Forrester Research (FORR)
Market Price (9/22/2026): $11.41 | Market Cap: $221.4 MilSector: Industrials | Industry: Research & Consulting Services
Forrester Research (FORR)
Market Price (9/22/2026): $11.41Market Cap: $221.4 MilSector: IndustrialsIndustry: Research & Consulting Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30% Megatrend and thematic driversMegatrends include Cybersecurity, Cloud Computing, and E-commerce & Digital Retail. Themes include Cloud Security, Show more. | Weak multi-year price returns2Y Excs Rtn is -77%, 3Y Excs Rtn is -135% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.9% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.5%, Rev Chg QQuarterly Revenue Change % is -10% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 110% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% Key risksFORR key risks include [1] failing to effectively execute its new generative AI strategy and [2] the potential for GenAI tools to disintermediate its core proprietary research business. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30% |
| Megatrend and thematic driversMegatrends include Cybersecurity, Cloud Computing, and E-commerce & Digital Retail. Themes include Cloud Security, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -77%, 3Y Excs Rtn is -135% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.9% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.5%, Rev Chg QQuarterly Revenue Change % is -10% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 110% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% |
| Key risksFORR key risks include [1] failing to effectively execute its new generative AI strategy and [2] the potential for GenAI tools to disintermediate its core proprietary research business. |
Qualitative Assessment
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Forrester Research (FORR) stock has gained about 60% since 5/31/2026 because of the following key factors:
1. Forrester Research's Q2 2026 earnings significantly surpassed analyst expectations, with adjusted diluted EPS of $0.40 beating the consensus estimate of $0.27 by 48% for the quarter ended June 30, 2026. Quarterly revenue of $100.2 million also exceeded analysts' consensus by $3.3 million. The company reinforced investor confidence by maintaining its full-year 2026 guidance, projecting total revenues between $350 million and $360 million and adjusted diluted EPS in the range of $0.72 to $0.82.
2. The company emphasized its strategic commitment and progress in artificial intelligence, citing accelerated adoption of "Forrester AI" and efforts to reinvent its research and advisory business for the AI era. This strategic direction was further highlighted by the introduction of Forrester's AI Disruption Model on August 19, 2026, which aims to assess AI's impact on technology and service markets.
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Forrester Research (FORR) stock has gained about 60% since 5/31/2026 because of the following key factors:
1. Forrester Research's Q2 2026 earnings significantly surpassed analyst expectations, with adjusted diluted EPS of $0.40 beating the consensus estimate of $0.27 by 48% for the quarter ended June 30, 2026. Quarterly revenue of $100.2 million also exceeded analysts' consensus by $3.3 million. The company reinforced investor confidence by maintaining its full-year 2026 guidance, projecting total revenues between $350 million and $360 million and adjusted diluted EPS in the range of $0.72 to $0.82.
2. The company emphasized its strategic commitment and progress in artificial intelligence, citing accelerated adoption of "Forrester AI" and efforts to reinvent its research and advisory business for the AI era. This strategic direction was further highlighted by the introduction of Forrester's AI Disruption Model on August 19, 2026, which aims to assess AI's impact on technology and service markets.
3. Forrester Research announced the resumption and planned acceleration of its stock buyback program. This move signals management's confidence in the company's valuation and its commitment to enhancing shareholder value through capital allocation initiatives.
