NASDAQ : FORA
Forian Inc. — Financial statements
Healthcare · Health Information Services · United States
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Financial statements
Forian Inc. (FORA) reported revenue of 30.05M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 30.05M | 30.26M | 20.15M | 21.22M | 16.42M | 16.07M |
| Other Revenue | 804.94K | |||||
| Revenue | 30.05M | 30.26M | 20.15M | 21.22M | 16.42M | 16.88M |
| Cost of Revenue | 15.87M | 14.16M | 7.33M | 5.48M | 5.05M | 4.72M |
| Gross Profit | 14.18M | 16.10M | 12.82M | 15.74M | 11.37M | 12.16M |
| Selling, General & Admin | 14.71M | 15.44M | 16.87M | 17.56M | 20.83M | 27.61M |
| Research & Development | 3.27M | 2.92M | 1.44M | 1.41M | 4.01M | 8.98M |
| Other Operating Expenses | 1.84M | 1.29M | 411.38K | |||
| Operating Expenses | 20.03M | 19.86M | 18.79M | 19.04M | 24.90M | 38.57M |
| Operating Income | -5.85M | -3.76M | -5.97M | -3.30M | -13.54M | -26.41M |
| Interest Expense | -89.67K | -142.35K | -708.93K | -834.78K | -846.10K | -322.38K |
| Interest & Investment Income | 1.09M | 1.26M | 2.42M | 2.33M | 266.21K | 6.81K |
| Currency Exchange Gain (Loss) | 525.25K | |||||
| Other Non Operating Income (Expenses) | 563.00 | 3.98K | 364.69K | 878.48K | ||
| EBT Excluding Unusual Items | -4.85M | -2.64M | -4.26M | -1.80M | -13.75M | -25.32M |
| Merger & Restructuring Charges | -6.14K | -6.14K | -345.36K | -599.83K | -5.42M | -1.21M |
| Gain (Loss) on Sale of Investments | 80.69K | 5.81M | ||||
| Legal Settlements | -669.96K | -1.03M | ||||
| Other Unusual Items | 1.49M | 111.15K | ||||
| Pretax Income | -4.86M | -2.65M | -3.70M | 2.48M | -19.17M | -26.53M |
| Income Tax Expense | 250.53K | 227.97K | 66.58K | 85.74K | 23.98K | 22.51K |
| Earnings From Continuing Operations | -5.11M | -2.87M | -3.77M | 2.40M | -19.19M | -26.55M |
| Earnings From Discontinued Operations | 9.37M | -6.78M | ||||
| Net Income | -5.11M | -2.87M | -3.77M | 11.77M | -25.97M | -26.55M |
| Net Income to Common | -5.11M | -2.87M | -3.77M | 11.77M | -25.97M | -26.55M |
| Shares Outstanding (Basic) | 31.12M | 31.11M | 31.07M | 32.03M | 32.03M | 29.53M |
| Shares Outstanding (Diluted) | 31.12M | 31.11M | 31.07M | 32.23M | 32.03M | 29.53M |
| EPS (Basic) | -0.16 | -0.09 | -0.12 | 0.37 | -0.81 | -0.90 |
| EPS (Diluted) | -0.16 | -0.09 | -0.12 | 0.36 | -0.81 | -0.90 |
| Free Cash Flow | 1.89M | 2.89M | 282.83K | 653.33K | -8.63M | -18.69M |
| Free Cash Flow Per Share | 0.06 | 0.09 | 0.01 | 0.02 | -0.27 | -0.63 |
| Gross Margin | 47.19% | 53.21% | 63.61% | 74.19% | 69.24% | 72.05% |
| Operating Margin | -19.47% | -12.42% | -29.63% | -15.55% | -82.44% | -156.44% |
| Profit Margin | -17.00% | -9.50% | -18.71% | 55.47% | -158.19% | -157.30% |
