Forian (FORA) AI Stock Analysis

• Market Cap: $70.31M
• Dividend Yield: N/A
• Average Volume (3M): 54.33K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• Revenue Growth: 22.87%
• EPS Growth: -152.62%
• Country: US
• Employees: 47
• Sector: Healthcare
• Sector Strength: 44
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 0.02
• Shares Outstanding: 31,112,312
• 10 Day Avg. Volume: 31,049
• 30 Day Avg. Volume: 54,325
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.46
• Enterprise Value/Revenue: 1.30
• Enterprise Value/Gross Profit: 2.19
• Enterprise Value/Ebitda: -140.43
• 1Y Price Target: $3.75
• Price Target Upside: 65.93% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 54 Neutral
• Price Target: $2.50 ▲(10.62% Upside)

Forian's overall stock score reflects a company with strong revenue growth and improved financial metrics, largely driven by strategic acquisitions. However, ongoing profitability challenges, a negative P/E ratio, and reliance on contract renewals pose significant risks. Technical indicators provide some positive momentum, but valuation concerns weigh heavily on the score.

Positive Factors

Revenue Growth

Strong revenue growth driven by strategic acquisitions and organic expansion indicates robust market demand and effective business strategies, enhancing long-term financial health.

Market Positioning

The strategic acquisition enhances Forian's competitive advantage by expanding its data capabilities, making it a more attractive partner in the healthcare and cannabis sectors.

Improved Financial Metrics

Improved financial metrics reflect operational efficiency and successful cost management, supporting sustainable profitability and financial resilience.

Negative Factors

Profitability Challenges

Persistent profitability issues could hinder reinvestment and growth opportunities, affecting long-term financial stability and shareholder value.

Dependence on Renewals

Heavy reliance on contract renewals introduces revenue uncertainty, posing a risk if renewals do not meet expectations, potentially impacting future growth.

Cash Flow Concerns

Weak cash flow generation limits financial flexibility, affecting the company's ability to invest in growth initiatives and manage debt obligations effectively.

Forian Business Overview & Revenue Model

Company Description

Forian Inc. (FORA) is a technology company that provides comprehensive data management solutions, analytics, and software for the healthcare and cannabis industries. The company offers a range of products designed to enhance business operations, improve decision-making, and optimize clinical outcomes. Forian's core services include data and technology platforms that enable organizations to leverage insights from large datasets, thereby facilitating better strategic planning and operational efficiency.

How the Company Makes Money

Forian makes money through a diversified revenue model primarily centered around subscription fees for its software-as-a-service (SaaS) platforms. The company offers various analytics and data management solutions that clients subscribe to on an annual or multi-year basis. Additionally, Forian generates revenue from professional services, which include consulting and implementation services to ensure the effective integration of its technologies into clients' existing systems. Forian's strategic partnerships with healthcare providers, cannabis operators, and other industry stakeholders also play a crucial role in expanding its market reach and enhancing its revenue streams.

Forian Financial Statement Overview

Summary

Forian's financial performance shows mixed results. While revenue growth is promising at 12.09%, profitability remains a challenge with negative net profit and EBIT margins. The balance sheet shows reduced leverage, but cash flow generation is weak with a negative free cash flow growth rate.

Income Statement

Forian's income statement shows a mixed performance. The company has experienced a revenue growth rate of 12.09% in the TTM, indicating a positive trend. However, profitability metrics such as the net profit margin and EBIT margin are negative, reflecting ongoing challenges in achieving profitability. The gross profit margin remains strong at 60.76%, suggesting efficient cost management at the production level.

Balance Sheet

The balance sheet indicates moderate financial stability. The debt-to-equity ratio has improved significantly from 2.07 in 2022 to 0.23 in the TTM, showing reduced leverage. However, the return on equity remains negative, highlighting profitability issues. The equity ratio is stable, suggesting a balanced asset structure.

Cash Flow

Cash flow analysis reveals some concerns. The free cash flow growth rate is negative at -10.94% in the TTM, indicating declining cash generation. However, the operating cash flow to net income ratio is positive, suggesting that the company is generating cash relative to its net income, albeit at a low level.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	25.03M	20.15M	20.48M	28.01M	16.88M	544.87K
Gross Profit	14.85M	12.82M	15.00M	21.13M	12.16M	506.58K
EBITDA	-231.53K	-2.91M	2.75M	-18.25M	-24.00M	-4.97M
Net Income	-675.14K	-3.77M	11.11M	-25.97M	-26.55M	-4.98M
Balance Sheet
Total Assets	48.46M	47.17M	58.89M	46.26M	56.84M	12.55M
Cash, Cash Equivalents and Short-Term Investments	35.65M	35.08M	48.34M	20.72M	31.06M	12.17M
Total Debt	6.83M	6.72M	24.88M	25.75M	25.13M	0.00
Total Liabilities	17.52M	17.12M	32.71M	33.84M	31.67M	1.29M
Stockholders Equity	30.94M	30.05M	26.18M	12.42M	25.17M	11.27M
Cash Flow
Free Cash Flow	2.62M	282.83K	653.33K	-8.63M	-18.70M	-4.30M
Operating Cash Flow	2.62M	282.83K	728.82K	-8.58M	-17.26M	-4.25M
Investing Cash Flow	18.89M	17.29M	7.12M	-6.46M	-1.03M	-11.40M
Financing Cash Flow	-18.14M	-19.02M	-4.60M	-100.53K	36.28M	16.32M

Forian Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.26
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FORA, the sentiment is Positive. The current price of 2.26 is above the 20-day moving average (MA) of 2.04, above the 50-day MA of 2.00, and above the 200-day MA of 2.08, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 60.97 is Neutral, neither overbought nor oversold. The STOCH value of 63.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FORA.

Forian Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CCLD	72 Outperform	$157.86M	―	22.69%	―	0.04%	98.87%
FORA	54 Neutral	$70.31M	―	-3.20%	―	22.87%	-152.62%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ZCMD	43 Neutral	$28.28M	―	-3.31%	―	-18.37%	97.16%
ONMD	―	$38.88M	―		―	―	―
BEAT	34 Underperform	$48.72M	―	-315.70%	―	―	-9.13%
HCTI	27 Underperform	$15.05M	―	-118.48%	―	-45.90%	59.17%

Forian Corporate Events

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.

Forian Approves Equity Plan Amendment at Annual Meeting

On June 11, 2025, Forian Inc. held its Annual Meeting of Stockholders, where an amendment to the 2020 Equity Incentive Plan was approved. This amendment increases the number of shares available for issuance by 4,000,000, bringing the total to 10,400,000 shares. Additionally, the election of two Class I directors and the ratification of CBIZ CPAS P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2025, were also approved.

The most recent analyst rating on (FORA) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Forian stock, see the FORA Stock Forecast page.