vs
Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and JFrog Ltd (FROG). Click either name above to swap in a different company.
JFrog Ltd is the larger business by last-quarter revenue ($145.3M vs $101.1M, roughly 1.4× FORRESTER RESEARCH, INC.). JFrog Ltd runs the higher net margin — -10.5% vs -33.5%, a 23.1% gap on every dollar of revenue. On growth, JFrog Ltd posted the faster year-over-year revenue change (25.2% vs -6.5%). JFrog Ltd produced more free cash flow last quarter ($49.9M vs $-4.3M). Over the past eight quarters, JFrog Ltd's revenue compounded faster (20.4% CAGR vs 0.5%).
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.
JFrog Ltd is a global DevOps technology provider that delivers end-to-end software release, artifact management, and security solutions. It serves clients across tech, finance, retail, and manufacturing sectors, helping teams streamline development and delivery workflows for cloud, on-premises, and hybrid infrastructure.
FORR vs FROG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $145.3M |
| Net Profit | $-33.9M | $-15.2M |
| Gross Margin | 56.7% | 77.9% |
| Operating Margin | -36.6% | -14.7% |
| Net Margin | -33.5% | -10.5% |
| Revenue YoY | -6.5% | 25.2% |
| Net Profit YoY | -7941.4% | 34.4% |
| EPS (diluted) | $-1.75 | $-0.13 |
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 | $145.3M | ||
| Q3 25 | $94.3M | $136.9M | ||
| Q2 25 | $111.7M | $127.2M | ||
| Q1 25 | $89.9M | $122.4M | ||
| Q4 24 | $108.0M | $116.1M | ||
| Q3 24 | $102.5M | $109.1M | ||
| Q2 24 | $121.8M | $103.0M | ||
| Q1 24 | $100.1M | $100.3M |
| Q4 25 | $-33.9M | $-15.2M | ||
| Q3 25 | $-2.1M | $-16.4M | ||
| Q2 25 | $3.9M | $-21.7M | ||
| Q1 25 | $-87.3M | $-18.5M | ||
| Q4 24 | $432.0K | $-23.2M | ||
| Q3 24 | $-5.8M | $-22.9M | ||
| Q2 24 | $6.3M | $-14.3M | ||
| Q1 24 | $-6.7M | $-8.8M |
| Q4 25 | 56.7% | 77.9% | ||
| Q3 25 | 60.0% | 77.4% | ||
| Q2 25 | 55.5% | 76.3% | ||
| Q1 25 | 55.9% | 75.3% | ||
| Q4 24 | 58.8% | 75.4% | ||
| Q3 24 | 60.5% | 75.0% | ||
| Q2 24 | 57.3% | 78.8% | ||
| Q1 24 | 54.9% | 79.5% |
| Q4 25 | -36.6% | -14.7% | ||
| Q3 25 | 4.7% | -15.8% | ||
| Q2 25 | 6.2% | -20.4% | ||
| Q1 25 | -97.5% | -18.8% | ||
| Q4 24 | -0.5% | -21.9% | ||
| Q3 24 | -0.7% | -27.4% | ||
| Q2 24 | 9.3% | -18.6% | ||
| Q1 24 | -9.3% | -16.6% |
| Q4 25 | -33.5% | -10.5% | ||
| Q3 25 | -2.3% | -12.0% | ||
| Q2 25 | 3.5% | -17.0% | ||
| Q1 25 | -97.1% | -15.1% | ||
| Q4 24 | 0.4% | -20.0% | ||
| Q3 24 | -5.7% | -21.0% | ||
| Q2 24 | 5.2% | -13.9% | ||
| Q1 24 | -6.7% | -8.8% |
| Q4 25 | $-1.75 | $-0.13 | ||
| Q3 25 | $-0.11 | $-0.14 | ||
| Q2 25 | $0.20 | $-0.19 | ||
| Q1 25 | $-4.62 | $-0.16 | ||
| Q4 24 | $0.02 | $-0.21 | ||
| Q3 24 | $-0.30 | $-0.21 | ||
| Q2 24 | $0.33 | $-0.13 | ||
| Q1 24 | $-0.35 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $63.3M | $704.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $887.4M |
| Total Assets | $404.0M | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $704.4M | ||
| Q3 25 | $65.1M | $651.1M | ||
| Q2 25 | $67.8M | $611.7M | ||
| Q1 25 | $75.6M | $563.5M | ||
| Q4 24 | $56.1M | $522.0M | ||
| Q3 24 | $62.8M | $467.8M | ||
| Q2 24 | $58.9M | $591.3M | ||
| Q1 24 | $61.4M | $579.6M |
| Q4 25 | $126.5M | $887.4M | ||
| Q3 25 | $157.7M | $859.4M | ||
| Q2 25 | $159.5M | $826.5M | ||
| Q1 25 | $147.4M | $800.0M | ||
| Q4 24 | $229.5M | $773.5M | ||
| Q3 24 | $234.3M | $756.2M | ||
| Q2 24 | $237.1M | $721.4M | ||
| Q1 24 | $230.9M | $707.8M |
| Q4 25 | $404.0M | $1.3B | ||
| Q3 25 | $414.2M | $1.3B | ||
| Q2 25 | $436.0M | $1.2B | ||
| Q1 25 | $439.8M | $1.2B | ||
| Q4 24 | $503.9M | $1.1B | ||
| Q3 24 | $505.3M | $1.1B | ||
| Q2 24 | $524.2M | $1.0B | ||
| Q1 24 | $555.7M | $997.1M |
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 | $50.7M |
| Free Cash FlowOCF − Capex | $-4.3M | $49.9M |
| FCF MarginFCF / Revenue | -4.2% | 34.3% |
| Capex IntensityCapex / Revenue | 1.1% | 0.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $142.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $50.7M | ||
| Q3 25 | $1.2M | $30.2M | ||
| Q2 25 | $-3.6M | $36.1M | ||
| Q1 25 | $26.7M | $28.8M | ||
| Q4 24 | $-1.8M | $49.1M | ||
| Q3 24 | $264.0K | $27.6M | ||
| Q2 24 | $-2.9M | $16.7M | ||
| Q1 24 | $611.0K | $17.5M |
| Q4 25 | $-4.3M | $49.9M | ||
| Q3 25 | $524.0K | $28.8M | ||
| Q2 25 | $-4.2M | $35.5M | ||
| Q1 25 | $26.1M | $28.1M | ||
| Q4 24 | $-2.5M | $48.5M | ||
| Q3 24 | $-223.0K | $26.7M | ||
| Q2 24 | $-3.7M | $16.0M | ||
| Q1 24 | $-815.0K | $16.6M |
| Q4 25 | -4.2% | 34.3% | ||
| Q3 25 | 0.6% | 21.0% | ||
| Q2 25 | -3.8% | 27.9% | ||
| Q1 25 | 29.0% | 23.0% | ||
| Q4 24 | -2.3% | 41.8% | ||
| Q3 24 | -0.2% | 24.5% | ||
| Q2 24 | -3.1% | 15.5% | ||
| Q1 24 | -0.8% | 16.6% |
| Q4 25 | 1.1% | 0.6% | ||
| Q3 25 | 0.7% | 1.0% | ||
| Q2 25 | 0.5% | 0.5% | ||
| Q1 25 | 0.7% | 0.5% | ||
| Q4 24 | 0.6% | 0.5% | ||
| Q3 24 | 0.5% | 0.9% | ||
| Q2 24 | 0.7% | 0.7% | ||
| Q1 24 | 1.4% | 0.8% |
| 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
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
FROG
Segment breakdown not available.
