Forian Inc.
FORANasdaqTechnology · Services-Computer Processing & Data Preparation · DE · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $30.3M | $20.2M | $5.1M | $16.4M | $16.9M | $544,871 |
| Operating income | −$3.8M | −$7.0M | −$2.2M | −$19.0M | −$27.6M | −$5.0M |
| Net income | −$2.9M | −$3.8M | $6.7M | −$26.0M | −$26.6M | −$5.0M |
| Total assets | $44.1M | $47.2M | $56.6M | $46.3M | $56.8M | $12.6M |
| Total liabilities | $14.4M | $17.1M | $35.1M | $33.8M | $31.7M | $1.3M |
| Equity | $29.8M | $30.1M | $27.7M | $13.3M | $25.2M | $11.3M |
| EPS (diluted) | $-0.09 | $-0.12 | $0.21 | $-0.81 | $-0.90 | $-0.38 |
| Shares out. | 31.2M | 31.1M | 32.6M | 32.6M | 31.4M | 21.2M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −12.4%
- Net margin
- −9.5%
- Return on equity
- −9.7%
- Return on assets
- −6.5%
- Return on capital (ROCE)
- −12.6%
- Liabilities / assets
- 32.5%
- Debt / equity
- 0.48×
- Book value / share
- $0.95
- Revenue growth (YoY)
- 50.1%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- 1.90grey zone
- Accruals / assets
- −13.1%clean
- Beneish M-Score
- -2.66normal
- Piotroski F-Score
- 7/9strong
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 severe● 3 warning● 4 good- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Altman Z″ in the grey zone
- Revenue is growing year-over-year
- Conservative leverage (liabilities < 50% of assets)
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Apr 1, 2025
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Wygod Max CActivist (13D)Apr 15, 2026
- 2025 Acquisition Company, LlcActivist (13D)Apr 15, 2026
- Feinberg Larry NPassive (13G)Feb 14, 2025
- Coleman Thomas JasonPassive (13G)Feb 13, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Kassam-Adams ShahirDirector | May 15, 2026 | D | 171,184 | — |
| Wygod Max COfficer — Exec Chairman, CEO & President | May 15, 2026 | D | 1.3M | — |
| Banwell IanDirector | May 15, 2026 | U | 5,000 | — |
| Hajj JenniferDirector | May 15, 2026 | U | 5,000 | — |
| Adler Mark J MdDirector | May 15, 2026 | U | 37,583 | — |
| Vesey MichaelOfficer — Chief Financial Officer | May 15, 2026 | U | 139,610 | — |
| Vuori Kristiina MdDirector | May 15, 2026 | U | 28,757 | — |
| Varadhan Alyssa FDirector | May 15, 2026 | U | 5,000 | — |
| Dublin Adam HOfficer — Chief Strategy Officer | May 15, 2026 | D | 2.5M | — |
| Mcgrail Caroline StricklandOfficer — General Counsel | May 15, 2026 | D | 150,000 | — |
| Vesey MichaelOfficer — Chief Financial Officer | Feb 13, 2026 | Tax withholding | 4,918 | $2.10 |
| Vesey MichaelOfficer — Chief Financial Officer | Jan 12, 2026 | Tax withholding | 18,077 | $2.12 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 12,740 | 1.0 | -76.2% |
| Apr 30, 2026 | 53,578 | 1.1 | +5.9% |
| Apr 15, 2026 | 50,599 | 1.5 | -17.3% |
| Mar 31, 2026 | 61,144 | 4.5 | +1.5% |
| Mar 13, 2026 | 60,250 | 3.0 | -12.9% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Completed an acquisition or disposition · Delisting / listing-standard notice · Modified shareholder rights · Change in control · Director / officer change · Amended charter or bylaws · Other material eventMay 15, 2026
- Entered a material agreement · Other material eventApr 3, 2026
- Results of operationsMar 27, 2026
- Modified shareholder rights · Amended charter or bylaws · Shareholder voteJan 12, 2026
- Results of operationsNov 14, 2025
- Regulation FD disclosureAug 25, 2025
- Director / officer changeAug 20, 2025
- Results of operationsAug 13, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.