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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and IREN Ltd (IREN). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $101.1M, roughly 1.8× FORRESTER RESEARCH, INC.). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -84.1%, a 50.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-468.0M).
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.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
FORR vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $184.7M |
| Net Profit | $-33.9M | $-155.4M |
| Gross Margin | 56.7% | 64.4% |
| Operating Margin | -36.6% | -63.0% |
| Net Margin | -33.5% | -84.1% |
| Revenue YoY | -6.5% | 59.0% |
| Net Profit YoY | -7941.4% | -610.0% |
| EPS (diluted) | $-1.75 | $-0.52 |
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 | $184.7M | ||
| Q3 25 | $94.3M | $240.3M | ||
| Q2 25 | $111.7M | — | ||
| Q1 25 | $89.9M | — | ||
| Q4 24 | $108.0M | $116.1M | ||
| Q3 24 | $102.5M | $52.8M | ||
| Q2 24 | $121.8M | — | ||
| Q1 24 | $100.1M | $54.3M |
| Q4 25 | $-33.9M | $-155.4M | ||
| Q3 25 | $-2.1M | $384.6M | ||
| Q2 25 | $3.9M | — | ||
| Q1 25 | $-87.3M | — | ||
| Q4 24 | $432.0K | $-21.9M | ||
| Q3 24 | $-5.8M | $-51.7M | ||
| Q2 24 | $6.3M | — | ||
| Q1 24 | $-6.7M | $8.6M |
| Q4 25 | 56.7% | 64.4% | ||
| Q3 25 | 60.0% | 66.4% | ||
| Q2 25 | 55.5% | — | ||
| Q1 25 | 55.9% | — | ||
| Q4 24 | 58.8% | 72.2% | ||
| Q3 24 | 60.5% | 39.6% | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 54.9% | — |
| Q4 25 | -36.6% | -63.0% | ||
| Q3 25 | 4.7% | -31.8% | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | -97.5% | — | ||
| Q4 24 | -0.5% | 14.9% | ||
| Q3 24 | -0.7% | -89.2% | ||
| Q2 24 | 9.3% | — | ||
| Q1 24 | -9.3% | 11.1% |
| Q4 25 | -33.5% | -84.1% | ||
| Q3 25 | -2.3% | 160.1% | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | -97.1% | — | ||
| Q4 24 | 0.4% | -18.8% | ||
| Q3 24 | -5.7% | -98.0% | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | -6.7% | 15.9% |
| Q4 25 | $-1.75 | $-0.52 | ||
| Q3 25 | $-0.11 | $1.08 | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $-4.62 | — | ||
| Q4 24 | $0.02 | $-0.10 | ||
| Q3 24 | $-0.30 | $-0.27 | ||
| Q2 24 | $0.33 | — | ||
| Q1 24 | $-0.35 | $0.00 |
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 | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $2.5B |
| Total Assets | $404.0M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $3.3B | ||
| Q3 25 | $65.1M | $1.0B | ||
| Q2 25 | $67.8M | — | ||
| Q1 25 | $75.6M | — | ||
| Q4 24 | $56.1M | $427.3M | ||
| Q3 24 | $62.8M | $98.6M | ||
| Q2 24 | $58.9M | — | ||
| Q1 24 | $61.4M | $259.7M |
| Q4 25 | $126.5M | $2.5B | ||
| Q3 25 | $157.7M | $2.9B | ||
| Q2 25 | $159.5M | — | ||
| Q1 25 | $147.4M | — | ||
| Q4 24 | $229.5M | $1.2B | ||
| Q3 24 | $234.3M | $1.1B | ||
| Q2 24 | $237.1M | — | ||
| Q1 24 | $230.9M | $677.2M |
| Q4 25 | $404.0M | $7.0B | ||
| Q3 25 | $414.2M | $4.3B | ||
| Q2 25 | $436.0M | — | ||
| Q1 25 | $439.8M | — | ||
| Q4 24 | $503.9M | $1.9B | ||
| Q3 24 | $505.3M | $1.3B | ||
| Q2 24 | $524.2M | — | ||
| Q1 24 | $555.7M | $723.6M |
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 | $71.7M |
| Free Cash FlowOCF − Capex | $-4.3M | $-468.0M |
| FCF MarginFCF / Revenue | -4.2% | -253.4% |
| Capex IntensityCapex / Revenue | 1.1% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $71.7M | ||
| Q3 25 | $1.2M | $142.4M | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $26.7M | — | ||
| Q4 24 | $-1.8M | $53.6M | ||
| Q3 24 | $264.0K | $-3.9M | ||
| Q2 24 | $-2.9M | — | ||
| Q1 24 | $611.0K | $-27.1M |
| Q4 25 | $-4.3M | $-468.0M | ||
| Q3 25 | $524.0K | $-38.0M | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | — | ||
| Q4 24 | $-2.5M | $-85.5M | ||
| Q3 24 | $-223.0K | $-109.7M | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-815.0K | $-108.3M |
| Q4 25 | -4.2% | -253.4% | ||
| Q3 25 | 0.6% | -15.8% | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | — | ||
| Q4 24 | -2.3% | -73.6% | ||
| Q3 24 | -0.2% | -208.0% | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | -0.8% | -199.4% |
| Q4 25 | 1.1% | 292.2% | ||
| Q3 25 | 0.7% | 75.0% | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.6% | 119.7% | ||
| Q3 24 | 0.5% | 200.6% | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.4% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | -3.13× |
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% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
