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FORAForian Inc.
$2.17$68M
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FORA logoForian Inc.(FORA)Earnings, Financials & Key Ratios

FORA•NASDAQ
Price updated May 29, 2026
SectorHealthcareIndustryHealthcare ITSub-IndustryHealthcare Data, Analytics and AI
AboutForian Inc. provides software solutions, proprietary data driven insights, and predictive analytics to optimize the operational, clinical, and financial performance of its healthcare, cannabis, and government customers. It operates through three segments: Information & Software, Services, and Other. The company's products include BioTrack, a vertically integrated point of sale, manufacturing, delivery, and cultivator software solution for dispensaries, cultivators, manufacturers, and distributors; and Cannalytics, a Software as a Service based analytics solution that provides clients with a presentation of business performance. Its products also comprise BioTrack seed-to-sale compliance traceability platform, which is used to manage the tracking and tracing of various cannabis products from cultivation to sale; BioTrack State Traceability & Enforcement Monitoring System to ensure transparency and accountability throughout cannabis supply chain; and STEMS, a seed-to-sale tracking module, to provide cannabis program management solution to cannabis regulatory agencies. In addition, the company offers security monitoring and web marketing services. The company is headquartered in Newtown, Pennsylvania.Show more
  • Revenue$30M+50.1%
  • EBITDA-$2M+67.6%
  • Net Income-$3M+23.8%
  • EPS (Diluted)-0.09+23.0%
  • Gross Margin52.52%-17.4%
  • EBITDA Margin-7.4%+78.4%
  • Operating Margin-8.16%+76.5%
  • Net Margin-9.5%+49.2%
  • ROE-9.61%+26.4%

FORA Key Insights

Forian Inc. (FORA) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong 5Y sales CAGR of 123.3%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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FORA Price & Volume

Forian Inc. (FORA) stock price & volume — 10-year historical chart

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FORA Growth Metrics

Forian Inc. (FORA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years123.31%
3 Years22.6%
TTM34.57%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-38.7%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-40.25%

Return on Capital

10 Years-43.46%
5 Years-34.01%
3 Years-12.29%
Last Year-8.18%

FORA Recent Earnings

Forian Inc. (FORA) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (55%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 15, 2026
Metric
Actual
Est
EPS
$0.09-550.0%
$0.02
Rev
$7M-10.1%
$8M
Q2 2026
Mar 27, 2026
Metric
Actual
Est
EPS
$0.04-500.0%
$0.01
Rev
$8M+3.4%
$8M
Q4 2025
Nov 14, 2025
Metric
Actual
Est
EPS
$0.02+100.0%
$0.01
Rev
$8M+0.8%
$8M
Q3 2025
Aug 13, 2025
Metric
Actual
Est
EPS
$0.03+200.0%
$0.01
Rev
$7M+2.9%
$7M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 15, 2026
$0.09vs $0.02-550.0%
$7Mvs $8M-10.1%
Q2 2026Mar 27, 2026
$0.04vs $0.01-500.0%
$8Mvs $8M+3.4%
Q4 2025Nov 14, 2025
$0.02vs $0.01+100.0%
$8Mvs $8M+0.8%
Q3 2025Aug 13, 2025
$0.03vs $0.01+200.0%
$7Mvs $7M+2.9%
Based on last 12 quarters of dataView full earnings history →

FORA Peer Comparison

Forian Inc. (FORA) competitors in Healthcare Data, Analytics and AI — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
INFU logoINFUInfuSystem Holdings, Inc.Direct Competitor190.11M9.4230.396.36%5.56%14%0.06
HCAT logoHCATHealth Catalyst, Inc.Direct Competitor128.58M1.74-0.681.48%-87.69%-99.78%0.70
CSGP logoCSGPCoStar Group, Inc.Direct Competitor12.77B30.121814.4618.67%0.74%0.3%0.14
VRNT logoVRNTVerint Systems Inc.Direct Competitor1.24B20.5119.72-0.13%6.87%4.6%0.34
MMSI logoMMSIMerit Medical Systems, Inc.Product Competitor4.01B67.2231.5611.66%9.03%8.95%0.57
TDC logoTDCTeradata CorporationProduct Competitor2.92B30.8822.87-4.97%24.93%142.47%2.44
SPNS logoSPNSSapiens International Corporation N.V.Product Competitor2.43B43.4533.685.4%11.4%12.91%0.13
DOMO logoDOMODomo, Inc.Product Competitor101.37M2.42-1.670.57%-17.43%

