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FORRESTER RESEARCH, INC.

FORR Clue Score30
United States Fiscal year ends December CIK 0001023313
$11.39 -2.23% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $11.39 −77.29% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue326.1Operating income30.8Net income17.7EPS, diluted0.97Fiscal year 2017Revenue337.7 +3.6%Operating income27.5Net income15.1 −14.2%EPS, diluted0.83 −14.4%Fiscal year 2018Revenue357.6 +5.9%Operating income22.4Net income15.4 +1.6%EPS, diluted0.84 +1.2%Fiscal year 2019Revenue461.7 +29.1%Operating income1.1Net income−9.6 −162.2%EPS, diluted0.52 −38.1%Fiscal year 2020Revenue449.0 −2.8%Operating income−16.2Net income10.0EPS, diluted0.53 +1.9%Fiscal year 2021Revenue494.3 +10.1%Operating income38.6Net income24.8 +148.7%EPS, diluted1.28 +141.5%Fiscal year 2022Revenue537.8 +8.8%Operating income32.7Net income21.8 −12.2%EPS, diluted1.14 −10.9%Fiscal year 2023Revenue480.8 −10.6%Operating income6.8Net income3.1 −86.0%EPS, diluted0.16 −86.0%Fiscal year 2024Revenue432.5 −10.0%Operating income0.7Net income−5.7 −288.4%EPS, diluted−0.30 −287.5%Fiscal year 2025Revenue396.9 −8.2%Operating income−113.2Net income−119.4EPS, diluted−6.28
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 326.1 337.7 357.6 461.7 449.0 494.3 537.8 480.8 432.5 396.9
Growth +3.6% +5.9% +29.1% −2.8% +10.1% +8.8% −10.6% −10.0% −8.2%
Operating income 30.8 27.5 22.4 1.1 −16.2 38.6 32.7 6.8 0.7 −113.2
Net income 17.7 15.1 15.4 −9.6 10.0 24.8 21.8 3.1 −5.7 −119.4
Growth −14.2% +1.6% −162.2% +148.7% −12.2% −86.0% −288.4%
EPS, diluted 0.97 0.83 0.84 0.52 0.53 1.28 1.14 0.16 −0.30 −6.28
Growth −14.4% +1.2% −38.1% +1.9% +141.5% −10.9% −86.0% −287.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin65.6%Operating margin9.4%Net margin5.4%Free cash flow margin12.4%Fiscal year 2017Gross margin64.8%Operating margin8.2%Net margin4.5%Free cash flow margin8.8%Fiscal year 2018Gross margin64.1%Operating margin6.3%Net margin4.3%Free cash flow margin9.3%Fiscal year 2019Gross margin60.5%Operating margin0.2%Net margin−2.1%Free cash flow margin7.9%Fiscal year 2020Operating margin−3.6%Net margin2.2%Free cash flow margin8.7%Fiscal year 2021Operating margin7.8%Net margin5.0%Free cash flow margin19.5%Fiscal year 2022Operating margin6.1%Net margin4.1%Free cash flow margin6.3%Fiscal year 2023Operating margin1.4%Net margin0.6%Free cash flow margin3.4%Fiscal year 2024Operating margin0.2%Net margin−1.3%Free cash flow margin−1.7%Fiscal year 2025Operating margin−28.5%Net margin−30.1%Free cash flow margin4.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 65.6% 64.8% 64.1% 60.5% n/a n/a n/a n/a n/a n/a
Operating margin 9.4% 8.2% 6.3% 0.2% −3.6% 7.8% 6.1% 1.4% 0.2% −28.5%
Net margin 5.4% 4.5% 4.3% −2.1% 2.2% 5.0% 4.1% 0.6% −1.3% −30.1%
Free cash flow margin 12.4% 8.8% 9.3% 7.9% 8.7% 19.5% 6.3% 3.4% −1.7% 4.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow44.5Capital expenditure−4.1Free cash flow40.3Buybacks−1.8Dividends paid−13.0Fiscal year 2017Operating cash flow37.5Capital expenditure−7.9Free cash flow29.6 −26.5%Buybacks−40.0Dividends paid−13.6Fiscal year 2018Operating cash flow38.4Capital expenditure−5.0Free cash flow33.4 +12.6%Buybacks−9.9Dividends paid−14.5Fiscal year 2019Operating cash flow48.4Capital expenditure−11.9Free cash flow36.5 +9.4%Buybacks0.0Fiscal year 2020Operating cash flow47.8Capital expenditure−8.9Free cash flow38.8 +6.4%Buybacks0.0Fiscal year 2021Operating cash flow107.1Capital expenditure−10.7Free cash flow96.3 +147.9%Buybacks−20.1Fiscal year 2022Operating cash flow39.4Capital expenditure−5.7Free cash flow33.8 −64.9%Buybacks−15.1Fiscal year 2023Operating cash flow21.7Capital expenditure−5.5Free cash flow16.2 −52.1%Buybacks−4.1Fiscal year 2024Operating cash flow−3.9Capital expenditure−3.4Free cash flow−7.3 −144.9%Buybacks−15.9Fiscal year 2025Operating cash flow21.1Capital expenditure−3.0Free cash flow18.1Buybacks−2.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 44.5 37.5 38.4 48.4 47.8 107.1 39.4 21.7 −3.9 21.1
Capital expenditure −4.1 −7.9 −5.0 −11.9 −8.9 −10.7 −5.7 −5.5 −3.4 −3.0
Free cash flow 40.3 29.6 33.4 36.5 38.8 96.3 33.8 16.2 −7.3 18.1
Growth −26.5% +12.6% +9.4% +6.4% +147.9% −64.9% −52.1% −144.9%
Buybacks −1.8 −40.0 −9.9 0.0 0.0 −20.1 −15.1 −4.1 −15.9 −2.5
Dividends paid −13.0 −13.6 −14.5 n/a n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash77.0Shareholders’ equity150.0Fiscal year 2017Cash79.8Shareholders’ equity141.2Fiscal year 2018Cash140.3Shareholders’ equity151.6Fiscal year 2019Cash67.9Total debt130.5Net cash (debt)−62.6Shareholders’ equity158.1Debt to equity0.83Fiscal year 2020Cash90.3Total debt107.8Net cash (debt)−17.5Shareholders’ equity185.8Debt to equity0.58Fiscal year 2021Cash115.8Total debt75.0Net cash (debt)40.8Shareholders’ equity203.9Debt to equity0.37Fiscal year 2022Cash103.6Total debt50.0Net cash (debt)53.6Shareholders’ equity221.7Debt to equity0.23Fiscal year 2023Cash72.9Total debt35.0Net cash (debt)37.9Shareholders’ equity240.3Debt to equity0.15Fiscal year 2024Cash56.1Total debt35.0Net cash (debt)21.1Shareholders’ equity229.5Debt to equity0.15Fiscal year 2025Cash63.3Total debt35.0Net cash (debt)28.3Shareholders’ equity126.5Debt to equity0.28
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 77.0 79.8 140.3 67.9 90.3 115.8 103.6 72.9 56.1 63.3
Total debt n/a n/a n/a 130.5 107.8 75.0 50.0 35.0 35.0 35.0
Net cash (debt) n/a n/a n/a −62.6 −17.5 40.8 53.6 37.9 21.1 28.3
Shareholders’ equity 150.0 141.2 151.6 158.1 185.8 203.9 221.7 240.3 229.5 126.5
Debt to equity n/a n/a n/a 0.83 0.58 0.37 0.23 0.15 0.15 0.28

