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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and HA Sustainable Infrastructure Capital, Inc. (HASI). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $101.1M, roughly 1.1× FORRESTER RESEARCH, INC.). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -46.8%, a 13.3% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -6.5%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% 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.
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
FORR vs HASI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $114.8M |
| Net Profit | $-33.9M | $-53.8M |
| Gross Margin | 56.7% | — |
| Operating Margin | -36.6% | -57.4% |
| Net Margin | -33.5% | -46.8% |
| Revenue YoY | -6.5% | 13.3% |
| Net Profit YoY | -7941.4% | -176.7% |
| EPS (diluted) | $-1.75 | $-0.38 |
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 | $114.8M | ||
| Q3 25 | $94.3M | $103.1M | ||
| Q2 25 | $111.7M | $85.7M | ||
| Q1 25 | $89.9M | $96.9M | ||
| Q4 24 | $108.0M | $101.3M | ||
| Q3 24 | $102.5M | $82.0M | ||
| Q2 24 | $121.8M | $94.5M | ||
| Q1 24 | $100.1M | $105.8M |
| Q4 25 | $-33.9M | $-53.8M | ||
| Q3 25 | $-2.1M | $83.3M | ||
| Q2 25 | $3.9M | $98.4M | ||
| Q1 25 | $-87.3M | $56.6M | ||
| Q4 24 | $432.0K | $70.1M | ||
| Q3 24 | $-5.8M | $-19.6M | ||
| Q2 24 | $6.3M | $26.5M | ||
| Q1 24 | $-6.7M | $123.0M |
| 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% | -57.4% | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | -97.5% | 84.7% | ||
| Q4 24 | -0.5% | 90.9% | ||
| Q3 24 | -0.7% | -32.1% | ||
| Q2 24 | 9.3% | 39.5% | ||
| Q1 24 | -9.3% | — |
| Q4 25 | -33.5% | -46.8% | ||
| Q3 25 | -2.3% | 80.8% | ||
| Q2 25 | 3.5% | 114.9% | ||
| Q1 25 | -97.1% | 58.4% | ||
| Q4 24 | 0.4% | 69.2% | ||
| Q3 24 | -5.7% | -23.9% | ||
| Q2 24 | 5.2% | 28.1% | ||
| Q1 24 | -6.7% | 116.3% |
| Q4 25 | $-1.75 | $-0.38 | ||
| Q3 25 | $-0.11 | $0.61 | ||
| Q2 25 | $0.20 | $0.74 | ||
| Q1 25 | $-4.62 | $0.44 | ||
| Q4 24 | $0.02 | $0.58 | ||
| Q3 24 | $-0.30 | $-0.17 | ||
| Q2 24 | $0.33 | $0.23 | ||
| Q1 24 | $-0.35 | $0.98 |
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 | $110.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $2.7B |
| Total Assets | $404.0M | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $110.2M | ||
| Q3 25 | $65.1M | $301.8M | ||
| Q2 25 | $67.8M | $86.5M | ||
| Q1 25 | $75.6M | $67.4M | ||
| Q4 24 | $56.1M | $129.8M | ||
| Q3 24 | $62.8M | $44.1M | ||
| Q2 24 | $58.9M | $145.7M | ||
| Q1 24 | $61.4M | $61.4M |
| Q4 25 | $126.5M | $2.7B | ||
| Q3 25 | $157.7M | $2.7B | ||
| Q2 25 | $159.5M | $2.6B | ||
| Q1 25 | $147.4M | $2.5B | ||
| Q4 24 | $229.5M | $2.4B | ||
| Q3 24 | $234.3M | $2.3B | ||
| Q2 24 | $237.1M | $2.3B | ||
| Q1 24 | $230.9M | $2.3B |
| Q4 25 | $404.0M | $8.2B | ||
| Q3 25 | $414.2M | $8.2B | ||
| Q2 25 | $436.0M | $7.6B | ||
| Q1 25 | $439.8M | $7.5B | ||
| Q4 24 | $503.9M | $7.1B | ||
| Q3 24 | $505.3M | $6.7B | ||
| Q2 24 | $524.2M | $6.7B | ||
| Q1 24 | $555.7M | $6.7B |
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 | $167.3M |
| 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.
| Q4 25 | $-3.2M | $167.3M | ||
| Q3 25 | $1.2M | $-121.8M | ||
| Q2 25 | $-3.6M | $79.6M | ||
| Q1 25 | $26.7M | $-37.1M | ||
| Q4 24 | $-1.8M | $5.9M | ||
| Q3 24 | $264.0K | $21.9M | ||
| Q2 24 | $-2.9M | $-24.8M | ||
| Q1 24 | $611.0K | $20.9M |
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | — | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | — | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $-223.0K | — | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-815.0K | — |
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | — | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | -0.8% | — |
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.46× | ||
| Q2 25 | -0.93× | 0.81× | ||
| Q1 25 | — | -0.66× | ||
| Q4 24 | -4.24× | 0.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | -0.94× | ||
| Q1 24 | — | 0.17× |
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% |
HASI
Segment breakdown not available.
