Symbols / FORA Stock $2.16 -0.23% Forian Inc.

Healthcare • Health Information Services • United States • NCM
FORA (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Healthcare
Industry Health Information Services
CEO Mr. Max C. Wygod
Exch · Country NCM · United States
Market Cap 67.33M
Enterprise Value 35.72M
Income -2.87M
Sales 30.26M
FCF (ttm) 3.90M
Book/sh 0.96
Cash/sh 1.01
Employees 50
Insider 10d —
IPO Mar 03, 2021
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E 23.94
PEG 0.85
P/S 2.23
P/B 2.25
P/C —
EV/EBITDA -10.06
EV/Sales 1.18
Quick Ratio 2.78
Current Ratio 2.96
Debt/Eq 0.04
LT Debt/Eq —
EPS (ttm) -0.09
EPS next Y 0.09
EPS Growth —
Revenue Growth 37.00%
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-05-13
Earnings (prior) 2026-03-27
ROA -5.15%
ROE -9.61%
ROIC —
Gross Margin 53.21%
Oper. Margin -24.44%
Profit Margin -9.50%
Shs Outstand 31.24M
Shs Float 11.54M
Insider Own 48.87%
Instit Own 14.09%
Short Float 0.30%
Short Ratio 2.22
Short Interest 50.60K
52W High 2.71
vs 52W High -20.48%
52W Low 1.64
vs 52W Low 31.40%
Beta 0.99
Impl. Vol. —
Rel Volume 3.72
Avg Volume 25.38K
Volume 94.46K
Target (mean) $2.10
Tgt Median $2.10
Tgt Low $2.10
Tgt High $2.10
# Analysts 1
Recom None
Prev Close $2.16
Price $2.15
Change -0.23%
About

Forian Inc. provides a suite of data management capabilities, and information and analytics solutions to optimize and measure operational, clinical, and financial performance for customers in the life science, healthcare, and financial services industries. It develops commercial, real world evidence (RWE), and market access solutions and proprietary data-driven insights, as well as offers data management solutions. The company's subscription and services-based solutions cover the life sciences, pharmaceutical services, healthcare payer, and provider and financial services industries. Forian Inc. was founded in 2020 and is headquartered in Newtown, Pennsylvania.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$2.10
Mean price target
2. Current target
$2.16
Latest analyst target
3. DCF / Fair value
$2.25
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$2.16
Low
$2.10
High
$2.10
Mean
$2.10

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2024-11-14 reit Roth MKM Buy → Buy $5
2024-04-04 reit Roth MKM Buy → Buy $5
2023-12-20 init Roth MKM — → Buy $5
2023-08-11 main Lake Street Buy → Buy $5
2022-11-10 main RBC Capital — → Outperform $17
2022-04-08 init Lake Street — → Buy $9
News
RSS: Latest FORA news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2025-10-31 MCGRAIL CAROLINE STRICKLAND General Counsel — 150,000 $2.24 $336,000
2025-07-15 VESEY MICHAEL Chief Financial Officer — 200,000 $1.93 $386,000
2025-07-15 DUBLIN ADAM H Officer and Director — 200,000 $1.93 $386,000
2025-07-15 WYGOD MAX C Chief Executive Officer — 200,000 $1.93 $386,000
2025-02-14 WYGOD MAX C Chief Executive Officer — 880 $2.96 $2,605
2025-02-13 WYGOD MAX C Chief Executive Officer — 15,867 $2.52 $42,249
2025-02-10 WYGOD MAX C Chief Executive Officer — 5,600 $2.45 $13,854
