Forrester RESEARCH, Inc. (FORR) intrinsic value & 10-year financials
Forrester RESEARCH, Inc. (FORR) has a Graham intrinsic value of $1.78 per share. At $11.75 on Oct 17, 2026, the stock trades 560% above that value. Over the last 10 fiscal years revenue grew 2.2% a year to $396.9M, with an average return on invested capital of -0.3%.
- Graham intrinsic value
- $1.78
- Share price (Oct 17, 2026)
- $11.75
- Price vs Graham value
- 560% above
- Market cap
- $223.4M
- Revenue (FY2025)
- $396.9M
- Revenue growth (10-yr CAGR)
- 2.2%
- ROIC (10-yr avg)
- -0.3%
- Free cash flow (FY2025)
- $18.1M
FORR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $396.9M | -$119.4M | -$6.28 | $18.1M | -28.5% | -62.7% |
| FY2024 | $432.5M | -$5.7M | -$0.30 | -$7.3M | 0.2% | 0.2% |
| FY2023 | $480.8M | $3.0M | $0.16 | $16.2M | 1.4% | 1.5% |
| FY2022 | $537.8M | $21.8M | $1.14 | $33.8M | 6.1% | 10.4% |
| FY2021 | $494.3M | $24.8M | $1.28 | $96.3M | 7.8% | 11.5% |
| FY2020 | $449.0M | $10.0M | $0.53 | $38.8M | 3.6% | 4.5% |
| FY2019 | $461.7M | -$9.6M | -$0.52 | $36.5M | -0.2% | -0.4% |
| FY2018 | $357.6M | $15.4M | $0.84 | $33.4M | 6.3% | 10.0% |
| FY2017 | $337.7M | $15.1M | $0.83 | $29.6M | 8.2% | 10.5% |
| FY2016 | $326.1M | $17.7M | $0.97 | $40.3M | 9.4% | 11.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FORRESTER RESEARCH, INC. has demonstrated mature, steady growth, with revenue compounding at 2.2% annually over the past decade.
FORRESTER RESEARCH, INC. has historically struggled to out-earn its cost of capital, averaging just -0.3% ROIC.
FORRESTER RESEARCH, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FORRESTER RESEARCH, INC. is modeled at 2.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.78 per share.