Forrester Research, Inc. (FORR) Balance Sheet
FORR balance sheet, 2025
December 31, 2025 · U.S. dollars$404.0M assets = $277.5M liabilities + $126.5M equity
Both columns are drawn to the same scale: what FORR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FORR financial health
Descriptive bands, not a rating. Fiscal 2025.
FORR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $335.8M2016 | $404.0M2025 | +2.1%/yr | |
| Total liabilities | $185.7M2016 | $277.5M2025 | +4.6%/yr | |
| Shareholders’ equity | $150.0M2016 | $126.5M2025 | −1.9%/yr | |
| Cash & short-term investments | $138.1M2016 | $127.7M2025 | −0.9%/yr | |
| Total debt | $4.7M2016 | $71.9M2025 | +35.4%/yr | |
| Net cash (debt) | $133.4M2016 | $55.8M2025 | −$77.6M | |
| Working capital | $46.0M2016 | −$27.4M2025 | −$73.3M | |
| Book value per share | $8.212016 | $6.652025 | −2.3%/yr | |
| Current ratio | 1.262016 | 0.892025 | −0.37 | |
| Debt / equity | 0.032016 | 0.572025 | +0.54 | |
| Shares outstanding | 18.3M2016 | 19.0M2025 | +0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FORR assets
FORR liabilities and equity
FORR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FORR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $127.7M | $104.7M | $124.5M | $123.3M | $134.3M | $90.3M | $67.9M | $140.3M | $134.1M | $138.1M |
| Cash & equivalents | $63.3M | $56.1M | $72.9M | $103.6M | $115.8M | $90.3M | $67.9M | $140.3M | $79.8M | $77.0M |
| Short-term investments | $64.3M | $48.6M | $51.6M | $19.7M | $18.5M | $0 | — | $0 | $54.3M | $61.1M |
| Receivables | $50.9M | $55.5M | $59.0M | $73.3M | $87.0M | $84.7M | $84.6M | $67.3M | $70.0M | $58.8M |
| Inventory | $0 | $0 | $0 | $24.6M | $29.6M | $23.6M | $20.3M | $15.7M | $13.7M | $12.1M |
| Other current assets | $34.2M | $41.2M | $32.5M | $14.1M | $18.6M | $18.6M | $19.2M | $12.8M | $18.9M | $14.5M |
| Total current assets | $212.7M | $201.4M | $216.0M | $235.3M | $269.5M | $217.2M | $192.0M | $236.1M | $236.8M | $223.4M |
| Property, plant & equipment (net) | $41.9M | $38.7M | $59.1M | $73.2M | $93.3M | $96.3M | $99.0M | $22.0M | $25.2M | $23.9M |
| Goodwill & intangible assets | $139.1M | $255.4M | $281.9M | $291.7M | $307.7M | $325.2M | $341.3M | $90.1M | $76.9M | $74.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $2.5M | $2.5M | $1.9M | $2.8M |
| Other non-current assets | $10.4M | $8.3M | $7.2M | $8.3M | $9.7M | $5.5M | $4.3M | $2.8M | $4.3M | $11.0M |
| Total assets | $404.0M | $503.9M | $564.2M | $608.4M | $680.1M | $644.2M | $639.2M | $353.5M | $345.2M | $335.8M |
| Liabilities | ||||||||||
| Accounts payable | $832,000 | $965,000 | $1.8M | $361,000 | $840,000 | $657,000 | $505,000 | $588,000 | $217,000 | $1.8M |
| Short-term debt | $42.4M | $12.8M | $14.2M | $13.6M | $13.0M | $24.5M | $21.6M | $3.0M | $3.9M | $4.7M |
| Deferred revenue | $141.8M | $145.4M | $156.8M | $178.0M | $213.7M | $180.0M | $179.2M | $135.3M | $145.2M | $134.3M |
| Total current liabilities | $240.1M | $204.0M | $240.1M | $269.4M | $312.3M | $269.7M | $268.9M | $190.0M | $195.1M | $177.5M |
| Long-term debt | $0 | $35.0M | $35.0M | $50.0M | $75.0M | $95.3M | $121.2M | $0 | $0 | $0 |
| Lease obligations | $36.9M | $37.6M | $51.9M | $64.4M | $78.0M | $82.3M | $79.3M | — | — | — |
| Other long-term liabilities | $37.4M | $35.4M | $48.8M | $67.4M | $88.9M | $93.4M | $91.0M | $11.9M | $9.0M | $8.3M |
| Total liabilities | $277.5M | $274.3M | $323.9M | $386.8M | $476.2M | $458.5M | $481.1M | $201.9M | $204.0M | $185.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $255,000 | $251,000 | $247,000 | $244,000 | $241,000 | $236,000 | $233,000 | $230,000 | $224,000 | $217,000 |
| Retained earnings (deficit) | $52.6M | $171.9M | $177.7M | $174.6M | $152.8M | $128.0M | $118.1M | $127.7M | $123.0M | $121.8M |
