Demonstrações financeiras detalhadas de Forrester Research, Inc. (FORR): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Forrester Research, Inc. registou receitas de $396.9M no último exercício, com um CAGR de 5 anos de -2.4%.
Margens dos últimos 12 meses: margem bruta 57.0%, margem operacional -1.2%, margem líquida -11.2%. O fluxo de caixa livre cresceu a CAGR de -14.2% em 5 anos.
Ao preço atual de $11.62, FORR apresenta lucros negativos (P/L não significativo) e um ROE de -33.27%. A capitalização de mercado é de $226M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $326.1M | $337.7M | $357.6M | $461.7M | $449.0M | $494.3M | $537.8M | $480.8M | $432.5M | $396.9M |
| Custo da Receita | $128.2M | $136.9M | $146.5M | $196.7M | $180.9M | $201.8M | $223.8M | $204.5M | $9.6M | $170.7M |
| Lucro Bruto | $197.9M | $200.8M | $211.1M | $265.0M | $268.1M | $292.5M | $314.0M | $276.3M | $422.8M | $226.2M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $157.5M | $165.8M | $175.7M | $225.9M | $216.6M | $229.0M | $249.6M | $235.8M | $218.4M | $202.1M |
| Despesas Operacionais | $166.1M | $173.3M | $184.9M | $266.0M | $251.9M | $253.9M | $281.4M | $269.5M | $422.1M | $224.2M |
| Lucro Operacional | $30.8M | $27.5M | $22.4M | -$1.1M | $16.2M | $38.6M | $32.7M | $6.8M | $740000 | $1.9M |
| EBITDA | $40.4M | $34.8M | $32.6M | $42.2M | $61.2M | $73.3M | $70.1M | $41.4M | $35.8M | -$95.3M |
| Despesas com Juros | 0 | 0 | 0 | $8.1M | $5.3M | $4.2M | $2.5M | $3.1M | $3.0M | $2.7M |
| Lucro Antes de Impostos | $30.7M | $27.4M | $23.5M | -$9.6M | $12.9M | $33.2M | $30.7M | $6.3M | $2.6M | -$119.4M |
| Imposto | $13.1M | $12.2M | $8.1M | -$29000 | $2.9M | $8.3M | $8.9M | $3.2M | $8.4M | -$49000 |
| Lucro Líquido | $17.7M | $15.1M | $15.4M | -$9.6M | $10.0M | $24.8M | $21.8M | $3.0M | -$5.7M | -$119.4M |
| LPA | $0.98 | $0.84 | $0.85 | $-0.52 | $0.53 | $1.30 | $1.15 | $0.16 | $-0.30 | $-6.28 |
| LPA Diluído | $0.97 | $0.83 | $0.84 | $-0.52 | $0.53 | $1.28 | $1.14 | $0.16 | $-0.30 | $-6.28 |
| Ações em Circulação (Diluídas) | $18.3M | $18.2M | $18.4M | $18.5M | $18.9M | $19.4M | $19.2M | $19.3M | $19.1M | $19.0M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $94.3M | $101.1M | $85.5M | $100.2M |
| Lucro Bruto | $56.6M | $57.3M | $46.8M | $56.5M |
| Lucro Operacional | -$2.1M | -$346000 | -$5.7M | $3.4M |
| EBITDA | $8.2M | -$31.2M | -$12.8M | $6.6M |
| Lucro Líquido | -$2.1M | -$33.9M | -$21.8M | $15.3M |
| LPA | $-0.11 | $-1.78 | $-1.14 | $0.79 |
| LPA Diluído | $-0.11 | $-1.78 | $-1.14 | $0.78 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $77.0M | $79.8M | $140.3M | $67.9M | $90.3M | $115.8M | $103.6M | $72.9M | $56.1M | $63.3M |
| Investimentos de Curto Prazo | $61.1M | $54.3M | 0 | 0 | 0 | $18.5M | $19.7M | $51.6M | $48.6M | $64.3M |
| Contas a Receber | $58.8M | $70.0M | $67.3M | $84.6M | $84.7M | $87.0M | $73.3M | $59.0M | $55.5M | $50.9M |
| Estoque | $12.1M | $13.7M | $15.7M | $20.3M | $23.6M | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $223.4M | $236.8M | $236.1M | $192.0M | $217.2M | $269.5M | $235.3M | $216.0M | $201.4M | $212.7M |
