Forrester Research, Inc. Financial Ratios — FORR Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	23.53	23.58	11	9.2	10.21	14.75	12.35	12.25	-7.77	8.1	17.66	13.3	1.73	-3.28	-106.09
Return on Assets (%)	4.69	5.39	2.93	2.96	3.68	5.39	4.45	4.4	-1.93	1.56	3.75	3.38	0.52	-1.08	-26.29
Return on Capital (%)	23.53	23.58	11	9.2	10.21	14.75	12.35	12.25	- -	4.37	8.97	7.91	1.64	-4.83	- -
Return on Invested Capital (%)	7.78	8.83	6.09	6.74	10.56	12.84	10.16	11.44	- -	4.49	7.84	8.49	2.89	-9.81	- -
Gross Margin (%)	63.45	62.04	60.67	59.56	59.75	60.69	59.47	59.03	57.39	59.71	59.17	58.39	57.47	57.79	56.99
EBITDA Margin (%)	15.89	14.86	11.84	10.1	10.36	12.4	10.36	9.88	11.19	14.46	15.15	14.68	10.84	10.28	5.9
Operating Margin (%)	13.09	10.98	7.98	6.42	7.41	9.75	8.16	7.33	1.71	4.89	7.88	7.81	4.17	3.3	0.49
Incremental Operating Margin (%)	19.45	-50.64	-182.79	-25.73	194.11	69.04	-36.72	-6.72	-17.61	-110.76	37.55	6.93	38.51	11.9	34.68
Pretax Margin (%)	13.04	10.97	6.72	5.89	6.16	9.42	8.11	6.58	-2.08	2.88	6.71	5.71	1.31	0.61	-30.09
Profit Margin (%)	7.76	8.97	4.38	3.48	3.82	5.41	4.48	4.3	-2.07	2.23	5.03	4.05	0.63	-1.33	-30.07
Net Income to Common Margin (%)	7.76	8.97	4.38	3.48	3.82	5.41	4.48	4.3	-2.07	2.23	5.03	4.05	0.63	-1.33	-30.07
Effective Tax Rate (%)	40.48	18.22	34.85	40.92	37.91	42.52	44.69	34.62	- -	22.76	25.15	29.03	51.47	317.94	- -
Dvd Payout Ratio (%)	- -	47.87	95.16	110.1	101.53	73.58	90.03	94.29	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	23.53	12.29	0.53	-0.93	-0.16	3.9	1.23	0.7	-7.77	8.1	17.66	13.3	1.73	-3.28	-106.09

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	210	190	153	114	87	73	72
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	22	24	13	14	14	13	42
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	188	166	140	101	73	60	30
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	4.06	2.93	2.04	1.45	1.67	1.63	3.07
Net Debt/EBITDA	-1.8	-2.27	-2.1	-1.57	-1.64	-1.9	-2.28	-3.97	1.21	0.27	-0.54	-0.68	-0.73	-0.47	-1.21
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	26.65	8.66	3.93	2.72	4.33	5.08	36.91
Net Debt/EBIT	-2.19	-3.07	-3.12	-2.48	-2.29	-2.42	-2.9	-5.35	7.96	0.8	-1.05	-1.28	-1.89	-1.48	-14.55
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	6.41	12.16	17.74	32.07	17.03	14.77	8.73
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	4.94	10.49	15.2	29.77	15.23	13.64	7.62
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	0.98	4.11	9.23	17.06	6.55	4.75	0.73
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	8	5	4	2	3	3	3
Common Equity/Total Assets	21.53	24.2	29.49	35.32	36.79	36.34	35.7	36.19	18.52	19.9	22.51	28.74	31.54	34.17	13.08
