Latest Ratios: P/E Ratio -23.5x · EV/EBITDA N/A · ROE -9.6%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $68M | $66M | $64M | $94M | $87M | $287M | — | — |
| Enterprise Value | $55M | $53M | $66M | $111M | $110M | $293M | — | — |
| P/E Ratio → | -23.48 | — | — | 8.14 | — | — | — | — |
| P/S Ratio | 2.24 | 2.18 | 3.18 | 4.61 | 5.33 | 16.98 | — | — |
| P/B Ratio | 2.27 | 2.21 | 2.13 | 3.41 | 7.04 | 11.39 | — | — |
| P/FCF | 23.49 | 22.85 | 226.31 | 144.55 | — | — | — | — |
| P/OCF | 23.49 | 22.85 | 226.31 | 129.57 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.75 | 3.28 | 5.44 | 6.71 | 17.36 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | 41.97 | — | — | — | — |
| EV / FCF | — | 18.38 | 233.84 | 170.50 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.5% | 52.5% | 63.6% | 73.3% | 69.2% | 72.1% | 93.0% | — |
| Operating Margin | -8.2% | -8.2% | -34.7% | -27.3% | -115.4% | -163.6% | -914.7% | — |
| Net Profit Margin | -9.5% | -9.5% | -18.7% | 54.2% | -158.2% | -157.3% | -914.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -9.6% | -9.6% | -13.1% | 55.3% | -138.2% | -145.7% | -90.7% | — |
| ROA | -6.3% | -6.3% | -7.0% | 20.7% | -50.4% | -76.5% | -78.2% | -719.8% |
| ROIC | -7.5% | -7.5% | -13.6% | -10.5% | -42.6% | -98.1% | -71.2% | — |
| ROCE | -8.2% | -8.2% | -16.5% | -12.2% | -43.1% | -90.1% | -90.7% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.22 | 0.83 | 2.05 | 1.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.43 | 0.07 | 0.61 | 1.83 | 0.26 | -0.06 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -4.47 | 7.53 | 25.96 | — | — | — | — |
| Interest Coverage | -17.34 | -17.34 | -4.23 | 3.18 | -21.65 | -81.29 | — | — |
Net cash position: cash ($13M) exceeds total debt ($12137)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.97 | 2.97 | 2.68 | 8.56 | 3.22 | 5.29 | 9.72 | 0.38 |
| Quick Ratio | 2.97 | 2.97 | 2.68 | 8.56 | 3.22 | 5.14 | 9.72 | 0.38 |
| Cash Ratio | 2.20 | 2.20 | 2.11 | 7.09 | 2.42 | 4.57 | 9.45 | 0.33 |
| Asset Turnover | — | 0.69 | 0.43 | 0.34 | 0.35 | 0.30 | 0.04 | — |
| Inventory Turnover | — | — | — | — | — | 4.63 | — | — |
| Days Sales Outstanding | — | 97.50 | 118.78 | 160.33 | 90.30 | 64.97 | 147.17 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 12.3% | — | — | — | — |
| FCF Yield | 4.3% | 4.4% | 0.4% | 0.7% | — | — | — | — |
| Buyback Yield | 0.6% | 0.6% | 0.5% | 3.7% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.6% | 0.6% | 0.5% | 3.7% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $31M | $31M | $32M | $32M | $32M | $30M | $30M |
High Revenue Volatility
Based on recent financial data, Forian trades at a price-to-sales ratio of 2.24, which appears to discount the company's potential as a healthcare data provider while simultaneously pricing in the significant volatility and regulatory risks inherent in its cannabis-exposed software and services business model.
The negative P/E ratio of -23.48 underscores the company's current inability to generate consistent bottom-line earnings, forcing investors to rely on revenue-based multiples. This valuation suggests that the market remains skeptical of the company's transition toward high-margin life sciences data, preferring to treat the stock as a speculative play on cannabis infrastructure.
As reported in quarterly filings, Forian's ROIC has deteriorated to -34.3% in 2026Q1, indicating that the company is currently destroying shareholder value rather than compounding it, a trend that warrants further investigation into the efficacy of their recent capital allocation and data infrastructure investments.
The sharp decline in return on invested capital suggests that the costs associated with maintaining and expanding the data lake are not yet yielding commensurate returns. Investors should monitor whether this is a temporary byproduct of aggressive R&D spending or a structural issue where the underlying business model fails to achieve the necessary scale to generate positive returns.
According to recent SEC filings, Forian's asset turnover has remained stagnant at 0.17 in 2026Q1, while DSO has fluctuated significantly, suggesting that the company faces challenges in converting its service-based revenue into cash efficiently compared to more mature healthcare information services peers.
The high DSO figures, which reached 151 in early 2024, imply that the company may be struggling with collections from its smaller cannabis-retail client base. This inefficiency in working capital management likely contributes to the erratic cash flow profile and necessitates a higher liquidity buffer than would otherwise be required.
Based on reported figures, Forian maintains a current ratio of 3.14, which appears to provide a robust short-term cushion, yet this liquidity is largely a function of recent cash accumulation rather than the operational self-sufficiency typically expected of a mature software-as-a-service provider.
While the current ratio suggests the company is well-positioned to meet its short-term obligations, the lack of consistent operating cash flow means this liquidity is finite. Investors should monitor the burn rate closely, as the current cash position may be depleted if the company cannot achieve operating profitability before the next phase of infrastructure investment.
The most commonly misapplied metric for Forian is the standard SaaS-based P/S multiple, which obscures the fact that a significant portion of revenue is derived from lumpy, project-based government contracts rather than recurring, high-margin software subscriptions that typically command premium valuations in the market.
Applying a pure-play SaaS multiple to Forian ignores the high cost of revenue associated with data acquisition and the volatility of its government-contract segment. Analysts should instead focus on the quality of recurring revenue and the contribution margin of the life sciences data segment to better assess the company's true long-term earning potential.
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Quick answers to the most common questions about buying FORA stock.
Forian Inc.'s current P/E ratio is -23.5x. The historical average is 8.1x.
Forian Inc.'s return on equity (ROE) is -9.6%. The historical average is -57.0%.
Based on historical data, Forian Inc. is trading at a P/E of -23.5x. Compare with industry peers and growth rates for a complete picture.
Forian Inc. has 52.5% gross margin and -8.2% operating margin.