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Forrester Research, Inc. operates as an independent research and advisory company in the United States, Europe, the United Kingdom, Canada, Asia Pacific, and internationally. It operates in three segments: Research, Consulting, and Events. The Research segment primary subscription research services include Forrester Decisions which are designed to provide business and technology leaders with a proven path to growth through customer obsession. This segment delivers content, such as future trends, predictions, and market forecasts; deep consumer and business buyer data and insights; curated best practice models and tools to run business functions; operational and performance benchmarking data; and technology and service market landscapes and vendor evaluations. Its Consulting segment provides consulting projects, content marketing, and advisory services. The Events segment hosts events related to business-to-business marketing, sales and product leadership, customer experience, security and risk, and new technology and innovation. It sells its products and services through direct sales force. Forrester Research, Inc. was incorporated in 1983 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $397M | $-95M | $-119M | $18M | -94.3% | -8.2% | 1976.9% |
| 2024 | $432M | $36M | $-6M | $-7M | -2.5% | -10.0% | -288.4% |
| 2023 | $481M | $41M | $3M | $16M | 1.3% | -10.6% | -86.0% |
| 2022 | $538M | $70M | $22M | $34M | 9.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 537.79 | 480.78 | 432.47 | 396.89 |
| Operating Revenue | - | 537.79 | 480.78 | 432.47 | 396.89 |
| Cost Of Revenue | - | 223.77 | 204.48 | 182.53 | 170.72 |
| Gross Profit | - | 314.01 | 276.30 | 249.94 | 226.17 |
| Operating Expense | - | 272.02 | 256.26 | 235.65 | 224.22 |
| Selling General And Administration | - | 249.60 | 235.85 | 218.44 | 202.14 |
| Total Expenses | - | 495.80 | 460.74 | 418.18 | 394.94 |
| Operating Income | - | 41.99 | 20.04 | 14.29 | 1.95 |
| Total Operating Income As Reported | - | 32.65 | 6.77 | 0.74 | -113.17 |
| EBITDA | - | 70.13 | 41.41 | 35.83 | -95.28 |
| Normalized EBITDA | - | 79.15 | 54.48 | 48.56 | 27.15 |
| EBIT | - | 33.18 | 9.35 | 5.65 | -116.73 |
| Interest Expense | - | 2.46 | 3.06 | 3.01 | 2.68 |
| Net Interest Income | - | -2.46 | -3.06 | -3.01 | -2.68 |
| Other Non Operating Income Expenses | - | 0.22 | 2.37 | 4.09 | 3.75 |
| Other Income Expense | - | -8.80 | -10.69 | -8.64 | -118.68 |
| Interest Expense Non Operating | - | 2.46 | 3.06 | 3.01 | 2.68 |
| Net Non Operating Interest Income Expense | - | -2.46 | -3.06 | -3.01 | -2.68 |
| Pretax Income | - | 30.72 | 6.28 | 2.64 | -119.41 |
| Tax Provision | - | 8.92 | 3.24 | 8.38 | -0.05 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -2.62 | -2.74 | -2.67 | -0.05 |
| Net Income Continuous Operations | - | 21.81 | 3.05 | -5.75 | -119.36 |
| Net Income From Continuing And Discontinued Operation | - | 21.81 | 3.05 | -5.75 | -119.36 |
| Net Income From Continuing Operation Net Minority Interest | - | 21.81 | 3.05 | -5.75 | -119.36 |
| Net Income | - | 21.81 | 3.05 | -5.75 | -119.36 |
| Net Income Common Stockholders | - | 21.81 | 3.05 | -5.75 | -119.36 |
| Net Income Including Noncontrolling Interests | - | 21.81 | 3.05 | -5.75 | -119.36 |
| Normalized Income | - | 28.21 | 13.37 | 4.31 | 3.02 |
| Diluted NI Availto Com Stockholders | - | 21.81 | 3.05 | -5.75 | -119.36 |
| Basic Average Shares | - | 18.97 | 19.18 | 19.09 | 19.02 |
| Diluted Average Shares | - | 19.17 | 19.26 | 19.09 | 19.02 |
| Reconciled Depreciation | - | 36.94 | 32.07 | 30.18 | 21.45 |
| Reconciled Cost Of Revenue | - | 209.26 | 192.83 | 169.56 | 164.04 |
| Total Unusual Items | - | -9.03 | -13.06 | -12.73 | -122.43 |
| Total Unusual Items Excluding Goodwill | - | -9.03 | -13.06 | -12.73 | -122.43 |
| Special Income Charges | - | -9.34 | -13.27 | -13.55 | -122.43 |
| Gain On Sale Of Business | - | 0 | 0 | -1.78 | 0 |
| Write Off | - | - | 0 | 0 | 7.31 |
| Impairment Of Capital Assets | - | - | 0 | 0 | 110.71 |
| Restructuring And Mergern Acquisition | - | 9.34 | 13.27 | 11.77 | 11.72 |
| Gain On Sale Of Security | - | 0.31 | 0.21 | 0.81 | 0 |
| Depreciation Amortization Depletion Income Statement | - | 22.43 | 20.41 | 17.21 | 14.77 |
| Depreciation And Amortization In Income Statement | - | 22.43 | 20.41 | 17.21 | 14.77 |
| General And Administrative Expense | - | 67.66 | 68.50 | 58.82 | 52.66 |
| Other Gand A | - | 67.66 | 68.50 | 58.82 | 52.66 |
| Provision For Doubtful Accounts | - | - | 0 | 0 | 7.31 |
| Selling And Marketing Expense | - | 181.94 | 167.35 | 159.62 | 149.48 |
| Earnings From Equity Interest | 0 | 0.31 | 0.21 | 0.81 | - |
| Amortization | - | 13.16 | 11.96 | 9.65 | 8.74 |
| Amortization Of Intangibles Income Statement | - | 13.16 | 11.96 | 9.65 | 8.74 |
| Depreciation Income Statement | - | 9.27 | 8.45 | 7.56 | 6.02 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Forrester Research, Inc.this co. | FORR | $137M | -1.15 | 1.09 | -94.3% | -1.53 |
| RCM Technologies, Inc. | RCMT | $169M | 10.36 | 3.68 | 35.5% | 7.40 |
| NET Power Inc. | NPWR | $164M | - | 0.21 | -283.8% | - |
| Resources Connection, Inc. | RGP | $153M | -0.80 | 0.74 | -92.6% | 8.82 |
| SKYX Platforms Corp. | SKYX | $151M |
| - |
| - |
| - |
| - |
| - |
| - |
| -4.53 |
| -11.45 |
| 252.9% |
| -7.28 |
| Byrna Technologies Inc. | BYRN | $144M | 14.82 | 2.18 | 14.7% | 9.48 |
| DMC Global Inc. | BOOM | $138M | - | 0.57 | -7.4% | 4.79 |
| The Eastern Company | EML | $130M | 18.27 | 1.05 | 5.7% | 10.55 |
| Arq, Inc. | ARQ | $114M | -2.17 | 0.68 | -31.3% | -3.78 |
| Peer Median | - | 4.78 | 0.71 | -0.8% | 7.40 | |