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Paychex vs Forrester Research: PAYX and FORR compared
Paychex is the larger company: $1.6B of revenue in its latest quarter (Q1 FY27) against $86.1M for Forrester Research (Q3 2026). Paychex is growing faster (+6% against -9% a year earlier). Paychex is more profitable, with an operating margin of 38.0% against 2.8%.
Where the money goes: PAYX and FORR
Paychex (PAYX) · Q1 FY27
Paychex, Q1 FY27: revenue $1.6B (+6% year over year), operating margin 38.0%, net earnings $430M, operating cash flow $414M. The chart follows the revenue to costs, profit and cash.
Forrester Research (FORR) · Q3 2026
Forrester Research, Q3 2026: revenue $86.1M (-9% year over year), operating margin 2.8%, net loss $4.4M, operating cash flow $8.4M. The chart follows the revenue to costs, profit and cash.
| Paychex (PAYX) | Forrester Research (FORR) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q3 2026 |
| Revenue | $1.6B | $86.1M |
| Revenue growth, Y/Y | +6% | -9% |
| Operating margin | 38.0% | 2.8% |
| Net earnings | $430M | −$4.4M |
| Net margin | 26.4% | -5.1% |
| Operating cash flow | $414M | $8.4M |
| Free cash flow | $357M | $1.9M |
| Market value | $41.6B | — |
| P/E | 23.1× | — |
| Analysts’ mean target | $114.57 | — |
Where the revenue comes from
Forrester Research
- Research Services: $70.1M (81%)
- Consulting Services Revenue: $14.7M (17%)
- Events Revenue: $1.2M (1%)
Questions
Which is bigger, Paychex or Forrester Research?
Paychex is the larger company: $1.6B of revenue in its latest quarter (Q1 FY27) against $86.1M for Forrester Research (Q3 2026).
Is Paychex or Forrester Research growing faster?
Paychex is growing faster (+6% against -9% a year earlier).
Which is more profitable, Paychex or Forrester Research?
Paychex is more profitable, with an operating margin of 38.0% against 2.8%.
More: Paychex earnings · how Paychex makes money · Forrester Research earnings · how Forrester Research makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 24, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.