Compare FORA vs Peers

Forian Inc. (FORA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs INFU

Most directly comparable listed peer for FORA.

Scale Benchmark

vs PLTR

Larger-name benchmark to compare FORA against a more recognizable public peer.

Peer Set

Compare Top 5

vs INFU, HCAT, CSGP, VRNT

FORA Income Statement

Forian Inc. (FORA) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
0544.87K16.88M16.42M20.48M20.15M30.26M30.05M
Revenue Growth %
--2997.93%-2.73%24.75%-1.6%50.13%34.57%
Cost of Goods Sold
85438.29K4.72M5.05M5.48M7.33M14.36M15.97M
COGS % of Revenue
-7.03%27.95%30.76%26.74%36.39%47.48%-
Gross Profit
-854▲ 0%
506.58K▲ 59418.3%
12.16M▲ 2300.9%
11.37M▼ 6.5%
15M▲ 32.0%
12.82M▼ 14.6%
15.89M▲ 24.0%
14.08M▲ 0%
Gross Margin %
-92.97%72.05%69.24%73.26%63.61%52.52%46.85%
Gross Profit Growth %
-59418.27%2300.92%-6.53%31.98%-14.56%23.97%-
Operating Expenses
1.29M5.49M39.78M30.32M20.6M19.81M18.36M18.09M
OpEx % of Revenue
-1007.64%235.66%184.68%100.58%98.28%60.68%-
Selling, General & Admin
463.84K2.11M27.61M20.83M18.52M16.87M15.44M14.71M
SG&A % of Revenue
-387.01%163.55%126.87%90.41%83.71%51.04%-
Research & Development
827.47K2.51M8.98M4.01M1.41M1.44M2.92M3.27M
R&D % of Revenue
-460.6%53.17%24.42%6.87%7.17%9.64%-
Other Operating Expenses
0871.96K3.2M5.48M674.27K1.49M0110.63K
Operating Income
-1.29M▲ 0%
-4.98M▼ 285.7%
-27.62M▼ 454.1%
-18.95M▲ 31.4%
-5.6M▲ 70.5%
-6.99M▼ 24.9%
-2.47M▲ 64.7%
-4.02M▲ 0%
Operating Margin %
--914.67%-163.61%-115.44%-27.32%-34.67%-8.16%-13.36%
Operating Income Growth %
--285.69%-454.14%31.37%70.48%-24.88%64.67%-
EBITDA
-1.29M-4.98M-25.41M-18.89M-5.5M-6.9M-2.24M-3.78M
