Forian (FORA)
NASDAQ:FORA
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Forian
(NASDAQ:FORA)
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Rating:62Neutral
Price Target:
$2.00
▼(-3.85% Downside)
Action:ReiteratedDate:04/03/26
The score is driven primarily by improved financial stability (low leverage and better 2025 cash generation) and a significant corporate catalyst (the announced take-private at a cash price). Offsetting these positives are ongoing operating losses/earnings volatility and only mixed technical signals, while valuation is constrained by negative earnings and no dividend.
Positive Factors
Take-private transaction
A CEO-led, board-approved take-private with committed equity gives shareholders a defined liquidity outcome and removes public-market quarterly pressure. Structurally, this reduces near-term financing uncertainty and lets management pursue multi-quarter strategic initiatives without short-term market scrutiny.
Negative Factors
Persistent unprofitability
Continued negative EBITDA and net losses indicate the core business has not reached consistent profitability. Over months, this limits retained earnings, constrains reinvestment capacity, and may force cost cuts or additional financing if cash generation falters, undermining durable margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Take-private transaction
A CEO-led, board-approved take-private with committed equity gives shareholders a defined liquidity outcome and removes public-market quarterly pressure. Structurally, this reduces near-term financing uncertainty and lets management pursue multi-quarter strategic initiatives without short-term market scrutiny.
Read all positive factors
Forian (FORA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$67.25M
Dividend YieldN/A
Average Volume (3M)272.50K
Price to Earnings (P/E)―
Beta (1Y)0.50
Revenue Growth50.13%
EPS Growth23.81%
CountryUS
Employees47
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.09
Shares Outstanding31,208,752
10 Day Avg. Volume42,136
30 Day Avg. Volume272,505
Financial Highlights & Ratios
PEG Ratio1.00
Price to Book (P/B)2.21
Price to Sales (P/S)2.18
P/FCF Ratio22.85
Enterprise Value/Market Cap0.81
Enterprise Value/Revenue1.80
Enterprise Value/Gross Profit3.42
Enterprise Value/Ebitda-24.30
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$32.17M
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 s...
How the Company Makes Money
Forian generates revenue primarily by selling its software and data/analytics capabilities to customers in healthcare and life sciences. Its revenue model generally consists of (1) recurring software/technology revenue (e.g., subscriptions or lice...
Forian Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
Forian's earnings call highlighted strong revenue growth and improved financial metrics, largely driven by the strategic acquisition of Kyber Data Science. Despite these positive developments, the company faces challenges such as a mixed spending environment and reliance on contract renewals. The sentiment is cautiously optimistic with strong growth but some risks ahead.Positive Updates
Strong Revenue Growth
Forian reported a second quarter revenue of $7.5 million, representing a 56% year-over-year growth. This growth was driven largely by the Kyber Data Science acquisition and new pharma projects.
Negative Updates
Mixed Spending Environment
The company faces a mixed spending environment in its healthcare and financial services markets, with cautious pharma companies due to geopolitical and macroeconomic factors.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Revenue Growth
Forian reported a second quarter revenue of $7.5 million, representing a 56% year-over-year growth. This growth was driven largely by the Kyber Data Science acquisition and new pharma projects.
