Forrester Research, Inc. — Earnings Quality Grade C
FORR · Industrials
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 47 days, change -0 days YoY
AR growth -8.4% vs revenue growth -8.2%
Revenue -8.2%, CFFO 646.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -12.1% vs revenue -8.2%. Normal
SG&A/Gross Profit = 89.4%, exceeds 70%
Gross margin 57.0%, change -0.8pp. Stable
Cash Flow Quality
CFFO/NI = -0.18. Below 1.0
FCF $0.0B, FCF/NI = -0.15
Accruals ratio = -34.8%. Low accruals
Cash $0.1B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 110% of equity. Over 50%
Debt/EBITDA = -0.8x. Healthy
Other assets grew 24.6% vs revenue -8.2%
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -46% YoY. Normal
Manipulation Score
M-Score = -4.34 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25