| Free Cash Flow Margin | 6.29% | 9.54% | 1.40% | 3.08% | -52.56% | -110.74% |
| EBITDA | -5.64M | -3.55M | -5.91M | -3.23M | -13.47M | -24.44M |
| EBITDA Margin | -18.78% | -11.73% | -29.32% | -15.20% | -82.05% | -144.81% |
| D&A For EBITDA | 208.50K | 207.72K | 63.39K | 74.44K | 65.55K | 1.96M |
| EBIT | -5.85M | -3.76M | -5.97M | -3.30M | -13.54M | -26.41M |
| EBIT Margin | -19.47% | -12.42% | -29.63% | -15.55% | -82.44% | -156.44% |
| Effective Tax Rate | 3.45% | |||||
| Revenue as Reported | 16.88M | |||||
| Advertising Expenses | 23.65K | 86.35K | 56.80K | 10.56K | 65.29K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 30.95M | 12.90M | 4.59M | 6.04M | 2.80M | 18.66M |
| Short-Term Investments | 18.65M | 30.49M | 42.30M | 17.40M | 12.40M | |
| Cash & Short-Term Investments | 30.95M | 31.55M | 35.08M | 48.34M | 20.19M | 31.06M |
| Accounts Receivable | 3.90M | 8.08M | 6.56M | 5.22M | 4.06M | 3.00M |
| Other Receivables | 282.01K | 684.13K | 3.77M | 432.34K | ||
| Receivables | 3.90M | 8.36M | 7.24M | 9.00M | 4.49M | 3.00M |
| Prepaid Expenses | 1.03M | 990.91K | 1.11M | 1.08M | 835.79K | 1.02M |
| Other Current Assets | 1.52M | 1.65M | 1.02M | 388.75K | 1.39M | 900.24K |
| Total Current Assets | 37.41M | 42.56M | 44.46M | 58.80M | 26.92M | 35.99M |
| Property, Plant & Equipment | 31.75K | 41.56K | 82.21K | 86.75K | 107.59K | 2.39M |
| Goodwill | 9.10M | |||||
| Other Intangible Assets | 953.45K | 1.00M | 1.19M | 9.05M | ||
| Other Long-Term Assets | 422.63K | 531.03K | 1.44M | 1.52M | 19.23M | 314.44K |
| Total Assets | 38.81M | 44.13M | 47.17M | 60.41M | 46.26M | 56.84M |
| Accounts Payable | 3.79M | 3.83M | 982.66K | 161.59K | 316.11K | 1.13M |
| Accrued Expenses | 3.51M | 4.20M | 3.12M | 2.89M | 3.77M | 4.07M |
| Short-Term Debt | 13.12K | |||||
| Current Portion of Long-Term Debt | 6.70M | |||||
| Current Portion of Leases | 6.10K | 12.14K | 23.42K | 10.66K | 21.60K | 247.32K |
| Current Unearned Revenue | 4.62M | 5.25M | 4.49M | 2.23M | 2.58M | 976.27K |
| Other Current Liabilities | 1.05M | 1.30M | 1.53M | 1.67M | 369.23K | |
| Total Current Liabilities | 11.93M | 14.35M | 16.60M | 6.82M | 8.35M | 6.80M |
| Long-Term Debt | 24.87M | 25.11M | 24.26M | |||
| Long-Term Leases | 10.96K | 611.52K | ||||
| Other Long-Term Liabilities | 512.14K | 1.00M | 365.61K | |||
| Total Liabilities | 11.93M | 14.35M | 17.12M | 32.69M | 33.84M | 31.67M |
| Common Stock | 31.24K | 31.07K | 31.01K | 30.92K | 32.25K | 31.77K |
| Additional Paid-In Capital | 83.01M | 82.54M | 79.94M | 73.83M | 71.18M | 57.96M |
| Retained Earnings | -56.15M | -52.79M | -49.92M | -46.14M | -58.79M | -32.82M |