EBITDA Margin %
--913.1%-150.52%-115.03%-26.85%-34.25%-7.4%-12.59%
EBITDA Growth %
--285.28%-410.67%25.67%70.88%-25.51%67.58%41.62%
D&A (Non-Cash Add-back)
8548.55K2.21M67.18K96.33K85.37K231.15K232.21K
EBIT
-1.29M-4.98M-26.21M-18.32M2.65M-3M-2.47M-4.37M
Net Interest Income
5K3.57K-315.57K-579.89K1.49M1.71M1.12M997.55K
Interest Income
5K3.57K6.81K266.21K2.33M2.42M1.26M1.09M
Interest Expense
00322.38K846.1K834.78K708.93K142.35K89.67K
Other Income/Expense
3.33K3.57K1.09M-215.2K7.41M3.28M-177.38K-843.68K
Pretax Income
-1.29M▲ 0%
-4.98M▼ 286.4%
-26.53M▼ 432.7%
-19.17M▲ 27.7%
1.82M▲ 109.5%
-3.7M▼ 303.6%
-2.65M▲ 28.6%
-4.86M▲ 0%
Pretax Margin %
--914.01%-157.16%-116.75%8.88%-18.38%-8.75%-16.17%
Income Tax
0022.51K23.98K85.74K66.58K227.97K250.53K
Effective Tax Rate %
0%0%-0.08%-0.13%4.71%-1.8%-8.62%-5.16%
Net Income
-1.29M▲ 0%
-4.98M▼ 286.4%
-26.55M▼ 433.1%
-25.97M▲ 2.2%
11.11M▲ 142.8%
-3.77M▼ 134.0%
-2.87M▲ 23.8%
-5.11M▲ 0%
Net Margin %
--914.01%-157.3%-158.19%54.23%-18.71%-9.5%-17%
Net Income Growth %
--286.41%-433.14%2.18%142.76%-133.95%23.79%-38.7%
Net Income (Continuing)
-1.29M-4.98M-26.55M-19.19M1.73M-3.77M-2.87M-5.11M
Discontinued Operations
000-6.78M9.37M000
Minority Interest
00000000
EPS (Diluted)
-0.04▲ 0%
-0.17▼ 293.5%
-0.84▼ 394.1%
-0.81▲ 3.6%
0.36▲ 144.4%
-0.12▼ 133.3%
-0.09▲ 23.0%
-0.16▲ 0%
EPS Growth %
--293.52%-394.12%3.57%144.44%-133.33%23%-40.25%
EPS (Basic)
-0.04-0.17-0.84-0.810.36-0.12-0.09-
Diluted Shares Outstanding
29.82M29.82M31.77M32.03M32.23M31.07M31.11M31.15M
Basic Shares Outstanding
29.82M29.82M31.77M32.03M32.03M31.07M31.11M31.15M
Dividend Payout Ratio
--------

