Forian Inc (FORA) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FORA SEC filings page.
Forian Inc (FORA) reported $30.1M in revenue over the twelve months to Mar 31, 2026, up 34.6% from the prior twelve months. This page shows its 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).
Forian’s growth is exposing a split mechanic: operating leverage is improving while cost intensity compresses gross margin.
The only profitable period paired net income of$11.8M with operating cash flow of$729K , separating reported earnings from cash generation. By FY2025, a net loss of$2.9M coexisted with operating cash flow of$2.9M , reinforcing that the income statement is not a standalone read on operating performance.
Revenue expansion brought operating leverage: SG&A fell to
Debt-to-equity declined from 0.6x to 0.5x, indicating lower reliance on liabilities relative to equity. Because current ratio was 3.0x while accounts receivable reached
Financial Health Signals
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.
Forian Inc held $31.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $2.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Forian Inc scores 85/100 among other emerging companies.
Forian Inc had 31M shares outstanding at the end of fiscal year 2025, against 31M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Forian Inc scores 73/100 among other emerging companies.
Forian Inc spent $2.9M on research and development in fiscal year 2025, which was 8.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Forian Inc scores 33/100 among other emerging companies.
Forian Inc reported revenue of $30.3M in fiscal year 2025, against $20.2M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Forian Inc scores 64/100 among other emerging companies.
Not available for Forian Inc, and counted as zero in the overall score.
Forian Inc's cash, cash equivalents and investments came to $31.6M at the end of fiscal year 2025, against $14.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Forian Inc scores 76/100 among other emerging companies.
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.
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.
Forian Inc reported a net loss of $2.9M while generating $2.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Forian Inc reported an operating loss of $3.8M against $142K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Forian Inc generated $6.9M in revenue in Q1 2026. This represents a decrease of 2.9% from the same quarter a year earlier. Against the prior quarter it is down 14.0%.
Forian Inc's EBITDA was -$3.4M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 155.7% from the same quarter a year earlier. Against the prior quarter it is down 81.4%.
Forian Inc reported -$3.4M in net income in Q1 2026. This represents a decrease of 198.6% from the same quarter a year earlier. Against the prior quarter it is down 84.6%.
Forian Inc earned -$0.11 per diluted share (EPS) in Q1 2026. This represents a decrease of 175.0% from the same quarter a year earlier. Against the prior quarter it is down 83.3%.
Cash & Balance Sheet
Forian Inc held $31.0M in cash as of Q1 2026; long-term debt is not reported for that period.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Forian Inc's gross margin was 29.3% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 26.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 19.9 percentage points.
Forian Inc's operating margin was -50.9% in Q1 2026, reflecting core business profitability. This is down 31.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 26.5 percentage points.
Forian Inc's net profit margin was -49.1% in Q1 2026, showing the share of revenue converted to profit. This is down 33.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 26.2 percentage points.
Forian Inc's ROE was -12.5% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 8.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.4 percentage points.
Capital Allocation
Forian Inc invested $961K in research and development in Q1 2026. This represents an increase of 58.6% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.
Not reported for Q1 2026.
Not reported for Q1 2026.
