The company has achieved a robust liquidity position with $31.0M in cash and a current ratio of 3.14, while successfully reducing total debt to a negligible $6.1K as of 2026Q1.
| Total Current Assets | 37.41M | 42.56M | 44.46M | 58.42M | 26.92M | 35.99M | 12.51M | 175.63K |
| Cash & Short-Term Investments | 30.95M | 31.55M | 35.08M | 48.34M | 20.19M | 31.06M | 12.17M | 150.26K |
| Cash Only | 30.95M | 12.9M | 4.59M | 6.04M | 2.8M | 18.66M | 665.46K | 494 |
| Short-Term Investments | 0 | 18.65M | 30.49M | 42.3M | 17.4M | 12.4M | 11.5M | 149.77K |
| Accounts Receivable | 4.26M | 8.08M | 6.56M | 9M | 4.06M | 3M | 219.7K | 0 |
| Days Sales Outstanding | 88.88 | 97.5 | 118.78 | 160.33 | 90.3 | 64.97 | 147.17 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 1.02M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | 78.76 | - | - |
| Other Current Assets | 2.2M | 1.93M | 1.71M | 6.93K | 1.83M | 900.24K | 0 | 0 |
| Total Non-Current Assets | 1.41M | 1.57M | 2.71M | 2.48M | 19.34M | 20.86M | 46.36K | 3.42K |
| Property, Plant & Equipment | 31.75K | 41.56K | 82.21K | 86.75K | 107.59K | 2.39M | 46.36K | 3.42K |
| Fixed Asset Turnover | 645.01x | 727.94x | 245.14x | 236.10x | 152.60x | 7.06x | 11.75x | - |
| Goodwill | 0 | 0 | 0 | 0 | 9.1M | 9.1M | 0 | 0 |
| Intangible Assets | 953.45K | 1M | 1.19M | 1.39M | 6.78M | 9.05M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 422.63K | 531.03K | 1.44M | 515.61K | 3.36M | 314.44K | 0 | 0 |
| Total Assets | 38.81M | 44.13M | 47.17M | 60.9M | 46.26M | 56.84M | 12.55M | 179.04K |
| Asset Turnover | 0.70x | 0.69x | 0.43x | 0.34x | 0.35x | 0.30x | 0.04x | - |
| Asset Growth % | -71.82% | -6.44% | -22.55% | 31.65% | -18.62% | 352.77% | 6911.84% | - |
| Total Current Liabilities | 11.93M | 14.35M | 16.6M | 6.82M | 8.35M | 6.8M | 1.29M | 460.08K |
| Accounts Payable | 3.79M | 3.83M | 982.66K | 161.59K | 316.11K | 1.13M | 647.6K | 6.4K |
| Days Payables Outstanding | 66.36 | 97.41 | 48.9 | 10.77 | 22.85 | 87.05 | 6.17K | 2.74K |
| Short-Term Debt | 0 | 0 | 6.7M | 10.66K | 0 | 13.12K | 0 | 184.3K |
| Deferred Revenue (Current) | 18.83M | 5.25M | 4.49M | 2.23M | 2.58M | 976.27K | 158.88K | 0 |
| Other Current Liabilities | 3.51M | 2.78M | 1.57M | 2.71M | 3.74M | 2.39M | 346.72K | 0 |
| Current Ratio | 3.14x | 2.97x | 2.68x | 8.56x | 3.22x | 5.29x | 9.72x | 0.38x |
| Quick Ratio | 3.14x | 2.97x | 2.68x | 8.56x | 3.22x | 5.14x | 9.72x | 0.38x |
| Cash Conversion Cycle | 22.52 | - | - | - | - | 56.68 | - | - |
| Total Non-Current Liabilities | 0 | 0 | 728.07K | 26.36M | 25.48M | 24.87M | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 22.99M | 25.11M | 24.26M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 376.57K | 611.52K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 215.93K | 487.56K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 512.14K | 2.88M | 0 | 0 | 0 | 0 |
| Total Liabilities | 11.93M | 14.35M | 17.12M | 33.18M | 33.84M | 31.67M | 1.29M | 460.08K |
| Total Debt | 6.1K | 12.14K | 6.72M | 23M | 25.5M | 25.13M | 0 | 184.3K |
| Net Debt | -30.95M | -12.89M | 2.13M | 16.96M | 22.71M | 6.47M | -665.46K | 183.81K |
| Debt / Equity | 0.00x | 0.00x | 0.22x | 0.83x | 2.05x | 1.00x | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 8.18x | - | - | - | - | - | - | - |
| Interest Coverage | -48.78x | -17.34x | -4.23x | 3.18x | -21.65x | -81.29x | - | - |
| Total Equity | 26.89M | 29.78M | 30.05M | 27.72M | 12.42M | 25.17M | 11.27M | -281.03K |
| Equity Growth % | 24.83% | -0.91% | 8.41% | 123.15% | -50.65% | 123.4% | 4109.21% | - |