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	119.07	89.16	68.68	45.45	30.25	26.06	23.33
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	57.35	52.03	45.75	34.83	27.45	24.44	23.66
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	29.45	25.71	20.59	16.56	12.88	11.87	7.3
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	132.72	102.33	75.05	51.6	36.15	31.61	56.82
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	63.93	59.72	49.99	39.54	32.8	29.65	57.64
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	32.83	29.51	22.5	18.8	15.39	14.4	17.79
Net Debt to Equity	-27.88	-33.25	-36.22	-35.06	-41.89	-51.29	-56.51	-92.54	39.62	9.44	-19.99	-24.19	-15.78	-9.19	-22.39
Net Debt/Capital (%)	-338.75	-512.23	-166.63	-73.15	-83.31	-170.8	-183.66	1,136.09	24.07	7.69	-21.42	-28.89	-19.76	-11.18	-46.16
EBITDA	45	44	35	32	33	40	35	35	52	65	75	79	52	44	23
EBITDA-CapEx	5	38	32	30	29	36	27	30	40	56	64	73	47	41	20
Operating Income (Loss)	37	32	24	20	23	32	28	26	8	22	39	42	20	14	2

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	1.22	1.29	0.83	0.58	0.55	0.78	0.69	0.74	0.25	0.33	0.43	0.46	0.52	0.51	0.53
Current Ratio	1.88	1.86	1.42	1.14	1.08	1.26	1.21	1.24	0.71	0.81	0.86	0.87	0.9	0.99	0.89
Quick Ratio	1.67	1.7	1.24	0.95	0.92	1.11	1.05	1.09	0.57	0.65	0.71	0.73	0.76	0.79	0.74
CFO/Avg Current Liab	0.32	0.29	0.17	0.16	0.19	0.25	0.2	0.2	0.21	0.18	0.37	0.14	0.09	-0.02	0.09
Common Equity/Total Assets	21.53	24.2	29.49	35.32	36.79	36.34	35.7	36.19	18.52	19.9	22.51	28.74	31.54	34.17	13.08
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	119.07	89.16	68.68	45.45	30.25	26.06	23.33
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	57.35	52.03	45.75	34.83	27.45	24.44	23.66
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	29.45	25.71	20.59	16.56	12.88	11.87	7.3
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	132.72	102.33	75.05	51.6	36.15	31.61	56.82
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	63.93	59.72	49.99	39.54	32.8	29.65	57.64
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	32.83	29.51	22.5	18.8	15.39	14.4	17.79
CFO/Total Liabilities	28.17	27.85	15.55	15.07	17.72	23.94	18.38	19.03	10.06	10.42	22.48	10.19	6.69	-1.41	7.6
CFO/CapEx	1.39	10.41	9.82	19.16	8.64	10.74	4.77	7.61	4.07	5.36	9.96	6.96	3.94	-1.14	7.06
Altman's Z-Score	4.17	3.77	4.44	4.58	3.96	5.01	4.76	4.98	2.84	3.03	3.52	3.83	3.67	3.54	2.01

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	3.66	3.76	3.91	4.31	4.66	5.17	5.24	5.21	6.08	5.3	5.76	6.71	7.27	7.55	7.46
Days Sales Outstanding	99.81	97.16	93.3	84.78	78.41	70.61	69.63	70.1	60.05	68.82	63.38	54.4	50.24	48.31	48.9
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	42.56	111.51	130.36	130.37	175.73	109.97	135.32	363.98	359.97	311.36	269.63	372.64	189.6	132.22	190
