TTM YoY, FY24 Q4: -10.0% Revenue growth, TTM YoY, FY25 Q1: -9.6% Revenue growth, TTM YoY, FY25 Q2: -9.1% Revenue growth, TTM YoY, FY25 Q3: -8.7% Revenue growth, TTM YoY, FY25 Q4: -8.2% Revenue growth, TTM YoY, FY26 Q1: -7.1% Revenue growth, TTM YoY, FY26 Q2: -7.5% -7.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -6.6%
FY23 Q4 -10.6%
FY24 Q1 -11.3%
FY24 Q2 -11.8%
FY24 Q3 -11.4%
FY24 Q4 -10.0%
FY25 Q1 -9.6%
FY25 Q2 -9.1%
FY25 Q3 -8.7%
FY25 Q4 -8.2%
FY26 Q1 -7.1%
FY26 Q2 -7.5%
Operating margin (TTM) Forrester Research, Inc.
-30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 1.0% Operating margin (TTM), FY23 Q4: 1.4% Operating margin (TTM), FY24 Q1: 0.6% Operating margin (TTM), FY24 Q2: 1.2% Operating margin (TTM), FY24 Q3: -0.0% Operating margin (TTM), FY24 Q4: 0.2% Operating margin (TTM), FY25 Q1: -18.4% Operating margin (TTM), FY25 Q2: -19.9% Operating margin (TTM), FY25 Q3: -19.0% Operating margin (TTM), FY25 Q4: -28.5% Operating margin (TTM), FY26 Q1: -11.3% Operating margin (TTM), FY26 Q2: -12.5% -12.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 1.0%
FY23 Q4 1.4%
FY24 Q1 0.6%
FY24 Q2 1.2%
FY24 Q3 -0.0%
FY24 Q4 0.2%
FY25 Q1 -18.4%
FY25 Q2 -19.9%
FY25 Q3 -19.0%
FY25 Q4 -28.5%
FY26 Q1 -11.3%
FY26 Q2 -12.5%
FCF margin (TTM) Forrester Research, Inc.
-2% 0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 1.2% FCF margin (TTM), FY23 Q4: 3.4% FCF margin (TTM), FY24 Q1: 1.0% FCF margin (TTM), FY24 Q2: -0.3% FCF margin (TTM), FY24 Q3: 1.2% FCF margin (TTM), FY24 Q4: -1.7% FCF margin (TTM), FY25 Q1: 4.6% FCF margin (TTM), FY25 Q2: 4.6% FCF margin (TTM), FY25 Q3: 4.9% FCF margin (TTM), FY25 Q4: 4.6% FCF margin (TTM), FY26 Q1: 2.9% FCF margin (TTM), FY26 Q2: 0.8% 0.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 1.2%
FY23 Q4 3.4%
FY24 Q1 1.0%
FY24 Q2 -0.3%
FY24 Q3 1.2%
FY24 Q4 -1.7%
FY25 Q1 4.6%
FY25 Q2 4.6%
FY25 Q3 4.9%
FY25 Q4 4.6%
FY26 Q1 2.9%
FY26 Q2 0.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 233 251 284 293 326 338 358 462 449 494 538 481 432 397 381
Gross profit — — — 186 214 219 229 279 287 312 326 283 250 226 217
EBITDA 37 34 42 40 39 34 30 10 −6 48 42 15 8 −107 −42
Operating income 32 31 37 31 31 28 22 1 −16 39 33 7 1 −113 −48
Net income 19 21 22 26 18 15 15 −10 10 25 22 3 −6 −119 −43
Diluted EPS $0.82 $0.89 $0.95 $1.15 $0.97 $0.83 $0.84 $0.52 $0.53 $1.28 $1.14 $0.16 −$0.30 −$6.28 −$2.22
Growth (year on year)
Revenue — +7.4% +13.1% +3.3% +11.3% +3.6% +5.9% +29.1% −2.8% +10.1% +8.8% −10.6% −10.0% −8.2% −7.5%
EBITDA — −6.6% +22.4% −5.7% −2.8% −11.4% −11.2% −68.2% −165.3% — −12.7% −63.7% −45.5% — —
Operating income — −5.2% +19.4% −16.2% +0.0% −10.5% −18.6% −95.2% — — −15.5% −79.3% — — —
Net income — +8.7% +7.2% +19.6% −32.9% −14.2% +1.6% −162.2% — +148.7% −12.2% −86.0% — — —
Diluted EPS — +8.5% +6.7% +21.1% −15.7% −14.4% +1.2% −38.1% — +141.5% −10.9% −86.0% — — —
Margins
Gross margin — — — 63.5% 65.6% 64.8% 64.1% 60.5% 63.9% 63.1% 60.5% 58.8% 57.8% 57.0% 57.0%
EBITDA margin 15.8% 13.7% 14.8% 13.5% 11.8% 10.1% 8.5% 2.1% −1.4% 9.7% 7.8% 3.2% 1.9% −27.0% −11.1%
Operating margin 13.9% 12.3% 12.9% 10.5% 9.4% 8.2% 6.3% 0.2% −3.6% 7.8% 6.1% 1.4% 0.2% −28.5% −12.5%
