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Side-by-side financial comparison of DYNAVAX TECHNOLOGIES CORP (DVAX) 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 $94.9M, roughly 1.1× DYNAVAX TECHNOLOGIES CORP). DYNAVAX TECHNOLOGIES CORP runs the higher net margin — 28.4% vs -33.5%, a 61.9% gap on every dollar of revenue. On growth, DYNAVAX TECHNOLOGIES CORP posted the faster year-over-year revenue change (17.7% vs -6.5%). DYNAVAX TECHNOLOGIES CORP produced more free cash flow last quarter ($32.6M vs $-4.3M). Over the past eight quarters, DYNAVAX TECHNOLOGIES CORP's revenue compounded faster (30.6% CAGR vs 0.5%).
Dynavax Technologies Corp is a commercial-stage biopharmaceutical company specializing in the research, development, and production of innovative vaccines and immunotherapies for infectious diseases. Its lead approved product is Heplisav-B, an adult hepatitis B vaccine, with core markets in North America and Europe, alongside a pipeline of candidates addressing unmet public health needs.
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.
DVAX vs FORR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $94.9M | $101.1M |
| Net Profit | $26.9M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | 22.4% | -36.6% |
| Net Margin | 28.4% | -33.5% |
| Revenue YoY | 17.7% | -6.5% |
| Net Profit YoY | 53.0% | -7941.4% |
| EPS (diluted) | $0.21 | $-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 | $94.9M | $94.3M | ||
| Q2 25 | $95.4M | $111.7M | ||
| Q1 25 | $68.2M | $89.9M | ||
| Q4 24 | $72.0M | $108.0M | ||
| Q3 24 | $80.6M | $102.5M | ||
| Q2 24 | $73.8M | $121.8M | ||
| Q1 24 | $50.8M | $100.1M |
| Q4 25 | — | $-33.9M | ||
| Q3 25 | $26.9M | $-2.1M | ||
| Q2 25 | $18.7M | $3.9M | ||
| Q1 25 | $-96.1M | $-87.3M | ||
| Q4 24 | $7.0M | $432.0K | ||
| Q3 24 | $17.6M | $-5.8M | ||
| Q2 24 | $11.4M | $6.3M | ||
| Q1 24 | $-8.7M | $-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 | — | -36.6% | ||
| Q3 25 | 22.4% | 4.7% | ||
| Q2 25 | 15.1% | 6.2% | ||
| Q1 25 | -34.7% | -97.5% | ||
| Q4 24 | -2.3% | -0.5% | ||
| Q3 24 | 12.5% | -0.7% | ||
| Q2 24 | 7.0% | 9.3% | ||
| Q1 24 | -35.0% | -9.3% |
| Q4 25 | — | -33.5% | ||
| Q3 25 | 28.4% | -2.3% | ||
| Q2 25 | 19.6% | 3.5% | ||
| Q1 25 | -141.0% | -97.1% | ||
| Q4 24 | 9.8% | 0.4% | ||
| Q3 24 | 21.8% | -5.7% | ||
| Q2 24 | 15.4% | 5.2% | ||
| Q1 24 | -17.2% | -6.7% |
| Q4 25 | — | $-1.75 | ||
| Q3 25 | $0.21 | $-0.11 | ||
| Q2 25 | $0.14 | $0.20 | ||
| Q1 25 | $-0.77 | $-4.62 | ||
| Q4 24 | $0.07 | $0.02 | ||
| Q3 24 | $0.12 | $-0.30 | ||
| Q2 24 | $0.08 | $0.33 | ||
| Q1 24 | $-0.07 | $-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 | $160.2M | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $534.1M | $126.5M |
| Total Assets | $946.5M | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.3M | ||
| Q3 25 | $160.2M | $65.1M | ||
| Q2 25 | $99.1M | $67.8M | ||
| Q1 25 | $51.7M | $75.6M | ||
| Q4 24 | $95.9M | $56.1M | ||
| Q3 24 | $119.3M | $62.8M | ||
| Q2 24 | $112.5M | $58.9M | ||
| Q1 24 | $132.0M | $61.4M |
| Q4 25 | — | $126.5M | ||
| Q3 25 | $534.1M | $157.7M | ||
| Q2 25 | $494.2M | $159.5M | ||
| Q1 25 | $530.9M | $147.4M | ||
| Q4 24 | $596.8M | $229.5M | ||
| Q3 24 | $681.4M | $234.3M | ||
| Q2 24 | $642.8M | $237.1M | ||
| Q1 24 | $618.5M | $230.9M |
| Q4 25 | — | $404.0M | ||
| Q3 25 | $946.5M | $414.2M | ||
| Q2 25 | $918.4M | $436.0M | ||
| Q1 25 | $945.9M | $439.8M | ||
| Q4 24 | $986.3M | $503.9M | ||
| Q3 24 | $1.1B | $505.3M | ||
| Q2 24 | $1.0B | $524.2M | ||
| Q1 24 | $986.6M | $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 | $33.8M | $-3.2M |
| Free Cash FlowOCF − Capex | $32.6M | $-4.3M |
| FCF MarginFCF / Revenue | 34.4% | -4.2% |
| Capex IntensityCapex / Revenue | 1.3% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $80.5M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.2M | ||
| Q3 25 | $33.8M | $1.2M | ||
| Q2 25 | $23.4M | $-3.6M | ||
| Q1 25 | $-19.6M | $26.7M | ||
| Q4 24 | $53.0M | $-1.8M | ||
| Q3 24 | $19.5M | $264.0K | ||
| Q2 24 | $10.7M | $-2.9M | ||
| Q1 24 | $-16.7M | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | $32.6M | $524.0K | ||
| Q2 25 | $22.0M | $-4.2M | ||
| Q1 25 | $-23.6M | $26.1M | ||
| Q4 24 | $49.5M | $-2.5M | ||
| Q3 24 | $18.1M | $-223.0K | ||
| Q2 24 | $9.9M | $-3.7M | ||
| Q1 24 | $-17.4M | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | 34.4% | 0.6% | ||
| Q2 25 | 23.0% | -3.8% | ||
| Q1 25 | -34.6% | 29.0% | ||
| Q4 24 | 68.8% | -2.3% | ||
| Q3 24 | 22.5% | -0.2% | ||
| Q2 24 | 13.5% | -3.1% | ||
| Q1 24 | -34.3% | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 1.3% | 0.7% | ||
| Q2 25 | 1.5% | 0.5% | ||
| Q1 25 | 5.8% | 0.7% | ||
| Q4 24 | 4.8% | 0.6% | ||
| Q3 24 | 1.7% | 0.5% | ||
| Q2 24 | 1.1% | 0.7% | ||
| Q1 24 | 1.5% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 1.25× | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | 7.52× | -4.24× | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.94× | -0.46× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DVAX
| HEPLISAVB | $90.0M | 95% |
| US Department Of Defense | $4.7M | 5% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