2025-02-10 WYGOD MAX C Chief Executive Officer — 5,600 $2.45 $13,854
2025-02-05 WYGOD MAX C Chief Executive Officer — 6,000 $2.24 $13,933
2025-02-05 WYGOD MAX C Chief Executive Officer — 6,000 $2.24 $13,933
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
30.26
+50.13%
20.15
-5.01%
21.22
+29.23%
16.42
Operating Revenue
30.26
+50.13%
20.15
-5.01%
21.22
+29.23%
16.42
Cost Of Revenue
14.16
+93.03%
7.33
+33.91%
5.48
+8.46%
5.05
Reconciled Cost Of Revenue
14.13
+93.29%
7.31
+34.04%
5.46
+8.06%
5.05
Gross Profit
16.10
+25.59%
12.82
-18.56%
15.74
+38.45%
11.37
Operating Expense
18.57
+1.03%
18.38
-3.47%
19.04
-23.55%
24.90
Research And Development
2.92
+101.88%
1.44
+2.64%
1.41
-64.90%
4.01
Selling General And Administration
15.44
-8.46%
16.87
-3.91%
17.56
-15.70%
20.83
Selling And Marketing Expense
6.03
+39.22%
4.33
-12.58%
4.96
+25.55%
3.95
General And Administrative Expense
9.41
-24.94%
12.54
-0.50%
12.60
-25.35%
16.88
Other Gand A
9.41
-24.94%
12.54
-0.50%
12.60
-25.35%
16.88
Total Expenses
32.73
+27.27%
25.71
+4.88%
24.52
-18.15%
29.95
Operating Income
-2.47
+55.60%
-5.56
-68.49%
-3.30
+75.62%
-13.54
Total Operating Income As Reported
-3.76
+46.12%
-6.99
-41.64%
-4.93
+73.97%
-18.95
EBITDA
-2.27
+21.91%
-2.91
-185.28%
3.41
+118.69%
-18.25
Normalized EBITDA
-0.98
+67.99%
-3.05
-248.55%
-0.88
+93.37%
-13.20
Reconciled Depreciation
0.23
+170.76%
0.09
-11.38%
0.10
+43.39%
0.07
EBIT
-2.50
+16.42%
-3.00
-190.34%
3.32
+118.10%
-18.32
Total Unusual Items
-1.30
-1009.50%
0.14
-96.68%
4.29
+184.87%
-5.05
Total Unusual Items Excluding Goodwill
-1.30
-1009.50%
0.14
-96.68%
4.29
+184.87%
-5.05
Special Income Charges
-1.30
-2217.24%
0.06
+104.02%
-1.52
+71.91%
-5.42
Other Special Charges
—
0.39
-58.03%
0.92
—
Restructuring And Mergern Acquisition
1.30
+389.13%
-0.45
-174.70%
0.60
-88.93%
5.42
Net Income
-2.87
+23.79%
-3.77
-132.04%
11.77
+145.31%
-25.97
Pretax Income
-2.65
+28.57%
-3.70
-249.30%
2.48
+112.94%
-19.17
Net Non Operating Interest Income Expense
1.12
-34.74%
1.71
+14.74%
1.49
+357.50%
-0.58
Interest Expense Non Operating
0.14
-79.92%
0.71
-15.08%
0.83
-1.34%
0.85
Net Interest Income
1.12
-34.74%
1.71
+14.74%
1.49
+357.50%
-0.58
Interest Expense
0.14
-79.92%
0.71
-15.08%
0.83
-1.34%
0.85
Interest Income Non Operating
1.26
-47.96%
2.42
+4.05%
2.33
+774.48%
0.27
Interest Income
1.26
-47.96%
2.42
+4.05%
2.33
+774.48%
0.27
Other Income Expense
-1.30
-1009.50%
0.14
-96.68%
4.29
+184.87%
-5.05
Gain On Sale Of Security
—
0.08
-98.60%
5.81
+1493.10%
0.36
Gain On Sale Of Business
—
—
—
0.03
Tax Provision
0.23
+242.39%
0.07
-22.34%
0.09
+257.55%
0.02
Tax Rate For Calcs
0.00
+0.00%
0.00
+506.94%
0.00
+2561.54%
0.00
Tax Effect Of Unusual Items
-0.27
-1009.50%
0.03
-79.84%
0.15
+2358.97%
-0.01
Net Income Including Noncontrolling Interests
-2.87
+23.79%
-3.77
-132.04%
11.77
+145.31%
-25.97
Net Income From Continuing Operation Net Minority Interest
-2.87
+23.79%
-3.77
-257.42%
2.40
+112.48%
-19.19
Net Income From Continuing And Discontinued Operation
-2.87
+23.79%
-3.77
-132.04%
11.77
+145.31%
-25.97
Net Income Continuous Operations
-2.87
+23.79%
-3.77
-257.42%
2.40
+112.48%
-19.19
Net Income Discontinuous Operations
—
0.00
-100.00%
9.37
+238.25%
-6.78
Normalized Income
-1.85
+52.35%
-3.88
-122.65%
-1.74
+87.67%
-14.15
Net Income Common Stockholders
-2.87
+23.79%
-3.77
-132.04%
11.77
+145.31%
-25.97
Diluted EPS
-0.09
+25.00%
-0.12
-135.29%
0.34
+141.98%
-0.81
Basic EPS
-0.09
+25.00%
-0.12
-135.29%
0.34
+141.98%
-0.81
Basic Average Shares
31.11
+0.13%
31.07
-3.00%
32.03
0.00%
32.03
Diluted Average Shares
31.11
+0.13%
31.07
-3.60%
32.23
+0.62%
32.03
Diluted NI Availto Com Stockholders
-2.87
+23.79%
-3.77
-132.04%
11.77
+145.31%
-25.97
Average Dilution Earnings
—
0.00
0.00
—
Depreciation Amortization Depletion Income Statement
0.21
+227.69%
0.06
-14.84%
0.07
+13.55%
0.07
Depreciation And Amortization In Income Statement
0.21
+227.69%
0.06
-14.84%
0.07
+13.55%
0.07
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
44.13
-6.44%
47.17
-21.92%
60.41
+30.60%
46.26
Current Assets
42.56
-4.28%
44.46
-24.39%
58.80
+118.46%
26.92
Cash Cash Equivalents And Short Term Investments
31.55
-10.07%
35.08
-27.42%
48.34
+139.40%
20.19
Cash And Cash Equivalents
12.90
+181.09%
4.59
-24.03%
6.04
+116.15%
2.80
Other Short Term Investments
18.65
-38.85%
30.49
-27.91%
42.30
+143.13%
17.40
Receivables
8.08
+23.24%
6.56
-4.53%
6.87
+69.12%
4.06
Accounts Receivable
5.64
+42.08%
3.97
+54.36%
2.57
+42.23%
1.81
Gross Accounts Receivable
5.92
+49.01%
3.97
+54.36%
2.57
+42.23%
1.81
Allowance For Doubtful Accounts Receivable
-0.28
0.00
0.00
0.00
Other Receivables
2.44
-5.70%
2.59
-39.80%
4.30
+90.72%
2.25
Prepaid Assets
0.99
-10.83%
1.11
+3.16%
1.08
+28.89%
0.84
Assets Held For Sale Current
—
—
0.00
-100.00%
1.39
Other Current Assets
1.93
+13.17%
1.71
-32.11%
2.52
+481.84%
0.43
Total Non Current Assets
1.57
-41.91%
2.71
+68.23%
1.61
-91.67%
19.34
Net PPE
0.04
-49.44%
0.08
-5.23%
0.09
-19.37%
0.11
Gross PPE
0.10
-48.45%
0.20
+13.95%
0.18
-11.06%
0.20
Accumulated Depreciation
-0.06
+47.78%
-0.12
-32.10%
-0.09
+1.44%
-0.09
Machinery Furniture Equipment
0.09
-44.76%
0.17
+0.00%
0.17
-0.17%
0.17
Other Properties
0.01
-65.87%
0.04
+233.46%
0.01
-67.25%
0.03
Goodwill And Other Intangible Assets
1.00
-15.98%
1.19
0.00
-100.00%
15.88
Goodwill
—
—
—
9.10
Other Intangible Assets
1.00
-15.98%
1.19
—
6.78
Non Current Prepaid Assets
—
—
—
0.26
Other Non Current Assets
0.53
-63.01%
1.44
-5.80%
1.52
-92.08%
19.23
Total Liabilities Net Minority Interest
14.35
-16.15%
17.12
-47.64%
32.69
-3.38%
33.84
Current Liabilities
14.35
-13.57%
16.60
+143.42%
6.82
-18.33%
8.35
Payables And Accrued Expenses
6.31
+64.92%
3.83
+33.43%
2.87
+42.96%
2.01
Payables
3.83
+290.11%
0.98
+508.12%
0.16
-48.88%
0.32
Accounts Payable
3.83
+290.11%
0.98
+508.12%
0.16
-48.88%
0.32
Current Accrued Expenses
2.48
-12.91%
2.84
+5.08%
2.71
+60.14%
1.69
Pensionand Other Post Retirement Benefit Plans Current
2.78
+77.01%
1.57
-8.60%
1.72
-17.30%
2.08
Current Debt And Capital Lease Obligation
0.01
-99.82%
6.72
+62925.81%
0.01
-50.63%
0.02
Current Debt
—
6.70
—
—
Other Current Borrowings
—
6.70
—
—
Current Capital Lease Obligation
0.01
-48.18%
0.02
+119.65%
0.01
-50.63%
0.02
Current Deferred Liabilities
5.25
+17.01%
4.49
+101.69%
2.23
-13.80%
2.58
Current Deferred Revenue
5.25
+17.01%
4.49
+101.69%
2.23
-13.80%
2.58
Other Current Liabilities
—
—
0.00
-99.97%
1.67
Total Non Current Liabilities Net Minority Interest
0.00
-100.00%
0.51
-98.02%
25.87
+1.52%
25.48
Liabilities Heldfor Sale Non Current
—
—
0.00
-100.00%
0.37
Long Term Debt And Capital Lease Obligation
—
—
24.87
-0.94%
25.11
Long Term Debt
—
—
24.87
-0.94%
25.11
Long Term Capital Lease Obligation
—
—
—
0.38
Other Non Current Liabilities
—
0.51
-48.79%
1.00
+9024.09%
0.01
Stockholders Equity
29.78
-0.91%
30.05
+8.41%
27.72
+123.15%
12.42
Common Stock Equity
29.78
-0.91%
30.05
+8.41%
27.72
+123.15%
12.42
Capital Stock
0.03
+0.20%
0.03
+0.29%
0.03
-4.13%
0.03
Common Stock
0.03
+0.20%
0.03
+0.29%
0.03
-4.13%
0.03
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
31.07
+0.20%
31.01
+0.29%
30.92
-4.13%
32.25
Ordinary Shares Number
31.07
+0.20%
31.01
+0.29%
30.92
-4.13%
32.25
Additional Paid In Capital
82.54
+3.25%
79.94
+8.27%
73.83
+3.73%
71.18
Retained Earnings
-52.79
-5.76%
-49.92
-8.17%
-46.14
+21.51%
-58.79
Total Equity Gross Minority Interest
29.78
-0.91%
30.05
+8.41%
27.72
+123.15%
12.42
Total Capitalization
29.78
-0.91%
30.05
-42.86%
52.59
+40.14%
37.53
Working Capital
28.20
+1.25%
27.86
-46.41%
51.98
+180.02%
18.56
Invested Capital
29.78
-18.97%
36.75
-30.12%
52.59
+40.14%
37.53
Total Debt
0.01
-99.82%
6.72
-72.99%
24.88
-0.98%
25.13
Net Debt
—
2.11
-88.81%
18.83
-15.61%
22.31
Capital Lease Obligations
0.01
-48.18%
0.02
+119.65%
0.01
-50.63%
0.02
Net Tangible Assets
28.78
-0.29%
28.86
+4.11%
27.72
+123.15%
12.42
Tangible Book Value
28.78
-0.29%
28.86
+4.11%
27.72
+123.15%
12.42
Current Notes Payable
—
—
—
0.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
2.89
+920.58%
0.28
-61.19%
0.73
+108.49%
-8.58
Cash Flow From Continuing Operating Activities
2.89
+920.58%
0.28
-64.10%
0.79
+112.98%
-6.07
Cash From Discontinued Operating Activities
—
0.00
+100.00%
-0.06
+97.65%
-2.51
Net Income From Continuing Operations
-2.87
+23.79%
-3.77
-257.42%
2.40
+112.48%
-19.19
Depreciation Amortization Depletion
0.23
+170.76%
0.09
-11.38%
0.10
+43.39%
0.07
Depreciation
0.23
+170.76%
0.09
-11.38%
0.10
+43.39%
0.07
Depreciation And Amortization
0.23
+170.76%
0.09
-11.38%
0.10
+43.39%
0.07
Other Non Cash Items
0.14
+117.80%
-0.80
-339.17%
0.33
-60.48%
0.85
Stock Based Compensation
3.28
-49.81%
6.53
-0.69%
6.57
-44.85%
11.92
Provisionand Write Offof Assets
0.13
-41.32%
0.23
0.00
-100.00%
0.25
Operating Gains Losses
—
-0.08
+98.60%
-5.81
-1493.10%
-0.36
Gain Loss On Investment Securities
—
-0.08
+98.60%
-5.81
-1493.10%
-0.36
Net Foreign Currency Exchange Gain Loss
—
—
—
-0.05
Change In Working Capital
3.08
+637.46%
0.42
+145.04%
-0.93
-200.99%
0.92
Change In Receivables
-1.66
-108.92%
-0.79
-328.98%
-0.18
+90.63%
-1.97
Changes In Account Receivables