| Imobilizado | $23.9M | $25.2M | $22.0M | $99.0M | $96.3M | $93.3M | $73.2M | $59.1M | $38.7M | $41.9M |
| Ágio | $73.2M | $76.2M | $85.2M | $243.9M | $247.2M | $245.0M | $242.1M | $244.3M | $228.0M | $120.4M |
| Ativos Intangíveis | $1.5M | $732000 | $5.0M | $97.4M | $78.0M | $62.7M | $49.5M | $37.6M | $27.5M | $18.7M |
| Ativos Totais | $335.8M | $345.2M | $353.5M | $639.2M | $644.2M | $680.1M | $608.4M | $564.2M | $503.9M | $404.0M |
| Contas a Pagar | $1.8M | $217000 | $588000 | $505000 | $657000 | $840000 | $361000 | $1.8M | $965000 | $832000 |
| Dívida de Curto Prazo | 0 | 0 | 0 | $9.4M | $12.5M | 0 | 0 | 0 | 0 | $35.0M |
| Passivos Circulantes | $177.5M | $195.1M | $190.0M | $268.9M | $269.7M | $312.3M | $269.4M | $240.1M | $204.0M | $240.1M |
| Dívida de Longo Prazo | 0 | 0 | 0 | $121.2M | $95.3M | $75.0M | $50.0M | $35.0M | $35.0M | 0 |
| Passivos Totais | $185.7M | $204.0M | $201.9M | $481.1M | $458.5M | $476.2M | $386.8M | $323.9M | $274.3M | $277.5M |
| Reservas | $121.8M | $123.0M | $127.7M | $118.1M | $128.0M | $152.8M | $174.6M | $177.7M | $171.9M | $52.6M |
| Patrimônio Líquido | $150.0M | $141.2M | $151.6M | $158.1M | $185.8M | $203.9M | $221.7M | $240.3M | $229.5M | $126.5M |
| Dívida Total | 0 | 0 | 0 | $209.8M | $190.1M | $153.0M | $114.4M | $86.9M | $72.6M | $71.9M |
| Dívida Líquida | -$138.1M | -$134.1M | -$140.3M | $141.9M | $99.8M | $18.8M | -$8.9M | -$37.6M | -$32.1M | -$55.8M |
| Capital de Giro | $46.0M | $41.8M | $46.1M | -$76.9M | -$52.6M | -$42.8M | -$34.1M | -$24.1M | -$2.6M | -$27.4M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $65.1M | $63.3M | $73.9M | $59.5M |
| Ativos Totais | $414.2M | $404.0M | $409.1M | $416.5M |
| Passivos Totais | $256.5M | $277.5M | $303.0M | $294.9M |
| Patrimônio Líquido | $157.7M | $126.5M | $106.1M | $121.6M |
| Dívida Total | $66.8M | $71.9M | $62.3M | $64.0M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $17.7M | $15.1M | $15.4M | -$9.6M | $10.0M | $24.8M | $21.8M | $3.0M | -$5.7M | -$119.4M |
| Depreciação e Amortização | $8.6M | $7.4M | $9.1M | $43.8M | $43.0M | $35.9M | $36.9M | $32.1M | $30.2M | $21.4M |
| Compensação em Ações | $8.0M | $8.5M | $8.3M | $11.7M | $10.9M | $10.1M | $14.5M | $15.5M | $14.3M | $12.3M |
| Variação Capital de Giro | $3.9M | -$1.3M | $2.6M | $4.6M | -$14.6M | $34.1M | -$28.9M | -$24.4M | -$45.5M | -$8.3M |
| Fluxo de Caixa Operacional | $41.9M | $37.5M | $38.4M | $48.4M | $47.8M | $107.1M | $39.4M | $21.7M | -$3.9M | $21.1M |
| CapEx | -$4.1M | -$7.9M | -$5.0M | -$11.9M | -$8.9M | -$10.7M | -$5.7M | -$5.5M | -$3.4M | -$3.0M |
| Aquisições | 0 | 0 | -$9.2M | -$237.7M | 0 | 0 | 0 | 0 | $6.0M | 0 |
| Recompra de Ações | -$1.8M | -$40.0M | -$9.9M | 0 | 0 | -$20.1M | -$15.1M | -$4.1M | -$15.9M | -$2.5M |
| Dividendos Pagos | -$13.0M | -$13.6M | -$14.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $37.7M | $29.6M | $33.4M | $36.5M | $38.8M | $96.3M | $33.8M | $16.2M | -$7.3M | $18.1M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $1.2M | -$3.2M | $25.6M | $14.3M |
| CapEx | -$673000 | -$1.1M | -$6.2M | -$12.0M |
