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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and NovoCure Ltd (NVCR). Click either name above to swap in a different company.
NovoCure Ltd is the larger business by last-quarter revenue ($174.1M vs $101.1M, roughly 1.7× FORRESTER RESEARCH, INC.). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -40.9%, a 7.4% gap on every dollar of revenue. On growth, NovoCure Ltd posted the faster year-over-year revenue change (12.3% vs -6.5%). Over the past eight quarters, NovoCure Ltd's revenue compounded faster (7.6% 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.
NovoCure Ltd is a global oncology company that develops and commercializes innovative Tumor Treating Fields (TTFields) therapy, a non-invasive wearable treatment using low-intensity electric fields to disrupt cancer cell division. Its approved therapies target glioblastoma, malignant mesothelioma and non-small cell lung cancer, serving patients across North America, Europe and Asia Pacific.
FORR vs NVCR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $174.1M |
| Net Profit | $-33.9M | $-71.1M |
| Gross Margin | 56.7% | 77.6% |
| Operating Margin | -36.6% | — |
| Net Margin | -33.5% | -40.9% |
| Revenue YoY | -6.5% | 12.3% |
| Net Profit YoY | -7941.4% | -107.3% |
| 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 | — | $174.1M | ||
| Q4 25 | $101.1M | $174.3M | ||
| Q3 25 | $94.3M | $167.2M | ||
| Q2 25 | $111.7M | $158.8M | ||
| Q1 25 | $89.9M | $155.0M | ||
| Q4 24 | $108.0M | $161.3M | ||
| Q3 24 | $102.5M | $155.1M | ||
| Q2 24 | $121.8M | $150.4M |
| Q1 26 | — | $-71.1M | ||
| Q4 25 | $-33.9M | $-24.5M | ||
| Q3 25 | $-2.1M | $-37.3M | ||
| Q2 25 | $3.9M | $-40.1M | ||
| Q1 25 | $-87.3M | $-34.3M | ||
| Q4 24 | $432.0K | $-65.9M | ||
| Q3 24 | $-5.8M | $-30.6M | ||
| Q2 24 | $6.3M | $-33.4M |
| Q1 26 | — | 77.6% | ||
| Q4 25 | 56.7% | 75.8% | ||
| Q3 25 | 60.0% | 73.2% | ||
| Q2 25 | 55.5% | 73.9% | ||
| Q1 25 | 55.9% | 75.1% | ||
| Q4 24 | 58.8% | 79.2% | ||
| Q3 24 | 60.5% | 77.2% | ||
| Q2 24 | 57.3% | 77.0% |
| Q1 26 | — | — | ||
| Q4 25 | -36.6% | -23.2% | ||
| Q3 25 | 4.7% | -21.5% | ||
| Q2 25 | 6.2% | -24.9% | ||
| Q1 25 | -97.5% | -24.4% | ||
| Q4 24 | -0.5% | -39.3% | ||
| Q3 24 | -0.7% | -20.7% | ||
| Q2 24 | 9.3% | -22.3% |
| Q1 26 | — | -40.9% | ||
| Q4 25 | -33.5% | -14.1% | ||
| Q3 25 | -2.3% | -22.3% | ||
| Q2 25 | 3.5% | -25.3% | ||
| Q1 25 | -97.1% | -22.1% | ||
| Q4 24 | 0.4% | -40.9% | ||
| Q3 24 | -5.7% | -19.7% | ||
| Q2 24 | 5.2% | -22.2% |
| Q1 26 | — | — | ||
| Q4 25 | $-1.75 | $-0.22 | ||
| Q3 25 | $-0.11 | $-0.33 | ||
| Q2 25 | $0.20 | $-0.36 | ||
| Q1 25 | $-4.62 | $-0.31 | ||
| Q4 24 | $0.02 | $-0.61 | ||
| Q3 24 | $-0.30 | $-0.28 | ||
| Q2 24 | $0.33 | $-0.31 |
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 | $432.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $330.7M |
| Total Assets | $404.0M | $787.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $432.0M | ||
| Q4 25 | $63.3M | $93.5M | ||
| Q3 25 | $65.1M | $342.1M | ||
| Q2 25 | $67.8M | $149.6M | ||
| Q1 25 | $75.6M | $127.3M | ||
| Q4 24 | $56.1M | $163.8M | ||
| Q3 24 | $62.8M | $185.4M | ||
| Q2 24 | $58.9M | $164.8M |
| Q1 26 | — | $330.7M | ||
| Q4 25 | $126.5M | $340.5M | ||
| Q3 25 | $157.7M | $341.3M | ||
| Q2 25 | $159.5M | $349.4M | ||
| Q1 25 | $147.4M | $362.0M | ||
| Q4 24 | $229.5M | $360.2M | ||
| Q3 24 | $234.3M | $360.8M | ||
| Q2 24 | $237.1M | $361.8M |
| Q1 26 | — | $787.9M | ||
| Q4 25 | $404.0M | $804.3M | ||
| Q3 25 | $414.2M | $1.4B | ||
| Q2 25 | $436.0M | $1.2B | ||
| Q1 25 | $439.8M | $1.2B | ||
| Q4 24 | $503.9M | $1.2B | ||
| Q3 24 | $505.3M | $1.2B | ||
| Q2 24 | $524.2M | $1.2B |
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 | — |
| Free Cash FlowOCF − Capex | $-4.3M | — |
| FCF MarginFCF / Revenue | -4.2% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-3.2M | $-18.0M | ||
| Q3 25 | $1.2M | $20.6M | ||
| Q2 25 | $-3.6M | $-15.9M | ||
| Q1 25 | $26.7M | $-35.7M | ||
| Q4 24 | $-1.8M | $-3.5M | ||
| Q3 24 | $264.0K | $10.4M | ||
| Q2 24 | $-2.9M | $-1.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | $-22.9M | ||
| Q3 25 | $524.0K | $14.9M | ||
| Q2 25 | $-4.2M | $-21.4M | ||
| Q1 25 | $26.1M | $-46.3M | ||
| Q4 24 | $-2.5M | $-12.4M | ||
| Q3 24 | $-223.0K | $-307.0K | ||
| Q2 24 | $-3.7M | $-13.2M |
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | -13.1% | ||
| Q3 25 | 0.6% | 8.9% | ||
| Q2 25 | -3.8% | -13.5% | ||
| Q1 25 | 29.0% | -29.9% | ||
| Q4 24 | -2.3% | -7.7% | ||
| Q3 24 | -0.2% | -0.2% | ||
| Q2 24 | -3.1% | -8.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 2.8% | ||
| Q3 25 | 0.7% | 3.4% | ||
| Q2 25 | 0.5% | 3.5% | ||
| Q1 25 | 0.7% | 6.8% | ||
| Q4 24 | 0.6% | 5.5% | ||
| Q3 24 | 0.5% | 6.9% | ||
| Q2 24 | 0.7% | 7.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| 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% |
NVCR
Segment breakdown not available.
