What is Forum Markets Incorporated's earnings per share (EPS)?

Forum Markets Incorporated (FRMM) reported diluted earnings per share of $-54.32 for fiscal year 2025. 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.

Forum Markets Incorporated Financials

FRMM

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Forum Markets Incorporated (FRMM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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 FRMM FY2025 2026-04-22

FY2025 reads as a balance-sheet expansion financed by external capital, with investment activity overwhelming a still-small operating base.

From FY2024 to FY2025, total assets jumped from $12.8M to $306.3M, a scale change that revenue and ordinary working-capital needs cannot explain. Capital spending of $244.3M alongside operating cash flow of -$26.1M shows the build-out was funded outside the operating engine rather than by internally generated cash.

The balance sheet is solvent but not liquid: cash and equivalents of $8.0M sit against current liabilities of $40.9M. That means near-term obligations depend on converting other assets or raising funds, even though total liabilities remain well below total assets, so the pressure is about timing more than absolute balance-sheet size.

The accounting loss and cash burn tell different stories: net loss reached -$450.5M while operating cash flow was -$26.1M. After FY2024 had narrowed operating cash burn to -$1.2M, the latest year looks less like gradual deterioration and more like a deliberate, capital-heavy reset in how cash was deployed.

Financial Health Signals

Financial Profile 16/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Forum Markets Incorporated'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.

Profitability

Forum Markets Incorporated has an operating margin of -3565.8%, meaning the company retains $-3566 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.

Leverage

Forum Markets Incorporated carries a low D/E ratio of 0.28, meaning only $0.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Forum Markets Incorporated's current ratio of 0.33 is below the typical benchmark, resulting in a score of 1/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Forum Markets Incorporated generated -$26.1M in operating cash flow, capex of $244.3M consumed most of it, leaving -$270.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Forum Markets Incorporated generates a -188.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -153.3% the prior year.

Piotroski F-Score Weak

1/9

Forum Markets Incorporated passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.06x

For every $1 of reported earnings, Forum Markets Incorporated generates $0.06 in operating cash flow (-$26.1M OCF vs -$450.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$6.5M

Forum Markets Incorporated generated $6.5M in revenue in fiscal year 2025.

EBITDA

N/A

Net Income

-$450.5M

YoY-3077.2%

Forum Markets Incorporated reported -$450.5M in net income in fiscal year 2025. This represents a decrease of 3077.2% from the prior year.

EPS (Diluted)

$-54.32

Forum Markets Incorporated earned $-54.32 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 90.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$270.3M

Forum Markets Incorporated generated -$270.3M in free cash flow in fiscal year 2025, representing cash available after capex.

Cash & Debt

$8.0M

YoY+75.6%

5Y CAGR+30.6%

Forum Markets Incorporated held $8.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

19M

Forum Markets Incorporated had 19M shares outstanding in fiscal year 2025. This represents an increase of 5884.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-3565.8%

Forum Markets Incorporated's operating margin was -3565.8% in fiscal year 2025, reflecting core business profitability.

Net Margin

-6881.3%

Forum Markets Incorporated's net profit margin was -6881.3% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

-188.2%

YoY-34.9pp

5Y CAGR-152.2pp

Forum Markets Incorporated's ROE was -188.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 34.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$46.3M

Forum Markets Incorporated spent $46.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$244.3M

Forum Markets Incorporated invested $244.3M in capex in fiscal year 2025, funding long-term assets and infrastructure.

