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Side-by-side financial comparison of Cardlytics, Inc. (CDLX) 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 $50.9M, roughly 2.0× Cardlytics, Inc.). On growth, FORRESTER RESEARCH, INC. posted the faster year-over-year revenue change (-6.5% vs -25.5%). Cardlytics, Inc. produced more free cash flow last quarter ($13.0M vs $-4.3M). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% CAGR vs -9.6%).
Cardlytics is a leading purchase intelligence and advertising platform that partners with major banks to analyze anonymized consumer transaction data. It delivers targeted, performance-driven ad campaigns for consumer brands, retailers and service providers, helping advertisers reach audiences based on real purchase behavior, with core operations across North America and the United Kingdom.
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.
CDLX vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $50.9M | $101.1M |
| Net Profit | — | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | -12.0% | -36.6% |
| Net Margin | — | -33.5% |
| Revenue YoY | -25.5% | -6.5% |
| Net Profit YoY | — | -7941.4% |
| EPS (diluted) | $-0.15 | $-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 | $50.9M | $101.1M | ||
| Q3 25 | $47.0M | $94.3M | ||
| Q2 25 | $58.0M | $111.7M | ||
| Q1 25 | $56.4M | $89.9M | ||
| Q4 24 | $68.3M | $108.0M | ||
| Q3 24 | $61.1M | $102.5M | ||
| Q2 24 | $64.0M | $121.8M | ||
| Q1 24 | $62.2M | $100.1M |
| Q4 25 | — | $-33.9M | ||
| Q3 25 | $-72.7M | $-2.1M | ||
| Q2 25 | $-9.3M | $3.9M | ||
| Q1 25 | $-13.3M | $-87.3M | ||
| Q4 24 | — | $432.0K | ||
| Q3 24 | $-145.2M | $-5.8M | ||
| Q2 24 | $-4.3M | $6.3M | ||
| Q1 24 | $-24.3M | $-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 | -12.0% | -36.6% | ||
| Q3 25 | -146.6% | 4.7% | ||
| Q2 25 | -22.0% | 6.2% | ||
| Q1 25 | -24.9% | -97.5% | ||
| Q4 24 | -12.2% | -0.5% | ||
| Q3 24 | -243.1% | -0.7% | ||
| Q2 24 | -24.7% | 9.3% | ||
| Q1 24 | -36.7% | -9.3% |
| Q4 25 | — | -33.5% | ||
| Q3 25 | -154.7% | -2.3% | ||
| Q2 25 | -16.0% | 3.5% | ||
| Q1 25 | -23.5% | -97.1% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | -237.6% | -5.7% | ||
| Q2 24 | -6.7% | 5.2% | ||
| Q1 24 | -39.0% | -6.7% |
| Q4 25 | $-0.15 | $-1.75 | ||
| Q3 25 | $-1.36 | $-0.11 | ||
| Q2 25 | $-0.18 | $0.20 | ||
| Q1 25 | $-0.26 | $-4.62 | ||
| Q4 24 | $-0.36 | $0.02 | ||
| Q3 24 | $-2.90 | $-0.30 | ||
| Q2 24 | $-0.09 | $0.33 | ||
| Q1 24 | $-0.56 | $-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 | $48.7M | $63.3M |
| Total DebtLower is stronger | $212.6M | — |
| Stockholders' EquityBook value | $-6.5M | $126.5M |
| Total Assets | $285.6M | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $48.7M | $63.3M | ||
| Q3 25 | $44.0M | $65.1M | ||
| Q2 25 | $46.7M | $67.8M | ||
| Q1 25 | $52.0M | $75.6M | ||
| Q4 24 | $65.6M | $56.1M | ||
| Q3 24 | $67.0M | $62.8M | ||
| Q2 24 | $71.2M | $58.9M | ||
| Q1 24 | $97.8M | $61.4M |
| Q4 25 | $212.6M | — | ||
| Q3 25 | $214.6M | — | ||
| Q2 25 | $214.3M | — | ||
| Q1 25 | $213.9M | — | ||
| Q4 24 | $213.6M | — | ||
| Q3 24 | $213.2M | — | ||
| Q2 24 | $212.9M | — | ||
| Q1 24 | $257.9M | — |
| Q4 25 | $-6.5M | $126.5M | ||
| Q3 25 | $-4.7M | $157.7M | ||
| Q2 25 | $58.7M | $159.5M | ||
| Q1 25 | $64.1M | $147.4M | ||
| Q4 24 | $70.0M | $229.5M | ||
| Q3 24 | $69.7M | $234.3M | ||
| Q2 24 | $210.0M | $237.1M | ||
| Q1 24 | $199.1M | $230.9M |
| Q4 25 | $285.6M | $404.0M | ||
| Q3 25 | $292.8M | $414.2M | ||
| Q2 25 | $361.1M | $436.0M | ||
| Q1 25 | $369.1M | $439.8M | ||
| Q4 24 | $392.7M | $503.9M | ||
| Q3 24 | $399.4M | $505.3M | ||
| Q2 24 | $534.4M | $524.2M | ||
| Q1 24 | $569.0M | $555.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.65× | — | ||
| Q1 25 | 3.34× | — | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | 3.06× | — | ||
| Q2 24 | 1.01× | — | ||
| Q1 24 | 1.29× | — |
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 | $13.0M | $-3.2M |
| Free Cash FlowOCF − Capex | $13.0M | $-4.3M |
| FCF MarginFCF / Revenue | 25.5% | -4.2% |
| Capex IntensityCapex / Revenue | 0.0% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $8.8M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.0M | $-3.2M | ||
| Q3 25 | $1.8M | $1.2M | ||
| Q2 25 | $1.2M | $-3.6M | ||
| Q1 25 | $-6.7M | $26.7M | ||
| Q4 24 | $3.0M | $-1.8M | ||
| Q3 24 | $1.4M | $264.0K | ||
| Q2 24 | $4.4M | $-2.9M | ||
| Q1 24 | $-17.6M | $611.0K |
| Q4 25 | $13.0M | $-4.3M | ||
| Q3 25 | $1.7M | $524.0K | ||
| Q2 25 | $903.0K | $-4.2M | ||
| Q1 25 | $-6.8M | $26.1M | ||
| Q4 24 | $2.9M | $-2.5M | ||
| Q3 24 | $878.0K | $-223.0K | ||
| Q2 24 | $4.1M | $-3.7M | ||
| Q1 24 | $-18.3M | $-815.0K |
| Q4 25 | 25.5% | -4.2% | ||
| Q3 25 | 3.7% | 0.6% | ||
| Q2 25 | 1.6% | -3.8% | ||
| Q1 25 | -12.1% | 29.0% | ||
| Q4 24 | 4.2% | -2.3% | ||
| Q3 24 | 1.4% | -0.2% | ||
| Q2 24 | 6.5% | -3.1% | ||
| Q1 24 | -29.4% | -0.8% |
| Q4 25 | 0.0% | 1.1% | ||
| Q3 25 | 0.0% | 0.7% | ||
| Q2 25 | 0.6% | 0.5% | ||
| Q1 25 | 0.2% | 0.7% | ||
| Q4 24 | 0.2% | 0.6% | ||
| Q3 24 | 0.8% | 0.5% | ||
| Q2 24 | 0.4% | 0.7% | ||
| Q1 24 | 1.0% | 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
CDLX
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% |
