What is Forian Inc's earnings per share (EPS)?

Forian Inc (FORA) reported diluted earnings per share of $-0.09 for fiscal year 2025. This represents a 25.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Forian Inc Financials

FORA

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Forian Inc (FORA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FORA FY2025 2026-05-15

Cost discipline, not richer unit economics, is driving Forian's narrower losses as revenue grows against margin pressure.

By FY2025, revenue reached $30.3M while gross margin slipped to 53.2%, so higher sales did not produce a proportionate improvement in gross profit. Yet operating margin improved to -12.4% as SG&A fell to $9.4M, indicating the narrower loss came mainly from a leaner overhead base rather than stronger unit economics.

Cash conversion improved in FY2025: operating cash flow was $2.9M even with a net loss of -$2.9M, so the business stopped burning cash at the pace implied by accounting earnings. But liquidity was also helped by investing inflows of $12.9M, matching year-end cash of $12.9M, which means the cash build was not purely an operating story.

The balance sheet posture is markedly less stretched than earlier years, with debt-to-equity down to 0.5x and the current ratio near 3.0x. That matters because losses now sit on top of a liquid balance sheet, giving management room to keep resizing the cost base without obvious short-term financing pressure.

Financial Health Signals

Financial Health Score 56/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Forian Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Dilution

R&D Intensity

Revenue Progress

Balance Sheet

Altman Z-Score Grey Zone

2.33

Forian Inc scores 2.33, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($67.8M) relative to total liabilities ($14.4M). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Forian Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-1.00x

For every $1 of reported earnings, Forian Inc generates $-1.00 in operating cash flow ($2.9M OCF vs -$2.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-26.4x

Forian Inc earns $-26.4 in operating income for every $1 of interest expense (-$3.8M vs $142K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$30.3M

YoY+50.1%

5Y CAGR+123.3%

Forian Inc generated $30.3M in revenue in fiscal year 2025. This represents an increase of 50.1% from the prior year.

EBITDA

-$3.6M

YoY+48.6%

Forian Inc's EBITDA was -$3.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 48.6% from the prior year.

Net Income

-$2.9M

YoY+23.8%

Forian Inc reported -$2.9M in net income in fiscal year 2025. This represents an increase of 23.8% from the prior year.

EPS (Diluted)

$-0.09

YoY+25.0%

Forian Inc earned $-0.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 25.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$12.9M

YoY+181.1%

5Y CAGR+80.9%

Forian Inc held $12.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

31M

YoY+0.2%

5Y CAGR+7.9%

Forian Inc had 31M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.

Margins & Returns

Gross Margin

53.2%

YoY-10.4pp

5Y CAGR-39.8pp

Forian Inc's gross margin was 53.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 10.4 percentage points from the prior year.

Operating Margin

-12.4%

YoY+22.2pp

5Y CAGR+902.2pp

Forian Inc's operating margin was -12.4% in fiscal year 2025, reflecting core business profitability. This is up 22.2 percentage points from the prior year.

Net Margin

-9.5%

YoY+9.2pp

5Y CAGR+904.5pp

Forian Inc's net profit margin was -9.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.2 percentage points from the prior year.

Return on Equity

-9.7%

YoY+2.9pp

5Y CAGR+34.6pp

Forian Inc's ROE was -9.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.9M

YoY+101.9%

5Y CAGR+3.1%

Forian Inc invested $2.9M in research and development in fiscal year 2025. This represents an increase of 101.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

FORA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$30.3M+50.1%	$20.2M-5.0%	$21.2M+29.2%	$16.4M-2.7%	$16.9M+2997.9%	$545K
Cost of Revenue	$14.2M+93.0%	$7.3M+33.9%	$5.5M+8.5%	$5.0M+7.0%	$4.7M+12218.6%	$38K
Gross Profit	$16.1M+25.6%	$12.8M-18.6%	$15.7M+38.5%	$11.4M-6.5%	$12.2M+2300.9%	$507K
R&D Expenses	$2.9M+101.9%	$1.4M+2.6%	$1.4M-64.9%	$4.0M-55.3%	$9.0M+257.6%	$2.5M
SG&A Expenses	$9.4M-24.9%	$12.5M-0.5%	$12.6M-25.4%	$16.9M-28.1%	$23.5M+687.2%	$3.0M
Operating Income	-$3.8M+46.1%	-$7.0M-41.6%	-$4.9M+74.0%	-$19.0M+31.4%	-$27.6M-454.1%	-$5.0M
Interest Expense	$142K-79.9%	$709K-15.1%	$835K-1.3%	$846K+162.5%	$322K	$0
Income Tax	$228K+242.4%	$67K-22.3%	$86K+257.5%	$24K+6.5%	$23K	$0
Net Income	-$2.9M+23.8%	-$3.8M-132.0%	$11.8M+145.3%	-$26.0M+2.2%	-$26.6M-433.1%	-$5.0M
EPS (Diluted)	$-0.09+25.0%	$-0.12-133.3%	$0.36+144.4%	$-0.81+10.0%	$-0.90-136.8%	$-0.38

