Forensic Analysis · Consulting & Engineering Services · as of Nov 9, 2026
Forrester Research, Inc. (FORR)
A forensic read on Forrester Research, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.4
Distress distance
Clean
Earnings quality
2
Forensic signals
-67.0%
ROE
-8.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Forrester Research, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -1.4, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-47.1%
FY2025
Return on invested capital.Return on invested capital is -47.1% in the latest fiscal year and slipping across FY2023–FY2025 from 1.8%. After-tax operating profit was $4M in FY2023 and ($89M) in FY2025, with operating income at 1.4% of revenue in FY2023, 0.2% in FY2024 and -28.5% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2025's operating profit carried a $111M goodwill write-off that alone took about 46.1 points off that year's return, so about 46.1 of the 48.9-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $4M asset write-down that alone took about 1.1 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
$111M
FY2025
Goodwill impairments.Took $111M of goodwill writedowns across 1 year (FY2025 ($111M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$396.9M
Revenue Growth YoY-8.2%
Revenue CAGR (2yr)-9.1%
Net Margin-30.1%
Free Cash Flow$18.1M
Return on Equity-67.0%
Debt / Equity0.28x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Forrester Research, Inc.'s actual 10-K/10-Q/8-K filings?