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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
DESCARTES SYSTEMS GROUP INC is the larger business by last-quarter revenue ($179.8M vs $101.1M, roughly 1.8× FORRESTER RESEARCH, INC.). DESCARTES SYSTEMS GROUP INC runs the higher net margin — 21.1% vs -33.5%, a 54.7% gap on every dollar of revenue. DESCARTES SYSTEMS GROUP INC produced more free cash flow last quarter ($62.1M vs $-4.3M).
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
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.
DSGX vs FORR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $101.1M |
| Net Profit | $38.0M | $-33.9M |
| Gross Margin | 76.9% | 56.7% |
| Operating Margin | 26.8% | -36.6% |
| Net Margin | 21.1% | -33.5% |
| Revenue YoY | — | -6.5% |
| Net Profit YoY | — | -7941.4% |
| EPS (diluted) | $0.43 | $-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 | — | $101.1M | ||
| Q3 25 | $179.8M | $94.3M | ||
| Q2 25 | — | $111.7M | ||
| Q1 25 | — | $89.9M | ||
| Q4 24 | — | $108.0M | ||
| Q3 24 | $163.4M | $102.5M | ||
| Q2 24 | — | $121.8M | ||
| Q1 24 | — | $100.1M |
| Q4 25 | — | $-33.9M | ||
| Q3 25 | $38.0M | $-2.1M | ||
| Q2 25 | — | $3.9M | ||
| Q1 25 | — | $-87.3M | ||
| Q4 24 | — | $432.0K | ||
| Q3 24 | $34.7M | $-5.8M | ||
| Q2 24 | — | $6.3M | ||
| Q1 24 | — | $-6.7M |
| Q4 25 | — | 56.7% | ||
| Q3 25 | 76.9% | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | 75.2% | 60.5% | ||
| Q2 24 | — | 57.3% | ||
| Q1 24 | — | 54.9% |
| Q4 25 | — | -36.6% | ||
| Q3 25 | 26.8% | 4.7% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | -97.5% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | 28.1% | -0.7% | ||
| Q2 24 | — | 9.3% | ||
| Q1 24 | — | -9.3% |
| Q4 25 | — | -33.5% | ||
| Q3 25 | 21.1% | -2.3% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | -97.1% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 21.2% | -5.7% | ||
| Q2 24 | — | 5.2% | ||
| Q1 24 | — | -6.7% |
| Q4 25 | — | $-1.75 | ||
| Q3 25 | $0.43 | $-0.11 | ||
| Q2 25 | — | $0.20 | ||
| Q1 25 | — | $-4.62 | ||
| Q4 24 | — | $0.02 | ||
| Q3 24 | $0.40 | $-0.30 | ||
| Q2 24 | — | $0.33 | ||
| Q1 24 | — | $-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 | $240.6M | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $126.5M |
| Total Assets | $1.8B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.3M | ||
| Q3 25 | $240.6M | $65.1M | ||
| Q2 25 | — | $67.8M | ||
| Q1 25 | — | $75.6M | ||
| Q4 24 | — | $56.1M | ||
| Q3 24 | $252.7M | $62.8M | ||
| Q2 24 | — | $58.9M | ||
| Q1 24 | — | $61.4M |
| Q4 25 | — | $126.5M | ||
| Q3 25 | $1.5B | $157.7M | ||
| Q2 25 | — | $159.5M | ||
| Q1 25 | — | $147.4M | ||
| Q4 24 | — | $229.5M | ||
| Q3 24 | $1.3B | $234.3M | ||
| Q2 24 | — | $237.1M | ||
| Q1 24 | — | $230.9M |
| Q4 25 | — | $404.0M | ||
| Q3 25 | $1.8B | $414.2M | ||
| Q2 25 | — | $436.0M | ||
| Q1 25 | — | $439.8M | ||
| Q4 24 | — | $503.9M | ||
| Q3 24 | $1.6B | $505.3M | ||
| Q2 24 | — | $524.2M | ||
| Q1 24 | — | $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 | $63.3M | $-3.2M |
| Free Cash FlowOCF − Capex | $62.1M | $-4.3M |
| FCF MarginFCF / Revenue | 34.5% | -4.2% |
| Capex IntensityCapex / Revenue | 0.7% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.2M | ||
| Q3 25 | $63.3M | $1.2M | ||
| Q2 25 | — | $-3.6M | ||
| Q1 25 | — | $26.7M | ||
| Q4 24 | — | $-1.8M | ||
| Q3 24 | $34.7M | $264.0K | ||
| Q2 24 | — | $-2.9M | ||
| Q1 24 | — | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | $62.1M | $524.0K | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | $33.1M | $-223.0K | ||
| Q2 24 | — | $-3.7M | ||
| Q1 24 | — | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | 34.5% | 0.6% | ||
| Q2 25 | — | -3.8% | ||
| Q1 25 | — | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | 20.2% | -0.2% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | 1.0% | 0.5% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | 1.67× | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGX
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% |