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$6.9M-14.0%	$8.0M+2.6%	$7.8M+3.8%	$7.5M+6.0%	$7.1M+21.4%	$5.8M+24.0%	$4.7M-1.9%	$4.8M
Cost of Revenue	$4.8M+19.8%	$4.0M+7.7%	$3.8M+16.3%	$3.2M+3.1%	$3.1M+29.4%	$2.4M+72.6%	$1.4M-22.4%	$1.8M
Gross Profit	$2.0M-48.8%	$3.9M-2.2%	$4.0M-5.6%	$4.2M+8.2%	$3.9M+15.7%	$3.4M+3.3%	$3.3M+10.5%	$3.0M
R&D Expenses	$961K+0.3%	$959K+41.8%	$676K+0.1%	$676K+11.5%	$606K+33.0%	$456K+56.1%	$292K-5.0%	$307K
SG&A Expenses	$2.4M+19.9%	$2.0M-3.7%	$2.1M+7.4%	$2.0M-39.9%	$3.3M+3.6%	$3.2M+10.8%	$2.9M-11.5%	$3.2M
Operating Income	-$3.5M-79.2%	-$1.9M-314.1%	-$470K-1119.8%	$46K+103.3%	-$1.4M+3.7%	-$1.4M-82.0%	-$796K+73.2%	-$3.0M
Interest Expense	$0	$0-100.0%	$36K-33.0%	$54K+1.9%	$53K-56.6%	$121K-38.0%	$195K+1.1%	$193K
Income Tax	$30K-75.8%	$124K+763.3%	-$19K-116.1%	$116K+1468.6%	$7K-85.8%	$52K+153.9%	-$96K-1266.5%	$8K
Net Income	-$3.4M-84.6%	-$1.8M-1104.7%	-$151K-167.3%	$225K+120.0%	-$1.1M-663.7%	$200K+197.5%	-$205K+92.0%	-$2.6M
EPS (Diluted)	$-0.11	N/A	$0.00-100.0%	$0.01+125.0%	$-0.04	N/A	$-0.01+87.5%	$-0.08