Accounts Payable Turnover Days	8.58	3.27	2.8	2.8	2.08	3.32	2.7	1	1.01	1.17	1.35	0.98	1.93	2.76	1.92
Cash Conversion Cycle	91.23	93.88	90.5	81.98	76.33	67.29	66.93	69.09	59.04	67.64	62.02	53.42	48.31	45.55	46.98
Inventory to Cash Days	99.81	97.16	93.3	84.78	78.41	70.61	69.63	70.1	60.05	68.82	63.38	54.4	50.24	48.31	48.9
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	769	603	798	737	511	772	792	809	771	789	1,122	678	514	299	154
- Cash & Cash Equivalents	81	99	74	50	53	77	80	140	68	90	116	104	73	56	63
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	210	190	153	114	87	73	72
Enterprise Value	551	369	643	632	409	634	658	668	913	889	1,141	669	477	267	99
Total Capital	105	118	119	118	117	122	123	128	328	318	306	289	265	245	125
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	63.93	59.72	49.99	39.54	32.8	29.65	57.64
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	0.23	0.21	0.13	0.17	0.18	0.27	0.73
EV/Sales	1.95	1.26	2.16	2.03	1.31	1.95	1.95	1.87	1.98	1.98	2.31	1.24	0.99	0.62	0.25
EV/EBITDA	12.25	8.48	18.25	20.05	12.6	15.68	18.81	18.92	17.68	13.69	15.23	8.48	9.15	6.01	4.22
EV/EBIT	14.86	11.48	27.09	31.55	17.6	19.95	23.88	25.5	115.97	40.48	29.28	15.94	23.79	18.69	50.65
EV/Cash Flow to Firm	9.94	6.95	20.94	21.95	12.05	14.26	17.55	17.4	16.18	17.13	10.35	16.26	20.58	- -	4.15
EV/Free Cash Flow to Firm	5.79	6.34	19	20.86	10.8	13.05	14.51	15.38	13.36	14.62	9.43	14.29	16.64	- -	3.69
Diluted Market Cap	786	614	817	748	517	785	806	822	771	793	1,137	686	516	299	154
Diluted Enterprise Value	705	516	743	698	463	708	726	681	913	893	1,174	696	530	316	163
EV per Share	24.32	16.41	30.82	33.77	22.84	35.27	36.72	36.94	49.37	47.2	59.71	35.29	24.85	13.99	5.19
TTM Sales	283	293	298	312	314	326	338	358	462	449	494	538	481	432	397
TTM EBITDA	45	44	35	32	33	40	35	35	52	65	75	79	52	44	23
TTM Operating Income	37	32	24	20	23	32	28	26	8	22	39	42	20	14	2
TTM Cash Flow to Firm	55	53	31	29	34	44	37	38	56	52	110	41	23	-10	24
TTM Free Cash Flow to Firm	95	58	34	30	38	49	45	43	68	61	121	47	29	-7	27

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	8.26	10.55	24.14	24.69	13.63	16.14	17.78	18.9	12.79	14	9.65	15.21	19	-649.03	6.42
EV/EBIT	14.86	11.48	27.09	31.55	17.6	19.95	23.88	25.5	115.97	40.48	29.28	15.94	23.79	18.69	50.65
Enterprise Value	551	369	643	632	409	634	658	668	913	889	1,141	669	477	267	99
Low Price	28.72	20.6	24.88	34.08	28.25	27.05	34.95	36.19	30.76	22.45	36.4	32.73	22.26	14.38	6.6
EV/Sales	1.95	1.26	2.16	2.03	1.31	1.95	1.95	1.87	1.98	1.98	2.31	1.24	0.99	0.62	0.25
EV/EBITDA	12.25	8.48	18.25	20.05	12.6	15.68	18.81	18.92	17.68	13.69	15.23	8.48	9.15	6.01	4.22
