Forian (FORA) AI Stock Analysis

• Market Cap: $66.81M
• Dividend Yield: N/A
• Average Volume (3M): 272.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.69
• Revenue Growth: 42.60%
• EPS Growth: 67.76%
• Country: US
• Employees: 47
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): >-0.01
• Shares Outstanding: 31,072,252
• 10 Day Avg. Volume: 42,136
• 30 Day Avg. Volume: 272,505
• PEG Ratio: 0.13
• Price to Book (P/B): 2.13
• Price to Sales (P/S): 3.18
• P/FCF Ratio: 226.31
• Enterprise Value/Market Cap: 0.62
• Enterprise Value/Revenue: 1.48
• Enterprise Value/Gross Profit: 2.69
• Enterprise Value/Ebitda: -194.76
• 1Y Price Target: $2.10
• Price Target Upside: -3.67% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.07
• Revenue Forecast (FY): $29.21M

• Rating: 51 Neutral
• Price Target: $2.00 ▼(-8.26% Downside)

Forian's overall stock score is driven by strong revenue growth and improved financial metrics from strategic acquisitions. However, profitability challenges, negative valuation metrics, and bearish technical indicators weigh on the score.

Forian Business Overview & Revenue Model

Company Description

Forian 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.

How the Company Makes Money

Forian generates revenue through multiple streams, primarily from subscription services, where clients pay for access to its data analytics platforms and tools. The company also earns income through consulting services, providing tailored analytics and strategic advice to clients in the healthcare and cannabis industries. Additionally, Forian partners with various organizations, including healthcare institutions and cannabis-related businesses, to offer comprehensive data solutions and insights, further contributing to its revenue. The growth in the cannabis market and increasing demand for healthcare analytics are significant factors that enhance Forian's earnings potential.

Forian Financial Statement Overview

Summary

Forian shows positive revenue growth and improved leverage, but faces challenges with negative margins and returns on equity. Cash flow is stable but needs growth improvement.

Income Statement

Forian's income statement shows mixed results. The company has achieved a positive revenue growth rate of 12.29% in the TTM, indicating a recovery from previous declines. However, profitability remains a concern with negative net profit and EBIT margins, suggesting ongoing operational challenges. The gross profit margin has decreased over time, reflecting potential cost pressures or pricing challenges.

Balance Sheet

Forian's balance sheet shows improvement in leverage, with a significantly reduced debt-to-equity ratio in the TTM. However, the return on equity remains negative, indicating that the company is not generating sufficient returns on shareholder investments. The equity ratio is stable, suggesting a balanced asset structure, but the negative ROE highlights profitability issues.

Cash Flow

The cash flow statement reveals a decline in free cash flow growth, which is a concern for future liquidity. However, the company has managed to maintain a positive free cash flow to net income ratio, indicating efficient cash generation relative to net income. The operating cash flow to net income ratio is improving, suggesting better cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	28.11M	20.15M	20.48M	16.42M	16.88M	544.87K
Gross Profit	15.52M	12.82M	15.00M	11.37M	12.16M	506.58K
EBITDA	-214.26K	-2.91M	2.75M	-18.25M	-24.00M	-4.97M
Net Income	-852.58K	-3.77M	11.11M	-25.97M	-26.55M	-4.98M
Balance Sheet
Total Assets	41.25M	47.17M	60.90M	46.26M	56.84M	12.55M
Cash, Cash Equivalents and Short-Term Investments	28.23M	35.08M	48.34M	20.19M	31.06M	12.17M
Total Debt	18.10K	6.72M	23.00M	25.50M	25.13M	0.00
Total Liabilities	10.17M	17.12M	33.18M	33.84M	31.67M	1.29M
Stockholders Equity	31.08M	30.05M	27.72M	12.42M	25.17M	11.27M
Cash Flow
Free Cash Flow	1.41M	282.83K	653.33K	-8.63M	-18.69M	-4.30M
Operating Cash Flow	1.41M	282.83K	728.82K	-8.58M	-17.25M	-4.25M
Investing Cash Flow	25.86M	17.29M	7.12M	-6.46M	-1.03M	-11.40M
Financing Cash Flow	-25.32M	-19.02M	-4.60M	-100.53K	36.28M	16.32M

Forian Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.18
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FORA, the sentiment is Negative. The current price of 2.18 is below the 20-day moving average (MA) of 2.20, below the 50-day MA of 2.23, and above the 200-day MA of 2.11, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 46.62 is Neutral, neither overbought nor oversold. The STOCH value of 41.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FORA.

Forian Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CCLD	62 Neutral	$121.89M	―	21.49%	―	2.97%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FORA	51 Neutral	$66.81M	―	-2.94%	―	42.60%	67.76%
ZCMD	43 Neutral	$14.14M	―	-8.96%	―	-24.64%	92.19%
BEAT	34 Underperform	$56.61M	-2.37	-792.01%	―	―	4.31%
HCTI	27 Underperform	$15.45M	-0.02	-182.56%	―	-21.88%	68.40%

Forian Corporate Events

Forian Inc. Earnings Call Highlights Growth and Challenges

Forian Inc. recently held its earnings call, revealing a cautiously optimistic sentiment. The company showcased strong revenue growth and improved financial metrics, primarily fueled by the strategic acquisition of Kyber Data Science. However, challenges such as a mixed spending environment and reliance on contract renewals were also highlighted, indicating some risks on the horizon.

Forian Receives Proposal to Go Private

On August 25, 2025, Forian Inc. announced that its Board of Directors received an unsolicited proposal from a group led by CEO Max Wygod to take the company private at $2.10 per share. The proposal, which is non-binding and preliminary, is supported by participants who own approximately 63% of Forian’s common stock. A Special Committee of independent directors has been formed to evaluate the offer, which is contingent on financing, employment agreements, and acquisition of a majority of shares. The proposal aims to alleviate the burdens of public company compliance and provide liquidity to shareholders.

The most recent analyst rating on (FORA) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Forian stock, see the FORA Stock Forecast page.