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Stock Movement Drivers
Fundamental Drivers
The 60.9% change in FORR stock from 5/31/2026 to 9/21/2026 was primarily driven by a 68.6% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.05 | 11.34 | 60.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 392 | 381 | -2.9% |
| P/S Multiple | 0.3 | 0.6 | 68.6% |
| Shares Outstanding (Mil) | 19 | 19 | -1.7% |
| Cumulative Contribution | 60.9% |
Market Drivers
5/31/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| FORR | 60.9% | |
| Market (SPY) | 2.5% | 8.6% |
| Sector (XLI) | -1.6% | -4.3% |
Fundamental Drivers
The 89.6% change in FORR stock from 2/28/2026 to 9/21/2026 was primarily driven by a 104.0% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.98 | 11.34 | 89.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 404 | 381 | -5.7% |
| P/S Multiple | 0.3 | 0.6 | 104.0% |
| Shares Outstanding (Mil) | 19 | 19 | -1.5% |
| Cumulative Contribution | 89.6% |
Market Drivers
2/28/2026 to 9/21/2026| Return | Correlation | |
|---|---|---|
| FORR | 89.6% | |
| Market (SPY) | 13.4% | 6.4% |
| Sector (XLI) | -3.5% | -13.9% |
Fundamental Drivers
The 16.4% change in FORR stock from 8/31/2025 to 9/21/2026 was primarily driven by a 28.2% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.74 | 11.34 | 16.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 412 | 381 | -7.5% |
| P/S Multiple | 0.5 | 0.6 | 28.2% |
| Shares Outstanding (Mil) | 19 | 19 | -1.8% |
| Cumulative Contribution | 16.4% |
Market Drivers
8/31/2025 to 9/21/2026| Return | Correlation | |
|---|---|---|
| FORR | 16.4% | |
| Market (SPY) | 21.2% | 12.5% |
| Sector (XLI) | 13.3% | -3.4% |
Fundamental Drivers
The -63.0% change in FORR stock from 8/31/2023 to 9/21/2026 was primarily driven by a -49.5% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9212026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.63 | 11.34 | -63.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 514 | 381 | -25.8% |
| P/S Multiple | 1.1 | 0.6 | -49.5% |
| Shares Outstanding (Mil) | 19 | 19 | -1.1% |
| Cumulative Contribution | -63.0% |
Market Drivers
8/31/2023 to 9/21/2026| Return | Correlation | |
|---|---|---|
| FORR | -63.0% | |
| Market (SPY) | 78.3% | 18.4% |
| Sector (XLI) | 64.0% | 15.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FORR Return | 40% | -39% | -25% | -42% | -48% | 37% | -74% |
| Peers Return | 48% | -11% | 28% | 18% | -11% | -30% | 23% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| FORR Win Rate | 75% | 25% | 42% | 25% | 42% | 56% | |
| Peers Win Rate | 67% | 43% | 63% | 60% | 43% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| FORR Max Drawdown | -14% | -44% | -42% | -46% | -58% | -39% | |
| Peers Max Drawdown | -13% | -32% | -18% | -18% | -38% | -51% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IT, HCKT, ACN, IBM, CTSH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/21/2026 (YTD)
How Low Can It Go
| Event | FORR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.8% | -18.8% |
| % Gain to Breakeven | 44.5% | 23.1% |
| Time to Breakeven | 507 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.9% | -33.7% |
| % Gain to Breakeven | 84.8% | 50.9% |
| Time to Breakeven | 242 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.8% | -19.2% |
| % Gain to Breakeven | 18.8% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.8% | -3.7% |
| % Gain to Breakeven | 13.3% | 3.9% |
| Time to Breakeven | 49 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -14.5% | -12.2% |
| % Gain to Breakeven | 17.0% | 13.9% |
| Time to Breakeven | 16 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.1% | -6.8% |
| % Gain to Breakeven | 39.1% | 7.3% |
| Time to Breakeven | 148 days | 15 days |
In The Past
Forrester Research's stock fell -30.8% during the 2025 US Tariff Shock. Such a loss loss requires a 44.5% gain to breakeven.
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Asset Allocation
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| Event | FORR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.8% | -18.8% |
| % Gain to Breakeven | 44.5% | 23.1% |
| Time to Breakeven | 507 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.9% | -33.7% |
| % Gain to Breakeven | 84.8% | 50.9% |
| Time to Breakeven | 242 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.1% | -6.8% |
| % Gain to Breakeven | 39.1% | 7.3% |
| Time to Breakeven | 148 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -41.2% | -53.4% |
| % Gain to Breakeven | 70.2% | 114.4% |
| Time to Breakeven | 311 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.0% | -8.6% |
| % Gain to Breakeven | 26.6% | 9.5% |
| Time to Breakeven | 80 days | 47 days |
In The Past
Forrester Research's stock fell -30.8% during the 2025 US Tariff Shock. Such a loss loss requires a 44.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Forrester Research (FORR)
Forrester Research, Inc. (FORR) is an independent research and advisory services company dedicated to helping business and technology leaders achieve growth, primarily through a focus on customer obsession. The company provides critical insights, data, and strategic guidance to its clients, operating across three core segments: Research, Consulting, and Events.
