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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and INDEPENDENT BANK CORP (IBCP). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $58.9M, roughly 1.7× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -33.5%, a 62.2% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% 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.
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
FORR vs IBCP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $58.9M |
| Net Profit | $-33.9M | $16.9M |
| Gross Margin | 56.7% | — |
| Operating Margin | -36.6% | — |
| Net Margin | -33.5% | 28.6% |
| Revenue YoY | -6.5% | — |
| Net Profit YoY | -7941.4% | 8.2% |
| EPS (diluted) | $-1.75 | $0.81 |
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 | — | $58.9M | ||
| Q4 25 | $101.1M | $58.3M | ||
| Q3 25 | $94.3M | $57.3M | ||
| Q2 25 | $111.7M | $55.9M | ||
| Q1 25 | $89.9M | $54.1M | ||
| Q4 24 | $108.0M | $62.0M | ||
| Q3 24 | $102.5M | $51.4M | ||
| Q2 24 | $121.8M | $56.5M |
| Q1 26 | — | $16.9M | ||
| Q4 25 | $-33.9M | $18.6M | ||
| Q3 25 | $-2.1M | $17.5M | ||
| Q2 25 | $3.9M | $16.9M | ||
| Q1 25 | $-87.3M | $15.6M | ||
| Q4 24 | $432.0K | $18.5M | ||
| Q3 24 | $-5.8M | $13.8M | ||
| Q2 24 | $6.3M | $18.5M |
| 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 | -36.6% | 34.8% | ||
| Q3 25 | 4.7% | 37.0% | ||
| Q2 25 | 6.2% | 37.0% | ||
| Q1 25 | -97.5% | 35.3% | ||
| Q4 24 | -0.5% | 36.7% | ||
| Q3 24 | -0.7% | 33.7% | ||
| Q2 24 | 9.3% | 41.0% |
| Q1 26 | — | 28.6% | ||
| Q4 25 | -33.5% | 31.8% | ||
| Q3 25 | -2.3% | 30.5% | ||
| Q2 25 | 3.5% | 30.2% | ||
| Q1 25 | -97.1% | 28.8% | ||
| Q4 24 | 0.4% | 29.8% | ||
| Q3 24 | -5.7% | 26.9% | ||
| Q2 24 | 5.2% | 32.8% |
| Q1 26 | — | $0.81 | ||
| Q4 25 | $-1.75 | $0.88 | ||
| Q3 25 | $-0.11 | $0.84 | ||
| Q2 25 | $0.20 | $0.81 | ||
| Q1 25 | $-4.62 | $0.74 | ||
| Q4 24 | $0.02 | $0.87 | ||
| Q3 24 | $-0.30 | $0.65 | ||
| Q2 24 | $0.33 | $0.88 |
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 | $174.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $510.6M |
| Total Assets | $404.0M | $5.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.9M | ||
| Q4 25 | $63.3M | $138.4M | ||
| Q3 25 | $65.1M | $208.7M | ||
| Q2 25 | $67.8M | $146.2M | ||
| Q1 25 | $75.6M | $128.1M | ||
| Q4 24 | $56.1M | $119.9M | ||
| Q3 24 | $62.8M | $121.6M | ||
| Q2 24 | $58.9M | $214.3M |
| Q1 26 | — | $510.6M | ||
| Q4 25 | $126.5M | $503.0M | ||
| Q3 25 | $157.7M | $490.7M | ||
| Q2 25 | $159.5M | $469.3M | ||
| Q1 25 | $147.4M | $467.3M | ||
| Q4 24 | $229.5M | $454.7M | ||
| Q3 24 | $234.3M | $452.4M | ||
| Q2 24 | $237.1M | $430.5M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $404.0M | $5.5B | ||
| Q3 25 | $414.2M | $5.5B | ||
| Q2 25 | $436.0M | $5.4B | ||
| Q1 25 | $439.8M | $5.3B | ||
| Q4 24 | $503.9M | $5.3B | ||
| Q3 24 | $505.3M | $5.3B | ||
| Q2 24 | $524.2M | $5.3B |
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 | $-3.2M | $76.7M | ||
| Q3 25 | $1.2M | $18.2M | ||
| Q2 25 | $-3.6M | $19.0M | ||
| Q1 25 | $26.7M | $31.7M | ||
| Q4 24 | $-1.8M | $63.2M | ||
| Q3 24 | $264.0K | $17.2M | ||
| Q2 24 | $-2.9M | $8.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | $70.2M | ||
| Q3 25 | $524.0K | $16.5M | ||
| Q2 25 | $-4.2M | $16.7M | ||
| Q1 25 | $26.1M | $30.6M | ||
| Q4 24 | $-2.5M | $55.2M | ||
| Q3 24 | $-223.0K | $15.7M | ||
| Q2 24 | $-3.7M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | 120.3% | ||
| Q3 25 | 0.6% | 28.9% | ||
| Q2 25 | -3.8% | 29.8% | ||
| Q1 25 | 29.0% | 56.5% | ||
| Q4 24 | -2.3% | 89.1% | ||
| Q3 24 | -0.2% | 30.6% | ||
| Q2 24 | -3.1% | 12.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 11.1% | ||
| Q3 25 | 0.7% | 2.9% | ||
| Q2 25 | 0.5% | 4.1% | ||
| Q1 25 | 0.7% | 2.1% | ||
| Q4 24 | 0.6% | 12.8% | ||
| Q3 24 | 0.5% | 2.9% | ||
| Q2 24 | 0.7% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.13× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | -0.93× | 1.12× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | -4.24× | 3.42× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | -0.46× | 0.47× |
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% |
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