| Book Value per Share | 0.86 | 0.96 | 0.97 | 0.86 | 0.39 | 0.79 | 0.38 | -0.01 |
| Total Shareholders' Equity | 26.89M | 29.78M | 30.05M | 27.72M | 12.42M | 25.17M | 11.27M | -281.03K |
| Common Stock | 31.24K | 31.07K | 31.01K | 30.92K | 32.25K | 31.77K | 21.23K | 7.71K |
| Retained Earnings | -56.15M | -52.79M | -49.92M | -46.14M | -58.79M | -32.82M | -6.27M | -1.29M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Revenue Volatility
According to recent financial statements, Forian has successfully transitioned from a debt-heavy position of $24.4M in 2024Q3 to a virtually debt-free status of $6.1K by 2026Q1, significantly reducing the company's interest burden and overall financial risk profile during this period of operational transition.
The aggressive reduction in debt suggests a strategic pivot toward preserving liquidity as the company navigates its path to profitability. While this deleveraging strengthens the balance sheet, investors should monitor whether the lack of external financing capacity limits the company's ability to fund future growth initiatives or R&D requirements.
As reported in quarterly filings, Forian's cash reserves surged to $31.0M in 2026Q1 from a low of $1.0M in 2024Q1, providing a current ratio of 3.14 that appears to offer a sufficient, albeit temporary, cushion against ongoing operational cash burn.
The significant improvement in liquidity appears to be the result of capital management rather than organic cash generation, given the persistent negative operating margins. This buffer is critical for maintaining operations, but its sustainability remains contingent on the company's ability to stabilize its revenue base and reduce its reliance on cash-intensive data acquisition.
Based on reported figures, Forian's equity base of $26.9M in 2026Q1 is heavily burdened by an accumulated deficit of $56.2M, which indicates that historical operational losses continue to erode the company's book value despite recent efforts to streamline the business model.
The persistent negative retained earnings suggest that the company has yet to achieve a self-sustaining economic model, which may complicate future capital raising efforts. Investors should interpret this as a signal that the current equity value is largely supported by external capital injections rather than internal value creation.
Analysis of recent SEC filings reveals that goodwill has been reduced to $953.4K in 2026Q1 from $1.4M in 2023Q4, suggesting that the company has largely avoided the risk of significant impairment charges that often plague firms following aggressive acquisition-led growth strategies.
The minimal presence of goodwill on the balance sheet implies that the company's asset base is not overly reliant on subjective valuations of past acquisitions. This transparency is a positive indicator, as it suggests that the company's book value is more reflective of tangible assets and cash rather than potentially overvalued intangible assets.
Quick answers to the most common questions about buying FORA stock.
As of 2025, Forian Inc. (FORA) had total assets of $44.1M including $42.6M in current assets.
Forian Inc. (FORA) carries total debt of $0.0M, offset by $31.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Forian Inc. (FORA) has total shareholders' equity (book value) of $29.8M ($0.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Forian Inc. (FORA) reported a current ratio of 2.97x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.