Forian Inc.

FORA
Price: $2.14Market Cap: $66.5M

Investment snapshot

0%positive consensus
Scored 1d ago

Positive

0

BUY / PASS

Neutral / negative

4 / 12

NEUTRAL / FAIL

Median fair value

$0.43

-79.7% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2173 (Top 70.2%)NEUTRALFAILFAILFAILFAILFAILFAILFAILNEUTRALNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/A-185.3%-1683.3%N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Annual history · FY 2025

Latest source filing: 2026-05-15

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-03-31

Latest source filing: 2026-05-15

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Market data at 2026-04-10

Latest source filing: 2026-05-15

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-03-31 · Market data at 2026-04-10

Latest source filing: 2026-05-15

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-04-10

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-27

Score computed: 2026-11-14

TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Price history 2025-01-01–2026-04-10 · Annual history · FY 2025

Latest source filing: 2026-05-15

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-27

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-03-31

Latest source filing: 2026-05-15

Score computed: 2026-11-14

TTM ended 2026-03-31 · Annual history · FY 2025 · Price history 2025-01-01–2026-04-10

Latest source filing: 2026-05-15

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: -4.5x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities3.14
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-4.5x, D/EBITDA=0.0x (no debt)
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 1✗ 27▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS49.4x
    ✗Graham<= 15x
    Price-to-Book Ratio2.2x
    ✗Graham<= 1.5x
    P/E x P/B110.80
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-7.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-7.0%, ROC=-24.6%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)23.1x
    ✗Dreman< 8x
    Price / Book Value per Share2.2x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-4.0%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=2.2x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-229.2% (IV=$0.65 vs Price=$2.14)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-7.69%; #4064/6340 (top 64.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.4043; #3254/6449 (top 50.5%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share2.32x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+79.8%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.4519; #2769/5247 (top 52.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts0% pass✗ 13▾

    Split decision: 12 FAIL · 4 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)✗GreenblattRank #2173•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation models0% pass✗ 2▾

    FORA overvalued: all 2 models price fair value below $2.14 (median $0.43)

    Dreman fair value$0.75
    ✗Dreman-185.3% margin vs $2.14
    Munger fair value$0.12
    ✗Munger-1683.3% margin vs $2.14
  • Profitability6% pass✓ 6✗ 29▾

    15 of 16 flag FORA's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)1/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)1/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-40.6%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-12.4% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-3.7M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-19.0%
    ✗Lynch> 15%
    EBIT / Enterprise Value-7.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-7.0%, ROC=-24.6%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-6.51%
    ✗PiotroskiROA > 0
    ROA Change YoY-7.99% -> -6.51% (delta: +1.48%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=6.54%, ROA=-6.51%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY63.6% -> 53.2%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-16.2%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-19.0%
    ✗Dreman> 12%
    Margin of SafetyP/B=2.2x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity6.8% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value-229.2% (IV=$0.65 vs Price=$2.14)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency1/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-19.5%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-19.0%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-23.2% (2023) -> -12.4% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 74.2% -> 53.2%, operating margin -23.2% -> -12.4%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-7.69%; #4064/6340 (top 64.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+36.48%; #1105/3702 (top 29.8%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity-19.01%; #3662/5226 (top 70.1%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.2546; #4461/5884 (top 75.8%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Cash Flow10% pass✓ 2✗ 10▾

    9 of 10 flag FORA's cash flow — Buffett, Lynch, Dreman +6 more

    Free Cash Flow Proxy$-3.7M
    ✗BuffettPositive and growing
    FCF Positive and Growing$0.3M
    ✗LynchPositive and growing
    Operating Cash Flow$2.9M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=6.54%, ROA=-6.51%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)23.1x
    ✗Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive2/5 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency3/6 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth13% pass✓ 4✗ 9▾

    7 of 8 flag FORA's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency1/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth29.2%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 74.2% -> 53.2%, operating margin -23.2% -> -12.4%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR123.3%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency38% pass✓ 4✗ 7▾

