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Side-by-side financial comparison of FORRESTER RESEARCH, INC. (FORR) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $73.5M, roughly 1.4× Target Hospitality Corp.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -33.5%, a 13.2% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -6.5%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
FORR vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $101.1M | $73.5M |
| Net Profit | $-33.9M | $-14.9M |
| Gross Margin | 56.7% | 9.6% |
| Operating Margin | -36.6% | -22.9% |
| Net Margin | -33.5% | -20.3% |
| Revenue YoY | -6.5% | 22.0% |
| Net Profit YoY | -7941.4% | -219.1% |
| EPS (diluted) | $-1.75 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $94.3M | $91.6M | ||
| Q2 25 | $111.7M | $54.9M | ||
| Q1 25 | $89.9M | $54.9M | ||
| Q4 24 | $108.0M | $60.2M | ||
| Q3 24 | $102.5M | $65.8M | ||
| Q2 24 | $121.8M | $67.5M | ||
| Q1 24 | $100.1M | $72.4M |
| Q4 25 | $-33.9M | $-14.9M | ||
| Q3 25 | $-2.1M | $-795.0K | ||
| Q2 25 | $3.9M | $-14.9M | ||
| Q1 25 | $-87.3M | $-6.5M | ||
| Q4 24 | $432.0K | $12.5M | ||
| Q3 24 | $-5.8M | $20.0M | ||
| Q2 24 | $6.3M | $18.4M | ||
| Q1 24 | $-6.7M | $20.4M |
| Q4 25 | 56.7% | 9.6% | ||
| Q3 25 | 60.0% | 19.6% | ||
| Q2 25 | 55.5% | -0.6% | ||
| Q1 25 | 55.9% | 32.7% | ||
| Q4 24 | 58.8% | 61.5% | ||
| Q3 24 | 60.5% | 68.7% | ||
| Q2 24 | 57.3% | 69.4% | ||
| Q1 24 | 54.9% | 67.8% |
| Q4 25 | -36.6% | -22.9% | ||
| Q3 25 | 4.7% | 0.1% | ||
| Q2 25 | 6.2% | -30.8% | ||
| Q1 25 | -97.5% | -2.0% | ||
| Q4 24 | -0.5% | 34.5% | ||
| Q3 24 | -0.7% | 42.5% | ||
| Q2 24 | 9.3% | 43.8% | ||
| Q1 24 | -9.3% | 42.0% |
| Q4 25 | -33.5% | -20.3% | ||
| Q3 25 | -2.3% | -0.9% | ||
| Q2 25 | 3.5% | -27.2% | ||
| Q1 25 | -97.1% | -11.8% | ||
| Q4 24 | 0.4% | 20.8% | ||
| Q3 24 | -5.7% | 30.4% | ||
| Q2 24 | 5.2% | 27.2% | ||
| Q1 24 | -6.7% | 28.2% |
| Q4 25 | $-1.75 | $-0.14 | ||
| Q3 25 | $-0.11 | $-0.01 | ||
| Q2 25 | $0.20 | $-0.15 | ||
| Q1 25 | $-4.62 | $-0.07 | ||
| Q4 24 | $0.02 | $0.12 | ||
| Q3 24 | $-0.30 | $0.20 | ||
| Q2 24 | $0.33 | $0.18 | ||
| Q1 24 | $-0.35 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $126.5M | $389.3M |
| Total Assets | $404.0M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.3M | $8.3M | ||
| Q3 25 | $65.1M | $30.4M | ||
| Q2 25 | $67.8M | $19.2M | ||
| Q1 25 | $75.6M | $34.5M | ||
| Q4 24 | $56.1M | $190.7M | ||
| Q3 24 | $62.8M | $177.7M | ||
| Q2 24 | $58.9M | $154.3M | ||
| Q1 24 | $61.4M | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $126.5M | $389.3M | ||
| Q3 25 | $157.7M | $402.4M | ||
| Q2 25 | $159.5M | $401.3M | ||
| Q1 25 | $147.4M | $415.3M | ||
| Q4 24 | $229.5M | $421.1M | ||
| Q3 24 | $234.3M | $417.6M | ||
| Q2 24 | $237.1M | $397.2M | ||
| Q1 24 | $230.9M | $375.5M |
| Q4 25 | $404.0M | $530.2M | ||
| Q3 25 | $414.2M | $541.2M | ||
| Q2 25 | $436.0M | $533.7M | ||
| Q1 25 | $439.8M | $562.5M | ||
| Q4 24 | $503.9M | $725.8M | ||
| Q3 24 | $505.3M | $709.8M | ||
| Q2 24 | $524.2M | $697.0M | ||
| Q1 24 | $555.7M | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $-4.3M | — |
| FCF MarginFCF / Revenue | -4.2% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.2M | $5.7M | ||
| Q3 25 | $1.2M | $53.4M | ||
| Q2 25 | $-3.6M | $11.1M | ||
| Q1 25 | $26.7M | $3.9M | ||
| Q4 24 | $-1.8M | $30.6M | ||
| Q3 24 | $264.0K | $31.4M | ||
| Q2 24 | $-2.9M | $39.1M | ||
| Q1 24 | $611.0K | $50.6M |
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | — | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | $-11.6M | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $-223.0K | — | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-815.0K | — |
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | -21.1% | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | -0.8% | — |
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | 28.2% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | -0.46× | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
