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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and Immunocore Holdings plc (IMCR). Click either name above to swap in a different company.
Immunocore Holdings plc is the larger business by last-quarter revenue ($104.5M vs $101.1M, roughly 1.0× FORRESTER RESEARCH, INC.). On growth, Immunocore Holdings plc posted the faster year-over-year revenue change (24.3% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-35.5M). Over the past eight quarters, Immunocore Holdings plc's revenue compounded faster (21.7% 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.
Immunocore is a global commercial-stage biotechnology company, based in Oxfordshire, which researches and develops biological drugs using soluble T-cell receptor technology.
FORR vs IMCR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $104.5M |
| Net Profit | $-33.9M | — |
| Gross Margin | 56.7% | 97.4% |
| Operating Margin | -36.6% | -18.8% |
| Net Margin | -33.5% | — |
| Revenue YoY | -6.5% | 24.3% |
| Net Profit YoY | -7941.4% | — |
| EPS (diluted) | $-1.75 | $-0.61 |
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 | $104.5M | ||
| Q3 25 | $94.3M | $103.7M | ||
| Q2 25 | $111.7M | $98.0M | ||
| Q1 25 | $89.9M | $93.9M | ||
| Q4 24 | $108.0M | $84.1M | ||
| Q3 24 | $102.5M | $80.2M | ||
| Q2 24 | $121.8M | $75.4M | ||
| Q1 24 | $100.1M | $70.5M |
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $-177.0K | ||
| Q2 25 | $3.9M | $-10.3M | ||
| Q1 25 | $-87.3M | $5.0M | ||
| Q4 24 | $432.0K | — | ||
| Q3 24 | $-5.8M | $8.7M | ||
| Q2 24 | $6.3M | $-11.6M | ||
| Q1 24 | $-6.7M | $-24.4M |
| Q4 25 | 56.7% | 97.4% | ||
| Q3 25 | 60.0% | 99.5% | ||
| Q2 25 | 55.5% | 98.9% | ||
| Q1 25 | 55.9% | 99.1% | ||
| Q4 24 | 58.8% | 99.6% | ||
| Q3 24 | 60.5% | 99.4% | ||
| Q2 24 | 57.3% | 97.7% | ||
| Q1 24 | 54.9% | 99.7% |
| Q4 25 | -36.6% | -18.8% | ||
| Q3 25 | 4.7% | -6.9% | ||
| Q2 25 | 6.2% | -15.2% | ||
| Q1 25 | -97.5% | -3.9% | ||
| Q4 24 | -0.5% | -23.1% | ||
| Q3 24 | -0.7% | -10.6% | ||
| Q2 24 | 9.3% | -21.2% | ||
| Q1 24 | -9.3% | -37.6% |
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | -0.2% | ||
| Q2 25 | 3.5% | -10.5% | ||
| Q1 25 | -97.1% | 5.4% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | -5.7% | 10.9% | ||
| Q2 24 | 5.2% | -15.4% | ||
| Q1 24 | -6.7% | -34.7% |
| Q4 25 | $-1.75 | $-0.61 | ||
| Q3 25 | $-0.11 | $0.00 | ||
| Q2 25 | $0.20 | $-0.20 | ||
| Q1 25 | $-4.62 | $0.10 | ||
| Q4 24 | $0.02 | $-0.47 | ||
| Q3 24 | $-0.30 | $0.17 | ||
| Q2 24 | $0.33 | $-0.23 | ||
| Q1 24 | $-0.35 | $-0.49 |
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 | $864.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $381.0M |
| Total Assets | $404.0M | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $864.2M | ||
| Q3 25 | $65.1M | $892.4M | ||
| Q2 25 | $67.8M | $882.8M | ||
| Q1 25 | $75.6M | $837.0M | ||
| Q4 24 | $56.1M | $820.4M | ||
| Q3 24 | $62.8M | $901.3M | ||
| Q2 24 | $58.9M | $859.6M | ||
| Q1 24 | $61.4M | $832.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $438.7M | ||
| Q2 24 | — | $452.5M | ||
| Q1 24 | — | $452.5M |
| Q4 25 | $126.5M | $381.0M | ||
| Q3 25 | $157.7M | $396.6M | ||
| Q2 25 | $159.5M | $388.5M | ||
| Q1 25 | $147.4M | $378.5M | ||
| Q4 24 | $229.5M | $360.7M | ||
| Q3 24 | $234.3M | $377.8M | ||
| Q2 24 | $237.1M | $359.1M | ||
| Q1 24 | $230.9M | $359.5M |
| Q4 25 | $404.0M | $1.1B | ||
| Q3 25 | $414.2M | $1.1B | ||
| Q2 25 | $436.0M | $1.1B | ||
| Q1 25 | $439.8M | $1.0B | ||
| Q4 24 | $503.9M | $1.0B | ||
| Q3 24 | $505.3M | $1.1B | ||
| Q2 24 | $524.2M | $1.0B | ||
| Q1 24 | $555.7M | $994.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.16× | ||
| Q2 24 | — | 1.26× | ||
| Q1 24 | — | 1.26× |
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 | $-32.7M |
| Free Cash FlowOCF − Capex | $-4.3M | $-35.5M |
| FCF MarginFCF / Revenue | -4.2% | -34.0% |
| Capex IntensityCapex / Revenue | 1.1% | 2.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $-15.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $-32.7M | ||
| Q3 25 | $1.2M | $-4.5M | ||
| Q2 25 | $-3.6M | $26.0M | ||
| Q1 25 | $26.7M | $435.0K | ||
| Q4 24 | $-1.8M | $-14.0M | ||
| Q3 24 | $264.0K | $21.1M | ||
| Q2 24 | $-2.9M | $23.5M | ||
| Q1 24 | $611.0K | $-4.6M |
| Q4 25 | $-4.3M | $-35.5M | ||
| Q3 25 | $524.0K | $-5.2M | ||
| Q2 25 | $-4.2M | $25.6M | ||
| Q1 25 | $26.1M | $137.0K | ||
| Q4 24 | $-2.5M | $-17.5M | ||
| Q3 24 | $-223.0K | $20.3M | ||
| Q2 24 | $-3.7M | $23.1M | ||
| Q1 24 | $-815.0K | $-5.0M |
| Q4 25 | -4.2% | -34.0% | ||
| Q3 25 | 0.6% | -5.0% | ||
| Q2 25 | -3.8% | 26.1% | ||
| Q1 25 | 29.0% | 0.1% | ||
| Q4 24 | -2.3% | -20.9% | ||
| Q3 24 | -0.2% | 25.3% | ||
| Q2 24 | -3.1% | 30.7% | ||
| Q1 24 | -0.8% | -7.1% |
| Q4 25 | 1.1% | 2.8% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.5% | 0.4% | ||
| Q1 25 | 0.7% | 0.3% | ||
| Q4 24 | 0.6% | 4.3% | ||
| Q3 24 | 0.5% | 1.0% | ||
| Q2 24 | 0.7% | 0.4% | ||
| Q1 24 | 1.4% | 0.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | 0.09× | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | 2.42× | ||
| 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% |
IMCR
Segment breakdown not available.