    5 of 8 flag FORA's efficiency — Buffett, Greenblatt, Munger +2 more

    Current Ratio3.14
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-93.1%
    ✗Buffett> 10%
    ROIC - WACC-103.1%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-24.6%
    ✗Greenblatt> 25%
    Current Ratio Change YoY2.68 -> 2.97
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.43x -> 0.69x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities3.14
    ✓Dreman> 1.5
    Return on Invested Capital-10.0%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-14.1%; FY2024: ROIC=-15.0%; FY2025: ROIC=-10.0%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -10.0%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services
Size: Micro Cap($66.5M)
Revenue: $30.3M+50.1% YoY
Net Income: $2.9M+23.8% YoY

Financial Snapshot

Operating Margin-12.4%
Return on Equity-9.7%
Debt / Equity0.00
Current Ratio2.97
EPS (Diluted)$-0.09
Buybacks (1y)$412.9K
Buybacks (2y)$705.8K
Shares Retired−0.0% / −0.2% 2y

Similar Companies

ADPAUTOMATIC DATA PROCESSING INC
$122.3B
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RBRKRubrik, Inc.
$22.6B
ACMAECOM
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Shareholder Return

Fiscal 2025

Issued 0.0% of shares last year, 0.2% issued over two.

Buybacks
$412.9K
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-03-31

2025-04-01 – 2026-03-31

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, revenue, net income, operating income, ebit, pre tax income, interest expense.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-27
FY 2024
Sources
  • 10-K · 2025-04-11
FY 2023
Sources
  • 10-K · 2024-03-29
FY 2022
Sources
  • 10-K · 2023-03-30
FY 2021
Sources
  • 10-K · 2022-03-31
Market Cap$66.5Mcurrent--$65.5Mest.$68.6Mest.$83.7Mest.$114.8Mest.$262.1Mest.
Revenue$30.1M↑35%$6.9M↓3%$30.3M↑50%$20.2M↓5%$21.2M↑29%$16.4M↓3%$16.9M
Operating Income-$5.9M↑11%-$3.5M↓150%-$3.8M↑46%-$7.0M↓42%-$4.9M↑74%-$19.0M↑31%-$27.6M
Net Income-$5.1M↓39%-$3.4M↓199%-$2.9M↑24%-$3.8M↓132%$11.8M↑145%-$26.0M↑2%-$26.6M
EPS (Diluted)--$-0.11↓175%$-0.09↑25%$-0.12↓135%$0.34↑142%$-0.81↑10%$-0.90
Gross Margin——53.2%↓16%63.6%↓14%74.2%↑7%69.2%↓4%72.1%
Operating Margin-19.5%↑34%-50.9%↓158%-12.4%↑64%-34.7%↓49%-23.2%↑80%-115.4%↑29%-163.6%
ROE-19.0%↓55%—-9.7%↑23%-12.5%↓130%42.5%↑136%-117.8%↓12%-105.5%
Total Debt----$0↓100%$6.7M$0$0↓100%$13.1K
Shareholders' Equity$26.9M↓11%$26.9M↓11%$29.8M↓1%$30.1M↑8%$27.7M↑26%$22.0M↓12%$25.2M
Current Ratio3.14↑25%3.14↑25%2.97↑11%2.68↓69%8.62↑38%6.27↑18%5.29
Debt / Equity——0.00↓100%0.220.000.00↓100%0.00
Operating Cash Flow$1.9M↓36%-$548.0K↓222%$2.9M↑921%$282.8K↓61%$728.8K↑108%-$8.6M↑50%-$17.2M
Free Cash Flow------$282.8K↓57%$653.3K↑108%-$8.6M↑54%-$18.7M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

FORA vs Peers — Financial Grading

Revenue$30.3MBottom 25%
Net Income$2.9MMedian
ROE-9.7%Bottom 25%
D/E0.00Top 25%
Op. Margin-12.4%Bottom 25%
Curr. Ratio2.97Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11