Net margin 8.1% 8.2% 7.8% 9.0% 5.4% 4.5% 4.3% −2.1% 2.2% 5.0% 4.1% 0.6% −1.3% −30.1% −11.2%
Free-cash-flow margin 16.6% 10.1% 5.5% 16.4% 12.4% 8.8% 9.3% 7.9% 8.7% 19.5% 6.3% 3.4% −1.7% 4.6% 0.8%
Cash flow
Cash from operations 43 39 55 53 44 37 38 48 48 107 39 22 −4 21 23
Capital spending 4 13 40 5 4 8 5 12 9 11 6 5 3 3 20
Free cash flow 39 25 16 48 40 30 33 37 39 96 34 16 −7 18 3
Stock-based pay 6 5 4 5 8 8 8 12 11 10 15 15 14 12 11
Free cash flow after stock pay 33 20 12 43 32 21 25 25 28 86 19 1 −22 6 −8
Balance sheet
Cash 98 87 81 99 77 80 140 68 90 116 104 73 56 63 60
Total debt 0 0 0 0 0 0 0 133 109 75 50 35 35 35 35
Net debt (negative = net cash) −98 −87 −81 −99 −77 −80 −140 65 19 −41 −54 −38 −21 −28 −25
Diluted shares 23m 23m 23m 23m 18m 18m 18m 18m 19m 19m 19m 19m 19m 19m 19m
Returned to shareholders
Dividends — 68 — 13 13 14 15 — — — — — — — —
Buybacks 20 21 18 30 2 40 10 0 0 20 15 4 16 3 —
Total returned 20 90 18 42 15 54 24 0 0 20 15 4 16 3 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · June 30, 2026
What it owns · $417m
Short-term assets $222mLonger-term assets $194m
What it owes, and who funded it · $417m
Short-term liabilities $209mLonger-term liabilities $86mShareholders' equity $122m
  • Short-term assets cover short-term liabilities $222m of assets due within a year against $209m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $222m short-term assets against $86m of longer-dated liabilities.
  • More cash than debt $60m of cash against $35m of debt.
  • Debt below 40% of shareholders' equity Debt is 29% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 37% to 29% over five years.
  • A year's operating cash flow covers at least 20% of debt $23m of operating cash flow against $35m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Forrester Research, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$2.5M
Buybacks, last 3 fiscal years
$22.5M
Diluted share count
+0.7%
year over year
Total shareholder yield
1.3%
dividends 0.0% + buybacks 1.3% of market value
Sales & admin spending
55.7%
of revenue
Days sales outstanding
35 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in research & consulting services
Last 12 months unless stated FORR BWMN FC III EXPO RMR Median
Revenue, last 12 months $381m $528m $263m $253m $632m $639m $632m
Revenue growth, last 12 months −7.5% 14.2% −6.1% 4.8% 12.8% −15.2% 4.8%
Revenue growth, 3-year average −9.5% 19.9% −2.3% −5.4% 5.7% −13.3% 6.8%
Revenue growth, latest quarter −10.2% 19.7% 1.0% 4.4% 20.9% −0.8% 4.4%
Gross margin 57.0% 53.4% 75.2% 45.2% — — 43.9%
Operating margin −12.5% 3.4% 2.4% 8.9% 20.2% 6.4% 6.1%
Operating margin, 3-year average −10.4% 1.6% 5.7% 5.0% 20.9% 5.8% 6.0%
Net margin −11.2% 1.4% 0.8% 4.7% 17.7% 3.1% 3.1%
Cash from operations / revenue 6.0% 4.4% 10.4% 8.6% 18.7% 15.4% 9.6%
Free-cash-flow margin 0.8% 2.4% 7.3% 7.5% 17.2% 14.5% 7.4%
Free-cash-flow margin, 3-year average 1.7% 4.4% 12.0% 8.6% 21.8% 9.2% 8.6%
Stock pay / revenue 3.0% 3.6% 2.2% 3.1% 3.0% 2.6% 2.5%
Change in share count 0.7% −0.3% −8.8% −0.9% −2.7% −11.7% 0.5%