| Shareholders' Equity | 26.89M | 29.78M | 30.05M | 27.72M | 12.42M | 25.17M |
| Total Liabilities & Equity | 38.81M | 44.13M | 47.17M | 60.41M | 46.26M | 56.84M |
| Total Debt | 6.10K | 12.14K | 6.72M | 24.88M | 25.14M | 25.13M |
| Net Cash (Debt) | 30.95M | 31.54M | 28.36M | 23.46M | -4.95M | 5.93M |
| Net Cash Per Share | 0.99 | 1.01 | 0.91 | 0.73 | -0.15 | 0.20 |
| Filing Date Shares Outstanding | 31.24M | 31.21M | 31.19M | 31.09M | 32.22M | 31.78M |
| Total Common Shares Outstanding | 31.24M | 31.07M | 31.01M | 30.88M | 31.91M | 30.95M |
| Working Capital | 25.48M | 28.20M | 27.86M | 51.98M | 18.56M | 29.19M |
| Book Value Per Share | 0.86 | 0.96 | 0.97 | 0.90 | 0.39 | 0.81 |
| Tangible Book Value | 25.93M | 28.78M | 28.86M | 27.72M | 12.42M | 7.02M |
| Tangible Book Value Per Share | 0.83 | 0.93 | 0.93 | 0.90 | 0.39 | 0.23 |
| Machinery | 92.68K | 167.78K | 167.78K | 168.07K | 276.39K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -5.11M | -2.87M | -3.77M | 11.77M | -25.97M | -26.55M |
| Depreciation & Amortization | 232.21K | 231.15K | 85.37K | 96.33K | 67.18K | 2.19M |
| Other Amortization | 2.22K | 3.56K | 5.33K | 5.33K | 5.33K | 24.57K |
| Loss (Gain) From Sale of Investments | -817.34K | -1.10M | -2.40M | -7.68M | -265.44K | -4.43K |
| Stock-Based Compensation | 2.53M | 3.28M | 6.53M | 6.57M | 11.92M | 9.30M |
| Provision & Write-off of Bad Debts | -7.45K | 132.03K | 225.00K | 227.84K | ||
| Other Operating Activities | 87.45K | 138.80K | -784.85K | -9.05M | 7.26M | -233.29K |
| Change in Accounts Receivable | 3.99M | -1.66M | -792.62K | -184.77K | -1.97M | -2.50M |
| Change in Accounts Payable | 1.52M | 2.85M | 821.08K | -154.52K | -131.37K | -204.41K |
| Change in Unearned Revenue | -1.00M | 763.51K | 203.12K | -356.28K | 1.94M | 496.45K |
| Change in Other Net Operating Assets | 459.89K | 1.12M | 185.67K | -230.78K | 1.08M | 13.37K |
| Operating Cash Flow | 1.89M | 2.89M | 282.83K | 728.82K | -8.58M | -17.25M |
| Capital Expenditures | -75.49K | -47.68K | -1.44M | |||
| Cash Acquisitions | 1.42M | 1.31M | ||||
| Investment in Securities | 30.78M | 12.94M | 14.21M | -17.22M | -4.73M | -893.09K |
| Other Investing Activities | 1.67M | 24.41M | -1.68M | |||
| Investing Cash Flow | 30.78M | 12.94M | 17.29M | 7.12M | -6.46M | -1.03M |
| Long-Term Debt Issued | 23.98M | |||||
| Total Debt Issued | 23.98M | |||||
| Short-Term Debt Repaid | -13.12K | -7.68K | ||||
| Long-Term Debt Repaid | -6.84M | -18.60M | -960.00K | |||
| Total Debt Repaid | -6.84M | -6.84M | -18.60M | -960.00K | -13.12K | -7.68K |
| Net Debt Issued (Repaid) | -6.84M | -6.84M | -18.60M | -960.00K | -13.12K | 23.97M |
| Issuance of Common Stock | 12.34M | |||||
