Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $326M | $338M | $358M | $462M | $449M | $494M | $538M | $481M | $432M | $397M |
| Revenue growth | — | 3.6% | 5.9% | 29.1% | -2.8% | 10.1% | 8.8% | -10.6% | -10.0% | -8.2% |
| Gross profit | $214M | $219M | $229M | $279M | — | — | — | — | — | — |
| Gross margin | 65.6% | 64.8% | 64.1% | 60.5% | — | — | — | — | — | — |
| Operating income | $30.8M | $27.5M | $22.4M | $1.07M | -$16.2M | $38.6M | $32.7M | $6.77M | $740K | -$113M |
| Operating margin | 9.4% | 8.2% | 6.3% | 0.2% | -3.6% | 7.8% | 6.1% | 1.4% | 0.2% | -28.5% |
| Net income | $17.7M | $15.1M | $15.4M | -$9.57M | $9.99M | $24.8M | $21.8M | $3.05M | -$5.75M | -$119M |
| Net margin | 5.4% | 4.5% | 4.3% | -2.1% | 2.2% | 5.0% | 4.1% | 0.6% | -1.3% | -30.1% |
| EPS (diluted) | $0.97 | $0.83 | $0.84 | $0.52 | $0.53 | $1.28 | $1.14 | $0.16 | -$0.30 | -$6.28 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $44.5M | $37.5M | $38.4M | $48.4M | $47.8M | $107M | $39.4M | $21.7M | -$3.86M | $21.1M |
| Capital expenditures | $4.14M | $7.86M | $5.05M | $11.9M | $8.90M | $10.7M | $5.66M | $5.50M | $3.40M | $2.99M |
| Free cash flow | $40.3M | $29.6M | $33.4M | $36.5M | $38.8M | $96.3M | $33.8M | $16.2M | -$7.26M | $18.1M |
| Share buybacks | $1.79M | $40.0M | $9.95M | $0.00 | $0.00 | $20.1M | $15.1M | $4.08M | $15.9M | $2.54M |
| Dividends paid | $13.0M | $13.6M | $14.5M | — | — | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $77.0M | $79.8M | $140M | $67.9M | $90.3M | $116M | $104M | $72.9M | $56.1M | $63.3M |
| Total assets | $336M | $345M | $354M | $639M | $644M | $680M | $608M | $564M | $504M | $404M |
| Total liabilities | $186M | $204M | $202M | $481M | $458M | $476M | $387M | $324M | $274M | $278M |
| Long-term debt | — | — | — | $121M | $95.3M | $75.0M | $50.0M | $35.0M | $35.0M | $0.00 |
| Shareholders' equity | $150M | $141M | $152M | $158M | $186M | $204M | $222M | $240M | $230M | $127M |
| Retained earnings | $122M | $123M | $128M | $118M | $128M | $153M | $175M | $178M | $172M | $52.6M |
| Shares (wtd avg diluted) | 18.3M | 18.2M | 18.4M | 18.5M | 18.9M | 19.4M | 19.2M | 19.3M | 19.1M | 19.0M |
Every figure is extracted from FORRESTER RESEARCH, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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