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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP (NRUC). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $53.8M, roughly 1.9× NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP). NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP runs the higher net margin — 41.6% vs -33.5%, a 75.1% gap on every dollar of revenue. On growth, FORRESTER RESEARCH, INC. posted the faster year-over-year revenue change (-6.5% vs -52.7%). NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP produced more free cash flow last quarter ($105.1M vs $-4.3M). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% CAGR vs -1.5%).
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.
The National Rural Utilities Cooperative Finance Corporation (CFC) is a member-owned nonprofit cooperative that provides financial products to America's rural electric cooperative network. CFC was established in 1969 to raise funds from the capital markets to supplement the loan programs for electric cooperatives offered by the U.S. Department of Agriculture’s (USDA) Rural Utilities Service (RUS), previously Rural Electrification Administration (REA).
FORR vs NRUC — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $53.8M |
| Net Profit | $-33.9M | $22.4M |
| Gross Margin | 56.7% | — |
| Operating Margin | -36.6% | — |
| Net Margin | -33.5% | 41.6% |
| Revenue YoY | -6.5% | -52.7% |
| Net Profit YoY | -7941.4% | -74.0% |
| EPS (diluted) | $-1.75 | — |
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 | — | $53.8M | ||
| Q4 25 | $101.1M | $59.0M | ||
| Q3 25 | $94.3M | $47.3M | ||
| Q2 25 | $111.7M | $66.9M | ||
| Q1 25 | $89.9M | $113.7M | ||
| Q4 24 | $108.0M | $182.0M | ||
| Q3 24 | $102.5M | $61.7M | ||
| Q2 24 | $121.8M | — |
| Q1 26 | — | $22.4M | ||
| Q4 25 | $-33.9M | $19.6M | ||
| Q3 25 | $-2.1M | $4.8M | ||
| Q2 25 | $3.9M | $73.1M | ||
| Q1 25 | $-87.3M | $86.0M | ||
| Q4 24 | $432.0K | $144.4M | ||
| Q3 24 | $-5.8M | $-163.8M | ||
| Q2 24 | $6.3M | — |
| 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% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | -97.5% | — | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | -0.7% | — | ||
| Q2 24 | 9.3% | — |
| Q1 26 | — | 41.6% | ||
| Q4 25 | -33.5% | 33.2% | ||
| Q3 25 | -2.3% | 10.1% | ||
| Q2 25 | 3.5% | 109.3% | ||
| Q1 25 | -97.1% | 75.6% | ||
| Q4 24 | 0.4% | 79.4% | ||
| Q3 24 | -5.7% | -265.7% | ||
| Q2 24 | 5.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | $-1.75 | — | ||
| Q3 25 | $-0.11 | — | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $-4.62 | — | ||
| Q4 24 | $0.02 | — | ||
| Q3 24 | $-0.30 | — | ||
| Q2 24 | $0.33 | — |
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 | $240.7M |
| Total DebtLower is stronger | — | $28.9B |
| Stockholders' EquityBook value | $126.5M | $3.1B |
| Total Assets | $404.0M | $39.9B |
| Debt / EquityLower = less leverage | — | 9.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $240.7M | ||
| Q4 25 | $63.3M | $304.5M | ||
| Q3 25 | $65.1M | $257.1M | ||
| Q2 25 | $67.8M | $134.7M | ||
| Q1 25 | $75.6M | $245.4M | ||
| Q4 24 | $56.1M | $347.1M | ||
| Q3 24 | $62.8M | $264.7M | ||
| Q2 24 | $58.9M | — |
| Q1 26 | — | $28.9B | ||
| Q4 25 | — | $27.3B | ||
| Q3 25 | — | $27.9B | ||
| Q2 25 | — | $27.2B | ||
| Q1 25 | — | $27.5B | ||
| Q4 24 | — | $26.7B | ||
| Q3 24 | — | $26.3B | ||
| Q2 24 | — | — |
| Q1 26 | — | $3.1B | ||
| Q4 25 | $126.5M | $3.1B | ||
| Q3 25 | $157.7M | $3.0B | ||
| Q2 25 | $159.5M | $3.1B | ||
| Q1 25 | $147.4M | $3.0B | ||
| Q4 24 | $229.5M | $2.9B | ||
| Q3 24 | $234.3M | $2.8B | ||
| Q2 24 | $237.1M | — |
| Q1 26 | — | $39.9B | ||
| Q4 25 | $404.0M | $39.1B | ||
| Q3 25 | $414.2M | $38.8B | ||
| Q2 25 | $436.0M | $38.3B | ||
| Q1 25 | $439.8M | $37.8B | ||
| Q4 24 | $503.9M | $37.1B | ||
| Q3 24 | $505.3M | $36.5B | ||
| Q2 24 | $524.2M | — |
| Q1 26 | — | 9.40× | ||
| Q4 25 | — | 8.95× | ||
| Q3 25 | — | 9.21× | ||
| Q2 25 | — | 8.81× | ||
| Q1 25 | — | 9.15× | ||
| Q4 24 | — | 9.14× | ||
| Q3 24 | — | 9.44× | ||
| Q2 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 | $105.6M |
| Free Cash FlowOCF − Capex | $-4.3M | $105.1M |
| FCF MarginFCF / Revenue | -4.2% | 195.2% |
| Capex IntensityCapex / Revenue | 1.1% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 4.72× |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $428.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $105.6M | ||
| Q4 25 | $-3.2M | $38.9M | ||
| Q3 25 | $1.2M | $82.3M | ||
| Q2 25 | $-3.6M | $207.5M | ||
| Q1 25 | $26.7M | $150.3M | ||
| Q4 24 | $-1.8M | $63.8M | ||
| Q3 24 | $264.0K | $36.7M | ||
| Q2 24 | $-2.9M | — |
| Q1 26 | — | $105.1M | ||
| Q4 25 | $-4.3M | $38.3M | ||
| Q3 25 | $524.0K | $82.0M | ||
| Q2 25 | $-4.2M | $202.8M | ||
| Q1 25 | $26.1M | $149.0M | ||
| Q4 24 | $-2.5M | $62.7M | ||
| Q3 24 | $-223.0K | $35.4M | ||
| Q2 24 | $-3.7M | — |
| Q1 26 | — | 195.2% | ||
| Q4 25 | -4.2% | 64.9% | ||
| Q3 25 | 0.6% | 173.4% | ||
| Q2 25 | -3.8% | 303.1% | ||
| Q1 25 | 29.0% | 131.0% | ||
| Q4 24 | -2.3% | 34.5% | ||
| Q3 24 | -0.2% | 57.5% | ||
| Q2 24 | -3.1% | — |
| Q1 26 | — | 0.9% | ||
| Q4 25 | 1.1% | 1.1% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.5% | 7.0% | ||
| Q1 25 | 0.7% | 1.1% | ||
| Q4 24 | 0.6% | 0.6% | ||
| Q3 24 | 0.5% | 2.1% | ||
| Q2 24 | 0.7% | — |
| Q1 26 | — | 4.72× | ||
| Q4 25 | — | 1.99× | ||
| Q3 25 | — | 17.27× | ||
| Q2 25 | -0.93× | 2.84× | ||
| Q1 25 | — | 1.75× | ||
| Q4 24 | -4.24× | 0.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — |
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% |
NRUC
Segment breakdown not available.
