vs
Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $86.0M, roughly 1.2× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -33.5%, a 34.9% gap on every dollar of revenue. On growth, Smart Sand, Inc. posted the faster year-over-year revenue change (-5.8% vs -6.5%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-4.3M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% 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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
FORR vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $86.0M |
| Net Profit | $-33.9M | $1.2M |
| Gross Margin | 56.7% | 13.0% |
| Operating Margin | -36.6% | -3.1% |
| Net Margin | -33.5% | 1.4% |
| Revenue YoY | -6.5% | -5.8% |
| Net Profit YoY | -7941.4% | -68.5% |
| EPS (diluted) | $-1.75 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $94.3M | $92.8M | ||
| Q2 25 | $111.7M | $85.8M | ||
| Q1 25 | $89.9M | $65.6M | ||
| Q4 24 | $108.0M | $91.4M | ||
| Q3 24 | $102.5M | $63.2M | ||
| Q2 24 | $121.8M | $73.8M | ||
| Q1 24 | $100.1M | $83.1M |
| Q4 25 | $-33.9M | $1.2M | ||
| Q3 25 | $-2.1M | $3.0M | ||
| Q2 25 | $3.9M | $21.4M | ||
| Q1 25 | $-87.3M | $-24.2M | ||
| Q4 24 | $432.0K | $3.7M | ||
| Q3 24 | $-5.8M | $-98.0K | ||
| Q2 24 | $6.3M | $-430.0K | ||
| Q1 24 | $-6.7M | $-216.0K |
| Q4 25 | 56.7% | 13.0% | ||
| Q3 25 | 60.0% | 16.1% | ||
| Q2 25 | 55.5% | 10.4% | ||
| Q1 25 | 55.9% | 4.2% | ||
| Q4 24 | 58.8% | 14.7% | ||
| Q3 24 | 60.5% | 10.3% | ||
| Q2 24 | 57.3% | 17.7% | ||
| Q1 24 | 54.9% | 14.2% |
| Q4 25 | -36.6% | -3.1% | ||
| Q3 25 | 4.7% | 5.8% | ||
| Q2 25 | 6.2% | -0.1% | ||
| Q1 25 | -97.5% | -10.8% | ||
| Q4 24 | -0.5% | 3.9% | ||
| Q3 24 | -0.7% | -7.8% | ||
| Q2 24 | 9.3% | 4.8% | ||
| Q1 24 | -9.3% | 0.9% |
| Q4 25 | -33.5% | 1.4% | ||
| Q3 25 | -2.3% | 3.2% | ||
| Q2 25 | 3.5% | 24.9% | ||
| Q1 25 | -97.1% | -37.0% | ||
| Q4 24 | 0.4% | 4.1% | ||
| Q3 24 | -5.7% | -0.2% | ||
| Q2 24 | 5.2% | -0.6% | ||
| Q1 24 | -6.7% | -0.3% |
| Q4 25 | $-1.75 | $0.03 | ||
| Q3 25 | $-0.11 | $0.08 | ||
| Q2 25 | $0.20 | $0.54 | ||
| Q1 25 | $-4.62 | $-0.62 | ||
| Q4 24 | $0.02 | $0.10 | ||
| Q3 24 | $-0.30 | $0.00 | ||
| Q2 24 | $0.33 | $-0.01 | ||
| Q1 24 | $-0.35 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $126.5M | $239.7M |
| Total Assets | $404.0M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $22.6M | ||
| Q3 25 | $65.1M | $5.1M | ||
| Q2 25 | $67.8M | $4.3M | ||
| Q1 25 | $75.6M | $5.1M | ||
| Q4 24 | $56.1M | $1.6M | ||
| Q3 24 | $62.8M | $7.2M | ||
| Q2 24 | $58.9M | $6.3M | ||
| Q1 24 | $61.4M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $126.5M | $239.7M | ||
| Q3 25 | $157.7M | $239.9M | ||
| Q2 25 | $159.5M | $240.5M | ||
| Q1 25 | $147.4M | $219.9M | ||
| Q4 24 | $229.5M | $243.8M | ||
| Q3 24 | $234.3M | $243.6M | ||
| Q2 24 | $237.1M | $242.9M | ||
| Q1 24 | $230.9M | $242.5M |
| Q4 25 | $404.0M | $340.0M | ||
| Q3 25 | $414.2M | $343.1M | ||
| Q2 25 | $436.0M | $345.8M | ||
| Q1 25 | $439.8M | $326.9M | ||
| Q4 24 | $503.9M | $341.5M | ||
| Q3 24 | $505.3M | $335.8M | ||
| Q2 24 | $524.2M | $341.8M | ||
| Q1 24 | $555.7M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-4.3M | $20.4M |
| FCF MarginFCF / Revenue | -4.2% | 23.7% |
| Capex IntensityCapex / Revenue | 1.1% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $22.4M | ||
| Q3 25 | $1.2M | $18.2M | ||
| Q2 25 | $-3.6M | $-5.1M | ||
| Q1 25 | $26.7M | $8.7M | ||
| Q4 24 | $-1.8M | $1.0M | ||
| Q3 24 | $264.0K | $5.8M | ||
| Q2 24 | $-2.9M | $14.9M | ||
| Q1 24 | $611.0K | $-3.9M |
| Q4 25 | $-4.3M | $20.4M | ||
| Q3 25 | $524.0K | $14.8M | ||
| Q2 25 | $-4.2M | $-7.8M | ||
| Q1 25 | $26.1M | $5.2M | ||
| Q4 24 | $-2.5M | $-840.0K | ||
| Q3 24 | $-223.0K | $3.7M | ||
| Q2 24 | $-3.7M | $13.5M | ||
| Q1 24 | $-815.0K | $-5.5M |
| Q4 25 | -4.2% | 23.7% | ||
| Q3 25 | 0.6% | 15.9% | ||
| Q2 25 | -3.8% | -9.1% | ||
| Q1 25 | 29.0% | 7.9% | ||
| Q4 24 | -2.3% | -0.9% | ||
| Q3 24 | -0.2% | 5.8% | ||
| Q2 24 | -3.1% | 18.3% | ||
| Q1 24 | -0.8% | -6.6% |
| Q4 25 | 1.1% | 2.3% | ||
| Q3 25 | 0.7% | 3.6% | ||
| Q2 25 | 0.5% | 3.1% | ||
| Q1 25 | 0.7% | 5.4% | ||
| Q4 24 | 0.6% | 2.1% | ||
| Q3 24 | 0.5% | 3.4% | ||
| Q2 24 | 0.7% | 1.8% | ||
| Q1 24 | 1.4% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | -0.93× | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | 0.28× | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
