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MARKETS / NASDAQ / FORR
NASDAQ · SERVICES-ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT · MID CAP

Forrester Research, Inc. FORR

17 fiscal years on record · USD · FY2025 reported · SEC filings only
6 YEARS OF DIVIDEND GROWTH
$396.9M
▼ 8.2% YoY
$-119.4M
$18.1M
In brief

What this company does

Its products and services reached more than 1,700 client companies as of December 31, 2025, with no single client company accounting for more than 3% of that year's revenues. It delivers its products and services through three business segments: Research, Consulting, and Events. Its primary subscription research service is Forrester Decisions. The consulting business includes consulting projects, content marketing, and advisory services. It hosts multiple events across North America, Europe, and the Asia-Pacific region throughout the year. Forrester Research Inc. was incorporated in Massachusetts on July 7, 1983, and reincorporated in Delaware on February 16, 1996, with corporate offices in Cambridge, Massachusetts.

Written from the business description in FORRESTER RESEARCH, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 13 March 2026. Every sentence was checked against that document before publication.

Growth
USD 396.9M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 396.9 · Net income -119.4
200M400M-40M-80M200920112013201520172019202120232025
Compound annual growth
−9.6%
−2.4%
+2.4%
+3.1%
+5.6%
+5.9%
−44.8%
−22.6%
−21.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −2.4% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−30 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -28.5% · Net -30.1%
5%10%-10%-20%-30%200920112013201520172019202120232025
ROE
FY2025 · ROE -67.0%
5%10%-20%-40%-60%200920112013201520172019202120232025
Gross margin57.0%
Operating margin-28.5%
Net margin-30.1%
Return on assets-26.3%
EBITDAUSD -107.1M

Each USD of equity lost 67 cents this year.

Cash & shareholders
USD 2.5M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 18.1
40M80M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 2.5
50M100MDividendsNet buybacks200920112013201520172019202120232025
Dividends paid—
Net buybacksUSD 2.5M
Share of profit-2.1%
Consecutive raises6 years

USD 2.5M in buybacks went back to shareholders in a year without profit.

Total assetsUSD 404.0M
EquityUSD 126.5M
CashUSD 63.3M
Gross debtUSD 35.0M
Net debtUSD -28.3M
Current ratio0.89×

The company holds more cash than debt.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.40.40.50.50.50.40.50.40.30.30.30.30.30.30.30.30.2
Operating income $B−0.10.00.00.00.0−0.00.00.00.00.00.00.00.00.00.00.00.0
EBITDA $B−0.10.00.00.00.0−0.00.00.00.00.00.00.00.00.00.00.00.0
Income tax $B−0.00.00.00.00.00.0−0.00.00.00.00.00.00.00.00.00.00.0
Net income $B−0.1−0.00.00.00.00.0−0.00.00.00.00.00.00.00.00.00.00.0
Free cash flow $B0.0−0.00.00.00.10.00.00.00.00.00.00.00.00.00.00.00.0
EPS, diluted $−6.28−0.300.161.141.280.53−0.520.840.830.970.660.570.611.150.950.890.82
Dividend / sh $·······0.800.760.720.680.640.600.56···
Payout %·······9490741021109548·334·
ROE %−67.0−2.41.310.212.85.8−6.210.510.412.78.96.35.29.07.87.06.0
Shares out B0.020.020.020.020.020.020.020.020.020.020.020.020.020.020.020.02·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 74 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Engineering, Accounting, Research, Management
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2009

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