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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $75.6M, roughly 1.3× Armada Hoffler Properties, Inc.). Armada Hoffler Properties, Inc. runs the higher net margin — 3.1% vs -33.5%, a 36.7% gap on every dollar of revenue. On growth, Armada Hoffler Properties, Inc. posted the faster year-over-year revenue change (0.8% vs -6.5%). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
AHH vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $101.1M |
| Net Profit | $2.4M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | 31.0% | -36.6% |
| Net Margin | 3.1% | -33.5% |
| Revenue YoY | 0.8% | -6.5% |
| Net Profit YoY | -89.8% | -7941.4% |
| EPS (diluted) | $0.00 | $-1.75 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $101.1M | ||
| Q3 25 | $72.7M | $94.3M | ||
| Q2 25 | $69.1M | $111.7M | ||
| Q1 25 | $67.8M | $89.9M | ||
| Q4 24 | $75.0M | $108.0M | ||
| Q3 24 | $114.4M | $102.5M | ||
| Q2 24 | $116.8M | $121.8M | ||
| Q1 24 | $127.0M | $100.1M |
| Q4 25 | $2.4M | $-33.9M | ||
| Q3 25 | $80.0K | $-2.1M | ||
| Q2 25 | $5.9M | $3.9M | ||
| Q1 25 | $-2.8M | $-87.3M | ||
| Q4 24 | $23.4M | $432.0K | ||
| Q3 24 | $-5.0M | $-5.8M | ||
| Q2 24 | $3.2M | $6.3M | ||
| Q1 24 | $14.1M | $-6.7M |
| Q4 25 | — | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | 45.0% | 60.5% | ||
| Q2 24 | 41.8% | 57.3% | ||
| Q1 24 | 37.9% | 54.9% |
| Q4 25 | 31.0% | -36.6% | ||
| Q3 25 | 29.2% | 4.7% | ||
| Q2 25 | 29.6% | 6.2% | ||
| Q1 25 | 23.2% | -97.5% | ||
| Q4 24 | 50.1% | -0.5% | ||
| Q3 24 | 19.0% | -0.7% | ||
| Q2 24 | 11.9% | 9.3% | ||
| Q1 24 | 15.1% | -9.3% |
| Q4 25 | 3.1% | -33.5% | ||
| Q3 25 | 0.1% | -2.3% | ||
| Q2 25 | 8.6% | 3.5% | ||
| Q1 25 | -4.1% | -97.1% | ||
| Q4 24 | 31.2% | 0.4% | ||
| Q3 24 | -4.4% | -5.7% | ||
| Q2 24 | 2.7% | 5.2% | ||
| Q1 24 | 11.1% | -6.7% |
| Q4 25 | $0.00 | $-1.75 | ||
| Q3 25 | $-0.04 | $-0.11 | ||
| Q2 25 | $0.04 | $0.20 | ||
| Q1 25 | $-0.07 | $-4.62 | ||
| Q4 24 | $0.28 | $0.02 | ||
| Q3 24 | $-0.11 | $-0.30 | ||
| Q2 24 | $0.00 | $0.33 | ||
| Q1 24 | $0.17 | $-0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $63.3M |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | $126.5M |
| Total Assets | $2.6B | $404.0M |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $63.3M | ||
| Q3 25 | $46.5M | $65.1M | ||
| Q2 25 | $52.1M | $67.8M | ||
| Q1 25 | $45.7M | $75.6M | ||
| Q4 24 | $31.9M | $56.1M | ||
| Q3 24 | $43.9M | $62.8M | ||
| Q2 24 | $20.3M | $58.9M | ||
| Q1 24 | $41.9M | $61.4M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $627.8M | $126.5M | ||
| Q3 25 | $638.8M | $157.7M | ||
| Q2 25 | $652.0M | $159.5M | ||
| Q1 25 | $657.4M | $147.4M | ||
| Q4 24 | $670.6M | $229.5M | ||
| Q3 24 | $663.9M | $234.3M | ||
| Q2 24 | $562.7M | $237.1M | ||
| Q1 24 | $571.4M | $230.9M |
| Q4 25 | $2.6B | $404.0M | ||
| Q3 25 | $2.6B | $414.2M | ||
| Q2 25 | $2.6B | $436.0M | ||
| Q1 25 | $2.5B | $439.8M | ||
| Q4 24 | $2.5B | $503.9M | ||
| Q3 24 | $2.6B | $505.3M | ||
| Q2 24 | $2.6B | $524.2M | ||
| Q1 24 | $2.6B | $555.7M |
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.50× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 26.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $-3.2M | ||
| Q3 25 | $26.3M | $1.2M | ||
| Q2 25 | $11.1M | $-3.6M | ||
| Q1 25 | $107.0K | $26.7M | ||
| Q4 24 | $112.0M | $-1.8M | ||
| Q3 24 | $27.3M | $264.0K | ||
| Q2 24 | $17.4M | $-2.9M | ||
| Q1 24 | $46.5M | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | — | $524.0K | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | — | $-223.0K | ||
| Q2 24 | — | $-3.7M | ||
| Q1 24 | — | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | -3.8% | ||
| Q1 25 | — | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | 26.99× | — | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | -0.46× | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
