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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and Sangoma Technologies Corp (SANG). Click either name above to swap in a different company.
Sangoma Technologies Corp is the larger business by last-quarter revenue ($102.3M vs $101.1M, roughly 1.0× FORRESTER RESEARCH, INC.). Sangoma Technologies Corp runs the higher net margin — -3.7% vs -33.5%, a 29.8% gap on every dollar of revenue. Sangoma Technologies Corp produced more free cash flow last quarter ($23.1M vs $-4.3M). Over the past eight quarters, Sangoma Technologies Corp's revenue compounded faster (27.4% 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.
Sangoma Corporation, formerly known as Sangoma Technologies Corporation, is a Canadian company specializing in Communications as a Service (CaaS) solutions, Voice over IP (VoIP) hardware, and software for businesses. Founded in 1984 and headquartered in Markham, Ontario, Sangoma is publicly traded on the Toronto Stock Exchange and NASDAQ (SANG). The company rebranded to Sangoma Corporation in [year of name change, e.g., 2024; source needed] to reflect its broadened focus on unified communicat...
FORR vs SANG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $102.3M |
| Net Profit | $-33.9M | $-3.8M |
| Gross Margin | 56.7% | 79.9% |
| Operating Margin | -36.6% | — |
| Net Margin | -33.5% | -3.7% |
| Revenue YoY | -6.5% | — |
| Net Profit YoY | -7941.4% | — |
| 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 | $102.3M | ||
| Q3 25 | $94.3M | $50.8M | ||
| Q2 25 | $111.7M | — | ||
| Q1 25 | $89.9M | $177.3M | ||
| Q4 24 | $108.0M | $119.3M | ||
| Q3 24 | $102.5M | $60.1M | ||
| Q2 24 | $121.8M | — | ||
| Q1 24 | $100.1M | $186.3M |
| Q4 25 | $-33.9M | $-3.8M | ||
| Q3 25 | $-2.1M | $-1.9M | ||
| Q2 25 | $3.9M | — | ||
| Q1 25 | $-87.3M | $-7.0M | ||
| Q4 24 | $432.0K | $-5.7M | ||
| Q3 24 | $-5.8M | $-2.4M | ||
| Q2 24 | $6.3M | — | ||
| Q1 24 | $-6.7M | $-5.4M |
| Q4 25 | 56.7% | 79.9% | ||
| Q3 25 | 60.0% | 81.0% | ||
| Q2 25 | 55.5% | — | ||
| Q1 25 | 55.9% | 73.9% | ||
| Q4 24 | 58.8% | 73.8% | ||
| Q3 24 | 60.5% | 73.2% | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 54.9% | 70.1% |
| 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 24 | -9.3% | — |
| Q4 25 | -33.5% | -3.7% | ||
| Q3 25 | -2.3% | -3.8% | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | -97.1% | -3.9% | ||
| Q4 24 | 0.4% | -4.8% | ||
| Q3 24 | -5.7% | -4.1% | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | -6.7% | -2.9% |
| Q4 25 | $-1.75 | — | ||
| Q3 25 | $-0.11 | — | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $-4.62 | — | ||
| Q4 24 | $0.02 | — | ||
| Q3 24 | $-0.30 | — | ||
| Q2 24 | $0.33 | — | ||
| 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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $126.5M | — |
| Total Assets | $404.0M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | — | ||
| Q3 25 | $65.1M | — | ||
| Q2 25 | $67.8M | — | ||
| Q1 25 | $75.6M | — | ||
| Q4 24 | $56.1M | — | ||
| Q3 24 | $62.8M | — | ||
| Q2 24 | $58.9M | — | ||
| Q1 24 | $61.4M | — |
| Q4 25 | $126.5M | — | ||
| Q3 25 | $157.7M | — | ||
| Q2 25 | $159.5M | — | ||
| Q1 25 | $147.4M | — | ||
| Q4 24 | $229.5M | — | ||
| Q3 24 | $234.3M | — | ||
| Q2 24 | $237.1M | — | ||
| Q1 24 | $230.9M | — |
| Q4 25 | $404.0M | — | ||
| Q3 25 | $414.2M | — | ||
| Q2 25 | $436.0M | — | ||
| Q1 25 | $439.8M | — | ||
| Q4 24 | $503.9M | — | ||
| Q3 24 | $505.3M | — | ||
| Q2 24 | $524.2M | — | ||
| 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 | $24.0M |
| Free Cash FlowOCF − Capex | $-4.3M | $23.1M |
| FCF MarginFCF / Revenue | -4.2% | 22.6% |
| Capex IntensityCapex / Revenue | 1.1% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $80.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $24.0M | ||
| Q3 25 | $1.2M | $12.1M | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $26.7M | $32.5M | ||
| Q4 24 | $-1.8M | $17.0M | ||
| Q3 24 | $264.0K | $7.8M | ||
| Q2 24 | $-2.9M | — | ||
| Q1 24 | $611.0K | $15.6M |
| Q4 25 | $-4.3M | $23.1M | ||
| Q3 25 | $524.0K | $11.7M | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | $29.8M | ||
| Q4 24 | $-2.5M | $15.4M | ||
| Q3 24 | $-223.0K | $7.2M | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-815.0K | $12.4M |
| Q4 25 | -4.2% | 22.6% | ||
| Q3 25 | 0.6% | 23.0% | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | 16.8% | ||
| Q4 24 | -2.3% | 12.9% | ||
| Q3 24 | -0.2% | 11.9% | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | -0.8% | 6.7% |
| Q4 25 | 1.1% | 0.9% | ||
| Q3 25 | 0.7% | 0.9% | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | 1.5% | ||
| Q4 24 | 0.6% | 1.4% | ||
| Q3 24 | 0.5% | 1.1% | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.4% | 1.7% |
| 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% |
SANG
Segment breakdown not available.
