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Side-by-side financial comparison of BLACKLINE, INC. (BL) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $101.1M, roughly 1.8× FORRESTER RESEARCH, INC.). BLACKLINE, INC. runs the higher net margin — 2.7% vs -33.5%, a 36.2% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs -6.5%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $-4.3M). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs 0.5%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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.
BL vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $101.1M |
| Net Profit | $4.9M | $-33.9M |
| Gross Margin | 75.2% | 56.7% |
| Operating Margin | 3.7% | -36.6% |
| Net Margin | 2.7% | -33.5% |
| Revenue YoY | 8.1% | -6.5% |
| Net Profit YoY | -91.3% | -7941.4% |
| EPS (diluted) | $0.07 | $-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 | $183.2M | $101.1M | ||
| Q3 25 | $178.3M | $94.3M | ||
| Q2 25 | $172.0M | $111.7M | ||
| Q1 25 | $166.9M | $89.9M | ||
| Q4 24 | $169.5M | $108.0M | ||
| Q3 24 | $165.9M | $102.5M | ||
| Q2 24 | $160.5M | $121.8M | ||
| Q1 24 | $157.5M | $100.1M |
| Q4 25 | $4.9M | $-33.9M | ||
| Q3 25 | $5.3M | $-2.1M | ||
| Q2 25 | $8.3M | $3.9M | ||
| Q1 25 | $6.1M | $-87.3M | ||
| Q4 24 | $56.4M | $432.0K | ||
| Q3 24 | $17.2M | $-5.8M | ||
| Q2 24 | $76.7M | $6.3M | ||
| Q1 24 | $10.8M | $-6.7M |
| Q4 25 | 75.2% | 56.7% | ||
| Q3 25 | 75.1% | 60.0% | ||
| Q2 25 | 75.2% | 55.5% | ||
| Q1 25 | 75.5% | 55.9% | ||
| Q4 24 | 75.6% | 58.8% | ||
| Q3 24 | 75.2% | 60.5% | ||
| Q2 24 | 74.9% | 57.3% | ||
| Q1 24 | 75.2% | 54.9% |
| Q4 25 | 3.7% | -36.6% | ||
| Q3 25 | 4.3% | 4.7% | ||
| Q2 25 | 4.4% | 6.2% | ||
| Q1 25 | 2.1% | -97.5% | ||
| Q4 24 | 3.7% | -0.5% | ||
| Q3 24 | 5.0% | -0.7% | ||
| Q2 24 | 1.4% | 9.3% | ||
| Q1 24 | 1.1% | -9.3% |
| Q4 25 | 2.7% | -33.5% | ||
| Q3 25 | 3.0% | -2.3% | ||
| Q2 25 | 4.8% | 3.5% | ||
| Q1 25 | 3.6% | -97.1% | ||
| Q4 24 | 33.3% | 0.4% | ||
| Q3 24 | 10.4% | -5.7% | ||
| Q2 24 | 47.8% | 5.2% | ||
| Q1 24 | 6.9% | -6.7% |
| Q4 25 | $0.07 | $-1.75 | ||
| Q3 25 | $0.09 | $-0.11 | ||
| Q2 25 | $0.13 | $0.20 | ||
| Q1 25 | $0.10 | $-4.62 | ||
| Q4 24 | $0.79 | $0.02 | ||
| Q3 24 | $0.27 | $-0.30 | ||
| Q2 24 | $0.22 | $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 | $390.0M | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $126.5M |
| Total Assets | $1.8B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $63.3M | ||
| Q3 25 | $419.9M | $65.1M | ||
| Q2 25 | $459.1M | $67.8M | ||
| Q1 25 | $479.5M | $75.6M | ||
| Q4 24 | $885.9M | $56.1M | ||
| Q3 24 | $725.3M | $62.8M | ||
| Q2 24 | $616.6M | $58.9M | ||
| Q1 24 | $331.4M | $61.4M |
| Q4 25 | $332.3M | $126.5M | ||
| Q3 25 | $328.3M | $157.7M | ||
| Q2 25 | $414.0M | $159.5M | ||
| Q1 25 | $417.9M | $147.4M | ||
| Q4 24 | $446.7M | $229.5M | ||
| Q3 24 | $367.9M | $234.3M | ||
| Q2 24 | $325.8M | $237.1M | ||
| Q1 24 | $279.8M | $230.9M |
| Q4 25 | $1.8B | $404.0M | ||
| Q3 25 | $1.7B | $414.2M | ||
| Q2 25 | $1.8B | $436.0M | ||
| Q1 25 | $1.8B | $439.8M | ||
| Q4 24 | $1.8B | $503.9M | ||
| Q3 24 | $1.7B | $505.3M | ||
| Q2 24 | $1.9B | $524.2M | ||
| Q1 24 | $2.1B | $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 | $26.7M | $-3.2M |
| Free Cash FlowOCF − Capex | $26.1M | $-4.3M |
| FCF MarginFCF / Revenue | 14.2% | -4.2% |
| Capex IntensityCapex / Revenue | 0.3% | 1.1% |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $-3.2M | ||
| Q3 25 | $63.8M | $1.2M | ||
| Q2 25 | $32.3M | $-3.6M | ||
| Q1 25 | $46.7M | $26.7M | ||
| Q4 24 | $43.8M | $-1.8M | ||
| Q3 24 | $55.9M | $264.0K | ||
| Q2 24 | $40.7M | $-2.9M | ||
| Q1 24 | $50.4M | $611.0K |
| Q4 25 | $26.1M | $-4.3M | ||
| Q3 25 | $63.3M | $524.0K | ||
| Q2 25 | $31.4M | $-4.2M | ||
| Q1 25 | $40.8M | $26.1M | ||
| Q4 24 | $43.0M | $-2.5M | ||
| Q3 24 | $55.5M | $-223.0K | ||
| Q2 24 | $40.0M | $-3.7M | ||
| Q1 24 | $50.1M | $-815.0K |
| Q4 25 | 14.2% | -4.2% | ||
| Q3 25 | 35.5% | 0.6% | ||
| Q2 25 | 18.2% | -3.8% | ||
| Q1 25 | 24.4% | 29.0% | ||
| Q4 24 | 25.4% | -2.3% | ||
| Q3 24 | 33.5% | -0.2% | ||
| Q2 24 | 24.9% | -3.1% | ||
| Q1 24 | 31.8% | -0.8% |
| Q4 25 | 0.3% | 1.1% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.6% | 0.5% | ||
| Q1 25 | 3.6% | 0.7% | ||
| Q4 24 | 0.4% | 0.6% | ||
| Q3 24 | 0.2% | 0.5% | ||
| Q2 24 | 0.4% | 0.7% | ||
| Q1 24 | 0.2% | 1.4% |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | -0.93× | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | -4.24× | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | -0.46× | ||
| Q1 24 | 4.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
