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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and IMAX CORP (IMAX). Click either name above to swap in a different company.
IMAX CORP is the larger business by last-quarter revenue ($125.2M vs $101.1M, roughly 1.2× FORRESTER RESEARCH, INC.). IMAX CORP runs the higher net margin — 0.5% vs -33.5%, a 34.0% gap on every dollar of revenue. On growth, IMAX CORP posted the faster year-over-year revenue change (35.1% vs -6.5%). IMAX CORP produced more free cash flow last quarter ($28.0M vs $-4.3M). Over the past eight quarters, IMAX CORP's revenue compounded faster (25.8% 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.
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
FORR vs IMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $125.2M |
| Net Profit | $-33.9M | $637.0K |
| Gross Margin | 56.7% | 57.6% |
| Operating Margin | -36.6% | 19.3% |
| Net Margin | -33.5% | 0.5% |
| Revenue YoY | -6.5% | 35.1% |
| Net Profit YoY | -7941.4% | -88.0% |
| EPS (diluted) | $-1.75 | $0.02 |
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 | $125.2M | ||
| Q3 25 | $94.3M | $106.7M | ||
| Q2 25 | $111.7M | $91.7M | ||
| Q1 25 | $89.9M | $86.7M | ||
| Q4 24 | $108.0M | $92.7M | ||
| Q3 24 | $102.5M | $91.5M | ||
| Q2 24 | $121.8M | $89.0M | ||
| Q1 24 | $100.1M | $79.1M |
| Q4 25 | $-33.9M | $637.0K | ||
| Q3 25 | $-2.1M | $20.7M | ||
| Q2 25 | $3.9M | $11.3M | ||
| Q1 25 | $-87.3M | $2.3M | ||
| Q4 24 | $432.0K | $5.3M | ||
| Q3 24 | $-5.8M | $13.9M | ||
| Q2 24 | $6.3M | $3.6M | ||
| Q1 24 | $-6.7M | $3.3M |
| Q4 25 | 56.7% | 57.6% | ||
| Q3 25 | 60.0% | 63.1% | ||
| Q2 25 | 55.5% | 58.5% | ||
| Q1 25 | 55.9% | 61.4% | ||
| Q4 24 | 58.8% | 52.2% | ||
| Q3 24 | 60.5% | 55.8% | ||
| Q2 24 | 57.3% | 49.4% | ||
| Q1 24 | 54.9% | 59.3% |
| Q4 25 | -36.6% | 19.3% | ||
| Q3 25 | 4.7% | 27.2% | ||
| Q2 25 | 6.2% | 15.6% | ||
| Q1 25 | -97.5% | 19.3% | ||
| Q4 24 | -0.5% | 10.3% | ||
| Q3 24 | -0.7% | 21.2% | ||
| Q2 24 | 9.3% | 3.2% | ||
| Q1 24 | -9.3% | 15.3% |
| Q4 25 | -33.5% | 0.5% | ||
| Q3 25 | -2.3% | 19.4% | ||
| Q2 25 | 3.5% | 12.3% | ||
| Q1 25 | -97.1% | 2.7% | ||
| Q4 24 | 0.4% | 5.7% | ||
| Q3 24 | -5.7% | 15.2% | ||
| Q2 24 | 5.2% | 4.0% | ||
| Q1 24 | -6.7% | 4.1% |
| Q4 25 | $-1.75 | $0.02 | ||
| Q3 25 | $-0.11 | $0.37 | ||
| Q2 25 | $0.20 | $0.20 | ||
| Q1 25 | $-4.62 | $0.04 | ||
| Q4 24 | $0.02 | $0.09 | ||
| Q3 24 | $-0.30 | $0.26 | ||
| Q2 24 | $0.33 | $0.07 | ||
| Q1 24 | $-0.35 | $0.06 |