FRMM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$6.5M	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$1.4M-39.2%	$2.3M+5.1%	$2.2M+119.0%	$1.0M-54.9%	$2.2M
SG&A Expenses	$240.0M+5331.0%	$4.4M-58.5%	$10.6M-31.1%	$15.5M+37.7%	$11.2M+254.3%	$3.2M
Operating Income	-$233.4M-5182.9%	-$4.4M+67.2%	-$13.5M+24.7%	-$17.9M-14.4%	-$15.6M-176.9%	-$5.6M
Interest Expense	N/A	$467-99.0%	$45K+59.1%	$28K+10.8%	$25K-86.2%	$185K
Income Tax	N/A	$2K+100.1%	-$2.3M-149.2%	-$943K-3962.9%	-$23K-13.6%	-$20K
Net Income	-$450.5M-3077.2%	-$14.2M+28.9%	-$19.9M+48.5%	-$38.7M-90.5%	-$20.3M-86.7%	-$10.9M
EPS (Diluted)	$-54.32	$-28.56+45.7%	$-52.59+86.4%	$-387.18	$-12.96	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	$4.1M	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	$182K-24.3%	$241K	N/A	$252K+111.7%	$119K-67.5%	$365K
SG&A Expenses	N/A	$224.6M+15855.9%	$1.4M-29.5%	$2.0M	N/A	$596K-62.6%	$1.6M+2.4%	$1.6M
Operating Income	N/A	-$220.5M-12642.3%	-$1.7M+27.1%	-$2.4M	N/A	-$596K+67.7%	-$1.8M+11.7%	-$2.1M
Interest Expense	N/A	$320K+11872.6%	$3K+5.2%	$3K	N/A	$0-100.0%	$11K-30.9%	$16K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$216.7M-12453.1%	-$1.7M+27.1%	-$2.4M	N/A	-$837K-7202.3%	$12K+101.1%	-$1.1M
EPS (Diluted)	N/A	$-16.80	$-0.30+55.2%	$-0.67	N/A	$-5.43-54400.0%	$0.01+100.6%	$-1.68

FRMM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$306.3M+2299.7%	$12.8M+142.7%	$5.3M-73.2%	$19.7M-68.7%	$62.7M+12.9%	$55.5M
Current Assets	$13.6M+163.9%	$5.1M+41.3%	$3.6M-59.2%	$8.9M-20.3%	$11.2M+179.0%	$4.0M
Cash & Equivalents	$8.0M+75.6%	$4.6M+167.7%	$1.7M-75.5%	$7.0M-15.3%	$8.2M+290.1%	$2.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	$0	$0-100.0%	$37.0M+0.2%	$36.9M
Total Liabilities	$66.9M+1804.3%	$3.5M-34.8%	$5.4M-35.1%	$8.3M-64.5%	$23.4M-7.3%	$25.2M
Current Liabilities	$40.9M+1067.7%	$3.5M-30.8%	$5.1M-10.5%	$5.7M-71.3%	$19.7M-8.0%	$21.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$239.4M+2487.7%	$9.3M+7385.0%	-$127K-101.1%	$11.3M-71.2%	$39.3M+29.8%	$30.3M
Retained Earnings	-$592.0M-318.3%	-$141.5M-11.1%	-$127.3M-18.6%	-$107.4M-56.4%	-$68.7M-42.0%	-$48.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$306.3M-69.7%	$1.0B+9320.4%	$10.7M-8.0%	$11.7M-8.7%	$12.8M+21.9%	$10.5M+167.7%	$3.9M+13.6%	$3.4M
Current Assets	$13.6M-97.6%	$561.9M+18073.6%	$3.1M-23.2%	$4.0M-21.7%	$5.1M+319.6%	$1.2M-47.8%	$2.3M+26.6%	$1.9M
Cash & Equivalents	$8.0M-85.0%	$53.3M+2303.1%	$2.2M-40.4%	$3.7M-18.5%	$4.6M+2942.1%	$150K-86.9%	$1.1M+69.6%	$676K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$66.9M-88.1%	$564.2M+10477.8%	$5.3M+35.2%	$3.9M+12.3%	$3.5M-47.9%	$6.7M+55.6%	$4.3M-1.5%	$4.4M
Current Liabilities	$40.9M-26.6%	$55.8M+946.0%	$5.3M+35.3%	$3.9M+12.5%	$3.5M-45.1%	$6.4M+59.0%	$4.0M-1.6%	$4.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$239.4M-46.2%	$445.1M+8173.1%	$5.4M-30.2%	$7.7M-16.7%	$9.3M+147.8%	$3.7M+993.3%	-$418K+56.2%	-$954K
Retained Earnings	-$592.0M-63.4%	-$362.4M-148.8%	-$145.6M-1.2%	-$143.9M-1.7%	-$141.5M-9.5%	-$129.2M-0.7%	-$128.4M0.0%	-$128.4M

