Forrester Research, Inc. (FORR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+26.5%

$12.46

vs $9.85 price

Levered DCF

$17.35

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.08

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-1.29×	-52.23×	167.56×	31.1×	45.18×	79.06×	-80.19×	52.59×
P/B	1.22×	1.3×	2.14×	3.06×	5.5×	4.25×	4.88×	5.33×
P/S	0.39×	0.69×	1.07×	1.26×	2.27×	1.76×	1.67×	2.26×
EV / EBITDA	-1.71×	8.81×	12.76×	9.83×	15.81×	14.51×	21.62×	20.48×
Gross margin	57.0%	97.8%	57.5%	58.4%	59.2%	59.7%	57.4%	59.0%
Operating margin	0.5%	0.2%	1.4%	6.1%	7.8%	3.6%	-0.2%	6.3%
Net margin	-30.1%	-1.3%	0.6%	4.1%	5.0%	2.2%	-2.1%	4.3%
Current ratio	0.89×	0.99×	0.9×	0.87×	0.86×	0.81×	0.71×	1.24×
Debt / equity	0.57×	0.32×	0.36×	0.52×	0.75×	1.02×	1.33×	0×
Interest coverage	0.73×	0.25×	2.21×	13.27×	9.15×	3.03×	-0.13×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	94.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-94.3%	-2.5%	1.3%	9.8%	12.2%	5.4%	-6.1%	10.1%
Return on invested capital	0.9%	-0.5%	1.0%	6.6%	7.6%	3.1%	-0.3%	9.0%
Return on assets	-29.5%	-1.1%	0.5%	3.6%	3.7%	1.6%	-1.5%	4.4%
Free cash flow yield	11.7%	-2.4%	3.1%	5.0%	8.6%	4.9%	4.7%	4.1%
Earnings yield	-77.3%	-1.9%	0.6%	3.2%	2.2%	1.3%	-1.2%	1.9%
Enterprise value	$163M	$315.7M	$528.2M	$689M	$1.2B	$888.7M	$913M	$668.4M
Net debt / EBITDA	-0.09×	0.46×	0.34×	0.15×	0.51×	1.63×	3.36×	-4.3×
Cash conversion cycle (days)	45	10	42	49	63	115	104	106