Price/Earnings	34.98	22.93	61.28	67.79	42.56	43.76	52.31	52.58	- -	78.96	45.18	31.1	168.62	- -	- -
Price/Earnings Average	35.93	26.87	55.22	65.37	51.13	37.21	48.53	51.21	-82.78	67.82	36.4	40.23	190.46	-62.48	-1.61
Price/Earnings High	41.23	30.93	66.25	71.73	59.63	45.24	56.51	58.81	-100	94.23	46.84	52.16	245.86	-90.07	-2.55
Price/Earnings Low	29.6	17.63	39.85	58.71	42.22	27.56	41.37	42.57	-59.44	42.31	28	28.47	140.04	-47.78	-1.05
Price/Book Value	7.33	5.11	6.73	6.27	4.35	6.33	6.43	6.32	6.51	6.15	7.33	3.88	2.89	1.74	2.92
Price/Book Value Average	7.53	5.98	6.06	6.04	5.23	5.38	5.96	6.16	6.69	5.28	5.91	5.02	3.26	2.09	3.64
Price/Book Value High	8.64	6.89	7.27	6.63	6.1	6.54	6.94	7.07	8.08	7.34	7.6	6.5	4.21	3.01	5.76
Price/Book Value Low	6.2	3.92	4.38	5.43	4.32	3.99	5.08	5.12	4.8	3.3	4.55	3.55	2.4	1.59	2.38
Price/Tangible Book Value	3.68	2.87	6.71	11.97	10.03	10.25	12.32	13.15	-4.21	-5.66	-10.81	-9.69	-12.35	-11.55	-12.27
Price/Tangible Book Value Average	3.78	3.36	6.05	11.54	12.05	8.71	11.43	12.81	-4.32	-4.86	-8.71	-12.53	-13.95	-13.87	-15.3
Price/Tangible Book Value High	4.34	3.87	7.26	12.67	14.05	10.59	13.31	14.71	-5.22	-6.75	-11.21	-16.25	-18.01	-19.99	-24.16
Price/Tangible Book Value Low	3.12	2.2	4.37	10.37	9.95	6.45	9.74	10.65	-3.11	-3.03	-6.7	-8.87	-10.26	-10.6	-9.97
Price/Sales	2.72	2.06	2.68	2.36	1.63	2.37	2.35	2.26	1.67	1.76	2.27	1.26	1.07	0.69	0.39
Price/Sales Average	2.79	2.41	2.42	2.28	1.96	2.01	2.18	2.2	1.72	1.51	1.83	1.63	1.21	0.83	0.49
Price/Sales High	3.2	2.78	2.9	2.5	2.28	2.45	2.53	2.53	2.07	2.1	2.35	2.12	1.56	1.2	0.77
Price/Sales Low	2.3	1.58	1.74	2.04	1.61	1.49	1.85	1.83	1.23	0.94	1.41	1.15	0.89	0.63	0.32
Price/Cash Flow	13.87	11.35	25.99	25.58	15.03	17.37	21.12	21.05	15.93	16.52	10.48	17.2	23.73	-77.49	7.32
Price/Cash Flow Average	14.25	13.29	23.42	24.67	18.05	14.77	19.6	20.5	16.37	14.19	8.45	22.25	26.8	-93	9.13
Price/Cash Flow High	16.35	15.3	28.09	27.07	21.05	17.95	22.82	23.54	19.77	19.71	10.87	28.85	34.6	-134.07	14.42
Price/Cash Flow Low	11.74	8.72	16.9	22.15	14.91	10.94	16.7	17.04	11.75	8.85	6.5	15.75	19.71	-71.11	5.95
Price/Free Cash Flow Average	8.48	12.36	21.75	23.81	16.38	13.72	16.49	18.41	13.14	12.03	7.77	19.67	21.47	-778.94	8
Price/Free Cash Flow High	9.73	14.23	26.1	26.13	19.1	16.68	19.2	21.14	15.87	16.71	10.01	25.5	27.71	-1,122.86	12.63
Price/Free Cash Flow Low	6.99	8.11	15.7	21.38	13.52	10.16	14.06	15.3	9.43	7.5	5.98	13.92	15.78	-595.6	5.21
EV/Sales Average	2.5	2.07	2.17	2.12	1.79	1.78	1.94	1.81	2.02	1.73	1.9	1.65	1.24	0.87	0.51
EV/Sales High	2.91	2.44	2.65	2.34	2.11	2.21	2.3	2.14	2.38	2.32	2.43	2.14	1.59	1.24	0.79
EV/Sales Low	2.01	1.24	1.49	1.88	1.44	1.26	1.62	1.44	1.54	1.16	1.48	1.17	0.92	0.67	0.34