Its Research segment offers subscription-based services like Forrester Research and Forrester Decisions, delivering future trends, market forecasts, deep consumer and business buyer data, best practice models, benchmarking, and vendor evaluations online. The Consulting segment provides project-based services, including maturity assessments, strategy development, technology vendor selection, and organizational structuring, helping clients implement best practices and solve specific business challenges.
Beyond research and consulting, Forrester Research also hosts a variety of in-person and virtual Events. These events cover crucial topics such as B2B marketing, sales leadership, customer experience, security and risk, and data strategies. The company serves business and technology leaders globally across various industries, selling its products and services through a direct sales force in North America, Europe, Asia Pacific, and internationally.
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Here are a couple of analogies for Forrester Research:
- S&P Global for business and technology strategy.
- Consumer Reports for business technology and strategy.
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- Research Subscriptions: Provides business and technology leaders with access to future trends, market forecasts, buyer data, best practice models, and vendor evaluations through online platforms.
- Consulting Services: Offers project-based engagements and advisory services to help clients with strategy development, technology selection, organizational structuring, and marketing/sales effectiveness.
- Events: Hosts in-person and virtual conferences and forums covering topics such as B2B marketing, customer experience, security, and technology innovation for industry leaders.
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George F. Colony, Founder, Chairman, and Chief Executive Officer
George F. Colony founded Forrester Research in his basement in Cambridge, Massachusetts, in 1983 and has since built it into a successful global research and advisory firm. He graduated from Harvard University in 1973. Colony is recognized as one of the most influential thought leaders in business and technology, providing advice to executives of Fortune 100 and Fortune 500 organizations. He is the largest individual shareholder of Forrester, owning approximately 38.85% of the company's shares.
L. Christian Finn, Chief Financial Officer
Chris Finn serves as Forrester's Chief Financial Officer, responsible for all finance functions, including accounting, tax, treasury, investor relations, and corporate strategy. He brings over 25 years of financial and operational experience to the role, having been appointed CFO on September 13, 2021. Prior to joining Forrester, Finn was the Vice President of Finance at LogMeIn, where he led financial planning and analysis and global procurement, helping to scale the company's revenues from $250 million to over $1 billion. He also served as CFO of the $1 billion healthcare division at Nuance and held leadership positions in finance at Progress Software, First Wind, and Monster Worldwide. Finn holds a BBA from the University of Miami and an MBA from Boston University's Questrom School of Business.
Carrie Johnson, Chief Product Officer
Carrie Johnson leads Forrester's product portfolio, which includes research, consulting, and event products, and is responsible for product management and digital strategy. She previously held the role of Chief Research Officer at Forrester and has served in various research positions within the company for over 20 years, including SVP, Research and Group Director. As an analyst, Johnson focused on the dynamics of online retailing, consumer eCommerce adoption, and multichannel behavior. Before her tenure at Forrester, she worked at the Harvard Business School, where she authored case studies. Johnson is a magna cum laude graduate of Bowdoin College.
Sharyn Leaver, Chief Research Officer
Sharyn Leaver leads Forrester's global research organization, overseeing the analyst, executive partner, and analytics teams responsible for creating powerful ideas and objective content for clients.
Michael Facemire, Chief Technology Officer
Michael Facemire serves as Forrester's Chief Technology Officer, guiding the strategic vision and execution of the company's technological initiatives.
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- Declining Subscription Renewal Rates and Client Attrition: Forrester Research faces a significant risk from declining subscription renewal rates and client attrition, which directly impacts its core revenue streams. The company reported a 14% year-over-year drop in client count in Q1 2025, primarily due to the loss of smaller vendor clients. Total revenues declined in both 2024 and Q1 2025, with projections indicating a potential revenue decrease of 4.0% to 7.5% for the entirety of 2025 compared to 2024. This trend is also reflected in a 7% decrease in contract value year-over-year in Q1 2025. The company's success is highly dependent on ongoing demand for its subscription-based research services and maintaining high renewal rates, making any decline in these areas a material financial risk.
