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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and NWPX Infrastructure, Inc. (NWPX). Click either name above to swap in a different company.
NWPX Infrastructure, Inc. is the larger business by last-quarter revenue ($138.3M vs $101.1M, roughly 1.4× FORRESTER RESEARCH, INC.). NWPX Infrastructure, Inc. runs the higher net margin — 7.6% vs -33.5%, a 41.1% gap on every dollar of revenue. On growth, NWPX Infrastructure, Inc. posted the faster year-over-year revenue change (19.1% vs -6.5%). Over the past eight quarters, NWPX Infrastructure, Inc.'s revenue compounded faster (3.3% 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.
FORR vs NWPX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $138.3M |
| Net Profit | $-33.9M | $10.5M |
| Gross Margin | 56.7% | 19.3% |
| Operating Margin | -36.6% | 9.2% |
| Net Margin | -33.5% | 7.6% |
| Revenue YoY | -6.5% | 19.1% |
| Net Profit YoY | -7941.4% | 165.7% |
| EPS (diluted) | $-1.75 | $1.08 |
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 | — | $138.3M | ||
| Q4 25 | $101.1M | $125.6M | ||
| Q3 25 | $94.3M | $151.1M | ||
| Q2 25 | $111.7M | $133.2M | ||
| Q1 25 | $89.9M | $116.1M | ||
| Q4 24 | $108.0M | $119.6M | ||
| Q3 24 | $102.5M | $130.2M | ||
| Q2 24 | $121.8M | $129.5M |
| Q1 26 | — | $10.5M | ||
| Q4 25 | $-33.9M | $8.9M | ||
| Q3 25 | $-2.1M | $13.5M | ||
| Q2 25 | $3.9M | $9.1M | ||
| Q1 25 | $-87.3M | $4.0M | ||
| Q4 24 | $432.0K | $10.1M | ||
| Q3 24 | $-5.8M | $10.3M | ||
| Q2 24 | $6.3M | $8.6M |
| Q1 26 | — | 19.3% | ||
| Q4 25 | 56.7% | 21.3% | ||
| Q3 25 | 60.0% | 21.3% | ||
| Q2 25 | 55.5% | 19.0% | ||
| Q1 25 | 55.9% | 16.7% | ||
| Q4 24 | 58.8% | 18.8% | ||
| Q3 24 | 60.5% | 20.8% | ||
| Q2 24 | 57.3% | 19.9% |
| Q1 26 | — | 9.2% | ||
| Q4 25 | -36.6% | 10.4% | ||
| Q3 25 | 4.7% | 12.6% | ||
| Q2 25 | 6.2% | 9.9% | ||
| Q1 25 | -97.5% | 4.8% | ||
| Q4 24 | -0.5% | 8.8% | ||
| Q3 24 | -0.7% | 11.9% | ||
| Q2 24 | 9.3% | 10.5% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | -33.5% | 7.1% | ||
| Q3 25 | -2.3% | 8.9% | ||
| Q2 25 | 3.5% | 6.8% | ||
| Q1 25 | -97.1% | 3.4% | ||
| Q4 24 | 0.4% | 8.4% | ||
| Q3 24 | -5.7% | 7.9% | ||
| Q2 24 | 5.2% | 6.7% |
| Q1 26 | — | $1.08 | ||
| Q4 25 | $-1.75 | $0.88 | ||
| Q3 25 | $-0.11 | $1.38 | ||
| Q2 25 | $0.20 | $0.91 | ||
| Q1 25 | $-4.62 | $0.39 | ||
| Q4 24 | $0.02 | $1.00 | ||
| Q3 24 | $-0.30 | $1.02 | ||
| Q2 24 | $0.33 | $0.86 |
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 | $14.3M |
| Total DebtLower is stronger | — | $10.7M |
| Stockholders' EquityBook value | $126.5M | $403.7M |
| Total Assets | $404.0M | $634.1M |
| Debt / EquityLower = less leverage | — | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $14.3M | ||
| Q4 25 | $63.3M | $2.3M | ||
| Q3 25 | $65.1M | $2.7M | ||
| Q2 25 | $67.8M | $2.0M | ||
| Q1 25 | $75.6M | $5.3M | ||
| Q4 24 | $56.1M | $5.0M | ||
| Q3 24 | $62.8M | $5.7M | ||
| Q2 24 | $58.9M | $4.5M |
| Q1 26 | — | $10.7M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $403.7M | ||
| Q4 25 | $126.5M | $394.8M | ||
| Q3 25 | $157.7M | $386.4M | ||
| Q2 25 | $159.5M | $379.5M | ||
| Q1 25 | $147.4M | $378.5M | ||
| Q4 24 | $229.5M | $374.0M | ||
| Q3 24 | $234.3M | $362.4M | ||
| Q2 24 | $237.1M | $351.2M |
| Q1 26 | — | $634.1M | ||
| Q4 25 | $404.0M | $579.6M | ||
| Q3 25 | $414.2M | $605.2M | ||
| Q2 25 | $436.0M | $592.6M | ||
| Q1 25 | $439.8M | $582.2M | ||
| Q4 24 | $503.9M | $589.7M | ||
| Q3 24 | $505.3M | $617.2M | ||
| Q2 24 | $524.2M | $631.7M |
| Q1 26 | — | 0.03× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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 | $29.3M |
| Free Cash FlowOCF − Capex | $-4.3M | — |
| FCF MarginFCF / Revenue | -4.2% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | — | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $29.3M | ||
| Q4 25 | $-3.2M | $36.0M | ||
| Q3 25 | $1.2M | $21.0M | ||
| Q2 25 | $-3.6M | $5.4M | ||
| Q1 25 | $26.7M | $4.8M | ||
| Q4 24 | $-1.8M | $36.1M | ||
| Q3 24 | $264.0K | $22.7M | ||
| Q2 24 | $-2.9M | $22.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | $30.8M | ||
| Q3 25 | $524.0K | $13.2M | ||
| Q2 25 | $-4.2M | $1.9M | ||
| Q1 25 | $26.1M | $1.2M | ||
| Q4 24 | $-2.5M | $31.9M | ||
| Q3 24 | $-223.0K | $16.8M | ||
| Q2 24 | $-3.7M | $16.2M |
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | 24.5% | ||
| Q3 25 | 0.6% | 8.7% | ||
| Q2 25 | -3.8% | 1.4% | ||
| Q1 25 | 29.0% | 1.0% | ||
| Q4 24 | -2.3% | 26.7% | ||
| Q3 24 | -0.2% | 12.9% | ||
| Q2 24 | -3.1% | 12.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 4.1% | ||
| Q3 25 | 0.7% | 5.2% | ||
| Q2 25 | 0.5% | 2.6% | ||
| Q1 25 | 0.7% | 3.2% | ||
| Q4 24 | 0.6% | 3.5% | ||
| Q3 24 | 0.5% | 4.6% | ||
| Q2 24 | 0.7% | 4.7% |
| Q1 26 | — | 2.78× | ||
| Q4 25 | — | 4.06× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | -0.93× | 0.60× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | -4.24× | 3.58× | ||
| Q3 24 | — | 2.22× | ||
| Q2 24 | -0.46× | 2.58× |
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% |
NWPX
| Water Transmission Systems | $93.5M | 68% |
| Precast Infrastructure and Engineered Systems | $44.8M | 32% |