EV/EBITDA Average	15.75	13.95	18.31	20.95	17.23	14.34	18.72	18.32	18.08	11.98	12.57	11.25	11.42	8.45	8.59
EV/EBITDA High	18.34	16.41	22.38	23.15	20.37	17.84	22.18	21.63	21.27	16.04	16.03	14.55	14.66	12.01	13.36
EV/EBITDA Low	12.66	8.37	12.63	18.66	13.94	10.13	15.62	14.56	13.76	8.05	9.78	8	8.46	6.54	5.73
EV/EBIT Average	19.12	18.88	27.18	32.98	24.08	18.23	23.77	24.69	118.65	35.41	24.16	21.15	29.69	26.29	103.23
EV/EBIT High	22.26	22.2	33.22	36.43	28.46	22.69	28.16	29.16	139.57	47.43	30.82	27.35	38.12	37.38	160.49
EV/EBIT Low	15.37	11.33	18.74	29.37	19.48	12.88	19.84	19.63	90.27	23.8	18.81	15.04	22.01	20.37	68.83
Last Price	33.94	26.8	38.26	39.36	28.48	42.95	44.2	44.7	41.7	41.9	58.73	35.76	26.81	15.67	8.12
High Price	40	36.15	41.36	41.65	39.9	44.4	47.75	50	51.75	50	60.9	59.97	39.09	27.11	15.99
Enterprise Value Average	709	608	645	661	560	580	655	647	934	777	942	888	595	376	201
Enterprise Value High	826	715	789	730	662	722	776	764	1,099	1,041	1,201	1,148	764	534	313
Enterprise Value Low	570	365	445	588	453	410	546	514	711	523	733	632	441	291	134

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	23	22	20	18	18	18	18	18	19	19	19	19	19	19	19
Diluted Weighted Avg Shares	23	23	21	19	18	18	18	18	18	19	19	19	19	19	19
Basic Weighted Avg Shares	23	22	21	19	18	18	18	18	18	19	19	19	19	19	19
Revenue per Share	12.5	13.02	14.27	16.68	17.5	18.13	18.84	19.77	24.97	23.85	25.87	28.35	25.06	22.65	20.87
EBITDA per Share	1.99	1.94	1.69	1.68	1.81	2.25	1.95	1.95	2.79	3.45	3.92	4.16	2.72	2.33	1.23
Operating Income per Share	1.64	1.43	1.14	1.07	1.3	1.77	1.54	1.45	0.43	1.17	2.04	2.21	1.04	0.75	0.1
Basic EPS, GAAP	0.97	1.17	0.62	0.58	0.67	0.98	0.84	0.85	-0.52	0.53	1.3	1.15	0.16	-0.3	-6.28
Basic EPS from Cont Ops	0.97	1.17	0.62	0.58	0.67	0.98	0.84	0.85	-0.52	0.53	1.3	1.15	0.16	-0.3	-6.28
Diluted EPS, GAAP	0.95	1.15	0.61	0.57	0.66	0.97	0.83	0.84	-0.52	0.53	1.28	1.14	0.16	-0.3	-6.28
Diluted EPS from Cont Ops	0.95	1.15	0.61	0.57	0.66	0.97	0.83	0.84	-0.52	0.53	1.28	1.14	0.16	-0.3	-6.28
Dividend per Share	- -	0.56	0.59	0.64	0.68	0.72	0.76	0.8	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	2.45	2.36	1.47	1.54	1.9	2.47	2.09	2.12	2.62	2.54	5.6	2.08	1.13	-0.2	1.11
Free Cash Flow per Basic Share	0.69	2.14	1.32	1.46	1.68	2.24	1.65	1.84	1.97	2.06	5.04	1.78	0.84	-0.38	0.95
Cash & Equivalents per Share	9.62	10.39	7.44	5.59	5.64	7.68	7.48	7.76	3.67	4.79	7.03	6.5	6.49	5.48	6.71
Book Value per Share	4.63	5.25	5.69	6.28	6.55	6.78	6.88	7.07	6.4	6.81	8.01	9.22	9.28	9.02	2.78
Tangible Book Value per Share	9.22	9.35	5.7	3.29	2.84	4.19	3.59	3.4	-9.91	-7.41	-5.43	-3.69	-2.17	-1.36	-0.66

Forrester Research, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)