- Vulnerability to Economic Downturns and Macroeconomic Pressures: Economic downturns and prevailing macroeconomic pressures pose a substantial risk to Forrester Research, as they directly influence client spending on discretionary research, consulting projects, and event attendance. The company's sales and earnings have been pressured by macro factors, leading to client spending cuts. For example, the events segment experienced a sharp 42% decline in revenue in Q4 2024, indicating clients are pulling back on non-essential expenditures. This economic uncertainty is a key factor impacting the company's contract value and overall financial performance.
- Intense and Evolving Competitive Landscape, including Potential AI Disintermediation: Forrester operates in a robust and intensifying competitive landscape, facing direct competition from established research and advisory firms like Gartner and IDC, as well as emerging niche players. This competition can lead to pricing pressure and loss of market share. Furthermore, the rapid advancement and integration of Artificial Intelligence (AI) and machine learning present a potential long-term disintermediation risk. While Forrester is investing in AI capabilities and integrating AI research into its services, AI could automate a significant portion of data analysis and insight generation, potentially enabling clients to fulfill their research needs internally or through alternative, more efficient AI-driven solutions, thereby reducing reliance on traditional research and advisory services.
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The rapid development and adoption of advanced AI and large language models (LLMs) represent a clear emerging threat. These AI platforms can synthesize vast amounts of data, generate sophisticated market analyses, develop strategic recommendations, and perform vendor evaluations. This capability enables businesses to internally generate or access real-time, customized insights and advisory services more quickly and at a potentially lower cost than traditional subscription research and human-led consulting models, directly challenging Forrester's core Research and Consulting segments.
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Forrester Research (symbol: FORR) operates within three main segments: Research, Consulting, and Events. The addressable markets for these services are sized as follows:
- Consulting: The global IT consulting services market was approximately USD 78.03 billion in 2024 and is projected to reach around USD 129.15 billion by 2034. Other estimates place the global IT consulting services market size at USD 69.59 billion in 2025, expected to rise to USD 106.58 billion by 2034. Additionally, the global IT consulting market size is projected to grow from $111.95 billion in 2025 to $209.99 billion in 2030.
- Events: The global corporate events market was valued at $325 billion in 2023 and is expected to grow to nearly $600 billion by 2029. Other estimates indicate the corporate events market was valued at USD 360.8 billion in 2024 and is projected to grow from USD 386.75 billion in 2025 to reach USD 548.26 billion by 2030.
- Research: The global market research services market size grew from $93.37 billion in 2025 to $96.77 billion in 2026, and is expected to reach $116.02 billion in 2030.
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Forrester Research (FORR) is focusing on several key drivers to stimulate future revenue growth over the next two to three years, primarily centered on its core research business and strategic initiatives.
The expected drivers of future revenue growth for Forrester Research include:
- Growth in AI-powered research and product offerings: Forrester is making a decisive move towards AI-driven research and product offerings, with initiatives like "AI Access" being a significant driver. Since its September debut, AI Access has generated over $5 million in bookings, and unique users of Forrester AI increased by 55% year-over-year in Q4 2025, with prompts up 65%. The company views AI as a transformative opportunity to enhance the value of its research, making it more accessible and enabling clients to create new content from Forrester's data and models.
- Enhanced client retention and expansion within the core research business: A strategic focus for Forrester is to increase retention rates and drive growth within both existing and new client accounts. The full migration of its research products to the "Forrester Decisions" platform, which captured 80% of contract value by the end of 2024, is aimed at boosting primary offerings and client benefits, thereby leading to higher renewal rates. Client retention improved to 87% by the end of 2025, and client count increased in Q4 2025, marking the first quarterly increase in this metric since Q4 2021.
- Improved go-to-market execution and sales efficiency: Forrester is refining its go-to-market execution and strengthening its sales strategies to accelerate a return to contract value growth. The company has appointed a Chief Sales Officer with a focus on cultivating a "culture of growth within sales" and improving go-to-market execution.
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Share Repurchases
- Forrester Research had over $77 million of its stock repurchase authorization intact as of Q4 2025.
- The company did not repurchase any shares in the fourth quarter of 2025.