FORA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$44.1M-6.4%	$47.2M-21.9%	$60.4M+30.6%	$46.3M-18.6%	$56.8M+352.8%	$12.6M
Current Assets	$42.6M-4.3%	$44.5M-24.4%	$58.8M+118.5%	$26.9M-25.2%	$36.0M+187.7%	$12.5M
Cash & Equivalents	$12.9M+181.1%	$4.6M-24.0%	$6.0M+116.1%	$2.8M-85.0%	$18.7M+2704.6%	$665K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$5.6M+42.1%	$4.0M+54.4%	$2.6M+42.2%	$1.8M-7.1%	$1.9M+8369.0%	$23K
Goodwill	N/A	N/A	N/A	$9.1M0.0%	$9.1M	$0
Total Liabilities	$14.4M-16.2%	$17.1M-47.6%	$32.7M-3.4%	$33.8M+6.8%	$31.7M+2360.4%	$1.3M
Current Liabilities	$14.4M-13.6%	$16.6M+143.4%	$6.8M-18.3%	$8.4M+22.8%	$6.8M+428.2%	$1.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$29.8M-0.9%	$30.1M+8.4%	$27.7M+108.4%	$13.3M-47.2%	$25.2M+123.4%	$11.3M
Retained Earnings	-$52.8M-5.8%	-$49.9M-8.2%	-$46.1M+21.5%	-$58.8M-79.1%	-$32.8M-423.5%	-$6.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$38.8M-12.0%	$44.1M+7.0%	$41.3M-14.9%	$48.5M-0.3%	$48.6M+3.0%	$47.2M-18.0%	$57.5M-1.5%	$58.4M
Current Assets	$37.4M-12.1%	$42.6M+8.1%	$39.4M-15.4%	$46.5M+0.4%	$46.4M+4.3%	$44.5M-20.4%	$55.8M-1.1%	$56.4M
Cash & Equivalents	$31.0M+139.9%	$12.9M+176.9%	$4.7M-13.2%	$5.4M-5.9%	$5.7M+24.3%	$4.6M+69.5%	$2.7M+35.4%	$2.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$3.0M-46.5%	$5.6M+4.0%	$5.4M+3.0%	$5.3M+0.9%	$5.2M+31.5%	$4.0M+12.0%	$3.5M-3.4%	$3.7M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$11.9M-16.9%	$14.4M+41.1%	$10.2M-41.9%	$17.5M-5.6%	$18.6M+8.4%	$17.1M-44.1%	$30.6M-6.5%	$32.7M
Current Liabilities	$11.9M-16.9%	$14.4M+41.1%	$10.2M-41.9%	$17.5M-5.5%	$18.5M+11.7%	$16.6M-44.8%	$30.1M+274.6%	$8.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$26.9M-9.7%	$29.8M-4.2%	$31.1M+0.4%	$30.9M+3.0%	$30.0M0.0%	$30.1M+5.7%	$28.4M+4.6%	$27.2M
Retained Earnings	-$56.2M-6.4%	-$52.8M-3.6%	-$51.0M-0.3%	-$50.8M+0.4%	-$51.0M-2.3%	-$49.9M+3.4%	-$51.7M-0.4%	-$51.5M

FORA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.9M+920.6%	$283K-61.2%	$729K+108.5%	-$8.6M+50.3%	-$17.2M-305.8%	-$4.3M
Capital Expenditures	N/A	$0-100.0%	$75K+58.3%	$48K-96.7%	$1.4M+2702.3%	$51K
Free Cash Flow	N/A	$283K-56.7%	$653K+107.6%	-$8.6M+53.8%	-$18.7M-334.5%	-$4.3M
Investing Cash Flow	$12.9M-25.1%	$17.3M+142.8%	$7.1M+210.2%	-$6.5M-530.3%	-$1.0M+91.0%	-$11.4M
Financing Cash Flow	-$7.5M+60.5%	-$19.0M-313.4%	-$4.6M-4477.3%	-$101K-100.3%	$36.3M+122.4%	$16.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$293K-91.5%	$3.5M	$0	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$548K-117.0%	$3.2M+832.9%	-$440K-27.6%	-$345K-176.9%	$448K-74.4%	$1.7M+129.0%	$764K+3406.3%	-$23K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$0	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$1.7M+129.0%	$764K+3406.3%	-$23K
Investing Cash Flow	$18.7M+265.8%	$5.1M-27.1%	$7.0M+357675.9%	$2K-99.8%	$838K-95.3%	$18.0M+56476.1%	$32K-96.9%	$1.0M
Financing Cash Flow	-$79K+6.9%	-$84K+98.8%	-$7.3M-94228.0%	$8K+104.5%	-$172K+99.0%	-$17.9M-20370.2%	-$87K-352.7%	-$19K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$219K	N/A	N/A