FRMM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$26.1M-2124.8%	-$1.2M+89.3%	-$10.9M+9.9%	-$12.1M+37.4%	-$19.4M-400.3%	-$3.9M
Capital Expenditures	$244.3M	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$270.3M	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$127.6M	N/A	N/A	N/A	N/A	$14.5M
Financing Cash Flow	$158.2M+3822.4%	$4.0M-31.8%	$5.9M-45.7%	$10.9M-57.2%	$25.4M+391.0%	-$8.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$46.3M	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$7.6M+53.6%	-$16.4M-1353.0%	-$1.1M-32.5%	-$854K-36.6%	-$625K-160.4%	-$240K-133.0%	$727K+170.4%	-$1.0M
Capital Expenditures	$795K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$8.4M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$124.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$667.0M-180.8%	$825.5M+235950.4%	-$350K-10442.2%	-$3K-100.1%	$5.0M+1148.9%	-$481K-81.5%	-$265K-0.2%	-$264K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$30.1M+87.0%	$16.1M	N/A	N/A	N/A	N/A	N/A	N/A

FRMM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-3565.8%	N/A	N/A	N/A	N/A	N/A
Net Margin	-6881.3%	N/A	N/A	N/A	N/A	N/A
Return on Equity	-188.2%-34.9pp	-153.3%	N/A	-341.4%-289.7pp	-51.7%-15.8pp	-35.9%
Return on Assets	-147.1%-36.0pp	-111.1%+267.9pp	-379.0%-181.9pp	-197.1%-164.7pp	-32.4%-12.8pp	-19.6%
Current Ratio	0.33-1.1	1.47+0.7	0.72-0.9	1.58+1.0	0.57+0.4	0.19
Debt-to-Equity	0.28-0.1	0.38+42.8	-42.42-43.2	0.73+0.1	0.59-0.2	0.83
FCF Margin	-4129.0%	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-5364.6%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	-5273.3%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	-48.7%-16.6pp	-32.1%-1.3pp	-30.8%	N/A	-22.4%	N/A	N/A
Return on Assets	N/A	-21.5%-5.3pp	-16.1%+4.2pp	-20.3%	N/A	-8.0%-8.3pp	0.3%+31.4pp	-31.1%
Current Ratio	0.33-9.7	10.07+9.5	0.58-0.4	1.02-0.4	1.47+1.3	0.19-0.4	0.58+0.1	0.45
Debt-to-Equity	0.28-1.0	1.27+0.3	0.99+0.5	0.51+0.1	0.38-1.4	1.80+12.2	-10.36-5.8	-4.61
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.33), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is Forum Markets Incorporated's annual revenue?

Forum Markets Incorporated (FRMM) reported $6.5M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Forum Markets Incorporated profitable?

No, Forum Markets Incorporated (FRMM) reported a net income of -$450.5M in fiscal year 2025, with a net profit margin of -6881.3%.

What is Forum Markets Incorporated's operating margin?

Forum Markets Incorporated (FRMM) had an operating margin of -3565.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Forum Markets Incorporated's net profit margin?

Forum Markets Incorporated (FRMM) had a net profit margin of -6881.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Forum Markets Incorporated's return on equity (ROE)?

Forum Markets Incorporated (FRMM) has a return on equity of -188.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Forum Markets Incorporated's free cash flow?

Forum Markets Incorporated (FRMM) generated -$270.3M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Forum Markets Incorporated's operating cash flow?

Forum Markets Incorporated (FRMM) generated -$26.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Forum Markets Incorporated's total assets?

Forum Markets Incorporated (FRMM) had $306.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Forum Markets Incorporated's capital expenditures?

Forum Markets Incorporated (FRMM) invested $244.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Forum Markets Incorporated buy back shares?

Yes, Forum Markets Incorporated (FRMM) spent $46.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Forum Markets Incorporated have outstanding?

Forum Markets Incorporated (FRMM) had 19M shares outstanding as of fiscal year 2025.

What is Forum Markets Incorporated's current ratio?

Forum Markets Incorporated (FRMM) had a current ratio of 0.33 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Forum Markets Incorporated's debt-to-equity ratio?

Forum Markets Incorporated (FRMM) had a debt-to-equity ratio of 0.28 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Forum Markets Incorporated's return on assets (ROA)?

Forum Markets Incorporated (FRMM) had a return on assets of -147.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Forum Markets Incorporated's cash runway?

Based on fiscal year 2025 data, Forum Markets Incorporated (FRMM) had $8.0M in cash against an annual operating cash burn of $26.1M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Forum Markets Incorporated's Piotroski F-Score?

Forum Markets Incorporated (FRMM) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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 Forum Markets Incorporated's earnings high quality?

Forum Markets Incorporated (FRMM) has an earnings quality ratio of 0.06x, considered low quality (accrual-driven). 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.

How financially healthy is Forum Markets Incorporated?

Forum Markets Incorporated (FRMM) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.