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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $58.0M, roughly 1.7× indie Semiconductor, Inc.). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -53.8%, a 20.3% gap on every dollar of revenue. On growth, indie Semiconductor, Inc. posted the faster year-over-year revenue change (-0.0% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-16.1M). Over the past eight quarters, indie Semiconductor, Inc.'s revenue compounded faster (5.3% 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.
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
FORR vs INDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $58.0M |
| Net Profit | $-33.9M | $-31.2M |
| Gross Margin | 56.7% | 37.3% |
| Operating Margin | -36.6% | -58.5% |
| Net Margin | -33.5% | -53.8% |
| Revenue YoY | -6.5% | -0.0% |
| Net Profit YoY | -7941.4% | 9.1% |
| EPS (diluted) | $-1.75 | $-0.16 |
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 | $58.0M | ||
| Q3 25 | $94.3M | $53.7M | ||
| Q2 25 | $111.7M | $51.6M | ||
| Q1 25 | $89.9M | $54.1M | ||
| Q4 24 | $108.0M | $58.0M | ||
| Q3 24 | $102.5M | $54.0M | ||
| Q2 24 | $121.8M | $52.4M | ||
| Q1 24 | $100.1M | $52.4M |
| Q4 25 | $-33.9M | $-31.2M | ||
| Q3 25 | $-2.1M | $-38.3M | ||
| Q2 25 | $3.9M | $-39.0M | ||
| Q1 25 | $-87.3M | $-34.5M | ||
| Q4 24 | $432.0K | $-34.4M | ||
| Q3 24 | $-5.8M | $-49.7M | ||
| Q2 24 | $6.3M | $-19.2M | ||
| Q1 24 | $-6.7M | $-31.2M |
| Q4 25 | 56.7% | 37.3% | ||
| Q3 25 | 60.0% | 40.1% | ||
| Q2 25 | 55.5% | 40.6% | ||
| Q1 25 | 55.9% | 41.7% | ||
| Q4 24 | 58.8% | 42.6% | ||
| Q3 24 | 60.5% | 39.3% | ||
| Q2 24 | 57.3% | 42.2% | ||
| Q1 24 | 54.9% | 42.5% |
| Q4 25 | -36.6% | -58.5% | ||
| Q3 25 | 4.7% | -71.4% | ||
| Q2 25 | 6.2% | -83.3% | ||
| Q1 25 | -97.5% | -72.0% | ||
| Q4 24 | -0.5% | -58.4% | ||
| Q3 24 | -0.7% | -92.5% | ||
| Q2 24 | 9.3% | -70.0% | ||
| Q1 24 | -9.3% | -94.8% |
| Q4 25 | -33.5% | -53.8% | ||
| Q3 25 | -2.3% | -71.3% | ||
| Q2 25 | 3.5% | -75.6% | ||
| Q1 25 | -97.1% | -63.9% | ||
| Q4 24 | 0.4% | -59.2% | ||
| Q3 24 | -5.7% | -92.1% | ||
| Q2 24 | 5.2% | -36.6% | ||
| Q1 24 | -6.7% | -59.6% |
| Q4 25 | $-1.75 | $-0.16 | ||
| Q3 25 | $-0.11 | $-0.19 | ||
| Q2 25 | $0.20 | $-0.20 | ||
| Q1 25 | $-4.62 | $-0.18 | ||
| Q4 24 | $0.02 | $-0.18 | ||
| Q3 24 | $-0.30 | $-0.28 | ||
| Q2 24 | $0.33 | $-0.11 | ||
| Q1 24 | $-0.35 | $-0.19 |
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 | $145.5M |
| Total DebtLower is stronger | — | $353.4M |
| Stockholders' EquityBook value | $126.5M | $358.0M |
| Total Assets | $404.0M | $840.8M |
| Debt / EquityLower = less leverage | — | 0.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $145.5M | ||
| Q3 25 | $65.1M | $160.9M | ||
| Q2 25 | $67.8M | $192.6M | ||
| Q1 25 | $75.6M | $236.6M | ||
| Q4 24 | $56.1M | $274.2M | ||
| Q3 24 | $62.8M | $96.9M | ||
| Q2 24 | $58.9M | $112.3M | ||
| Q1 24 | $61.4M | $138.2M |
| Q4 25 | — | $353.4M | ||
| Q3 25 | — | $353.5M | ||
| Q2 25 | — | $352.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | — | $381.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $126.5M | $358.0M | ||
| Q3 25 | $157.7M | $369.2M | ||
| Q2 25 | $159.5M | $390.4M | ||
| Q1 25 | $147.4M | $405.6M | ||
| Q4 24 | $229.5M | $417.9M | ||
| Q3 24 | $234.3M | $458.6M | ||
| Q2 24 | $237.1M | $470.7M | ||
| Q1 24 | $230.9M | $432.9M |
| Q4 25 | $404.0M | $840.8M | ||
| Q3 25 | $414.2M | $855.1M | ||
| Q2 25 | $436.0M | $867.6M | ||
| Q1 25 | $439.8M | $909.0M | ||
| Q4 24 | $503.9M | $941.4M | ||
| Q3 24 | $505.3M | $797.5M | ||
| Q2 24 | $524.2M | $797.3M | ||
| Q1 24 | $555.7M | $803.6M |
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-14.4M |
| Free Cash FlowOCF − Capex | $-4.3M | $-16.1M |
| FCF MarginFCF / Revenue | -4.2% | -27.8% |
| Capex IntensityCapex / Revenue | 1.1% | 3.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $-71.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $-14.4M | ||
| Q3 25 | $1.2M | $-6.2M | ||
| Q2 25 | $-3.6M | $-7.6M | ||
| Q1 25 | $26.7M | $-29.0M | ||
| Q4 24 | $-1.8M | $-6.7M | ||
| Q3 24 | $264.0K | $-22.8M | ||
| Q2 24 | $-2.9M | $-19.7M | ||
| Q1 24 | $611.0K | $-9.3M |
| Q4 25 | $-4.3M | $-16.1M | ||
| Q3 25 | $524.0K | $-10.3M | ||
| Q2 25 | $-4.2M | $-13.6M | ||
| Q1 25 | $26.1M | $-31.4M | ||
| Q4 24 | $-2.5M | $-8.6M | ||
| Q3 24 | $-223.0K | $-29.3M | ||
| Q2 24 | $-3.7M | $-23.4M | ||
| Q1 24 | $-815.0K | $-11.7M |
| Q4 25 | -4.2% | -27.8% | ||
| Q3 25 | 0.6% | -19.2% | ||
| Q2 25 | -3.8% | -26.4% | ||
| Q1 25 | 29.0% | -58.0% | ||
| Q4 24 | -2.3% | -14.8% | ||
| Q3 24 | -0.2% | -54.3% | ||
| Q2 24 | -3.1% | -44.7% | ||
| Q1 24 | -0.8% | -22.3% |
| Q4 25 | 1.1% | 3.0% | ||
| Q3 25 | 0.7% | 7.8% | ||
| Q2 25 | 0.5% | 11.6% | ||
| Q1 25 | 0.7% | 4.4% | ||
| Q4 24 | 0.6% | 3.2% | ||
| Q3 24 | 0.5% | 12.1% | ||
| Q2 24 | 0.7% | 7.0% | ||
| Q1 24 | 1.4% | 4.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| 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% |
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