| Treasury stock | — | — | — | — | — | — | −$171.9M | −$171.9M | −$161.9M | −$122.0M |
| Accumulated other comprehensive income | −$1.1M | −$7.7M | −$4.6M | −$7.9M | −$3.2M | −$690,000 | −$4.9M | −$5.2M | −$2.0M | −$7.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $126.5M | $229.5M | $240.3M | $221.7M | $203.9M | $185.8M | $158.1M | $151.6M | $141.2M | $150.0M |
| Key figures | ||||||||||
| Total debt | $71.9M | $72.6M | $86.9M | $114.4M | $153.0M | $190.1M | $209.8M | $3.0M | $3.9M | $4.7M |
| Net cash (debt) | $55.8M | $32.1M | $37.6M | $8.9M | −$18.8M | −$99.8M | −$141.9M | $137.3M | $130.2M | $133.4M |
| Working capital | −$27.4M | −$2.6M | −$24.1M | −$34.1M | −$42.8M | −$52.6M | −$76.9M | $46.1M | $41.8M | $46.0M |
| Tangible book value | −$12.6M | −$25.9M | −$41.6M | −$70.0M | −$103.8M | −$139.4M | −$183.2M | $61.5M | $64.3M | $75.4M |
| Book value per share | $6.65 | $12.02 | $12.48 | $11.56 | $10.53 | $9.81 | $8.55 | $8.25 | $7.74 | $8.21 |
| Shares outstanding | 19.0M | 19.1M | 19.3M | 19.2M | 19.4M | 18.9M | 18.5M | 18.4M | 18.2M | 18.3M |
| Current ratio | 0.89 | 0.99 | 0.90 | 0.87 | 0.86 | 0.81 | 0.71 | 1.24 | 1.21 | 1.26 |
| Quick ratio | 0.74 | 0.79 | 0.76 | 0.73 | 0.71 | 0.65 | 0.57 | 1.09 | 1.05 | 1.11 |
| Debt / equity | 0.57 | 0.32 | 0.36 | 0.52 | 0.75 | 1.02 | 1.33 | 0.02 | 0.03 | 0.03 |
| Equity / assets | 31.3% | 45.6% | 42.6% | 36.4% | 30.0% | 28.8% | 24.7% | 42.9% | 40.9% | 44.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $130.8M | $145.5M | $127.7M | $132.0M | $135.0M | $134.3M | $104.7M | $114.9M | $110.8M | $118.5M | $124.5M | $111.5M |
| Cash & equivalents | $59.5M | $73.9M | $63.3M | $65.1M | $67.8M | $75.6M | $56.1M | $62.8M | $58.9M | $61.4M | $72.9M | $101.7M |
| Short-term investments | $71.3M | $71.6M | $64.3M | $66.8M | $67.2M | $58.7M | $48.6M | $52.2M | $52.0M | $57.1M | $51.6M | $9.8M |
| Receivables | $36.1M | $40.9M | $50.9M | $33.6M | $40.2M | $43.3M | $55.5M | $39.2M | $47.7M | $54.7M | $59.0M | $41.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | −$157.2M | $0 | −$42.2M |
| Other current assets | $55.1M | $32.0M | $34.2M | $28.1M | $39.0M | $41.0M | $41.2M | $39.8M | $34.9M | $202.6M | $32.5M | $42.2M |
| Total current assets | $222.0M | $218.4M | $212.7M | $193.6M | $214.2M | $218.5M | $201.4M | $193.9M | $193.4M | $218.6M | $216.0M | $152.5M |
| Property, plant & equipment (net) | $60.9M | $48.9M | $41.9M | $41.6M | $43.3M | $35.8M | $38.7M | $42.4M | $48.7M | $52.2M | $59.1M | $61.7M |
| Goodwill & intangible assets | $123.6M | $125.8M | $139.1M | $168.0M | $170.4M | $170.5M | $255.4M | $259.9M | $275.5M | $278.1M | $281.9M | $282.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $10.0M | $16.0M | $10.4M | $10.9M | $8.1M | $15.0M | $8.3M | $9.1M | $6.6M | $6.8M | $7.2M | $0 |
| Total assets | $416.5M | $409.1M | $404.0M | $414.2M | $436.0M | $439.8M | $503.9M | $505.3M | $524.2M | $555.7M | $564.2M | $152.5M |
| Liabilities | ||||||||||||
| Accounts payable | $1.3M | $1.1M | $832,000 | $1.8M | $1.8M | $422,000 | $965,000 | $1.6M | $2.3M | $2.7M | $1.8M | $762,000 |
| Short-term debt | — | — | $42.4M | $7.5M | $6.6M | $12.6M | $12.8M | $13.2M | $13.6M | $14.1M | $14.2M | $57.3M |
| Deferred revenue | $147.3M | $173.2M | $141.8M | $141.2M | $154.5M | $180.6M | $145.4M | $153.2M | $164.1M | $193.7M | $156.8M | $158.3M |
| Total current liabilities | $208.8M | $237.9M | $240.1M | $182.1M | $197.2M | $223.7M | $204.0M | $198.0M | $211.6M | $241.1M | $240.1M | $158.3M |
| Long-term debt | $35.0M | $35.0M | $0 | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M |
| Lease obligations | $29.0M | $27.3M | $36.9M | $31.8M | $35.1M | $22.0M | $37.6M | $28.4M | $31.3M | $34.5M | $51.9M | $40.8M |
| Other long-term liabilities | $51.1M | $30.1M | $37.4M | $39.4M | $44.3M | $33.7M | $35.4M | $37.9M | $40.5M | $48.6M | $48.8M | $0 |
