Forrester Research

FORR

Consulting Services · Industrials

Price

$11.78

+0.11 (+0.94%)

Market Cap

$228.7M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Share count falling — buybacks

−1.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 19.4M (2021) → 19.0M (2025)

Winston Score History

The full picture

Forrester Research is a company that helps businesses make smart decisions about technology and customers. It sells research reports, data, and advice to executives at large companies — especially in areas like marketing, IT, and customer experience. Forrester is one of the most recognized names in technology and business research, competing closely with Gartner.

The company makes money through subscriptions to its research library, consulting engagements, and events like conferences. It operates mainly in North America and Europe, serving mid-size to large enterprises across many industries. With a market cap of around $200 million, it is a relatively small player in the consulting and research space. Its main moat is its brand reputation and proprietary data, but the company is currently barely breaking even, and its key risk is retaining corporate clients who may cut research subscriptions during economic downturns or shift to lower-cost alternatives.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-10.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+276.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

48.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$148M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Forrester Research's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

53.1%

Healthy — 53.1% gross margin

Profit after running costs

Operating Margin

4.6%

Thin — 4.6% operating margin

Return on the money invested

ROCE

-2.5%

Weak — -2.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-7.5%

Shrinking sales (-7.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

3.0%

Thin free cash flow (3.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.33

Conservative — low debt load (0.33)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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