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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) 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 $85.1M, roughly 1.2× 4D Molecular Therapeutics, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs -33.5%, a 56.3% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs -6.5%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $-4.3M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 0.5%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
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.
FDMT vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $101.1M |
| Net Profit | $19.4M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | 17.3% | -36.6% |
| Net Margin | 22.8% | -33.5% |
| Revenue YoY | 8508900.0% | -6.5% |
| Net Profit YoY | 139.1% | -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 | $85.1M | $101.1M | ||
| Q3 25 | $90.0K | $94.3M | ||
| Q2 25 | $15.0K | $111.7M | ||
| Q1 25 | $14.0K | $89.9M | ||
| Q4 24 | $1.0K | $108.0M | ||
| Q3 24 | $3.0K | $102.5M | ||
| Q2 24 | $5.0K | $121.8M | ||
| Q1 24 | $28.0K | $100.1M |
| Q4 25 | $19.4M | $-33.9M | ||
| Q3 25 | $-56.9M | $-2.1M | ||
| Q2 25 | $-54.7M | $3.9M | ||
| Q1 25 | $-48.0M | $-87.3M | ||
| Q4 24 | — | $432.0K | ||
| Q3 24 | $-43.8M | $-5.8M | ||
| Q2 24 | $-35.0M | $6.3M | ||
| Q1 24 | $-32.4M | $-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 | 17.3% | -36.6% | ||
| Q3 25 | -67983.3% | 4.7% | ||
| Q2 25 | -396373.3% | 6.2% | ||
| Q1 25 | -383007.1% | -97.5% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | -1704400.0% | -0.7% | ||
| Q2 24 | -849120.0% | 9.3% | ||
| Q1 24 | -136200.0% | -9.3% |
| Q4 25 | 22.8% | -33.5% | ||
| Q3 25 | -63195.6% | -2.3% | ||
| Q2 25 | -364386.7% | 3.5% | ||
| Q1 25 | -342657.1% | -97.1% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | -1461433.3% | -5.7% | ||
| Q2 24 | -699060.0% | 5.2% | ||
| Q1 24 | -115717.9% | -6.7% |
| Q4 25 | $0.43 | $-1.75 | ||
| Q3 25 | $-1.01 | $-0.11 | ||
| Q2 25 | $-0.98 | $0.20 | ||
| Q1 25 | $-0.86 | $-4.62 | ||
| Q4 24 | — | $0.02 | ||
| Q3 24 | $-0.79 | $-0.30 | ||
| Q2 24 | $-0.63 | $0.33 | ||
| Q1 24 | $-0.66 | $-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 | $402.7M | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $505.7M | $126.5M |
| Total Assets | $566.7M | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $63.3M | ||
| Q3 25 | $305.1M | $65.1M | ||
| Q2 25 | $293.2M | $67.8M | ||
| Q1 25 | $321.4M | $75.6M | ||
| Q4 24 | $424.9M | $56.1M | ||
| Q3 24 | $501.9M | $62.8M | ||
| Q2 24 | $541.9M | $58.9M | ||
| Q1 24 | $525.9M | $61.4M |
| Q4 25 | $505.7M | $126.5M | ||
| Q3 25 | $369.0M | $157.7M | ||
| Q2 25 | $420.9M | $159.5M | ||
| Q1 25 | $469.7M | $147.4M | ||
| Q4 24 | $510.6M | $229.5M | ||
| Q3 24 | $552.9M | $234.3M | ||
| Q2 24 | $588.3M | $237.1M | ||
| Q1 24 | $600.6M | $230.9M |
| Q4 25 | $566.7M | $404.0M | ||
| Q3 25 | $424.0M | $414.2M | ||
| Q2 25 | $473.6M | $436.0M | ||
| Q1 25 | $515.7M | $439.8M | ||
| Q4 24 | $560.4M | $503.9M | ||
| Q3 24 | $604.0M | $505.3M | ||
| Q2 24 | $620.1M | $524.2M | ||
| Q1 24 | $629.9M | $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 | $28.6M | $-3.2M |
| Free Cash FlowOCF − Capex | $28.5M | $-4.3M |
| FCF MarginFCF / Revenue | 33.5% | -4.2% |
| Capex IntensityCapex / Revenue | 0.1% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $-3.2M | ||
| Q3 25 | $-46.5M | $1.2M | ||
| Q2 25 | $-43.4M | $-3.6M | ||
| Q1 25 | $-47.8M | $26.7M | ||
| Q4 24 | $-134.6M | $-1.8M | ||
| Q3 24 | $-29.4M | $264.0K | ||
| Q2 24 | $-30.2M | $-2.9M | ||
| Q1 24 | $-29.1M | $611.0K |
| Q4 25 | $28.5M | $-4.3M | ||
| Q3 25 | $-46.6M | $524.0K | ||
| Q2 25 | $-43.4M | $-4.2M | ||
| Q1 25 | $-48.4M | $26.1M | ||
| Q4 24 | $-138.4M | $-2.5M | ||
| Q3 24 | $-31.2M | $-223.0K | ||
| Q2 24 | $-30.6M | $-3.7M | ||
| Q1 24 | $-29.8M | $-815.0K |
| Q4 25 | 33.5% | -4.2% | ||
| Q3 25 | -51765.6% | 0.6% | ||
| Q2 25 | -289620.0% | -3.8% | ||
| Q1 25 | -345635.7% | 29.0% | ||
| Q4 24 | -13837100.0% | -2.3% | ||
| Q3 24 | -1038966.7% | -0.2% | ||
| Q2 24 | -611840.0% | -3.1% | ||
| Q1 24 | -106421.4% | -0.8% |
| Q4 25 | 0.1% | 1.1% | ||
| Q3 25 | 101.1% | 0.7% | ||
| Q2 25 | 440.0% | 0.5% | ||
| Q1 25 | 4507.1% | 0.7% | ||
| Q4 24 | 378600.0% | 0.6% | ||
| Q3 24 | 59266.7% | 0.5% | ||
| Q2 24 | 6980.0% | 0.7% | ||
| Q1 24 | 2535.7% | 1.4% |
| Q4 25 | 1.47× | — | ||
| 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
FDMT
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% |
