This company is no longer publicly traded

Delisted / no longer publicly traded (per market data provider) Any Winston Score and financials shown below are based on the last available data and should be treated as historical — they are no longer updated.

Delisted: May 19, 2026

Forian

FORA

Medical - Healthcare Information Services · Healthcare

Price

$2.17

+0.00 (+0.00%)

Market Cap

$67.8M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−2.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 31.8M (2021) → 31.1M (2025)

Forian Inc. is a data analytics company that collects and analyzes large amounts of information to help businesses make better decisions. Its main products are data and software tools sold to customers in healthcare, financial services, and legal cannabis industries. The company was formed by merging two firms — Mercer Park Brand Acquisition and InfoSonics — and has built a focus on combining healthcare data with analytics software.

Forian makes money by selling subscriptions and data licenses to its business customers, meaning clients pay on a recurring basis to access Forian's information and tools. The company operates primarily in the United States and is small, with a market cap around $100 million. Its competitive edge depends on the depth and uniqueness of its proprietary datasets, but with negative operating and returns on capital, the key risk is whether the company can grow revenue fast enough to reach profitability before it needs to raise additional cash.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-203.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$3M/ year

↑ Rising (+102% vs prior year)

9.6% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

63.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

5+ years

Quarterly Free Cash Flow

$31M cash & investments at current burn rate

Revenue declining

Forian's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

29.3%

Modest — 29.3% gross margin

Operating Margin

-50.9%

Losing money on operations — -50.9%

ROCE

-13.0%

Weak — -13.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+34.6%

Fast-growing sales (34.6% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

6.3%

Modest free cash flow (6.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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