vs
Side-by-side financial comparison of Asana, Inc. (ASAN) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
Asana, Inc. is the larger business by last-quarter revenue ($201.0M vs $101.1M, roughly 2.0× FORRESTER RESEARCH, INC.). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -34.0%, a 0.5% gap on every dollar of revenue. On growth, Asana, Inc. posted the faster year-over-year revenue change (9.3% vs -6.5%). Asana, Inc. produced more free cash flow last quarter ($15.5M vs $-4.3M). Over the past eight quarters, Asana, Inc.'s revenue compounded faster (8.4% CAGR vs 0.5%).
Asana, Inc. is an American software company based in San Francisco whose flagship Asana service is a web and mobile "work management" platform designed to help teams organize, track, and manage their work. Asana, Inc. was founded in 2008 by Dustin Moskovitz and Justin Rosenstein. The product launched commercially in April 2012. In September 2020, the company was valued at $5.5 billion following its direct listing.
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.
ASAN vs FORR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $201.0M | $101.1M |
| Net Profit | $-68.4M | $-33.9M |
| Gross Margin | 88.9% | 56.7% |
| Operating Margin | -34.8% | -36.6% |
| Net Margin | -34.0% | -33.5% |
| Revenue YoY | 9.3% | -6.5% |
| Net Profit YoY | -19.4% | -7941.4% |
| EPS (diluted) | $-0.29 | $-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 | $201.0M | $101.1M | ||
| Q3 25 | $196.9M | $94.3M | ||
| Q2 25 | $187.3M | $111.7M | ||
| Q1 25 | $188.3M | $89.9M | ||
| Q4 24 | $183.9M | $108.0M | ||
| Q3 24 | $179.2M | $102.5M | ||
| Q2 24 | $172.4M | $121.8M | ||
| Q1 24 | $171.1M | $100.1M |
| Q4 25 | $-68.4M | $-33.9M | ||
| Q3 25 | $-48.4M | $-2.1M | ||
| Q2 25 | $-40.0M | $3.9M | ||
| Q1 25 | $-62.3M | $-87.3M | ||
| Q4 24 | $-57.3M | $432.0K | ||
| Q3 24 | $-72.2M | $-5.8M | ||
| Q2 24 | $-63.7M | $6.3M | ||
| Q1 24 | $-62.4M | $-6.7M |
| Q4 25 | 88.9% | 56.7% | ||
| Q3 25 | 89.7% | 60.0% | ||
| Q2 25 | 89.7% | 55.5% | ||
| Q1 25 | 89.6% | 55.9% | ||
| Q4 24 | 89.2% | 58.8% | ||
| Q3 24 | 88.8% | 60.5% | ||
| Q2 24 | 89.7% | 57.3% | ||
| Q1 24 | 89.8% | 54.9% |
| Q4 25 | -34.8% | -36.6% | ||
| Q3 25 | -25.1% | 4.7% | ||
| Q2 25 | -23.4% | 6.2% | ||
| Q1 25 | -33.8% | -97.5% | ||
| Q4 24 | -32.7% | -0.5% | ||
| Q3 24 | -42.9% | -0.7% | ||
| Q2 24 | -38.4% | 9.3% | ||
| Q1 24 | -39.7% | -9.3% |
| Q4 25 | -34.0% | -33.5% | ||
| Q3 25 | -24.6% | -2.3% | ||
| Q2 25 | -21.4% | 3.5% | ||
| Q1 25 | -33.1% | -97.1% | ||
| Q4 24 | -31.2% | 0.4% | ||
| Q3 24 | -40.3% | -5.7% | ||
| Q2 24 | -37.0% | 5.2% | ||
| Q1 24 | -36.5% | -6.7% |
| Q4 25 | $-0.29 | $-1.75 | ||
| Q3 25 | $-0.20 | $-0.11 | ||
| Q2 25 | $-0.17 | $0.20 | ||
| Q1 25 | $-0.27 | $-4.62 | ||
| Q4 24 | $-0.25 | $0.02 | ||
| Q3 24 | $-0.31 | $-0.30 | ||
| Q2 24 | $-0.28 | $0.33 | ||
| Q1 24 | $-0.28 | $-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 | $183.5M | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $188.4M | $126.5M |
| Total Assets | $840.4M | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.5M | $63.3M | ||
| Q3 25 | $184.1M | $65.1M | ||
| Q2 25 | $193.8M | $67.8M | ||
| Q1 25 | $184.7M | $75.6M | ||
| Q4 24 | $196.8M | $56.1M | ||
| Q3 24 | $219.4M | $62.8M | ||
| Q2 24 | $222.0M | $58.9M | ||
| Q1 24 | $236.7M | $61.4M |
| Q4 25 | $188.4M | $126.5M | ||
| Q3 25 | $224.6M | $157.7M | ||
| Q2 25 | $236.3M | $159.5M | ||
| Q1 25 | $227.5M | $147.4M | ||
| Q4 24 | $239.3M | $229.5M | ||
| Q3 24 | $291.9M | $234.3M | ||
| Q2 24 | $319.9M | $237.1M | ||
| Q1 24 | $326.4M | $230.9M |
| Q4 25 | $840.4M | $404.0M | ||
| Q3 25 | $883.2M | $414.2M | ||
| Q2 25 | $877.1M | $436.0M | ||
| Q1 25 | $891.4M | $439.8M | ||
| Q4 24 | $874.2M | $503.9M | ||
| Q3 24 | $945.4M | $505.3M | ||
| Q2 24 | $978.2M | $524.2M | ||
| Q1 24 | $962.0M | $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 | $16.2M | $-3.2M |
| Free Cash FlowOCF − Capex | $15.5M | $-4.3M |
| FCF MarginFCF / Revenue | 7.7% | -4.2% |
| Capex IntensityCapex / Revenue | 0.3% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $74.5M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.2M | $-3.2M | ||
| Q3 25 | $39.8M | $1.2M | ||
| Q2 25 | $6.8M | $-3.6M | ||
| Q1 25 | $15.9M | $26.7M | ||
| Q4 24 | $-14.9M | $-1.8M | ||
| Q3 24 | $15.9M | $264.0K | ||
| Q2 24 | $-1.9M | $-2.9M | ||
| Q1 24 | $-15.3M | $611.0K |
| Q4 25 | $15.5M | $-4.3M | ||
| Q3 25 | $38.5M | $524.0K | ||
| Q2 25 | $6.1M | $-4.2M | ||
| Q1 25 | $14.3M | $26.1M | ||
| Q4 24 | $-16.3M | $-2.5M | ||
| Q3 24 | $14.2M | $-223.0K | ||
| Q2 24 | $-2.9M | $-3.7M | ||
| Q1 24 | $-15.8M | $-815.0K |
| Q4 25 | 7.7% | -4.2% | ||
| Q3 25 | 19.6% | 0.6% | ||
| Q2 25 | 3.3% | -3.8% | ||
| Q1 25 | 7.6% | 29.0% | ||
| Q4 24 | -8.8% | -2.3% | ||
| Q3 24 | 7.9% | -0.2% | ||
| Q2 24 | -1.7% | -3.1% | ||
| Q1 24 | -9.3% | -0.8% |
| Q4 25 | 0.3% | 1.1% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.3% | 0.5% | ||
| Q1 25 | 0.8% | 0.7% | ||
| Q4 24 | 0.7% | 0.6% | ||
| Q3 24 | 0.9% | 0.5% | ||
| Q2 24 | 0.6% | 0.7% | ||
| Q1 24 | 0.3% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASAN
| US | $118.5M | 59% |
| Non Us | $82.5M | 41% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