| Fluxo de Caixa Livre | $524000 | -$4.3M | $19.4M | $2.3M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $3.4M | $2.4M | $2.7M | $2.9M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +3.6% | +5.9% | +29.1% | -2.8% | +10.1% | +8.8% | -10.6% | -10.0% | -8.2% |
| Crescimento Lucro Líquido (anual) | | -14.2% | +1.6% | -162.2% | +204.4% | +148.7% | -12.2% | -86.0% | -288.4% | -1976.9% |
| Crescimento LPA (anual) | | -14.3% | +1.2% | -161.2% | +201.9% | +145.3% | -11.5% | -86.1% | -287.5% | -1993.3% |
| Variação de Ações (anual) | | -0.2% | +0.8% | +0.6% | +2.4% | +2.2% | -1.0% | +0.4% | -0.9% | -0.4% |
| Crescimento FCF (anual) | | -21.4% | +12.6% | +9.4% | +6.4% | +147.9% | -64.9% | -52.1% | -144.9% | +349.2% |
| Margem Bruta | 60.7% | 59.5% | 59.0% | 57.4% | 59.7% | 59.2% | 58.4% | 57.5% | 97.8% | 57.0% |
| Margem Operacional | 9.4% | 8.2% | 6.3% | -0.2% | 3.6% | 7.8% | 6.1% | 1.4% | 0.2% | 0.5% |
| Margem EBITDA | 12.4% | 10.3% | 9.1% | 9.1% | 13.6% | 14.8% | 13.0% | 8.6% | 8.3% | -24.0% |
| Margem Líquida | 5.4% | 4.5% | 4.3% | -2.1% | 2.2% | 5.0% | 4.1% | 0.6% | -1.3% | -30.1% |
| Margem FCF | 11.6% | 8.8% | 9.3% | 7.9% | 8.7% | 19.5% | 6.3% | 3.4% | -1.7% | 4.6% |
| Taxa Efetiva de Imposto | 42.5% | 44.7% | 34.6% | 0.3% | 22.8% | 25.1% | 29.0% | 51.5% | 317.9% | 0.0% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $2.06 | $1.62 | $1.82 | $1.97 | $2.05 | $4.98 | $1.76 | $0.84 | $-0.38 | $0.95 |
| Dividendo por Ação | $0.71 | $0.75 | $0.79 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $18.0M | $17.9M | $18.1M | $18.5M | $18.8M | $19.1M | $19.0M | $19.2M | $19.1M | $19.0M |
O que olhar em Industriais
Aeroespacial, defesa, maquinaria, transporte. Semi-cíclicos. Chave: backlog, margens operacionais e conversão de FCF.
- Crescimento receita 5 anos — Sem crescimento, não há criação de valor a longo prazo
- Margem operacional — O melhor indicador de disciplina operacional em industriais
- ROIC — Industriais de qualidade têm ROIC >15% — os outros destroem capital
- Conversão FCF — FCF / Net Income — em industriais bom >85%
- Dívida líquida / EBITDA — Industriais cíclicos com dívida alta sofrem muito em recessão
- Capex / Receita — Manter a maquinaria. <4% = possível subinvestimento (deterioração futura)
- Altman Z-Score — Modelo de falência (NYU 1968) — combina liquidez, alavancagem e rentabilidade. Chave em cíclicas
Rentabilidade
| Retorno sobre patrimônio | -33.27% |
| Retorno sobre capital investido | -1.78% |
| Retorno sobre ativos | -10.22% |
| Margem bruta | 57.01% |
| Margem operacional | -1.23% |
| Margem líquida | -11.17% |
Saúde financeira
| Dívida / Patrimônio | 0.53 |
| Liquidez corrente | 1.06 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 43.83 | 52.62 | 52.59 | -80.19 | 79.06 | 45.18 | 31.10 | 167.56 | -52.23 | -1.29 |
| P/VP | 5.15 | 5.61 | 5.33 | 4.88 | 4.25 | 5.50 | 3.06 | 2.14 | 1.30 | 1.22 |
| P/V | 2.37 | 2.35 | 2.26 | 1.67 | 1.76 | 2.27 | 1.26 | 1.07 | 0.69 | 0.39 |
| Margem Bruta | 60.7% | 59.5% | 59.0% | 57.4% | 59.7% | 59.2% | 58.4% | 57.5% | 97.8% | 57.0% |
| Margem Operacional | 9.4% | 8.2% | 6.3% | -0.2% | 3.6% | 7.8% | 6.1% | 1.4% | 0.2% | 0.5% |
| Margem Líquida | 5.4% | 4.5% | 4.3% | -2.1% | 2.2% | 5.0% | 4.1% | 0.6% | -1.3% | -30.1% |