- As of March 2026, the 2025 Annual Report referenced possible future share repurchases, but no specific commitments or amounts were disclosed for the upcoming year.
Share Issuance
- As of March 6, 2026, Forrester had 19,176,000 shares of common stock outstanding.
- The company's market capitalization has experienced a compound annual growth rate (CAGR) of -32.80% over the past five years, indicating a decrease in market cap.
Outbound Investments
- In 2025, Forrester launched an AI-based product called AI Access, which generated over $5 million in bookings.
- The company plans to utilize a portion of its cost savings in 2026 to fund focused investments in AI to capitalize on growth opportunities.
Capital Expenditures
- Capital expenditure for the full year 2025 was $3 million.
- Management believes Forrester has adequate cash and cash flows to satisfy capital expenditure needs, including planned renovations of its Cambridge, MA office.
- Ongoing investment in office space and service enhancements is highlighted as a positive signal supporting valuation stability.
Peer Outperformance in Research & Consulting Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 7.9% | 112.9% | 194.1% | CDNL 2325% · STRL 2283% · FIX 2276% |
| Marine Transportation | 5 | 86.2% | 62.7% | 170.6% | HOS 43742% · MATX 208% · SFL 171% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 9.2% | 57.2% | 128.6% | CAT 365% · ALSN 256% · WAB 236% |
| Aerospace & Defense | 55 | -4.9% | 72.0% | 72.3% | ATI 1053% · FTAI 1029% · HWM 641% |
| Rail Transportation | 7 | 24.8% | 53.7% | 52.4% | FSTR 145% · RAIL 67% · CSX 65% |
| Trading Companies & Distributors | 19 | 4.9% | 40.0% | 50.7% | DXPE 591% · AIT 292% · WCC 224% |
| Industrial Machinery & Supplies & Components | 73 | 7.5% | 52.3% | 38.8% | CRS 1232% · PSIX 1092% · EROC 669% |
| Diversified Support Services | 33 | 13.1% | 34.6% | 37.5% | LIME 3273% · TH 441% · WLFC 363% |
| Cargo Ground Transportation | 16 | 33.1% | 0.6% | 28.9% | XPO 242% · R 240% · CVLG 163% |
| Electrical Components & Equipment | 41 | 5.0% | 60.4% | 25.0% | POWL 2382% · BE 1315% · VRT 950% |
| Passenger Ground Transportation | 3 | -28.1% | 53.6% | 23.4% | UBER 58% · CAR 23% · LYFT -72% |
| Building Products | 33 | -14.4% | 3.6% | 19.6% | LMB 713% · GFF 394% · PPIH 293% |
| Industrial Conglomerates | 17 | 7.3% | 6.7% | 5.4% | RCMT 522% · CSW 139% · DD 75% |
| Agricultural & Farm Machinery | 17 | 4.8% | 3.8% | -6.4% | BLBD 201% · DE 115% · GENC 56% |
| Environmental & Facilities Services | 29 | -10.5% | 18.8% | -7.5% | CECO 947% · ADUR 419% · NVRI 360% |
| Research & Consulting Services ← | 14 | -13.0% | -21.0% | -12.2% | HURN 213% · CRAI 82% · GRNQ 75% |
| Data Processing & Outsourced Services | 6 | -33.1% | -14.3% | -25.0% | EXLS 44% · BR 10% · G -24% |
| Passenger Airlines | 11 | 8.3% | 21.1% | -27.1% | LTM 3307% · UAL 150% · SKYW 113% |
| Office Services & Supplies | 9 | 5.6% | 12.8% | -34.3% | PBI 179% · TILE 141% · HNI 49% |
| Human Resource & Employment Services | 22 | 6.5% | -15.3% | -37.2% | BBSI 83% · ADP 52% · PAYX 23% |
| Air Freight & Logistics | 12 | -22.3% | -21.5% | -40.2% | CHRW 97% · FDX 78% · EXPD 65% |
| Security & Alarm Services | 10 | -21.9% | 31.6% | -42.5% | CIX 167% · MG 132% · BCO 70% |
