(FORR) Forrester Research - Ratings and Ratios
Research, Consulting, Events
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 58.0% |
| Value at Risk 5%th | 93.5% |
| Relative Tail Risk | -1.88% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -1.52 |
| Alpha | -66.84 |
| CAGR/Max DD | -0.50 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.360 |
| Beta | 0.446 |
| Beta Downside | 0.085 |
| Drawdowns 3y | |
|---|---|
| Max DD | 82.95% |
| Mean DD | 47.96% |
| Median DD | 52.26% |
Description: FORR Forrester Research October 29, 2025
Forrester Research, Inc. (NASDAQ: FORR) is a global independent research and advisory firm operating across the United States, Europe, the United Kingdom, Canada, Asia-Pacific and other regions. It structures its business into three revenue streams: (1) Research – subscription-based insight services such as Forrester Decisions that deliver trend forecasts, buyer analytics, benchmarking data, and vendor evaluations; (2) Consulting – project-based engagements covering maturity assessments, strategy development, technology selection, and go-to-market enablement; and (3) Events – B2B conferences focused on marketing, sales, CX, security, and emerging technologies. The company sells directly through its own sales force and has been incorporated since 1983 with headquarters in Cambridge, Massachusetts.
From publicly available filings, Forrester’s FY 2023 revenue was approximately $400 million, with the Research subscription segment contributing roughly 55 % of total revenue and exhibiting a year-over-year growth rate of 4 %-a modest expansion relative to the broader research-and-consulting services market, which is projected by IDC to grow at a 6-7 % CAGR through 2027 driven by increasing corporate spend on digital transformation and data-driven decision making. Key performance indicators for the sector include subscription churn (typically 10-12 % annually for comparable firms) and average contract length (around 24 months), both of which materially affect recurring revenue visibility. Macro-level drivers such as enterprise IT budgets (+5 % YoY) and heightened focus on customer experience (CX) initiatives are likely to sustain demand for Forrester’s advisory content and event offerings.
For readers interested in a deeper quantitative assessment of Forrester’s valuation dynamics, exploring ValueRay’s analyst tools can provide granular peer-adjusted multiples and scenario modeling that may uncover hidden upside or downside risks.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income (-85.1m TTM) > 0 and > 6% of Revenue (6% = 24.2m TTM) |
| FCFTA 0.05 (>2.0%) and ΔFCFTA 3.71pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 2.86% (prev -0.93%; Δ 3.79pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.11 (>3.0%) and CFO 45.6m > Net Income -85.1m (YES >=105%, WARN >=100%) |
| NO Net Debt/EBITDA fails (EBITDA <= 0) |
| Current Ratio 1.06 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (19.1m) change vs 12m ago 0.25% (target <= -2.0% for YES) |
| Gross Margin 65.87% (prev 55.94%; Δ 9.93pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 87.85% (prev 87.58%; Δ 0.27pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio -28.89 (EBITDA TTM -59.5m / Interest Expense TTM 2.74m) >= 6 (WARN >= 3) |
Altman Z'' 0.06
| (A) 0.03 = (Total Current Assets 193.6m - Total Current Liabilities 182.1m) / Total Assets 414.2m |
| (B) 0.21 = Retained Earnings (Balance) 86.4m / Total Assets 414.2m |
| (C) -0.17 = EBIT TTM -79.2m / Avg Total Assets 459.7m |
| (D) 0.34 = Book Value of Equity 86.7m / Total Liabilities 256.5m |
| Total Rating: 0.06 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 31.38
| 1. Piotroski 3.50pt |
| 2. FCF Yield 14.84% |
| 3. FCF Margin 4.92% |
| 4. Debt/Equity 0.46 |
| 5. Debt/Ebitda -0.28 |
| 6. ROIC - WACC (= -53.11)% |
| 7. RoE -49.01% |
| 8. Rev. Trend -80.22% |
| 9. EPS Trend -44.59% |
What is the price of FORR shares?
