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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $91.6M, roughly 1.1× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -33.5%, a 27.7% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs -6.5%). FORRESTER RESEARCH, INC. produced more free cash flow last quarter ($-4.3M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
FORR vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $91.6M |
| Net Profit | $-33.9M | $-5.4M |
| Gross Margin | 56.7% | — |
| Operating Margin | -36.6% | -1.0% |
| Net Margin | -33.5% | -5.9% |
| Revenue YoY | -6.5% | 7.2% |
| Net Profit YoY | -7941.4% | -95.8% |
| EPS (diluted) | $-1.75 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $94.3M | $89.8M | ||
| Q2 25 | $111.7M | $88.6M | ||
| Q1 25 | $89.9M | $87.9M | ||
| Q4 24 | $108.0M | $85.4M | ||
| Q3 24 | $102.5M | $87.6M | ||
| Q2 24 | $121.8M | $85.8M | ||
| Q1 24 | $100.1M | $69.2M |
| Q4 25 | $-33.9M | $-5.4M | ||
| Q3 25 | $-2.1M | $-9.4M | ||
| Q2 25 | $3.9M | $-9.0M | ||
| Q1 25 | $-87.3M | $-9.1M | ||
| Q4 24 | $432.0K | $-2.7M | ||
| Q3 24 | $-5.8M | $-5.3M | ||
| Q2 24 | $6.3M | $-12.9M | ||
| Q1 24 | $-6.7M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | 4.7% | -8.0% | ||
| Q2 25 | 6.2% | -10.3% | ||
| Q1 25 | -97.5% | -6.9% | ||
| Q4 24 | -0.5% | -6.7% | ||
| Q3 24 | -0.7% | -4.8% | ||
| Q2 24 | 9.3% | -18.5% | ||
| Q1 24 | -9.3% | -4.0% |
| Q4 25 | -33.5% | -5.9% | ||
| Q3 25 | -2.3% | -10.5% | ||
| Q2 25 | 3.5% | -10.2% | ||
| Q1 25 | -97.1% | -10.4% | ||
| Q4 24 | 0.4% | -3.2% | ||
| Q3 24 | -5.7% | -6.0% | ||
| Q2 24 | 5.2% | -15.0% | ||
| Q1 24 | -6.7% | 310.0% |
| Q4 25 | $-1.75 | $-0.13 | ||
| Q3 25 | $-0.11 | $-0.20 | ||
| Q2 25 | $0.20 | $-0.19 | ||
| Q1 25 | $-4.62 | $-0.19 | ||
| Q4 24 | $0.02 | $-0.34 | ||
| Q3 24 | $-0.30 | $-0.13 | ||
| Q2 24 | $0.33 | $-0.24 | ||
| Q1 24 | $-0.35 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $126.5M | $880.8M |
| Total Assets | $404.0M | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $27.3M | ||
| Q3 25 | $65.1M | $22.6M | ||
| Q2 25 | $67.8M | $29.1M | ||
| Q1 25 | $75.6M | $87.5M | ||
| Q4 24 | $56.1M | $46.3M | ||
| Q3 24 | $62.8M | $43.1M | ||
| Q2 24 | $58.9M | $43.8M | ||
| Q1 24 | $61.4M | $389.7M |
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $126.5M | $880.8M | ||
| Q3 25 | $157.7M | $892.7M | ||
| Q2 25 | $159.5M | $902.0M | ||
| Q1 25 | $147.4M | $910.5M | ||
| Q4 24 | $229.5M | $918.6M | ||
| Q3 24 | $234.3M | $925.4M | ||
| Q2 24 | $237.1M | $933.1M | ||
| Q1 24 | $230.9M | $871.6M |
| Q4 25 | $404.0M | $1.9B | ||
| Q3 25 | $414.2M | $1.9B | ||
| Q2 25 | $436.0M | $1.8B | ||
| Q1 25 | $439.8M | $1.8B | ||
| Q4 24 | $503.9M | $1.7B | ||
| Q3 24 | $505.3M | $1.7B | ||
| Q2 24 | $524.2M | $1.7B | ||
| Q1 24 | $555.7M | $1.4B |
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-4.3M | $-78.6M |
| FCF MarginFCF / Revenue | -4.2% | -85.8% |
| Capex IntensityCapex / Revenue | 1.1% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $28.8M | ||
| Q3 25 | $1.2M | $30.7M | ||
| Q2 25 | $-3.6M | $20.9M | ||
| Q1 25 | $26.7M | $20.5M | ||
| Q4 24 | $-1.8M | $20.6M | ||
| Q3 24 | $264.0K | $24.3M | ||
| Q2 24 | $-2.9M | $2.5M | ||
| Q1 24 | $611.0K | $15.2M |
| Q4 25 | $-4.3M | $-78.6M | ||
| Q3 25 | $524.0K | $-51.4M | ||
| Q2 25 | $-4.2M | $-65.3M | ||
| Q1 25 | $26.1M | $-62.7M | ||
| Q4 24 | $-2.5M | $-72.0M | ||
| Q3 24 | $-223.0K | $-51.3M | ||
| Q2 24 | $-3.7M | $-78.3M | ||
| Q1 24 | $-815.0K | $-54.9M |
| Q4 25 | -4.2% | -85.8% | ||
| Q3 25 | 0.6% | -57.2% | ||
| Q2 25 | -3.8% | -73.7% | ||
| Q1 25 | 29.0% | -71.3% | ||
| Q4 24 | -2.3% | -84.3% | ||
| Q3 24 | -0.2% | -58.5% | ||
| Q2 24 | -3.1% | -91.3% | ||
| Q1 24 | -0.8% | -79.3% |
| Q4 25 | 1.1% | 117.2% | ||
| Q3 25 | 0.7% | 91.4% | ||
| Q2 25 | 0.5% | 97.3% | ||
| Q1 25 | 0.7% | 94.7% | ||
| Q4 24 | 0.6% | 108.4% | ||
| Q3 24 | 0.5% | 86.2% | ||
| Q2 24 | 0.7% | 94.2% | ||
| Q1 24 | 1.4% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