Read all positive updates
Company Guidance
During the Forian Inc. Second Quarter 2025 Financial Results Conference Call, guidance was provided, highlighting several key metrics and projections. Forian reported a second-quarter revenue of $7.5 million, marking a 56% year-over-year growth. The company's net income was $224,000, with an adjusted EBITDA of $591,000, compared to a loss of $2.5 million and an adjusted EBITDA of $78,000 in the previous year. Forian's revenue growth was driven by the Kyber Data Science acquisition, contributing approximately $1.9 million, or 39%, to the overall increase, with the remaining growth attributed to organic expansion in the life sciences data business. Looking ahead, Forian anticipates a full-year 2025 revenue of $28 million to $30 million, representing a 39% to 49% growth year-over-year. The adjusted EBITDA margin is expected to range from negative $1 million to positive $1 million. The company emphasized the importance of renewing annual licenses, primarily stemming from the Kyber acquisition, as a key factor influencing the achievement of its revenue targets. Additionally, Forian is actively exploring strategic acquisitions to further strengthen its financial position and expand its reach in the pharmaceutical sector.Forian Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
72
Positive
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 30.26M | 20.15M | 20.48M | 16.42M | 16.88M |
| Gross Profit | 15.89M | 12.82M | 15.00M | 11.37M | 12.16M |
| EBITDA | -2.24M | -2.91M | 2.75M | -18.25M | -24.00M |
| Net Income | -2.87M | -3.77M | 11.11M | -25.97M | -26.55M |
Balance Sheet | |||||
| Total Assets | 44.13M | 47.17M | 60.90M | 46.26M | 56.84M |
| Cash, Cash Equivalents and Short-Term Investments | 31.55M | 35.08M | 48.34M | 20.19M | 31.06M |
| Total Debt | 12.14K | 6.72M | 23.00M | 25.50M | 25.13M |
| Total Liabilities | 14.35M | 17.12M | 33.18M | 33.84M | 31.67M |
| Stockholders Equity | 29.78M | 30.05M | 27.72M | 12.42M | 25.17M |
Cash Flow | |||||
| Free Cash Flow | 2.89M | 282.83K | 653.33K | -8.63M | -18.69M |
| Operating Cash Flow | 2.89M | 282.83K | 728.82K | -8.58M | -17.25M |
| Investing Cash Flow | 12.94M | 17.29M | 7.12M | -6.46M | -1.03M |
| Financing Cash Flow | -7.52M | -19.02M | -4.60M | -100.53K | 36.28M |
Forian Technical Analysis
Positive
2.08
Price Trends
2.09
Positive
2.11
Positive
2.11
Positive
Market Momentum
0.02
Negative
64.15
Neutral
56.80
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 2.08 is below the 20-day moving average (MA) of 2.11, below the 50-day MA of 2.09, and below the 200-day MA of 2.11, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 64.15 is Neutral, neither overbought nor oversold. The STOCH value of 56.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FORA.
Forian Risk Analysis
Forian disclosed 27 risk factors in its most recent earnings report. Forian reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Forian Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $127.05M | 95.53 | 18.98% | ― | 8.72% | ― | |
62 Neutral | $67.25M | -22.95 | -9.43% | ― | 50.13% | 23.81% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
| ― | $8.21M | -1.95 | -8.26% | ― | -28.30% | -86.73% | |
44 Neutral | $47.29M | -3.81 | -571.06% | ― | ― | 14.15% | |
41 Neutral | $4.53M | -0.25 | -112.81% | ― | 18.76% | 84.58% |
* Healthcare Sector Average
FORA
Forian
2.16
0.16
8.29%
CCLD
CareCloud
2.99
1.24
70.86%
ZCMD
Zhongchao
2.13
-6.63
-75.68%
ONMD
OneMedNet
1.00
0.59
142.68%
HCTI
Healthcare Triangle
2.30
-2,840.78
-99.92%
BEAT
HeartBeam
0.88
-0.96
-52.12%
Forian Corporate Events
Delistings and Listing ChangesM&A Transactions
Forian to Go Private in CEO-Led Takeover Deal
Positive
Apr 3, 2026
On April 2, 2026, Forian entered into a merger agreement under which a consortium of investors led by Chairman and CEO Max Wygod, alongside other senior executives and existing stockholders, will acquire all outstanding common shares not already o...
Business Operations and StrategyShareholder Meetings
Forian Stockholders Approve Redomiciliation to Maryland
Neutral
Jan 12, 2026
On January 8, 2026, Forian’s stockholders approved a proposal to redomicile the company from Delaware to Maryland through a statutory conversion, with 22,312,024 votes in favor, 1,620,763 against, 1,308 abstentions and no broker non-votes. B...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.