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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $57.6M, roughly 1.8× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
FORR vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $57.6M |
| Net Profit | $-33.9M | — |
| Gross Margin | 56.7% | 86.7% |
| Operating Margin | -36.6% | — |
| Net Margin | -33.5% | — |
| Revenue YoY | -6.5% | 94.1% |
| Net Profit YoY | -7941.4% | 71.6% |
| 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.
| Q4 25 | $101.1M | $57.6M | ||
| Q3 25 | $94.3M | $49.5M | ||
| Q2 25 | $111.7M | $39.5M | ||
| Q1 25 | $89.9M | $28.5M | ||
| Q4 24 | $108.0M | $29.7M | ||
| Q3 24 | $102.5M | $16.4M | ||
| Q2 24 | $121.8M | $7.3M | ||
| Q1 24 | $100.1M | — |
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $-30.0M | ||
| Q2 25 | $3.9M | $-75.8M | ||
| Q1 25 | $-87.3M | $-94.3M | ||
| Q4 24 | $432.0K | — | ||
| Q3 24 | $-5.8M | $-85.6M | ||
| Q2 24 | $6.3M | $-91.4M | ||
| Q1 24 | $-6.7M | — |
| Q4 25 | 56.7% | 86.7% | ||
| Q3 25 | 60.0% | 87.5% | ||
| Q2 25 | 55.5% | 87.2% | ||
| Q1 25 | 55.9% | 86.9% | ||
| Q4 24 | 58.8% | 87.1% | ||
| Q3 24 | 60.5% | 85.6% | ||
| Q2 24 | 57.3% | 81.2% | ||
| Q1 24 | 54.9% | — |
| Q4 25 | -36.6% | — | ||
| Q3 25 | 4.7% | -30.8% | ||
| Q2 25 | 6.2% | -151.7% | ||
| Q1 25 | -97.5% | -276.5% | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | -0.7% | -433.0% | ||
| Q2 24 | 9.3% | -1055.4% | ||
| Q1 24 | -9.3% | — |
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | -60.5% | ||
| Q2 25 | 3.5% | -191.9% | ||
| Q1 25 | -97.1% | -330.7% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | -5.7% | -523.3% | ||
| Q2 24 | 5.2% | -1248.6% | ||
| Q1 24 | -6.7% | — |
| Q4 25 | $-1.75 | — | ||
| Q3 25 | $-0.11 | $-0.41 | ||
| Q2 25 | $0.20 | $-1.05 | ||
| Q1 25 | $-4.62 | $-1.31 | ||
| Q4 24 | $0.02 | — | ||
| Q3 24 | $-0.30 | $-1.32 | ||
| Q2 24 | $0.33 | $-1.56 | ||
| Q1 24 | $-0.35 | — |
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 | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $126.5M | $-438.2M |
| Total Assets | $404.0M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $130.0M | ||
| Q3 25 | $65.1M | $135.2M | ||
| Q2 25 | $67.8M | $149.6M | ||
| Q1 25 | $75.6M | $212.3M | ||
| Q4 24 | $56.1M | $297.3M | ||
| Q3 24 | $62.8M | $334.7M | ||
| Q2 24 | $58.9M | $276.2M | ||
| Q1 24 | $61.4M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $126.5M | $-438.2M | ||
| Q3 25 | $157.7M | $-422.5M | ||
| Q2 25 | $159.5M | $-405.8M | ||
| Q1 25 | $147.4M | $-338.4M | ||
| Q4 24 | $229.5M | $-253.6M | ||
| Q3 24 | $234.3M | $-187.1M | ||
| Q2 24 | $237.1M | $-233.8M | ||
| Q1 24 | $230.9M | — |
| Q4 25 | $404.0M | $259.1M | ||
| Q3 25 | $414.2M | $240.3M | ||
| Q2 25 | $436.0M | $250.2M | ||
| Q1 25 | $439.8M | $294.2M | ||
| Q4 24 | $503.9M | $378.3M | ||
| Q3 24 | $505.3M | $387.0M | ||
| Q2 24 | $524.2M | $319.4M | ||
| Q1 24 | $555.7M | — |
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 | $-166.8M |
| Free Cash FlowOCF − Capex | $-4.3M | $-167.0M |
| FCF MarginFCF / Revenue | -4.2% | -290.0% |
| Capex IntensityCapex / Revenue | 1.1% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $-166.8M | ||
| Q3 25 | $1.2M | $-14.1M | ||
| Q2 25 | $-3.6M | $-62.7M | ||
| Q1 25 | $26.7M | $-84.9M | ||
| Q4 24 | $-1.8M | $-266.8M | ||
| Q3 24 | $264.0K | $-63.6M | ||
| Q2 24 | $-2.9M | $-70.7M | ||
| Q1 24 | $611.0K | — |
| Q4 25 | $-4.3M | $-167.0M | ||
| Q3 25 | $524.0K | $-14.1M | ||
| Q2 25 | $-4.2M | $-62.8M | ||
| Q1 25 | $26.1M | $-84.9M | ||
| Q4 24 | $-2.5M | $-266.9M | ||
| Q3 24 | $-223.0K | $-63.6M | ||
| Q2 24 | $-3.7M | $-70.8M | ||
| Q1 24 | $-815.0K | — |
| Q4 25 | -4.2% | -290.0% | ||
| Q3 25 | 0.6% | -28.6% | ||
| Q2 25 | -3.8% | -159.0% | ||
| Q1 25 | 29.0% | -297.9% | ||
| Q4 24 | -2.3% | -899.8% | ||
| Q3 24 | -0.2% | -389.0% | ||
| Q2 24 | -3.1% | -966.2% | ||
| Q1 24 | -0.8% | — |
| Q4 25 | 1.1% | 0.4% | ||
| Q3 25 | 0.7% | 0.1% | ||
| Q2 25 | 0.5% | 0.2% | ||
| Q1 25 | 0.7% | 0.1% | ||
| Q4 24 | 0.6% | 0.5% | ||
| Q3 24 | 0.5% | 0.3% | ||
| Q2 24 | 0.7% | 0.6% | ||
| Q1 24 | 1.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | — |
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% |
PHAT
Segment breakdown not available.
