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Side-by-side financial comparison of FINANCIAL INSTITUTIONS INC (FISI) 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 $62.7M, roughly 1.6× FINANCIAL INSTITUTIONS INC). FINANCIAL INSTITUTIONS INC runs the higher net margin — 33.5% vs -33.5%, a 67.0% gap on every dollar of revenue. Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% CAGR vs -2.0%).
The Mizuho Financial Group, Inc. , known from 2000 to 2003 as Mizuho Holdings and abbreviated as MHFG or simply Mizuho, is a Japanese banking holding company headquartered in the Ōtemachi district of Chiyoda, Tokyo, Japan. The group was formed in 2000–2002 by merger of Dai-Ichi Kangyo Bank, Fuji Bank, and Industrial Bank of Japan. The name mizuho (瑞穂) literally means "abundant rice" in Japanese and "harvest" in the figurative sense.
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.
FISI vs FORR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $62.7M | $101.1M |
| Net Profit | $21.0M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | — | -36.6% |
| Net Margin | 33.5% | -33.5% |
| Revenue YoY | — | -6.5% |
| Net Profit YoY | 24.3% | -7941.4% |
| EPS (diluted) | $1.04 | $-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.
| Q1 26 | $62.7M | — | ||
| Q4 25 | $64.1M | $101.1M | ||
| Q3 25 | $63.8M | $94.3M | ||
| Q2 25 | $59.7M | $111.7M | ||
| Q1 25 | $57.2M | $89.9M | ||
| Q4 24 | $41.6M | $108.0M | ||
| Q3 24 | $50.1M | $102.5M | ||
| Q2 24 | $65.2M | $121.8M |
| Q1 26 | $21.0M | — | ||
| Q4 25 | $20.0M | $-33.9M | ||
| Q3 25 | $20.5M | $-2.1M | ||
| Q2 25 | $17.5M | $3.9M | ||
| Q1 25 | $16.9M | $-87.3M | ||
| Q4 24 | $-82.8M | $432.0K | ||
| Q3 24 | $13.5M | $-5.8M | ||
| Q2 24 | $25.6M | $6.3M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 37.4% | -36.6% | ||
| Q3 25 | 39.5% | 4.7% | ||
| Q2 25 | 36.0% | 6.2% | ||
| Q1 25 | 36.0% | -97.5% | ||
| Q4 24 | -276.9% | -0.5% | ||
| Q3 24 | 29.0% | -0.7% | ||
| Q2 24 | 46.2% | 9.3% |
| Q1 26 | 33.5% | — | ||
| Q4 25 | 38.3% | -33.5% | ||
| Q3 25 | 32.1% | -2.3% | ||
| Q2 25 | 29.3% | 3.5% | ||
| Q1 25 | 29.5% | -97.1% | ||
| Q4 24 | -198.9% | 0.4% | ||
| Q3 24 | 26.9% | -5.7% | ||
| Q2 24 | 39.3% | 5.2% |
| Q1 26 | $1.04 | — | ||
| Q4 25 | $0.96 | $-1.75 | ||
| Q3 25 | $0.99 | $-0.11 | ||
| Q2 25 | $0.85 | $0.20 | ||
| Q1 25 | $0.81 | $-4.62 | ||
| Q4 24 | $-5.32 | $0.02 | ||
| Q3 24 | $0.84 | $-0.30 | ||
| Q2 24 | $1.62 | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $85.5M | $63.3M |
| Total DebtLower is stronger | $114.0M | — |
| Stockholders' EquityBook value | — | $126.5M |
| Total Assets | $6.3B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $85.5M | — | ||
| Q4 25 | $108.8M | $63.3M | ||
| Q3 25 | $185.9M | $65.1M | ||
| Q2 25 | $93.0M | $67.8M | ||
| Q1 25 | $167.4M | $75.6M | ||
| Q4 24 | $87.3M | $56.1M | ||
| Q3 24 | — | $62.8M | ||
| Q2 24 | — | $58.9M |
| Q1 26 | $114.0M | — | ||
| Q4 25 | $193.7M | — | ||
| Q3 25 | $115.0M | — | ||
| Q2 25 | $115.0M | — | ||
| Q1 25 | $124.9M | — | ||
| Q4 24 | $124.8M | — | ||
| Q3 24 | $124.8M | — | ||
| Q2 24 | $124.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | $628.9M | $126.5M | ||
| Q3 25 | $621.7M | $157.7M | ||
| Q2 25 | $601.7M | $159.5M | ||
| Q1 25 | $589.9M | $147.4M | ||
| Q4 24 | $569.0M | $229.5M | ||
| Q3 24 | $500.3M | $234.3M | ||
| Q2 24 | $467.7M | $237.1M |
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.3B | $404.0M | ||
| Q3 25 | $6.3B | $414.2M | ||
| Q2 25 | $6.1B | $436.0M | ||
| Q1 25 | $6.3B | $439.8M | ||
| Q4 24 | $6.1B | $503.9M | ||
| Q3 24 | $6.2B | $505.3M | ||
| Q2 24 | $6.1B | $524.2M |
| Q1 26 | — | — | ||
| Q4 25 | 0.31× | — | ||
| Q3 25 | 0.18× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | 0.22× | — | ||
| Q3 24 | 0.25× | — | ||
| Q2 24 | 0.27× | — |
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 | — | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $18.8M | $-3.2M | ||
| Q3 25 | $-6.9M | $1.2M | ||
| Q2 25 | $-5.7M | $-3.6M | ||
| Q1 25 | $10.0M | $26.7M | ||
| Q4 24 | $77.1M | $-1.8M | ||
| Q3 24 | $2.1M | $264.0K | ||
| Q2 24 | $35.7M | $-2.9M |
| Q1 26 | — | — | ||
| Q4 25 | $13.3M | $-4.3M | ||
| Q3 25 | $-7.9M | $524.0K | ||
| Q2 25 | $-7.3M | $-4.2M | ||
| Q1 25 | $9.2M | $26.1M | ||
| Q4 24 | $72.2M | $-2.5M | ||
| Q3 24 | $-299.0K | $-223.0K | ||
| Q2 24 | $34.7M | $-3.7M |
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | -4.2% | ||
| Q3 25 | -12.4% | 0.6% | ||
| Q2 25 | -12.3% | -3.8% | ||
| Q1 25 | 16.1% | 29.0% | ||
| Q4 24 | 173.3% | -2.3% | ||
| Q3 24 | -0.6% | -0.2% | ||
| Q2 24 | 53.3% | -3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 8.7% | 1.1% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 2.7% | 0.5% | ||
| Q1 25 | 1.4% | 0.7% | ||
| Q4 24 | 11.9% | 0.6% | ||
| Q3 24 | 4.9% | 0.5% | ||
| Q2 24 | 1.5% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.94× | — | ||
| Q3 25 | -0.34× | — | ||
| Q2 25 | -0.33× | -0.93× | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | 0.16× | — | ||
| Q2 24 | 1.39× | -0.46× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FISI
| Net Interest Income | $52.0M | 83% |
| Noninterest Income | $10.7M | 17% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
