This stock no longer trades (delisted May 19, 2026)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Forian

FORA

Medical - Healthcare Information Services · Healthcare

Exchange

NASDAQ

Winston Score

Historical score — this stock no longer trades, so the score is frozen at the last available data.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

Winston Score History

The full picture

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.

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

Insider Activity

63.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

28.5%

Modest — 28.5% gross margin

Profit after running costs

Operating Margin

-42.9%

Losing money on operations — -42.9%

Return on the money invested

ROCE

-14.9%

Weak — -14.9% return on capital

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

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Growth

Sales growth

Sales YoY

+34.6%

Fast-growing sales (+34.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

4.8%

Thin free cash flow (4.8%)

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

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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