FORA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.9M-2.9% | $8.0M+37.0% | $7.8M+65.6% | $7.5M+56.5% | $7.1M+44.7% | $5.8M+5.5% | $4.7M-15.3% | $4.8M-6.3% |
| Cost of Revenue | $4.8M+54.7% | $4.0M+67.0% | $3.8M+167.6% | $3.2M+78.7% | $3.1M+83.9% | $2.4M+52.7% | $1.4M+3.0% | $1.8M+41.5% |
| Gross Profit | $2.0M-48.9% | $3.9M+15.6% | $4.0M+22.1% | $4.2M+43.0% | $3.9M+23.6% | $3.4M-13.6% | $3.3M-21.2% | $3.0M-22.3% |
| R&D Expenses | $961K+58.6% | $959K+110.4% | $676K+131.6% | $676K+120.0% | $606K+55.5% | $456K+48.5% | $292K+10.3% | $307K+1.0% |
| SG&A Expenses | $2.4M-25.4% | $2.0M-35.5% | $2.1M-25.9% | $2.0M-38.9% | $3.3M-0.1% | $3.2M+7.0% | $2.9M-1.0% | $3.2M+1.0% |
| Operating Income | -$3.5M-150.1% | -$1.9M-34.3% | -$470K+41.0% | $46K+101.6% | -$1.4M+21.3% | -$1.4M-84.7% | -$796K-23.9% | -$3.0M-127.9% |
| EBITDA | -$3.4M-155.7% | -$1.9M-34.5% | -$418K+47.1% | $98K+103.3% | -$1.3M+23.8% | -$1.4M-82.0% | -$789K-24.9% | -$3.0M-129.9% |
| Interest Expense | $0-100.0% | $0-100.0% | $36K-81.6% | $54K-72.2% | $53K-73.5% | $121K-40.6% | $195K-7.5% | $193K-8.3% |
| Income Tax | $30K+306.1% | $124K+139.2% | -$19K+80.6% | $116K+1305.7% | $7K-92.8% | $52K+170.3% | -$96K-202.9% | $8K-77.3% |
| Net Income | -$3.4M-198.6% | -$1.8M-1012.2% | -$151K+26.2% | $225K+108.8% | -$1.1M+7.2% | $200K-86.8% | -$205K-104.5% | -$2.6M-172.2% |
| EPS (Basic) | -$0.11-175.0% | -$0.06-700.0% | $0.00+100.0% | $0.01+112.5% | -$0.040.0% | $0.01-80.0% | -$0.01-107.1% | -$0.08-166.7% |
| EPS (Diluted) | -$0.11-175.0% | -$0.06 | $0.00+100.0% | $0.01+112.5% | -$0.040.0% | $0.01 | -$0.01 | -$0.08-166.7% |
| Diluted Shares (Avg) | 31M+0.1% | N/A | 31M0.0% | 31M+0.6% | 31M+0.4% | N/A | 31M | 31M-3.6% |
FORA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $38.8M-20.1% | $44.1M-6.4% | $41.3M-28.3% | $48.5M-17.0% | $48.6M-15.5% | $47.2M-21.9% | $57.5M-4.5% | $58.4M+3.2% |
| Current Assets | $37.4M-19.3% | $42.6M-4.3% | $39.4M-29.5% | $46.5M-17.5% | $46.4M-17.2% | $44.5M-24.4% | $55.8M-6.8% | $56.4M+0.3% |
| Cash & Equivalents | $31.0M+442.6% | $12.9M+181.1% | $4.7M+72.1% | $5.4M+168.6% | $5.7M+454.3% | $4.6M-24.0% | $2.7M-49.6% | $2.0M-31.1% |
| Short-Term Investments | $0-100.0% | $18.6M-38.8% | $23.6M-49.5% | $30.3M-34.2% | $30.0M-35.4% | $30.5M-27.9% | $46.7M+7.0% | $46.0M+20.0% |
| Accounts Receivable | $3.0M-42.2% | $5.6M+42.1% | $5.4M+53.0% | $5.3M+43.5% | $5.2M+22.4% | $4.0M+54.4% | $3.5M+21.5% | $3.7M-4.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $11.9M-35.7% | $14.4M-16.2% | $10.2M-66.8% | $17.5M-46.5% | $18.6M-40.1% | $17.1M-47.6% | $30.6M-4.7% | $32.7M-5.1% |
| Current Liabilities | $11.9M-35.7% | $14.4M-13.6% | $10.2M-66.2% | $17.5M+118.0% | $18.5M+186.7% | $16.6M+143.4% | $30.1M+304.1% | $8.0M-10.5% |
| Non-Current Liabilities | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $6K-100.0% | $512K-98.0% | $518K-97.9% | $24.7M-3.2% |
| Total Equity | $26.9M-10.5% | $29.8M-0.9% | $31.1M+9.3% | $30.9M+13.9% | $30.0M+7.0% | $30.1M+8.4% | $28.4M+1.3% | $27.2M+23.3% |