FORA Balance Sheet

Forian Inc. (FORA) balance sheet — assets, liabilities & shareholders' equity

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
175.63K12.51M35.99M26.92M58.42M44.46M42.56M37.41M
Cash & Short-Term Investments
150.26K12.17M31.06M20.19M48.34M35.08M31.55M30.95M
Cash Only
494665.46K18.66M2.8M6.04M4.59M12.9M30.95M
Short-Term Investments
149.77K11.5M12.4M17.4M42.3M30.49M18.65M0
Accounts Receivable
0219.7K3M4.06M9M6.56M8.08M4.26M
Days Sales Outstanding
-147.1764.9790.3160.33118.7897.588.88
Inventory
001.02M00000
Days Inventory Outstanding
--78.76-----
Other Current Assets
00900.24K1.83M6.93K1.71M1.93M2.2M
Total Non-Current Assets
3.42K46.36K20.86M19.34M2.48M2.71M1.57M1.41M
Property, Plant & Equipment
3.42K46.36K2.39M107.59K86.75K82.21K41.56K31.75K
Fixed Asset Turnover
-11.75x7.06x152.60x236.10x245.14x727.94x645.01x
Goodwill
009.1M9.1M0000
Intangible Assets
009.05M6.78M1.39M1.19M1M953.45K
Long-Term Investments
00000000
Other Non-Current Assets
00314.44K3.36M515.61K1.44M531.03K422.63K
Total Assets
179.04K▲ 0%
12.55M▲ 6911.8%
56.84M▲ 352.8%
46.26M▼ 18.6%
60.9M▲ 31.7%
47.17M▼ 22.5%
44.13M▼ 6.4%
38.81M▲ 0%
Asset Turnover
-0.04x0.30x0.35x0.34x0.43x0.69x0.70x
Asset Growth %
-6911.84%352.77%-18.62%31.65%-22.55%-6.44%-71.82%
Total Current Liabilities
460.08K1.29M6.8M8.35M6.82M16.6M14.35M11.93M
Accounts Payable
6.4K647.6K1.13M316.11K161.59K982.66K3.83M3.79M
Days Payables Outstanding
2.74K6.17K87.0522.8510.7748.997.4166.36
Short-Term Debt
184.3K013.12K010.66K6.7M00
Deferred Revenue (Current)
0158.88K976.27K2.58M2.23M4.49M5.25M18.83M
Other Current Liabilities
0346.72K2.39M3.74M2.71M1.57M2.78M3.51M
Current Ratio
0.38x9.72x5.29x3.22x8.56x2.68x2.97x3.14x
Quick Ratio
0.38x9.72x5.14x3.22x8.56x2.68x2.97x3.14x
Cash Conversion Cycle
--56.68----22.52
Total Non-Current Liabilities
0024.87M25.48M26.36M728.07K00
Long-Term Debt
0024.26M25.11M22.99M000
Capital Lease Obligations
00611.52K376.57K0000
Deferred Tax Liabilities
0000487.56K215.93K00
Other Non-Current Liabilities
00002.88M512.14K00
Total Liabilities
460.08K1.29M31.67M33.84M33.18M17.12M14.35M11.93M
Total Debt
184.3K025.13M25.5M23M6.72M12.14K6.1K
Net Debt
183.81K-665.46K6.47M22.71M16.96M2.13M-12.89M-30.95M
Debt / Equity
--1.00x2.05x0.83x0.22x0.00x0.00x
Debt / EBITDA
--------0.00x
Net Debt / EBITDA
-------8.18x
Interest Coverage
---81.29x-21.65x3.18x-4.23x-17.34x-48.78x
Total Equity
-281.03K▲ 0%
11.27M▲ 4109.2%
25.17M▲ 123.4%
12.42M▼ 50.6%
27.72M▲ 123.2%
30.05M▲ 8.4%
29.78M▼ 0.9%
26.89M▲ 0%
Equity Growth %
-4109.21%123.4%-50.65%123.15%8.41%-0.91%24.83%
Book Value per Share
-0.010.380.790.390.860.970.960.86
Total Shareholders' Equity
-281.03K11.27M25.17M12.42M27.72M30.05M29.78M26.89M
Common Stock
7.71K21.23K31.77K32.25K30.92K31.01K31.07K31.24K
Retained Earnings
-1.29M-6.27M-32.82M-58.79M-46.14M-49.92M-52.79M-56.15M
Treasury Stock
00000000
Accumulated OCI
00000000
Minority Interest
00000000