| Total liabilities | $294.9M | $303.0M | $277.5M | $256.5M | $276.5M | $292.4M | $274.3M | $270.9M | $287.1M | $324.7M | $323.9M | $193.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $259,000 | $257,000 | $255,000 | $255,000 | $254,000 | $253,000 | $251,000 | $251,000 | $249,000 | $249,000 | $247,000 | $247,000 |
| Retained earnings (deficit) | $46.0M | $30.7M | $52.6M | $86.4M | $88.6M | $84.7M | $171.9M | $171.5M | $177.3M | $171.0M | $177.7M | $178.3M |
| Accumulated other comprehensive income | −$3.0M | −$2.6M | −$1.1M | −$1.2M | −$300,000 | −$5.3M | −$7.7M | −$2.5M | −$6.7M | −$6.5M | −$4.6M | −$8.3M |
| Total shareholders' equity | $121.6M | $106.1M | $126.5M | $157.7M | $159.5M | $147.4M | $229.5M | $234.3M | $237.1M | $230.9M | $240.3M | $232.9M |
| Key figures | ||||||||||||
| Total debt | $64.0M | $62.3M | $71.9M | $66.8M | $70.1M | $57.0M | $72.6M | $63.4M | $66.3M | $69.5M | $86.9M | $92.3M |
| Net cash (debt) | $66.8M | $83.1M | $55.8M | $65.2M | $64.8M | $77.3M | $32.1M | $51.5M | $44.5M | $49.0M | $37.6M | $19.2M |
| Working capital | $13.2M | −$19.5M | −$27.4M | $11.5M | $17.0M | −$5.2M | −$2.6M | −$4.1M | −$18.2M | −$22.5M | −$24.1M | −$5.9M |
| Tangible book value | −$1.9M | −$19.7M | −$12.6M | −$10.3M | −$10.9M | −$23.1M | −$25.9M | −$25.6M | −$38.4M | −$47.2M | −$41.6M | −$49.5M |
| Book value per share | $6.25 | $5.56 | $6.66 | $8.25 | $8.32 | $7.80 | $12.12 | $12.29 | $12.40 | $11.97 | $12.49 | $12.07 |
| Shares outstanding | 19.5M | 19.1M | 19.0M | 19.1M | 19.2M | 18.9M | 18.9M | 19.1M | 19.1M | 19.3M | 19.2M | 19.3M |
| Current ratio | 1.06 | 0.92 | 0.89 | 1.06 | 1.09 | 0.98 | 0.99 | 0.98 | 0.91 | 0.91 | 0.90 | 0.96 |
| Quick ratio | 0.80 | 0.78 | 0.74 | 0.91 | 0.89 | 0.79 | 0.79 | 0.78 | 0.75 | 0.72 | 0.76 | 0.96 |
| Debt / equity | 0.53 | 0.59 | 0.57 | 0.42 | 0.44 | 0.39 | 0.32 | 0.27 | 0.28 | 0.30 | 0.36 | 0.40 |
| Equity / assets | 29.2% | 25.9% | 31.3% | 38.1% | 36.6% | 33.5% | 45.6% | 46.4% | 45.2% | 41.6% | 42.6% | 152.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 13, 2026); data from EODHD.
FORR financial position
At the end of fiscal 2025 (December 31, 2025), Forrester Research had total assets of $404.0 million (down 19.8% from a year earlier), total liabilities of $277.5 million and shareholders' equity of $126.5 million. It held $127.7 million in cash and short-term investments against $71.9 million of debt, a net cash position of $55.8 million. Its current ratio was 0.89. In the latest quarter (ended June 30, 2026) total assets were $416.5 million and equity $121.6 million.
Related: FORR income statement, FORR cash flow statement, FORR key metrics. See the FORR stock overview for the latest quote and news.
FORR balance sheet FAQ
What are Forrester Research's total assets?
Forrester Research reported total assets of $404.0 million at the end of fiscal 2025 (December 31, 2025), compared with $503.9 million a year earlier.
How much debt does Forrester Research have?
Forrester Research had $71.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.57.
How much cash does Forrester Research have?
Forrester Research held $127.7 million in cash and short-term investments at the end of fiscal 2025; with $71.9 million of debt that is net cash of $55.8 million.
What is Forrester Research's book value?
Forrester Research's shareholders' equity (book value) was $126.5 million at the end of fiscal 2025, or $6.65 per share.
What is Forrester Research's current ratio?
Forrester Research had current assets of $212.7 million and current liabilities of $240.1 million, a current ratio of 0.89 (current liabilities exceed current assets).
How much goodwill does Forrester Research have?
Forrester Research carried $139.1 million of goodwill and intangible assets, 34.4% of total assets, at the end of fiscal 2025.