Over the past week, the price has changed by +7.54%, over one month by -10.31%, over three months by -30.23% and over the past year by -56.71%.
Is FORR a buy, sell or hold?
- Strong Buy: 0
- Buy: 0
- Hold: 2
- Sell: 0
- Strong Sell: 0
What are the forecasts/targets for the FORR price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 12 | 68.3% |
| Analysts Target Price | 12 | 68.3% |
| ValueRay Target Price | 4.3 | -39.4% |
FORR Fundamental Data Overview December 09, 2025
P/E Forward = 6.2578
P/S = 0.3133
P/B = 0.7991
P/EG = 0.7821
Beta = 0.956
Revenue TTM = 403.9m USD
EBIT TTM = -79.2m USD
EBITDA TTM = -59.5m USD
Long Term Debt = 35.0m USD (from longTermDebt, last quarter)
Short Term Debt = 12.8m USD (from shortTermDebt, last fiscal year)
Debt = 72.6m USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 16.5m USD (from netDebt column, last fiscal year)
Enterprise Value = 134.0m USD (126.5m + Debt 72.6m - CCE 65.1m)
Interest Coverage Ratio = -28.89 (Ebit TTM -79.2m / Interest Expense TTM 2.74m)
FCF Yield = 14.84% (FCF TTM 19.9m / Enterprise Value 134.0m)
FCF Margin = 4.92% (FCF TTM 19.9m / Revenue TTM 403.9m)
Net Margin = -21.06% (Net Income TTM -85.1m / Revenue TTM 403.9m)
Gross Margin = 65.87% ((Revenue TTM 403.9m - Cost of Revenue TTM 137.8m) / Revenue TTM)
Gross Margin QoQ = 56.03% (prev 55.53%)
Tobins Q-Ratio = 0.32 (Enterprise Value 134.0m / Total Assets 414.2m)
Interest Expense / Debt = 0.94% (Interest Expense 684.0k / Debt 72.6m)
Taxrate = -25.87% (negative due to tax credits) (437.0k / -1.69m)
NOPAT = -99.7m (EBIT -79.2m * (1 - -25.87%)) [loss with tax shield] [negative tax rate / tax credits]
Current Ratio = 1.06 (Total Current Assets 193.6m / Total Current Liabilities 182.1m)
Debt / Equity = 0.46 (Debt 72.6m / totalStockholderEquity, last quarter 157.7m)
Debt / EBITDA = -0.28 (negative EBITDA) (Net Debt 16.5m / EBITDA -59.5m)
Debt / FCF = 0.83 (Net Debt 16.5m / FCF TTM 19.9m)
Total Stockholder Equity = 173.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -20.54% (Net Income -85.1m / Total Assets 414.2m)
RoE = -49.01% (Net Income TTM -85.1m / Total Stockholder Equity 173.5m)
RoCE = -37.98% (EBIT -79.2m / Capital Employed (Equity 173.5m + L.T.Debt 35.0m))
RoIC = -47.81% (negative operating profit) (NOPAT -99.7m / Invested Capital 208.5m)
WACC = 5.30% (E(126.5m)/V(199.1m) * Re(7.66%) + D(72.6m)/V(199.1m) * Rd(0.94%) * (1-Tc(-0.26)))
Discount Rate = 7.66% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -33.33 | Cagr: -0.33%
[DCF Debug] Terminal Value 70.46% ; FCFE base≈14.1m ; Y1≈9.28m ; Y5≈4.24m
Fair Price DCF = 4.39 (DCF Value 83.4m / Shares Outstanding 19.0m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -44.59 | EPS CAGR: -11.70% | SUE: 1.16 | # QB: 1
Revenue Correlation: -80.22 | Revenue CAGR: -8.90% | SUE: -4.0 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.14 | Chg30d=-0.015 | Revisions Net=+0 | Analysts=2
EPS next Year (2026-12-31): EPS=1.33 | Chg30d=-0.130 | Revisions Net=-1 | Growth EPS=+9.6% | Growth Revenue=-1.1%
Additional Sources for FORR Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle