A Business at a Glance
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Forian is a leading provider of data science driven information and analytics solutions to the life science, healthcare and financial services industries. We provide a unique suite of data management capabilities and proprietary enriched information and analytics solutions to optimize and measure operational, clinical and financial performance for our customers. Our subscription and services-based solutions cover the life sciences, pharmaceutical services, healthcare payer and provider and financial services industries. Forian was founded on October 15, 2020, as a wholly owned subsidiary of Medical Outcomes Research Analytics, LLC (“MOR”), which was founded on May 6, 2019, in connection with the business combination transactions described below. On October 16, 2020, Forian entered into a definitive agreement with Helix Technologies, Inc. (“Helix”) and MOR, pursuant to which DNA Merger Sub, Inc.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 28M | 20M | 21M | 16M | 17M | - |
| Net Income | 0 | -3.8M | 12M | -26M | -27M | -5.0M |
| EPS | $-0.02 | $-0.12 | $0.36 | $-0.81 | $-0.90 | $-0.38 |
| Free Cash Flow | 0 | 283K | 653K | -8.6M | -19M | -4.3M |
| ROIC | 0.0% | -12.5% | 22.4% | -69.2% | -53.7% | -44.2% |
| Gross Margin | - | 63.6% | 74.2% | 69.2% | 72.1% | - |
| Debt/Equity | 0.00 | 0.00 | 0.90 | 2.02 | 0.96 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -3.3M | -7.0M | -4.9M | -19M | -28M | -5.0M |
| Operating Margin | -11.6% | -34.7% | -23.2% | -115.4% | -163.6% | - |
| ROE | 0.0% | -13.1% | 42.5% | -209.1% | -105.5% | -44.2% |
| Shares Outstanding | 31M | 31M | 33M | 32M | 30M | 13M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | N/A | 17M | 16M | 21M | 20M | 28M |
| Gross Margin | N/A | 72.1% | 69.2% | 74.2% | 63.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -5.0M | -28M | -19M | -4.9M | -7.0M | -3.3M |
| Op. Margin | N/A | -163.6% | -115.4% | -23.2% | -34.7% | -11.6% |
| Net Income | -5.0M | -27M | -26M | 12M | -3.8M | 0 |
| Net Margin | N/A | -157.3% | -158.2% | 55.5% | -18.7% | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | -44.2% | -53.7% | -69.2% | 22.4% | -12.5% | 0.0% |
| ROE | -44.2% | -105.5% | -209.1% | 42.5% | -13.1% | 0.0% |
| ROA | -39.7% | -46.7% | -56.1% | 19.5% | -7.0% | 0.0% |
| Cash Flow | ||||||
| Op. Cash Flow | -4.3M | -17M | -8.6M | 729K | 283K | 1.4M |
| Free Cash Flow | -4.3M | -19M | -8.6M | 653K | 283K | 0 |
| Owner Earnings | -4.3M | -29M | -21M | -5.9M | -6.3M | -5.2M |
| CapEx | 51K | 1.4M | 48K | 75K | 0 | 0 |
| Maint. CapEx | 9K | 2.0M | 66K | 74K | 63K | 63K |
| Growth CapEx | 43K | 0 | 0 | 1K | N/A | 0 |
| D&A | 9K | 2.0M | 66K | 74K | 63K | 63K |
| CapEx/OCF | N/A | N/A | N/A | 10.4% | N/A | 0.0% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 3.5M | 293K | 293K |
| Buyback Yield | N/A | N/A | N/A | 3.5% | 0.5% | 0.4% |
| Stock-Based Comp | 28K | 9.3M | 12M | 6.6M | 6.5M | 6.5M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | -12M | -6.8M | 4.9M | -23M | -35M | -28M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 28M |
| Long-Term Debt | 0 | 24M | 25M | 25M | 0 | N/A |
| Debt/Equity | 0.00 | 0.96 | 2.02 | 0.90 | 0.00 | 0.00 |
| Interest Coverage | N/A | -85.7 | -22.4 | -5.9 | -9.9 | -9.9 |
| Equity | 11M | 25M | 12M | 28M | 30M | 31M |
| Total Assets | 13M | 57M | 46M | 60M | 47M | 41M |
| Total Liabilities | 1.3M | 32M | 34M | 33M | 17M | 10M |
| Intangibles | 0 | 18M | N/A | N/A | N/A | N/A |
| Retained Earnings | -6.3M | -33M | -59M | -46M | -50M | -50M |
| Working Capital | 11M | 29M | 19M | 52M | 28M | 28M |
| Current Assets | 13M | 36M | 27M | 59M | 44M | 44M |
| Current Liabilities | 1.3M | 6.8M | 8.4M | 6.8M | 17M | 17M |
| Per Share Data | ||||||
| EPS | -0.38 | -0.90 | -0.81 | 0.36 | -0.12 | -0.02 |
| Owner EPS | -0.33 | -0.97 | -0.64 | -0.18 | -0.20 | -0.17 |
| Book Value | 0.86 | 0.85 | 0.39 | 0.85 | 0.96 | 1.00 |
| Cash Flow/Share | -0.32 | -0.58 | -0.27 | 0.02 | 0.01 | 0.00 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 13.1M | 29.5M | 32.1M | 32.7M | 31.4M | 31.1M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | 8.3 | N/A | -107.0 |
| P/FCF | N/A | N/A | N/A | 149.1 | 230.0 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 10.3 | 6.1 | 3.5 | 2.2 | 2.1 |
| Price/Sales | N/A | 19.1 | 9.3 | 4.3 | 3.9 | 2.4 |
| FCF Yield | N/A | -7.2% | -11.4% | 0.7% | 0.4% | N/A |
| Market Cap | N/A | 258M | 76M | 97M | 65M | 66M |
| Avg. Price | N/A | 10.93 | 4.75 | 2.79 | 2.53 | 2.14 |
| Year-End Price | N/A | 8.76 | 2.36 | 2.98 | 2.07 | 2.14 |
Forian Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 69.8%. Total shareholder yield (buybacks) is 0.4%. At current prices, the estimated annualized return to fair value is -13.4%.
Forian Inc. (FORA) has a 5-year average return on invested capital (ROIC) of -31.5%. This is below average and may indicate limited pricing power.
Forian Inc. (FORA) has a market capitalization of $66M. It is classified as a small-cap stock.
Forian Inc. (FORA) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.44%.
Forian Inc. (FORA) operates in the Services-Computer Processing & Data Preparation industry, within the Technology sector.
Forian Inc. (FORA) reported annual revenue of $20 million in its most recent fiscal year, based on SEC EDGAR filings.
Forian Inc. (FORA) has a net profit margin of -18.7%. The company is currently unprofitable.
Forian Inc. (FORA) generated $283 thousand in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Forian Inc. (FORA) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
Forian Inc. (FORA) reported earnings per share (EPS) of $-0.12 in its most recent fiscal year.
Forian Inc. (FORA) has a return on equity (ROE) of -13.1%. A negative ROE may indicate losses or negative equity.
Forian Inc. (FORA) has a 5-year average gross margin of 69.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for Forian Inc. (FORA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Forian Inc. (FORA) has a book value per share of $0.96, based on its most recent annual SEC filing.