-1.72
-100.93%
-0.86
-12.15%
-0.76
+1.49%
-0.78
Change In Prepaid Assets
0.80
-23.06%
1.04
+159.02%
-1.76
-453.09%
0.50
Change In Payables And Accrued Expense
3.69
+655.06%
0.49
+22.87%
0.40
-4.60%
0.42
Change In Accrued Expense
0.84
+353.63%
-0.33
-160.08%
0.55
+0.72%
0.55
Change In Payable
2.85
+247.21%
0.82
+631.37%
-0.15
-17.62%
-0.13
Change In Account Payable
2.85
+247.21%
0.82
+631.37%
-0.15
-17.62%
-0.13
Change In Other Working Capital
0.76
+275.89%
0.20
+157.01%
-0.36
-118.33%
1.94
Change In Other Current Liabilities
-0.52
-0.28%
-0.52
-153.37%
0.98
+3283.16%
0.03
Investing Cash Flow
12.94
-25.13%
17.29
+142.82%
7.12
+210.20%
-6.46
Cash Flow From Continuing Investing Activities
12.94
-17.15%
15.62
+190.33%
-17.29
-261.84%
-4.78
Cash From Discontinued Investing Activities
0.00
-100.00%
1.67
-93.17%
24.41
+1551.73%
-1.68
Net PPE Purchase And Sale
—
0.00
+100.00%
-0.08
-58.34%
-0.05
Purchase Of PPE
—
0.00
+100.00%
-0.08
-58.34%
-0.05
Capital Expenditure
—
—
-0.08
-58.34%
-0.05
Net Investment Purchase And Sale
12.94
-8.89%
14.21
+182.51%
-17.22
-263.89%
-4.73
Purchase Of Investment
-83.17
+45.41%
-152.35
-5.74%
-144.08
-158.11%
-55.82
Sale Of Investment
96.12
-42.29%
166.56
+31.30%
126.86
+148.32%
51.09
Net Business Purchase And Sale
0.00
-100.00%
1.42
0.00
+100.00%
-0.02
Purchase Of Business
—
—
—
-0.02
Gain Loss On Sale Of Business
—
—
—
-0.03
Financing Cash Flow
-7.52
+60.49%
-19.02
-313.43%
-4.60
-4477.35%
-0.10
Cash Flow From Continuing Financing Activities
-7.52
+60.49%
-19.02
-313.43%
-4.60
-4477.35%
-0.10
Net Issuance Payments Of Debt
-6.84
+63.22%
-18.60
-1837.33%
-0.96
-7215.96%
-0.01
Issuance Of Debt
—
—
—
0.00
Repayment Of Debt
-6.84
+63.22%
-18.60
-1837.33%
-0.96
-7215.96%
-0.01
Long Term Debt Issuance
—
—
—
0.00
Long Term Debt Payments
-6.84
+63.22%
-18.60
-1837.33%
-0.96
0.00
Net Long Term Debt Issuance
-6.84
+63.22%
-18.60
-1837.33%
-0.96
0.00
Short Term Debt Payments
—
—
0.00
+100.00%
-0.01
Net Short Term Debt Issuance
—
—
0.00
+100.00%
-0.01
Net Common Stock Issuance
-0.41
-40.98%
-0.29
+91.51%
-3.45
0.00
Common Stock Payments
-0.41
-40.98%
-0.29
+91.51%
-3.45
0.00
Repurchase Of Capital Stock
-0.41
-40.98%
-0.29
+91.51%
-3.45
0.00
Proceeds From Stock Option Exercised
—
—
—
0.00
Net Other Financing Charges
-0.26
-98.85%
-0.13
+30.75%
-0.19
-119.05%
-0.09
Changes In Cash
8.31
+672.40%
-1.45
-144.72%
3.25
+121.44%
-15.14
Effect Of Exchange Rate Changes
—
—
—
-0.01
Beginning Cash Position
4.59
-24.03%
6.04
+116.15%
2.80
-84.41%
17.94
End Cash Position
12.90
+181.09%
4.59
-24.03%
6.04
+116.15%
2.80
Free Cash Flow
2.89
+920.58%
0.28
-56.71%
0.65
+107.57%
-8.63
Interest Paid Supplemental Data
—
—
—
0.00
Income Tax Paid Supplemental Data
—
1.63
-59.92%
4.07
+21947.20%
0.02
Amortization Of Securities
-1.10
+52.68%
-2.32
-23.73%
-1.88
-606.78%
-0.27
Common Stock Issuance
—
—
—
0.00
Issuance Of Capital Stock
—
—
—
0.00
Sale Of Business
0.00
-100.00%
1.42
0.00
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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