| Repurchase of Common Stock | -582.90K | -676.61K | -425.49K | -3.64M | -87.41K | |
| Other Financing Activities | -31.35K | |||||
| Financing Cash Flow | -7.42M | -7.52M | -19.02M | -4.60M | -100.53K | 36.28M |
| Foreign Exchange Rate Adjustments | -8.28K | |||||
| Net Cash Flow | 25.25M | 8.31M | -1.45M | 3.25M | -15.14M | 18.00M |
| Free Cash Flow | 1.89M | 2.89M | 282.83K | 653.33K | -8.63M | -18.69M |
| Free Cash Flow Margin | 6.29% | 9.54% | 1.40% | 3.08% | -52.56% | -110.74% |
| Free Cash Flow Per Share | 0.06 | 0.09 | 0.01 | 0.02 | -0.27 | -0.63 |
| Levered Free Cash Flow | 4.20M | 3.90M | 6.60M | -1.24M | 2.95M | -5.97M |
| Unlevered Free Cash Flow | 4.25M | 3.99M | 7.04M | -726.69K | 3.47M | -5.77M |
| Cash Interest Paid | 840.00K | 840.00K | 1.60M | 724.00 | ||
| Cash Income Tax Paid | 220.76K | 220.76K | -1.63M | 4.07M | 18.44K | |
| Change in Working Capital | 4.97M | 3.08M | 417.24K | -926.35K | 917.25K | -2.20M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 67.79M | 65.87M | 63.89M | 88.48M | 87.74M | 280.87M |
| Enterprise Value | 36.85M | 37.67M | 38.95M | 64.20M | 92.71M | 269.93M |
| Last Close Price | 2.17 | 2.12 | 2.06 | 2.92 | 2.73 | 9.02 |
| PE Ratio | 7.52 | |||||
| PS Ratio | 2.26 | 2.18 | 3.17 | 4.17 | 5.34 | 16.64 |
| PB Ratio | 2.52 | 2.21 | 2.13 | 3.19 | 7.06 | 11.16 |
| P/TBV Ratio | 2.61 | 2.29 | 2.21 | 3.19 | 7.06 | 40.01 |
| P/FCF Ratio | 35.86 | 22.82 | 225.91 | 135.43 | ||
| P/OCF Ratio | 35.86 | 22.82 | 225.91 | 121.40 | ||
| EV/Sales Ratio | 1.23 | 1.25 | 1.93 | 3.03 | 5.65 | 15.99 |
| EV/FCF Ratio | 19.49 | 13.05 | 137.71 | 98.26 | ||
| Debt / Equity Ratio | 0.00 | 0.00 | 0.22 | 0.90 | 2.02 | 1.00 |
| Debt / FCF Ratio | 0.00 | 0.00 | 23.76 | 38.08 | ||
| Net Debt / Equity Ratio | -1.15 | -1.06 | -0.94 | -0.85 | 0.40 | -0.24 |
| Net Debt / EBITDA Ratio | 5.48 | 8.88 | 4.80 | 7.27 | -0.37 | 0.24 |
| Net Debt / FCF Ratio | -16.37 | -10.93 | -100.28 | -35.91 | -0.57 | 0.32 |
| Asset Turnover | 0.69 | 0.66 | 0.38 | 0.40 | 0.32 | 0.49 |
| Quick Ratio | 2.92 | 2.78 | 2.55 | 8.40 | 2.96 | 5.01 |
| Current Ratio | 3.14 | 2.96 | 2.68 | 8.62 | 3.22 | 5.29 |
| Return on Equity (ROE) | -17.95% | -9.61% | -13.05% | 11.94% | -102.10% | -145.73% |
| Return on Assets (ROA) | -8.37% | -5.15% | -6.94% | -3.87% | -16.41% | -47.56% |
| Return on Invested Capital (ROIC) | -200.60% | -29.46% | -73.95% | -287.96% | ||
| Return on Capital Employed (ROCE) | -21.80% | -12.60% | -19.50% | -6.20% | -35.70% | -52.80% |
| Earnings Yield | -7.54% | -4.36% | -5.90% | 13.30% | -29.60% | -9.45% |
| FCF Yield | 2.79% | 4.38% | 0.44% | 0.74% | -9.84% | -6.65% |
| Buyback Yield / Dilution | -0.06% | -0.13% | 3.60% | -0.62% | -8.48% | -123.87% |