FORA Cash Flow Statement

Forian Inc. (FORA) cash flow — operating, investing & free cash flow history

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-1.03M-4.25M-17.25M-8.58M728.82K282.83K2.89M1.89M
Operating CF Margin %
--780.14%-102.19%-52.27%3.56%1.4%9.54%-
Operating CF Growth %
--311.74%-305.79%50.25%108.49%-61.19%920.58%-1686.49%
Net Income
-1.29M-4.98M-26.55M-19.19M1.73M-3.77M-2.87M-5.11M
Depreciation & Amortization
8548.55K2.21M67.18K96.33K85.37K231.15K232.21K
Stock-Based Compensation
028.33K9.3M11.92M6.57M6.53M3.28M1.81M
Deferred Taxes
00000000
Other Non-Cash Items
7.81K-3.57K-9.88K-2.29M-7.41M-2.98M-824K-17.3K
Working Capital Changes
247.81K696.14K-2.2M917.25K-264.26K417.24K3.08M4.97M
Change in Receivables
0-219.7K-2.5M-1.97M362.34K-792.62K-1.66M3.99M
Change in Inventory
00000000
Change in Payables
6.4K641.2K-204.41K-131.37K-154.52K821.08K2.85M1.52M
Cash from Investing
-151.43K-11.4M-1.03M-6.46M7.12M17.29M12.94M30.78M
Capital Expenditures
-1.67K-51.49K-1.44M-47.68K-75.49K000
CapEx % of Revenue
-9.45%8.55%0.29%0.37%0%0%0%
Acquisitions
001.31M-17.91K01.42M00
Investments
--------
Other Investing
000-1.66M24.41M1.67M00
Cash from Financing
1.18M16.32M36.28M-100.53K-4.6M-19.02M-7.52M-7.42M
Debt Issued (Net)
184.3K023.97M-13.12K-960K-18.6M-6.84M-6.84M
Equity Issued (Net)
1M16.32M11.97M0-3.45M-292.9K-412.94K-412.94K
Dividends Paid
00000000
Share Repurchases
0000-3.45M-292.9K-412.94K-405.22K
Other Financing
00341.4K-87.41K-191.47K-132.59K-263.66K-169.95K
Net Change in Cash
494▲ 0%
664.97K▲ 134509.1%
18M▲ 2606.6%
-15.14M▼ 184.1%
3.25M▲ 121.4%
-1.45M▼ 144.7%
8.31M▲ 672.4%
25.25M▲ 0%
Free Cash Flow
-1.03M▲ 0%
-4.3M▼ 316.1%
-18.69M▼ 334.5%
-8.63M▲ 53.8%
653.33K▲ 107.6%
282.83K▼ 56.7%
2.89M▲ 920.6%
2.33M▲ 0%
FCF Margin %
--789.59%-110.74%-52.56%3.19%1.4%9.54%7.75%
FCF Growth %
--316.06%-334.48%53.84%107.57%-56.71%920.58%-20.72%
FCF per Share
-0.03-0.14-0.59-0.270.020.010.090.07
FCF Conversion (FCF/Net Income)
0.80x0.85x0.65x0.33x0.07x-0.07x-1.00x-0.46x
Interest Paid
0072400000
Taxes Paid
00018.44K4.07M0067.85K

FORA Key Ratios

Forian Inc. (FORA) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)
-90.66%-145.73%-138.17%55.33%-13.05%-9.61%-17.22%
Return on Invested Capital (ROIC)
-71.17%-98.07%-42.58%-10.52%-13.64%-7.55%-16.81%
Gross Margin
92.97%72.05%69.24%73.26%63.61%52.52%46.85%
Net Margin
-914.01%-157.3%-158.19%54.23%-18.71%-9.5%-17%
Debt / Equity
-1.00x2.05x0.83x0.22x0.00x0.00x
Interest Coverage
--81.29x-21.65x3.18x-4.23x-17.34x-48.78x
FCF Conversion
0.85x0.65x0.33x0.07x-0.07x-1.00x-0.46x
Revenue Growth
-2997.93%-2.73%24.75%-1.6%50.13%34.57%
Related:FORA Dividend History·FORA Revenue History·FORA Price History·FORA P/E History·FORA Financial Ratios·FORA Institutional Holders

FORA SEC Filings & Documents

Forian Inc. (FORA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 15, 2026·SEC

Material company update

Apr 3, 2026·SEC

Material company update

Mar 27, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 27, 2026·SEC

FY 2024

Mar 29, 2024·SEC

FY 2023

Mar 30, 2023·SEC

10-Q Quarterly Reports

6
FY 2026

May 15, 2026·SEC

FY 2025

Nov 14, 2025·SEC

FY 2025

Aug 14, 2025·SEC

FORA Frequently Asked Questions

Forian Inc. (FORA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Forian Inc. (FORA) reported $30.1M in revenue for fiscal year 2025.

Forian Inc. (FORA) grew revenue by 50.1% over the past year. This is strong growth.

Forian Inc. (FORA) reported a net loss of $5.1M for fiscal year 2025.

Dividend & Returns

Forian Inc. (FORA) has a return on equity (ROE) of -9.6%. Negative ROE indicates the company is unprofitable.

Forian Inc. (FORA) generated $2.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in FORA back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

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