| Airport Services | 3 | -74.6% | -78.2% | -62.0% | JOBY -34% · ASLE -62% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Forrester Research Earnings Notes | 12/16/2025 | |
| Forrester Research Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 121.35 |
| Mkt Cap | 19.9 |
| Rev LTM | 14,053 |
| Op Inc LTM | 2,390 |
| FCF LTM | 1,943 |
| FCF 3Y Avg | 1,717 |
| CFO LTM | 2,150 |
| CFO 3Y Avg | 1,921 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.2% |
| Rev Chg 3Y Avg | 3.9% |
| Rev Chg Q | 0.2% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Inc Chg LTM | 9.5% |
| Op Inc Chg 3Y Avg | 4.4% |
| Op Mgn LTM | 16.0% |
| Op Mgn 3Y Avg | 15.7% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 16.1% |
| CFO/Rev 3Y Avg | 15.3% |
| FCF/Rev LTM | 14.6% |
| FCF/Rev 3Y Avg | 13.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Research Segment | 318 | 338 | 363 | 396 | 373 |
| Consulting Segment | 66 | 76 | 89 | 111 | 109 |
| Events Segment | 13 | 18 | 28 | 31 | 13 |
| Total | 397 | 432 | 481 | 538 | 494 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2015 |
|---|---|---|---|---|---|
| Research Segment | 214 | 222 | 238 | 271 | -9 |
| Consulting Segment | 28 | 36 | 44 | 54 | |
| Events Segment | -6 | -1 | 8 | 9 | |
| Amortization of intangible assets | -9 | -10 | -12 | -13 | |
| Restructuring and related costs | -12 | -12 | -13 | -9 | |
| Goodwill impairment | -111 | ||||
| Selling, marketing, administrative and other expenses | -218 | -233 | -258 | -279 | |
| Loss from sale of divested operation | -2 | ||||
| Other | -177 | ||||
| Products | 189 | ||||
| Project Consulting | 16 | ||||
| Total | -113 | 1 | 7 | 33 | 19 |
Price Behavior
| Market Price | $11.34 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 11/27/1996 | |
| Distance from 52W High | -10.4% | |
| 50 Days | 200 Days | |
| DMA Price | $11.24 | $7.98 |
| DMA Trend | up | up |
| Distance from DMA | 0.9% | 42.2% |
| 3M | 1YR | |
| Volatility | 66.5% | 56.7% |
| Downside Capture | -100.97 | 12.37 |
| Upside Capture | 147.66 | 13.41 |
| Correlation (SPY) | 6.7% | 12.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.81 | 0.60 | 0.37 | 0.21 | 0.54 | 0.57 |
| Up Beta | 1.30 | -1.85 | -0.17 | -0.04 | 0.71 | 0.55 |
| Down Beta | 0.07 | 0.42 | 1.39 | 0.85 | 1.58 | 0.45 |
| Up Capture | 99% | 276% | 149% | 84% | 14% | 12% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 37 | 71 | 133 | 357 |
| Down Capture | -12% | 30% | -163% | -114% | -11% | 97% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 18 | 27 | 56 | 112 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FORR | |
|---|---|---|---|---|
| FORR | 1.2% | 56.5% | 0.22 | - |
| Sector ETF (XLI) | 12.8% | 17.2% | 0.53 | -3.7% |
| Equity (SPY) | 18.2% | 13.0% | 1.01 | 12.3% |
| Gold (GLD) | 18.8% | 29.3% | 0.59 | -16.8% |
| Commodities (DBC) | 47.0% | 20.6% | 1.76 | -14.5% |
| Real Estate (VNQ) | 5.7% | 13.6% | 0.15 | 12.2% |
| Bitcoin (BTCUSD) | -31.0% | 44.4% | -0.71 | 5.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FORR | |
|---|---|---|---|---|
| FORR | -25.2% | 42.7% | -0.55 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 25.8% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 28.1% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | -4.4% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | -0.0% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 30.1% |
