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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) 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 $73.3M, roughly 1.4× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -33.5%, a 73.4% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs -6.5%). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
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.
ARI vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $101.1M |
| Net Profit | $29.2M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | 39.7% | -36.6% |
| Net Margin | 39.9% | -33.5% |
| Revenue YoY | 4.0% | -6.5% |
| Net Profit YoY | -28.2% | -7941.4% |
| EPS (diluted) | $0.19 | $-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 | $73.3M | $101.1M | ||
| Q3 25 | $61.6M | $94.3M | ||
| Q2 25 | $70.9M | $111.7M | ||
| Q1 25 | $65.8M | $89.9M | ||
| Q4 24 | $70.5M | $108.0M | ||
| Q3 24 | $71.6M | $102.5M | ||
| Q2 24 | $81.1M | $121.8M | ||
| Q1 24 | $80.5M | $100.1M |
| Q4 25 | $29.2M | $-33.9M | ||
| Q3 25 | $50.8M | $-2.1M | ||
| Q2 25 | $20.7M | $3.9M | ||
| Q1 25 | $26.0M | $-87.3M | ||
| Q4 24 | $40.7M | $432.0K | ||
| Q3 24 | $-91.5M | $-5.8M | ||
| Q2 24 | $35.8M | $6.3M | ||
| Q1 24 | $-104.5M | $-6.7M |
| Q4 25 | — | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | — | 60.5% | ||
| Q2 24 | — | 57.3% | ||
| Q1 24 | — | 54.9% |
| Q4 25 | 39.7% | -36.6% | ||
| Q3 25 | 82.8% | 4.7% | ||
| Q2 25 | 29.4% | 6.2% | ||
| Q1 25 | 39.7% | -97.5% | ||
| Q4 24 | 57.9% | -0.5% | ||
| Q3 24 | -127.8% | -0.7% | ||
| Q2 24 | 44.2% | 9.3% | ||
| Q1 24 | -129.6% | -9.3% |
| Q4 25 | 39.9% | -33.5% | ||
| Q3 25 | 82.4% | -2.3% | ||
| Q2 25 | 29.3% | 3.5% | ||
| Q1 25 | 39.5% | -97.1% | ||
| Q4 24 | 57.7% | 0.4% | ||
| Q3 24 | -127.9% | -5.7% | ||
| Q2 24 | 44.1% | 5.2% | ||
| Q1 24 | -129.8% | -6.7% |
| Q4 25 | $0.19 | $-1.75 | ||
| Q3 25 | $0.34 | $-0.11 | ||
| Q2 25 | $0.12 | $0.20 | ||
| Q1 25 | $0.16 | $-4.62 | ||
| Q4 24 | $0.25 | $0.02 | ||
| Q3 24 | $-0.69 | $-0.30 | ||
| Q2 24 | $0.23 | $0.33 | ||
| Q1 24 | $-0.76 | $-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 | $139.8M | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $126.5M |
| Total Assets | $9.9B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $63.3M | ||
| Q3 25 | $245.9M | $65.1M | ||
| Q2 25 | $177.6M | $67.8M | ||
| Q1 25 | $166.4M | $75.6M | ||
| Q4 24 | $317.4M | $56.1M | ||
| Q3 24 | $194.3M | $62.8M | ||
| Q2 24 | $174.7M | $58.9M | ||
| Q1 24 | $161.2M | $61.4M |
| Q4 25 | $1.9B | $126.5M | ||
| Q3 25 | $1.9B | $157.7M | ||
| Q2 25 | $1.8B | $159.5M | ||
| Q1 25 | $1.9B | $147.4M | ||
| Q4 24 | $1.9B | $229.5M | ||
| Q3 24 | $1.9B | $234.3M | ||
| Q2 24 | $2.0B | $237.1M | ||
| Q1 24 | $2.0B | $230.9M |
| Q4 25 | $9.9B | $404.0M | ||
| Q3 25 | $9.5B | $414.2M | ||
| Q2 25 | $9.8B | $436.0M | ||
| Q1 25 | $8.8B | $439.8M | ||
| Q4 24 | $8.4B | $503.9M | ||
| Q3 24 | $9.1B | $505.3M | ||
| Q2 24 | $9.3B | $524.2M | ||
| Q1 24 | $9.2B | $555.7M |
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 | $142.5M | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $-3.2M | ||
| Q3 25 | $31.7M | $1.2M | ||
| Q2 25 | $63.2M | $-3.6M | ||
| Q1 25 | $39.3M | $26.7M | ||
| Q4 24 | $200.3M | $-1.8M | ||
| Q3 24 | $47.2M | $264.0K | ||
| Q2 24 | $50.2M | $-2.9M | ||
| Q1 24 | $52.8M | $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 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | -0.93× | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | -0.46× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