FORA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	53.2%-10.4pp	63.6%-10.6pp	74.2%+4.9pp	69.2%-2.8pp	72.0%-20.9pp	93.0%
Operating Margin	-12.4%+22.2pp	-34.7%-11.4pp	-23.3%+92.2pp	-115.4%+48.2pp	-163.6%+751.1pp	-914.7%
Net Margin	-9.5%+9.2pp	-18.7%-74.2pp	55.5%+213.7pp	-158.2%-0.9pp	-157.3%+756.7pp	-914.0%
Return on Equity	-9.7%+2.9pp	-12.6%-55.0pp	42.4%+237.7pp	-195.3%-89.8pp	-105.5%-61.3pp	-44.2%
Return on Assets	-6.5%+1.5pp	-8.0%-27.5pp	19.5%+75.6pp	-56.1%-9.4pp	-46.7%-7.0pp	-39.7%
Current Ratio	2.97+0.3	2.68-5.9	8.62+5.4	3.22-2.1	5.29-4.4	9.72
Debt-to-Equity	0.48-0.1	0.57-0.6	1.18-1.4	2.54+1.3	1.26+1.1	0.11
FCF Margin	N/A	1.4%-1.7pp	3.1%+55.6pp	-52.6%+58.2pp	-110.7%+678.9pp	-789.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	29.3%-19.9pp	49.2%-2.4pp	51.6%-5.2pp	56.8%+1.2pp	55.6%-2.7pp	58.4%-11.7pp	70.1%+7.9pp	62.2%
Operating Margin	-50.9%-26.5pp	-24.4%-18.4pp	-6.0%-6.7pp	0.6%+20.4pp	-19.8%+5.2pp	-24.9%-7.9pp	-17.0%+45.2pp	-62.2%
Net Margin	-49.1%-26.2pp	-22.9%-20.9pp	-1.9%-5.0pp	3.0%+19.0pp	-16.0%-19.4pp	3.4%+7.8pp	-4.4%+49.1pp	-53.4%
Return on Equity	-12.5%-6.4pp	-6.1%-5.6pp	-0.5%-1.2pp	0.7%+4.5pp	-3.8%-4.4pp	0.7%+1.4pp	-0.7%+8.7pp	-9.4%
Return on Assets	-8.7%-4.5pp	-4.1%-3.8pp	-0.4%-0.8pp	0.5%+2.8pp	-2.3%-2.7pp	0.4%+0.8pp	-0.4%+4.0pp	-4.4%
Current Ratio	3.14+0.2	2.97-0.9	3.87+1.2	2.66+0.2	2.50-0.2	2.68+0.8	1.85-5.2	7.02
Debt-to-Equity	0.44-0.0	0.48+0.2	0.33-0.2	0.57-0.1	0.62+0.0	0.57-0.5	1.08-0.1	1.20
FCF Margin	N/A	N/A	N/A	N/A	N/A	30.1%+13.8pp	16.3%+16.8pp	-0.5%

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Frequently Asked Questions

What is Forian Inc's annual revenue?

Forian Inc (FORA) reported $30.3M in total revenue for fiscal year 2025. This represents a 50.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Forian Inc's revenue growing?

Forian Inc (FORA) revenue grew by 50.1% year-over-year, from $20.2M to $30.3M in fiscal year 2025.

Is Forian Inc profitable?

No, Forian Inc (FORA) reported a net income of -$2.9M in fiscal year 2025, with a net profit margin of -9.5%.

What is Forian Inc's EBITDA?

Forian Inc (FORA) had EBITDA of -$3.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Forian Inc's gross margin?

Forian Inc (FORA) had a gross margin of 53.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Forian Inc's operating margin?

Forian Inc (FORA) had an operating margin of -12.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Forian Inc's net profit margin?

Forian Inc (FORA) had a net profit margin of -9.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Forian Inc's return on equity (ROE)?

Forian Inc (FORA) has a return on equity of -9.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Forian Inc's operating cash flow?

Forian Inc (FORA) generated $2.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Forian Inc's total assets?

Forian Inc (FORA) had $44.1M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Forian Inc spend on research and development?

Forian Inc (FORA) invested $2.9M in research and development during fiscal year 2025.

How many shares does Forian Inc have outstanding?

Forian Inc (FORA) had 31M shares outstanding as of fiscal year 2025.

What is Forian Inc's current ratio?

Forian Inc (FORA) had a current ratio of 2.97 as of fiscal year 2025, which is generally considered healthy.

What is Forian Inc's debt-to-equity ratio?

Forian Inc (FORA) had a debt-to-equity ratio of 0.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Forian Inc's return on assets (ROA)?

Forian Inc (FORA) had a return on assets of -6.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Forian Inc's Altman Z-Score?

Forian Inc (FORA) has an Altman Z-Score of 2.33, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Forian Inc's Piotroski F-Score?

Forian Inc (FORA) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Forian Inc's earnings high quality?

Forian Inc (FORA) has an earnings quality ratio of -1.00x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Forian Inc cover its interest payments?

Forian Inc (FORA) has an interest coverage ratio of -26.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Forian Inc?

Forian Inc (FORA) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.