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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and P10, Inc. (PX). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $81.0M, roughly 1.2× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -33.5%, a 45.2% gap on every dollar of revenue. On growth, P10, Inc. posted the faster year-over-year revenue change (-4.7% vs -6.5%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-4.3M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% 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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
FORR vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $81.0M |
| Net Profit | $-33.9M | $9.5M |
| Gross Margin | 56.7% | — |
| Operating Margin | -36.6% | 31.9% |
| Net Margin | -33.5% | 11.7% |
| Revenue YoY | -6.5% | -4.7% |
| Net Profit YoY | -7941.4% | 79.0% |
| EPS (diluted) | $-1.75 | $0.08 |
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.
| Q4 25 | $101.1M | $81.0M | ||
| Q3 25 | $94.3M | $75.9M | ||
| Q2 25 | $111.7M | $72.7M | ||
| Q1 25 | $89.9M | $67.7M | ||
| Q4 24 | $108.0M | $85.0M | ||
| Q3 24 | $102.5M | $74.2M | ||
| Q2 24 | $121.8M | $71.1M | ||
| Q1 24 | $100.1M | $66.1M |
| Q4 25 | $-33.9M | $9.5M | ||
| Q3 25 | $-2.1M | $2.1M | ||
| Q2 25 | $3.9M | $3.4M | ||
| Q1 25 | $-87.3M | $4.5M | ||
| Q4 24 | $432.0K | $5.3M | ||
| Q3 24 | $-5.8M | $1.4M | ||
| Q2 24 | $6.3M | $7.0M | ||
| Q1 24 | $-6.7M | $5.0M |
| 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 24 | 54.9% | — |
| Q4 25 | -36.6% | 31.9% | ||
| Q3 25 | 4.7% | 14.1% | ||
| Q2 25 | 6.2% | 24.4% | ||
| Q1 25 | -97.5% | 16.6% | ||
| Q4 24 | -0.5% | 26.9% | ||
| Q3 24 | -0.7% | 11.9% | ||
| Q2 24 | 9.3% | 23.7% | ||
| Q1 24 | -9.3% | 18.3% |
| Q4 25 | -33.5% | 11.7% | ||
| Q3 25 | -2.3% | 2.8% | ||
| Q2 25 | 3.5% | 4.7% | ||
| Q1 25 | -97.1% | 6.7% | ||
| Q4 24 | 0.4% | 6.2% | ||
| Q3 24 | -5.7% | 1.9% | ||
| Q2 24 | 5.2% | 9.8% | ||
| Q1 24 | -6.7% | 7.6% |
| Q4 25 | $-1.75 | $0.08 | ||
| Q3 25 | $-0.11 | $0.02 | ||
| Q2 25 | $0.20 | $0.03 | ||
| Q1 25 | $-4.62 | $0.04 | ||
| Q4 24 | $0.02 | $0.05 | ||
| Q3 24 | $-0.30 | $0.01 | ||
| Q2 24 | $0.33 | $0.06 | ||
| Q1 24 | $-0.35 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $126.5M | $403.5M |
| Total Assets | $404.0M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $28.2M | ||
| Q3 25 | $65.1M | $40.0M | ||
| Q2 25 | $67.8M | $33.4M | ||
| Q1 25 | $75.6M | $74.4M | ||
| Q4 24 | $56.1M | $67.5M | ||
| Q3 24 | $62.8M | $61.5M | ||
| Q2 24 | $58.9M | $31.2M | ||
| Q1 24 | $61.4M | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | $126.5M | $403.5M | ||
| Q3 25 | $157.7M | $396.8M | ||
| Q2 25 | $159.5M | $388.9M | ||
| Q1 25 | $147.4M | $374.3M | ||
| Q4 24 | $229.5M | $386.9M | ||
| Q3 24 | $234.3M | $394.1M | ||
| Q2 24 | $237.1M | $396.9M | ||
| Q1 24 | $230.9M | $400.1M |
| Q4 25 | $404.0M | $928.3M | ||
| Q3 25 | $414.2M | $936.0M | ||
| Q2 25 | $436.0M | $932.2M | ||
| Q1 25 | $439.8M | $877.4M | ||
| Q4 24 | $503.9M | $869.3M | ||
| Q3 24 | $505.3M | $857.0M | ||
| Q2 24 | $524.2M | $823.2M | ||
| Q1 24 | $555.7M | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-4.3M | $18.1M |
| FCF MarginFCF / Revenue | -4.2% | 22.3% |
| Capex IntensityCapex / Revenue | 1.1% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $23.0M | ||
| Q3 25 | $1.2M | $-8.6M | ||
| Q2 25 | $-3.6M | $13.4M | ||
| Q1 25 | $26.7M | $-4.7M | ||
| Q4 24 | $-1.8M | $101.0M | ||
| Q3 24 | $264.0K | $27.5M | ||
| Q2 24 | $-2.9M | $34.8M | ||
| Q1 24 | $611.0K | $11.0M |
| Q4 25 | $-4.3M | $18.1M | ||
| Q3 25 | $524.0K | $-9.5M | ||
| Q2 25 | $-4.2M | $11.6M | ||
| Q1 25 | $26.1M | $-6.0M | ||
| Q4 24 | $-2.5M | $96.6M | ||
| Q3 24 | $-223.0K | $25.2M | ||
| Q2 24 | $-3.7M | $33.9M | ||
| Q1 24 | $-815.0K | $10.7M |
| Q4 25 | -4.2% | 22.3% | ||
| Q3 25 | 0.6% | -12.6% | ||
| Q2 25 | -3.8% | 15.9% | ||
| Q1 25 | 29.0% | -8.9% | ||
| Q4 24 | -2.3% | 113.6% | ||
| Q3 24 | -0.2% | 34.0% | ||
| Q2 24 | -3.1% | 47.7% | ||
| Q1 24 | -0.8% | 16.2% |
| Q4 25 | 1.1% | 6.0% | ||
| Q3 25 | 0.7% | 1.2% | ||
| Q2 25 | 0.5% | 2.5% | ||
| Q1 25 | 0.7% | 1.9% | ||
| Q4 24 | 0.6% | 5.2% | ||
| Q3 24 | 0.5% | 3.0% | ||
| Q2 24 | 0.7% | 1.3% | ||
| Q1 24 | 1.4% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | -0.93× | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | -4.24× | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | -0.46× | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