| Retained Earnings | -$56.2M-10.0% | -$52.8M-5.8% | -$51.0M+1.3% | -$50.8M+1.2% | -$51.0M-4.4% | -$49.9M-8.2% | -$51.7M-8.4% | -$51.5M+1.4% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
FORA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$548K-222.3% | $3.2M+84.2% | -$440K-157.5% | -$345K-1390.8% | $448K+120.3% | $1.7M+391.9% | $764K-72.8% | -$23K+90.7% |
| Depreciation & Amortization | $52K+1.5% | $52K+30.4% | $52K+686.5% | $52K+563.6% | $51K+475.0% | $40K+293.8% | $7K-37.5% | $8K-48.3% |
| Stock-Based Compensation | $549K-57.6% | N/A | $718K-53.8% | $662K-60.2% | $1.3M-22.1% | N/A | $1.6M0.0% | $1.7M+7.9% |
| 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+391.9% | $764K-72.8% | -$23K+90.7% |
| Investing Cash Flow | $18.7M+2128.1% | $5.1M-71.7% | $7.0M+21872.7% | $2K-99.8% | $838K+147.2% | $18.0M+278.6% | $32K-95.1% | $1.0M-56.8% |
| Financing Cash Flow | -$79K+54.4% | -$84K+99.5% | -$7.3M-8217.7% | $8K+140.0% | -$172K+83.3% | -$17.9M-412.0% | -$87K+91.1% | -$19K+41.1% |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $219K-93.7% | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
FORA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.3%-26.3pp | 49.2%-9.1pp | 51.6%-18.4pp | 56.8%-5.4pp | 55.6%-9.5pp | 58.4%-12.9pp | 70.1%-5.3pp | 62.2%-12.8pp |
| Operating Margin | -50.9%-31.1pp | -24.4%+0.5pp | -6.0%+10.9pp | 0.6%+62.8pp | -19.8%+16.6pp | -24.9%-10.7pp | -17.0%-5.4pp | -62.2%-36.6pp |
| Net Margin | -49.1%-33.1pp | -22.9%-26.3pp | -1.9%+2.4pp | 3.0%+56.5pp | -16.0%+8.9pp | 3.4%-24.1pp | -4.4%-85.8pp | -53.4%-35.1pp |
| Return on Equity | -12.5%-8.8pp | -6.1%-6.8pp | -0.5%+0.2pp | 0.7%+10.1pp | -3.8%+0.6pp | 0.7%-4.8pp | -0.7%-16.8pp | -9.4%-5.1pp |
| Return on Assets | -8.7%-6.3pp | -4.1%-4.6pp | -0.4%0.0pp | 0.5%+4.8pp | -2.3%-0.2pp | 0.4%-2.1pp | -0.4%-7.8pp | -4.4%-2.7pp |
| Current Ratio | 3.14+0.6x | 2.97+0.3x | 3.87+2.0x | 2.66-4.4x | 2.50-6.2x | 2.68-5.9x | 1.85-6.2x | 7.02+0.8x |
| Debt-to-Equity | 0.44-0.2x | 0.48-0.1x | 0.33-0.7x | 0.57-0.6x | 0.62-0.5x | 0.57-0.6x | 1.08-0.1x | 1.20-0.4x |
| Asset Turnover | 0.180.0x | 0.18+0.1x | 0.19+0.1x | 0.15+0.1x | 0.15+0.1x | 0.120.0x | 0.080.0x | 0.080.0x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | 30.1%+41.0pp | 16.3%-34.4pp | -0.5%+4.4pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Forian Inc FORA | FY2025 | $30.3M | -$2.9M | -9.5% | $67.8M | 55/100 |
| American Well Corp AMWL | FY2025 | $249.3M | -$95.7M | -38.4% | $220.9M | 36/100 |
| Health Catalyst HCAT | FY2025 | $311.1M | -$178.0M | -57.2% | $127.2M | 38/100 |
| Carecloud Inc CCLD | FY2025 | $120.5M | $11K | 0.0% | $94.8M | 46/100 |
| Sophia Genetics Sa SOPH | FY2025 | $77.3M | -$79.0M | N/A | $688.7M | 30/100 |
| Mobile-health Network Solutions MNDR | FY2025 | $7.6M | -$3.4M | -44.3% | $1.7M | 20/100 |
Where Forian Inc Ranks
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.
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) reported a net loss of $2.9M while generating $2.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $3.8M against $142K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 55 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.