vs
Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $101.1M, roughly 1.3× FORRESTER RESEARCH, INC.). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -38.4%, a 4.9% gap on every dollar of revenue. On growth, BRANDYWINE REALTY TRUST posted the faster year-over-year revenue change (4.5% vs -6.5%). Over the past eight quarters, BRANDYWINE REALTY TRUST's revenue compounded faster (0.7% CAGR vs 0.5%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
BDN vs FORR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $101.1M |
| Net Profit | $-48.8M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | 1.2% | -36.6% |
| Net Margin | -38.4% | -33.5% |
| Revenue YoY | 4.5% | -6.5% |
| Net Profit YoY | -80.4% | -7941.4% |
| EPS (diluted) | $-0.28 | $-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.
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | $101.1M | ||
| Q3 25 | $121.4M | $94.3M | ||
| Q2 25 | $120.6M | $111.7M | ||
| Q1 25 | $121.5M | $89.9M | ||
| Q4 24 | $121.9M | $108.0M | ||
| Q3 24 | $131.8M | $102.5M | ||
| Q2 24 | $125.3M | $121.8M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $-33.9M | ||
| Q3 25 | $-25.9M | $-2.1M | ||
| Q2 25 | $-88.7M | $3.9M | ||
| Q1 25 | $-27.0M | $-87.3M | ||
| Q4 24 | $-44.5M | $432.0K | ||
| Q3 24 | $-165.2M | $-5.8M | ||
| Q2 24 | $30.2M | $6.3M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | 56.7% | ||
| Q3 25 | 62.6% | 60.0% | ||
| Q2 25 | 62.4% | 55.5% | ||
| Q1 25 | 60.8% | 55.9% | ||
| Q4 24 | 61.2% | 58.8% | ||
| Q3 24 | 64.9% | 60.5% | ||
| Q2 24 | 63.1% | 57.3% |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | -36.6% | ||
| Q3 25 | 20.8% | 4.7% | ||
| Q2 25 | -34.3% | 6.2% | ||
| Q1 25 | 12.5% | -97.5% | ||
| Q4 24 | 18.0% | -0.5% | ||
| Q3 24 | -7.2% | -0.7% | ||
| Q2 24 | 15.5% | 9.3% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | -33.5% | ||
| Q3 25 | -21.3% | -2.3% | ||
| Q2 25 | -73.5% | 3.5% | ||
| Q1 25 | -22.2% | -97.1% | ||
| Q4 24 | -36.5% | 0.4% | ||
| Q3 24 | -125.4% | -5.7% | ||
| Q2 24 | 24.1% | 5.2% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $-1.75 | ||
| Q3 25 | $-0.15 | $-0.11 | ||
| Q2 25 | $-0.51 | $0.20 | ||
| Q1 25 | $-0.16 | $-4.62 | ||
| Q4 24 | $-0.25 | $0.02 | ||
| Q3 24 | $-0.96 | $-0.30 | ||
| Q2 24 | $0.17 | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $126.5M |
| Total Assets | $3.6B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $63.3M | ||
| Q3 25 | $75.5M | $65.1M | ||
| Q2 25 | $122.6M | $67.8M | ||
| Q1 25 | $29.4M | $75.6M | ||
| Q4 24 | $90.2M | $56.1M | ||
| Q3 24 | $36.5M | $62.8M | ||
| Q2 24 | $30.4M | $58.9M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $126.5M | ||
| Q3 25 | $841.5M | $157.7M | ||
| Q2 25 | $879.8M | $159.5M | ||
| Q1 25 | $993.6M | $147.4M | ||
| Q4 24 | $1.0B | $229.5M | ||
| Q3 24 | $1.1B | $234.3M | ||
| Q2 24 | $1.3B | $237.1M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $404.0M | ||
| Q3 25 | $3.3B | $414.2M | ||
| Q2 25 | $3.4B | $436.0M | ||
| Q1 25 | $3.4B | $439.8M | ||
| Q4 24 | $3.5B | $503.9M | ||
| Q3 24 | $3.6B | $505.3M | ||
| Q2 24 | $3.8B | $524.2M |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | — | ||
| Q3 25 | 2.70× | — | ||
| Q2 25 | 2.63× | — | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.13× | — | ||
| Q3 24 | 2.06× | — | ||
| Q2 24 | 1.73× | — |
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 | — | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $-3.2M | ||
| Q3 25 | $47.5M | $1.2M | ||
| Q2 25 | $34.4M | $-3.6M | ||
| Q1 25 | $6.3M | $26.7M | ||
| Q4 24 | $181.1M | $-1.8M | ||
| Q3 24 | $52.2M | $264.0K | ||
| Q2 24 | $48.2M | $-2.9M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.60× | -0.46× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