Median of all 33 companies we cover in research & consulting services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

33 research & consulting services companies
Measure Company Peer median Rank
Revenue growth Growth -7.5% 4.8% 25 of 33
Change in growth rate Growth -0.5pp +0.6pp 20 of 33
Gross margin Profitability 57.0% 45.2% 9 of 25
Operating margin Profitability -12.5% 6.1% 27 of 31
Net margin Profitability -11.2% 3.1% 27 of 33
Free-cash-flow margin Cash generation 0.8% 7.4% 26 of 33
Stock pay as % of revenue Cash generation 3.0% 2.6% 18 of 30
Long-term debt as % of assets Balance sheet 8.4% 22.7% 5 of 21
Change in share count Balance sheet 0.7% 0.6% 17 of 30
Days sales outstanding Balance sheet 35 days 63 days 2 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Research $318M 80.0% ▼ 6.0%
Consulting $66.2M 16.7% ▼ 13.0%
Events $13.1M 3.3% ▼ 29.2%
Products and services
Line of business Revenue YoY
Research Services $296M ▼ 6.7%
Research Revenue $296M ▼ 6.7%
Consulting Services Revenue $88.2M ▼ 9.3%
Events Revenue $13.1M ▼ 29.2%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $304M 76.6% ▼ 9.0%
Europe Excluding United Kingdom $37M 9.3% ▼ 1.8%
Asia Pacific $21.8M 5.5% ▲ 4.8%
United Kingdom $15.7M 4.0% ▼ 16.8%
Canada $10.9M 2.8% ▼ 10.7%
Other Country $7.2M 1.8% ▼ 17.1%

From Forrester Research, Inc.'s 10-K filed March 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$96.9M
Institutions reporting
98
Shares held vs prior quarter
▲ 1.5%
Positions opened / closed
19 / 21

Top buyers and sellers, Q2 2026: 53 institutions bought and 56 sold ; the biggest buyer was Nantahala Capital Management, LLC (+832K shares) and the biggest seller Blackrock, Inc (−637K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Portolan Capital Management, LLC $13.7M 1.6M 14.1% ▲ 5.4%
Nantahala Capital Management, LLC $12.8M 1.5M 13.3% ▲ 119.9%
Tieton Capital Management, LLC $6.4M 757K 6.6% ▲ 35.5%
First Manhattan Co. Llc. $6.3M 750K 6.5% 0.0%
Pacific Ridge Capital Partners, LLC $5.9M 705K 6.1% ▼ 0.8%
Vanguard Capital Management LLC $4.2M 500K 4.3% ▲ 2.8%
Acadian Asset Management LLC $3.6M 430K 3.7% ▲ 1.5%
Renaissance Technologies LLC $3.5M 418K 3.6% ▼ 4.2%
Hotchkis & Wiley Capital Management LLC $3.1M 367K 3.2% ▼ 4.4%
AQR Capital Management LLC $3M 358K 3.1% ▲ 92.4%
Quantinno Capital Management LP $2.4M 289K 2.5% ▲ 29.1%
Blackrock, Inc. $2.3M 270K 2.3% ▼ 70.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Forrester Research, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $198,910 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $198,910 net selling
Insider Date Trade Shares Price Value
Finn Leo Christian Chief Financial Officer August 20, 2026 Sell 7,000 $11.78 $82,460
Darrah Ryan Chief Legal Officer August 20, 2026 Sell 5,000 $11.78 $58,900
Johnson Carrie Chief Product Officer August 13, 2026 Sell 5,000 $11.51 $57,550

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • May 6, 2026
  • February 12, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Forrester Research, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Forrester Research, Inc. in brief

What does Forrester Research, Inc. do?
Forrester Research, Inc. is a US-listed company in the research & consulting services industry. Its financial year ends in December.
What is Forrester Research, Inc.'s stock ticker?
Forrester Research, Inc. trades under the ticker FORR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Forrester Research, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Forrester Research, Inc. reported revenue of $381M, 7.5% lower than a year earlier, according to its SEC filings.
What is Forrester Research, Inc.'s free cash flow?
Forrester Research, Inc.'s free-cash-flow margin is 0.8% of revenue over the trailing twelve months, ranking 26 of the 33 research & consulting services companies we cover.
What is Forrester Research, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Forrester Research, Inc.'s free cash flow after stock-based pay gives ~$5.4 per share in the base case, and ~$4.4–$6.8 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Forrester Research, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Portolan Capital Management, LLC, Nantahala Capital Management, LLC and Tieton Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Forrester Research, Inc. buying back stock, and does it pay a dividend?
Forrester Research, Inc. spent $2.5M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.7% over the year.
What is Forrester Research, Inc.'s market cap?
On November 2, 2026, Forrester Research, Inc.'s market capitalisation was about $188M and net debt of -$24.5M. Market figures come from third-party market data and may be delayed.
How much debt does Forrester Research, Inc. have?
Forrester Research, Inc.'s debt-to-equity ratio is 28.8%, from its latest balance sheet (36.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Forrester Research, Inc.'s competitors?
In our Research & Consulting Services peer group, the companies closest to Forrester Research, Inc. are Bowman Consulting Group Ltd., Franklin Covey Co, Information Services Group Inc., Exponent Inc and RMR Group Inc. The side-by-side comparison below sets their revenue, margins and growth against Forrester Research, Inc.'s.
Are insiders buying or selling Forrester Research, Inc. stock?
Over the last 12 months, Forrester Research, Inc.'s directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Forrester Research, Inc.'s next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Forrester Research, Inc. announces its own schedule.