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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and HEALTHSTREAM INC (HSTM). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $79.7M, roughly 1.3× HEALTHSTREAM INC). On growth, HEALTHSTREAM INC posted the faster year-over-year revenue change (7.4% vs -6.5%). HEALTHSTREAM INC produced more free cash flow last quarter ($13.0M vs $-4.3M). Over the past eight quarters, HEALTHSTREAM INC's revenue compounded faster (4.7% 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.
HealthStream Inc is a leading U.S.-based provider of workforce development, compliance, and training solutions tailored for the healthcare industry. It offers cloud-based platforms covering clinical skill training, talent management, patient safety education, and regulatory adherence tools, serving over 4,000 healthcare organizations including hospitals, clinics, and long-term care facilities nationwide.
FORR vs HSTM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $79.7M |
| Net Profit | $-33.9M | — |
| Gross Margin | 56.7% | — |
| Operating Margin | -36.6% | 3.0% |
| Net Margin | -33.5% | — |
| Revenue YoY | -6.5% | 7.4% |
| Net Profit YoY | -7941.4% | — |
| EPS (diluted) | $-1.75 | $0.09 |
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 | $79.7M | ||
| Q3 25 | $94.3M | $76.5M | ||
| Q2 25 | $111.7M | $74.4M | ||
| Q1 25 | $89.9M | $73.5M | ||
| Q4 24 | $108.0M | $74.2M | ||
| Q3 24 | $102.5M | $73.1M | ||
| Q2 24 | $121.8M | $71.6M | ||
| Q1 24 | $100.1M | $72.8M |
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $6.1M | ||
| Q2 25 | $3.9M | $5.4M | ||
| Q1 25 | $-87.3M | $4.3M | ||
| Q4 24 | $432.0K | — | ||
| Q3 24 | $-5.8M | $5.7M | ||
| Q2 24 | $6.3M | $4.2M | ||
| Q1 24 | $-6.7M | $5.2M |
| 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% | 3.0% | ||
| Q3 25 | 4.7% | 9.9% | ||
| Q2 25 | 6.2% | 7.9% | ||
| Q1 25 | -97.5% | 6.0% | ||
| Q4 24 | -0.5% | 6.3% | ||
| Q3 24 | -0.7% | 8.9% | ||
| Q2 24 | 9.3% | 6.2% | ||
| Q1 24 | -9.3% | 7.8% |
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | 8.0% | ||
| Q2 25 | 3.5% | 7.2% | ||
| Q1 25 | -97.1% | 5.9% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | -5.7% | 7.8% | ||
| Q2 24 | 5.2% | 5.8% | ||
| Q1 24 | -6.7% | 7.2% |
| Q4 25 | $-1.75 | $0.09 | ||
| Q3 25 | $-0.11 | $0.20 | ||
| Q2 25 | $0.20 | $0.18 | ||
| Q1 25 | $-4.62 | $0.14 | ||
| Q4 24 | $0.02 | $0.16 | ||
| Q3 24 | $-0.30 | $0.19 | ||
| Q2 24 | $0.33 | $0.14 | ||
| Q1 24 | $-0.35 | $0.17 |
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 | $36.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $354.0M |
| Total Assets | $404.0M | $520.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $36.2M | ||
| Q3 25 | $65.1M | $53.5M | ||
| Q2 25 | $67.8M | $52.1M | ||
| Q1 25 | $75.6M | $77.3M | ||
| Q4 24 | $56.1M | $59.5M | ||
| Q3 24 | $62.8M | $57.5M | ||
| Q2 24 | $58.9M | $46.1M | ||
| Q1 24 | $61.4M | $52.4M |
| Q4 25 | $126.5M | $354.0M | ||
| Q3 25 | $157.7M | $349.2M | ||
| Q2 25 | $159.5M | $350.6M | ||
| Q1 25 | $147.4M | $362.8M | ||
| Q4 24 | $229.5M | $359.4M | ||
| Q3 24 | $234.3M | $355.5M | ||
| Q2 24 | $237.1M | $349.2M | ||
| Q1 24 | $230.9M | $344.9M |
| Q4 25 | $404.0M | $520.4M | ||
| Q3 25 | $414.2M | $499.9M | ||
| Q2 25 | $436.0M | $500.1M | ||
| Q1 25 | $439.8M | $524.0M | ||
| Q4 24 | $503.9M | $510.8M | ||
| Q3 24 | $505.3M | $502.8M | ||
| Q2 24 | $524.2M | $499.6M | ||
| Q1 24 | $555.7M | $511.6M |
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 | $13.2M |
| Free Cash FlowOCF − Capex | $-4.3M | $13.0M |
| FCF MarginFCF / Revenue | -4.2% | 16.3% |
| Capex IntensityCapex / Revenue | 1.1% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $59.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $13.2M | ||
| Q3 25 | $1.2M | $18.0M | ||
| Q2 25 | $-3.6M | $5.0M | ||
| Q1 25 | $26.7M | $27.1M | ||
| Q4 24 | $-1.8M | $11.2M | ||
| Q3 24 | $264.0K | $19.1M | ||
| Q2 24 | $-2.9M | $6.5M | ||
| Q1 24 | $611.0K | $20.9M |
| Q4 25 | $-4.3M | $13.0M | ||
| Q3 25 | $524.0K | $17.9M | ||
| Q2 25 | $-4.2M | $2.7M | ||
| Q1 25 | $26.1M | $26.0M | ||
| Q4 24 | $-2.5M | $11.0M | ||
| Q3 24 | $-223.0K | $18.8M | ||
| Q2 24 | $-3.7M | $6.3M | ||
| Q1 24 | $-815.0K | $20.2M |
| Q4 25 | -4.2% | 16.3% | ||
| Q3 25 | 0.6% | 23.4% | ||
| Q2 25 | -3.8% | 3.6% | ||
| Q1 25 | 29.0% | 35.4% | ||
| Q4 24 | -2.3% | 14.8% | ||
| Q3 24 | -0.2% | 25.8% | ||
| Q2 24 | -3.1% | 8.8% | ||
| Q1 24 | -0.8% | 27.8% |
| Q4 25 | 1.1% | 0.3% | ||
| Q3 25 | 0.7% | 0.1% | ||
| Q2 25 | 0.5% | 3.1% | ||
| Q1 25 | 0.7% | 1.4% | ||
| Q4 24 | 0.6% | 0.3% | ||
| Q3 24 | 0.5% | 0.4% | ||
| Q2 24 | 0.7% | 0.2% | ||
| Q1 24 | 1.4% | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.96× | ||
| Q2 25 | -0.93× | 0.93× | ||
| Q1 25 | — | 6.25× | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | 3.34× | ||
| Q2 24 | -0.46× | 1.55× | ||
| Q1 24 | — | 4.01× |
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% |
HSTM
| Subscription Services | $77.0M | 97% |
| Professional Services | $2.7M | 3% |
