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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $101.1M, roughly 1.4× FORRESTER RESEARCH, INC.). Piedmont Realty Trust, Inc. runs the higher net margin — -31.4% vs -33.5%, a 2.1% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (0.4% vs -6.5%). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% CAGR vs 0.0%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
FORR vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $143.3M |
| Net Profit | $-33.9M | $-45.0M |
| Gross Margin | 56.7% | — |
| Operating Margin | -36.6% | — |
| Net Margin | -33.5% | -31.4% |
| Revenue YoY | -6.5% | 0.4% |
| Net Profit YoY | -7941.4% | -27.9% |
| EPS (diluted) | $-1.75 | $-0.10 |
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 | — | $143.3M | ||
| Q4 25 | $101.1M | $142.9M | ||
| Q3 25 | $94.3M | $139.2M | ||
| Q2 25 | $111.7M | $140.3M | ||
| Q1 25 | $89.9M | $142.7M | ||
| Q4 24 | $108.0M | $143.2M | ||
| Q3 24 | $102.5M | $139.3M | ||
| Q2 24 | $121.8M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $-33.9M | $-43.2M | ||
| Q3 25 | $-2.1M | $-13.5M | ||
| Q2 25 | $3.9M | $-16.8M | ||
| Q1 25 | $-87.3M | $-10.1M | ||
| Q4 24 | $432.0K | $-30.0M | ||
| Q3 24 | $-5.8M | $-11.5M | ||
| Q2 24 | $6.3M | $-9.8M |
| 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 | — | -31.4% | ||
| Q4 25 | -33.5% | -30.3% | ||
| Q3 25 | -2.3% | -9.7% | ||
| Q2 25 | 3.5% | -12.0% | ||
| Q1 25 | -97.1% | -7.1% | ||
| Q4 24 | 0.4% | -20.9% | ||
| Q3 24 | -5.7% | -8.3% | ||
| Q2 24 | 5.2% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $-1.75 | $-0.34 | ||
| Q3 25 | $-0.11 | $-0.11 | ||
| Q2 25 | $0.20 | $-0.14 | ||
| Q1 25 | $-4.62 | $-0.08 | ||
| Q4 24 | $0.02 | $-0.25 | ||
| Q3 24 | $-0.30 | $-0.09 | ||
| Q2 24 | $0.33 | $-0.08 |
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 | $2.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | $1.5B |
| Total Assets | $404.0M | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $63.3M | $731.0K | ||
| Q3 25 | $65.1M | $3.0M | ||
| Q2 25 | $67.8M | $3.3M | ||
| Q1 25 | $75.6M | $2.9M | ||
| Q4 24 | $56.1M | $109.6M | ||
| Q3 24 | $62.8M | $133.6M | ||
| Q2 24 | $58.9M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $126.5M | $1.5B | ||
| Q3 25 | $157.7M | $1.5B | ||
| Q2 25 | $159.5M | $1.5B | ||
| Q1 25 | $147.4M | $1.6B | ||
| Q4 24 | $229.5M | $1.6B | ||
| Q3 24 | $234.3M | $1.6B | ||
| Q2 24 | $237.1M | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $404.0M | $4.0B | ||
| Q3 25 | $414.2M | $4.0B | ||
| Q2 25 | $436.0M | $4.0B | ||
| Q1 25 | $439.8M | $4.0B | ||
| Q4 24 | $503.9M | $4.1B | ||
| Q3 24 | $505.3M | $4.1B | ||
| Q2 24 | $524.2M | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
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% | 110.3% |
| 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 | $140.6M | ||
| Q3 25 | $1.2M | $35.8M | ||
| Q2 25 | $-3.6M | $50.1M | ||
| Q1 25 | $26.7M | $3.7M | ||
| Q4 24 | $-1.8M | $198.1M | ||
| Q3 24 | $264.0K | $42.9M | ||
| Q2 24 | $-2.9M | $66.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | — | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | — | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $-223.0K | — | ||
| Q2 24 | $-3.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | — | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | -3.1% | — |
| Q1 26 | — | 110.3% | ||
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.7% | — |
| 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% |
PDM
Segment breakdown not available.