| Bitcoin (BTCUSD) | 12.5% | 52.6% | 0.42 | 12.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FORR | |
|---|---|---|---|---|
| FORR | -11.9% | 41.1% | -0.17 | - |
| Sector ETF (XLI) | 13.5% | 20.0% | 0.59 | 40.4% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 40.3% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -2.5% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 12.1% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 37.6% |
| Bitcoin (BTCUSD) | 62.7% | 66.2% | 1.03 | 11.4% |
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Returns Analyses
Earnings Returns History
Updated 9/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 18.1% | 23.1% | 27.1% |
| 5/6/2026 | 7.2% | 3.3% | 14.9% |
| 2/12/2026 | -9.7% | -1.1% | 0.6% |
| 10/30/2025 | -12.9% | -8.2% | -15.1% |
| 7/31/2025 | 12.3% | 4.3% | 0.0% |
| 5/6/2025 | 4.5% | 4.6% | 4.4% |
| 2/11/2025 | -12.1% | -17.2% | -36.1% |
| 11/5/2024 | 7.0% | 14.2% | 13.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 13 | 13 |
| Median Positive | 4.7% | 4.6% | 4.4% |
| Median Negative | -8.2% | -8.2% | -7.0% |
| Max Positive | 18.1% | 23.1% | 27.1% |
| Max Negative | -14.0% | -17.2% | -36.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 18.1% | 23.1% | 27.1% |
| 5/6/2026 | 7.2% | 3.3% | 14.9% |
| 2/12/2026 | -9.7% | -1.1% | 0.6% |
| 10/30/2025 | -12.9% | -8.2% | -15.1% |
| 7/31/2025 | 12.3% | 4.3% | 0.0% |
| 5/6/2025 | 4.5% | 4.6% | 4.4% |
| 2/11/2025 | -12.1% | -17.2% | -36.1% |
| 11/5/2024 | 7.0% | 14.2% | 13.0% |
| 7/30/2024 | 4.1% | -5.5% | -1.6% |
| 4/30/2024 | -3.2% | 5.2% | 1.2% |
| 2/8/2024 | -7.3% | -9.8% | -13.6% |
| 10/26/2023 | -5.3% | -13.5% | -4.0% |
| 7/27/2023 | 2.5% | 3.8% | 0.4% |
| 5/4/2023 | -13.6% | -13.8% | -0.5% |
| 2/9/2023 | -14.0% | -4.2% | -14.4% |
| 11/2/2022 | -12.9% | -16.7% | -11.2% |
| 7/28/2022 | -8.2% | -13.0% | -17.5% |
| 5/5/2022 | 2.7% | -5.1% | -3.7% |
| 2/10/2022 | -0.7% | 1.2% | -0.7% |
| 11/3/2021 | 4.7% | 9.7% | 4.7% |
| 7/28/2021 | 8.0% | 0.8% | 2.6% |
| 5/5/2021 | 1.2% | -3.5% | -7.0% |
| 2/11/2021 | -2.7% | -4.2% | -0.5% |
| 10/29/2020 | -2.5% | 4.8% | 9.3% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 13 | 13 |
| Median Positive | 4.7% | 4.6% | 4.4% |
| Median Negative | -8.2% | -8.2% | -7.0% |
| Max Positive | 18.1% | 23.1% | 27.1% |
| Max Negative | -14.0% | -17.2% | -36.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/10/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/10/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/11/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/13/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Diluted Loss Per Share | Reported | -0.84 | -0.79 | -0.74 | Lowered | Guidance: -0.68 for 2026 | ||
| 2026 Total Revenue | Reported | 350.00 Mil | 355.00 Mil | 360.00 Mil | 0 | Affirmed | Guidance: 355.00 Mil for 2026 | |
| 2026 Operating Margin | Reported | -3.5% | -3.25% | -3.0% | -0.2% | Lowered | Guidance: -3.05% for 2026 | |
| 2026 Adjusted Operating Margin | Reported | 6.0% | 6.25% | 6.5% | 0 | 0 | Affirmed | Guidance: 6.25% for 2026 |
| 2026 Interest Expense | Reported | 2.30 Mil | 0 | Affirmed | Guidance: 2.30 Mil for 2026 | |||
| 2026 Effective Tax Rate | Reported | -20.0% | -15.0% | -10.0% | ||||
| 2026 Adjusted Effective Tax Rate | Reported | 29.0% | ||||||