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 | $151.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $337.9M |
| Total Assets | $404.0M | $894.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $151.2M | ||
| Q3 25 | $65.1M | $143.1M | ||
| Q2 25 | $67.8M | $109.3M | ||
| Q1 25 | $75.6M | $97.1M | ||
| Q4 24 | $56.1M | $100.6M | ||
| Q3 24 | $62.8M | $104.5M | ||
| Q2 24 | $58.9M | $91.6M | ||
| Q1 24 | $61.4M | $81.0M |
| Q4 25 | $126.5M | $337.9M | ||
| Q3 25 | $157.7M | $349.5M | ||
| Q2 25 | $159.5M | $320.4M | ||
| Q1 25 | $147.4M | $299.5M | ||
| Q4 24 | $229.5M | $299.5M | ||
| Q3 24 | $234.3M | $289.4M | ||
| Q2 24 | $237.1M | $267.2M | ||
| Q1 24 | $230.9M | $258.8M |
| Q4 25 | $404.0M | $894.0M | ||
| Q3 25 | $414.2M | $889.6M | ||
| Q2 25 | $436.0M | $868.6M | ||
| Q1 25 | $439.8M | $848.3M | ||
| Q4 24 | $503.9M | $830.4M | ||
| Q3 24 | $505.3M | $847.6M | ||
| Q2 24 | $524.2M | $827.4M | ||
| Q1 24 | $555.7M | $824.1M |
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 | $29.4M |
| Free Cash FlowOCF − Capex | $-4.3M | $28.0M |
| FCF MarginFCF / Revenue | -4.2% | 22.3% |
| Capex IntensityCapex / Revenue | 1.1% | 1.1% |
| Cash ConversionOCF / Net Profit | — | 46.11× |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $118.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $29.4M | ||
| Q3 25 | $1.2M | $67.5M | ||
| Q2 25 | $-3.6M | $23.2M | ||
| Q1 25 | $26.7M | $7.0M | ||
| Q4 24 | $-1.8M | $11.5M | ||
| Q3 24 | $264.0K | $35.3M | ||
| Q2 24 | $-2.9M | $35.0M | ||
| Q1 24 | $611.0K | $-11.0M |
| Q4 25 | $-4.3M | $28.0M | ||
| Q3 25 | $524.0K | $64.8M | ||
| Q2 25 | $-4.2M | $20.9M | ||
| Q1 25 | $26.1M | $5.3M | ||
| Q4 24 | $-2.5M | $6.9M | ||
| Q3 24 | $-223.0K | $34.2M | ||
| Q2 24 | $-3.7M | $33.5M | ||
| Q1 24 | $-815.0K | $-12.1M |
| Q4 25 | -4.2% | 22.3% | ||
| Q3 25 | 0.6% | 60.7% | ||
| Q2 25 | -3.8% | 22.8% | ||
| Q1 25 | 29.0% | 6.1% | ||
| Q4 24 | -2.3% | 7.4% | ||
| Q3 24 | -0.2% | 37.3% | ||
| Q2 24 | -3.1% | 37.6% | ||
| Q1 24 | -0.8% | -15.3% |
| Q4 25 | 1.1% | 1.1% | ||
| Q3 25 | 0.7% | 2.6% | ||
| Q2 25 | 0.5% | 2.6% | ||
| Q1 25 | 0.7% | 1.9% | ||
| Q4 24 | 0.6% | 5.0% | ||
| Q3 24 | 0.5% | 1.2% | ||
| Q2 24 | 0.7% | 1.8% | ||
| Q1 24 | 1.4% | 1.4% |
| Q4 25 | — | 46.11× | ||
| Q3 25 | — | 3.27× | ||
| Q2 25 | -0.93× | 2.06× | ||
| Q1 25 | — | 2.99× | ||
| Q4 24 | -4.24× | 2.16× | ||
| Q3 24 | — | 2.54× | ||
| Q2 24 | -0.46× | 9.78× | ||
| Q1 24 | — | -3.35× |
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% |
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
