2 models fit Forrester Research Inc. Common Stock and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Silver72
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, and Dividend discount.
ACCE opinionForrester Research Inc. Common Stock (FORR)
Fair value (2 models)
$13.00
ACCE price target
$11.90
Rating
Fairly valued
Horizon
12 months
Fair value published on 18 Oct 2026, 15:05 CEST; previously $13.16 since 14 Oct 2026, 00:00 CEST.
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 15:05 CEST.
Price used: $12.48 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
4.0% below
+4.2% to fair value
ACCE score
63
out of 100
Analysts
0% buy
1 covering
1-year return
+34.6%
Dividend yield
0.00%
Forrester Research Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Forrester sells subscription research, advisory and event products to technology buyers and vendors, with its research subscriptions and Forrester Decisions being the core recurring revenue base. The moat rests on proprietary analyst methodology and client relationships that are costly to replicate, and a 57.0% gross margin shows the subscription model still earns solid unit economics despite the top-line pressure. The thesis hinges on whether the business can stabilise revenue, with revenue down 10.2% and an operating margin of only 5.5% leaving little cushion if demand keeps weakening. The stock screens at a forward P/E of 18.6, so the market is pricing in a recovery that the trailing numbers do not yet show, with ROE at -30.3% reflecting recent losses. The case is worth a deeper look only if the next few quarters show contract renewals and margins holding while the revenue decline narrows.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Revenue in steady decline
Revenue is down 10.2% year on year and 2.4% compounded over five years, with a 15.4% quarter-on-quarter drop. Shrinking top line is the core issue, not a one-off.
moderate
Earnings growth flattered by base
Earnings rose 290.0% year on year, but net margin is still -11.2% and ROE is -30.3%. The jump reflects a weak prior base, not durable profitability.
moderate
Elevated short interest
Short interest stands at 13.6% of the float, which signals meaningful bearish positioning alongside falling revenue.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last twelve months came to $18M, so the business still generates real cash despite falling sales.
The stock offers an 8.1% free cash flow yield, and the forward P/E of 13.0x sits well below the sector median of 23.6x.
The latest quarterly earnings per share beat expectations by 64.7%, reporting 0.28 against 0.17 expected.
Why it could disappoint
Revenue fell 10.2% year over year, and the five-year average annual change is still negative at -2.4%.
Net margin of -11.2% and return on equity of -30.3% show the business is losing money on what it sells and on shareholder capital.
Analysts' mean price target of $12.00 sits only 2.1% above the share price, and none of the covering analysts rate it Buy or Strong Buy.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 29, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where FORR's valuation models land
Price
$12.48
Model fair value
$13.00
Model range
$7.72 to $18.28
Fair value $13.00
Price $12.48
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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