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
77.0 79.8 140.3 67.9 90.3 115.8 103.6 72.9 56.1 63.3
58.8 70.0 67.3 84.6 84.7 87.0 73.3 59.0 55.5 50.9
23.9 25.2 22.0 29.9 27.0 28.2 23.2 19.4 11.7 11.2
73.2 76.2 85.2 243.8 247.2 245.0 242.1 244.3 228.0 120.4
335.8 345.2 353.5 639.2 644.2 680.1 608.4 564.2 503.9 404.0
Growth +2.8% +2.4% +80.8% +0.8% +5.6% −10.5% −7.3% −10.7% −19.8%
Liabilities
n/a n/a n/a 9.4 12.5 0.0 n/a n/a 0.0 35.0
n/a n/a n/a 121.2 95.3 75.0 50.0 35.0 35.0 0.0
calc n/a n/a n/a 130.5 107.8 75.0 50.0 35.0 35.0 35.0
185.7 204.0 201.9 481.1 458.5 476.2 386.8 323.9 274.3 277.5
Equity
121.8 123.0 127.7 118.1 128.0 152.8 174.6 177.7 171.9 52.6
150.0 141.2 151.6 158.1 185.8 203.9 221.7 240.3 229.5 126.5
Growth −5.9% +7.4% +4.3% +17.5% +9.8% +8.7% +8.4% −4.5% −44.9%
Per share and net cash
calc n/a n/a n/a −62.6 −17.5 40.8 53.6 37.9 21.1 28.3
18.4 18.0 18.3 18.6 19.0 19.1 19.1 19.2 18.8 19.0
calc 8.17 7.83 8.28 8.48 9.77 10.70 11.63 12.48 12.18 6.65

Lines marked calc are worked out here from filed figures; point at one for how.