| 2026 Adjusted Diluted Earnings Per Share | Reported | 0.72 | 0.77 | 0.82 | 0 | Affirmed | Guidance: 0.77 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Diluted Loss Per Share | Reported | -0.73 | -0.68 | -0.63 | 353.3% | Lowered | Guidance: -0.15 for 2026 | |
| 2026 Revenue | Reported | 350.00 Mil | 355.00 Mil | 360.00 Mil | 0.7% | Raised | Guidance: 352.50 Mil for 2026 | |
| 2026 Operating Margin | Reported | -3.3% | -3.05% | -2.8% | -2.5% | Lowered | Guidance: -0.55% for 2026 | |
| 2026 Adjusted Operating Margin | Reported | 6.0% | 6.25% | 6.5% | 0.0% | Affirmed | Guidance: 6.25% for 2026 | |
| 2026 Interest Expense | Reported | 2.30 Mil | ||||||
| 2026 Adjusted Diluted Earnings Per Share | Reported | 0.72 | 0.77 | 0.82 | 0.0% | Affirmed | Guidance: 0.77 for 2026 | |
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Diluted Loss Per Share | Reported | -0.2 | -0.15 | -0.1 | -96.6% | Higher New | Actual: -4.45 for 2025 | |
| 2026 Revenue | Reported | 345.00 Mil | 352.50 Mil | 360.00 Mil | -11.9% | Lower New | Actual: 400.00 Mil for 2025 | |
| 2026 Revenue Growth | Reported | -13.0% | -11.0% | -9.0% | ||||
| 2026 Operating Margin | Reported | -0.8% | -0.55% | -0.3% | 18.2% | Higher New | Actual: -18.8% for 2025 | |
| 2026 Adjusted Operating Margin | Reported | 6.0% | 6.25% | 6.5% | -1.8% | Lower New | Actual: 8.0% for 2025 | |
| 2026 Adjusted Diluted EPS | Reported | 0.72 | 0.77 | 0.82 | -35.8% | Lower New | Actual: 1.2 for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Diluted Loss Per Share | Reported | -4.5 | -4.45 | -4.4 | 8.9% | Lowered | Guidance: -4.08 for 2025 | |
| 2025 Total Revenue | Reported | 395.00 Mil | 400.00 Mil | 405.00 Mil | -1.2% | Lowered | Guidance: 405.00 Mil for 2025 | |
| 2025 Operating Margin | Reported | -19.3% | -18.8% | -18.3% | -0.9% | Lowered | Guidance: -17.9% for 2025 | |
| 2025 Adjusted Operating Margin | Reported | 7.5% | 8.0% | 8.5% | -0.5% | Lowered | Guidance: 8.5% for 2025 | |
| 2025 Interest Expense | Reported | 2.70 Mil | 0 | Affirmed | Guidance: 2.70 Mil for 2025 | |||
| 2025 Effective Tax Rate | Reported | -5.0% | -3.5% | -2.0% | ||||
| 2025 Adjusted Effective Tax Rate | Reported | 29.0% | ||||||
| 2025 Adjusted Diluted Earnings Per Share | Reported | 1.15 | 1.2 | 1.25 | -5.9% | Lowered | Guidance: 1.27 for 2025 | |
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Darrah, Ryan | Chief Legal Officer | Direct | Sell | 8202026 | 11.78 | 5,000 | 58,880 | 320,828 | Form |
| 2 | Finn, Leo Christian | Chief Financial Officer | Direct | Sell | 8202026 | 11.78 | 7,000 | 82,433 | 405,993 | Form |
| 3 | Johnson, Carrie | Chief Product Officer | Direct | Sell | 8142026 | 11.51 | 5,000 | 57,550 | 407,558 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Darrah, Ryan | Chief Legal Officer | Direct | Sell | 8202026 | 11.78 | 5,000 | 58,880 | 320,828 | Form |
| 2 | Finn, Leo Christian | Chief Financial Officer | Direct | Sell | 8202026 | 11.78 | 7,000 | 82,433 | 405,993 | Form |
| 3 | Johnson, Carrie | Chief Product Officer | Direct | Sell | 8142026 | 11.51 | 5,000 | 57,550 | 407,558 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Research & Consulting Services Resources |
| Consultancy.org |
| Gartner Research |
| Forrester Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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