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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% | - |
| 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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 | 216.91 |
| Operating Income | 41.99 | 20.04 | 14.29 | 9.26 |
| EBITDA | 70.13 | 41.41 | 35.83 | -95.28 |
| EBIT | 33.19 | 9.35 | 5.65 | -116.73 |
| Pretax Income | 30.72 | 6.29 | 2.64 | -119.41 |
| Tax Provision | 8.92 | 3.23 | 8.38 | -0.05 |
| Net Income | 21.81 | 3.05 | -5.75 | -119.36 |
| Net Income Common Stockholders | 21.81 | 3.05 | -5.75 | -119.36 |
| Total Expenses | 495.80 | 460.74 | 418.18 | 387.63 |
| Interest Expense | 2.46 | 3.06 | 3.01 | 2.68 |
| Selling General And Administration | 249.59 | 235.85 | 218.44 | 202.14 |
| Normalized EBITDA | 79.15 | 54.48 | 48.56 | 34.46 |
| Normalized Income | 28.21 | 13.37 | 4.31 | 10.33 |
| Basic EPS | 1.15 | 0.16 | -0.30 | -6.28 |
| Diluted EPS | 1.14 | 0.16 | -0.30 | -6.28 |
| Tax Effect Of Unusual Items | -2.62 | -2.74 | -2.67 | -0.05 |
| Tax Rate For Calcs | 0.29 | 0.21 | 0.21 | 0 |
| Total Unusual Items | -9.03 | -13.06 | -12.73 | -129.74 |
| Total Unusual Items Excluding Goodwill | -9.03 | -13.06 | -12.73 | -129.74 |
| Net Income From Continuing Operation Net Minority Interest | 21.81 | 3.05 | -5.75 | -119.36 |
| Reconciled Depreciation | 36.94 | 32.07 | 30.18 | 21.45 |
| Reconciled Cost Of Revenue | 209.26 | 192.83 | 169.56 | 164.04 |
| Net Interest Income | -2.46 | -3.06 | -3.01 | -2.68 |
| Net Income From Continuing And Discontinued Operation | 21.81 | 3.05 | -5.75 | -119.36 |
| Total Operating Income As Reported | 32.65 | 6.77 | 0.74 | -113.17 |
| Diluted Average Shares | 19.17 | 19.26 | 19.09 | 19.02 |
| Basic Average Shares | 18.97 | 19.18 | 19.09 | 19.02 |
| Diluted NI Availto Com Stockholders | 21.81 | 3.05 | -5.75 | -119.36 |
| Net Income Including Noncontrolling Interests | 21.81 | 3.05 | -5.75 | -119.36 |
| Net Income Continuous Operations | 21.81 | 3.05 | -5.75 | -119.36 |
| Other Income Expense | -8.80 | -10.69 | -8.64 | -125.99 |
| Other Non Operating Income Expenses | 0.22 | 2.37 | 4.09 | 3.75 |
| Special Income Charges | -9.34 | -13.27 | -13.55 | -129.74 |
| Gain On Sale Of Business | 0 | 0 | -1.77 | 0 |
| Write Off | 0 | 0 | 0 | 7.31 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 110.71 |
| Restructuring And Mergern Acquisition | 9.34 | 13.27 | 11.77 | 11.72 |
| Earnings From Equity Interest | 0.31 | 0.21 | 0.81 | 0 |
| Gain On Sale Of Security | 0.31 | 0.21 | 0.81 | 0 |
| Net Non Operating Interest Income Expense | -2.46 | -3.06 | -3.01 | -2.68 |
| Interest Expense Non Operating | 2.46 | 3.06 | 3.01 | 2.68 |
| 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 |
| 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 | 6.03 |
| Selling And Marketing Expense | 181.94 | 167.35 | 159.62 | 149.48 |
| General And Administrative Expense | 67.66 | 68.50 | 58.82 | 52.66 |
| Other Gand A | 67.66 | 68.50 | 58.82 | 52.66 |
| Operating Revenue | 537.79 | 480.78 | 432.47 | 396.89 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Forrester Research, Inc.this co. | FORR | $121M | - | 0.95 | -94.3% | 3.10 |
| Resources Connection, Inc. | RGP | $140M | - | 0.75 | -92.6% | 11.99 |
| Atlantic International Corp. | ATLN | $140M | - | -3.06 | 185.2% | -5.02 |
| Mammoth Energy Services, Inc. | TUSK | $138M | - | 0.54 | 1.8% | -1.24 |
| SKYX Platforms Corp. | SKYX | $135M |
| - |
| -9.02 |
| -8118.2% |
| -6.62 |
| The Eastern Company | EML | $134M | 22.70 | 1.08 | 5.7% | 9.14 |
| DMC Global Inc. | BOOM | $129M | - | 0.53 | -4.2% | 9.35 |
| Byrna Technologies Inc. | BYRN | $128M | 15.72 | 1.93 | 14.7% | 9.07 |
| JELD-WEN Holding, Inc. | JELD | $123M | - | 1.33 | -673.6% | 29.19 |
| Peer Median | - | 19.21 | 0.64 | -1.2% | 9.11 | |