Forian Inc.

FORA

HealthcareMedical - Healthcare Information ServicesNASDAQ

$2.16

Market Cap: $67.48M

Forian Inc. (FORA) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.25 – $5.19	$1.80	-16.3%
Revenue DCF 10Y	$0.79 – $7.90	$3.00	+39.4%
▸ Trading Multiples
EV/Revenue	$0.89 – $19.18	$2.57	+19.4%

Valuation History

DCF Analysis

Forian Inc. (FORA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.00

Market Price

$2.16

Upside / Downside

+38.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -8.2% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, Forian Inc. (FORA) has an intrinsic value of $3.00 per share (range: $0.79 – $7.90).

Key Assumptions

Current Operating Margin

-8.2%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

4.7%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	32	6.3%	-3.9%	-1	-1	1	(1)	4	-5	-4
2027	37	15.7%	0.4%	0	0	1	(1)	1	-1	-1
2028	43	15.7%	4.7%	2	2	1	(1)	1	0	0
2029	50	15.7%	9.0%	5	4	2	(2)	2	2	2
2030	58	15.7%	13.3%	8	7	2	(2)	2	5	3
2031	65	13.6%	13.3%	9	8	2	(3)	2	6	3
2032	73	11.5%	13.3%	10	9	2	(3)	2	6	4
2033	80	9.3%	13.3%	11	10	2	(4)	2	7	4
2034	86	7.2%	13.3%	11	11	3	(5)	1	7	4
2035	90	5.1%	13.3%	12	11	3	(5)	1	8	3

Enterprise Value Bridge

Sum of PV(FCFF)18

Terminal Value (Gordon Growth at 3.0%)138

PV of Terminal Value62

Enterprise Value80

(–) Net Debt-13

Equity Value93

(÷) Shares Outstanding31

Fair Value per Share$3.00

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$2	$3	$5	$6	$8
7.7%	$1	$2	$4	$5	$6
8.7%	$1	$2	$3	$4	$5
9.7%	$1	$2	$3	$3	$4
10.7%	$1	$1	$2	$3	$4

Current price: $2.16. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Forian Inc. (FORA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.80

Market Price

$2.16

Upside / Downside

-16.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -8.2% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, Forian Inc. (FORA) has an intrinsic value of $1.80 per share (range: $0.25 – $5.19).

Key Assumptions

Current Operating Margin

-8.2%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

4.7%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	32	6.3%	-3.9%	-1	-1	1	(1)	4	-5	-5
2027	37	15.7%	0.4%	0	0	1	(1)	1	-1	-1
2028	43	15.7%	4.7%	2	2	1	(2)	1	-0	-0
2029	50	15.7%	9.0%	5	4	2	(3)	2	2	1
2030	58	15.7%	13.3%	8	7	2	(3)	2	4	3

Enterprise Value Bridge

Sum of PV(FCFF)-2

Terminal Value (Gordon Growth at 3.0%)66

PV of Terminal Value45

Enterprise Value43

(–) Net Debt-13

Equity Value56

(÷) Shares Outstanding31

Fair Value per Share$1.80

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$0	$2	$3	$4	$5
7.7%	$0	$1	$2	$3	$4
8.7%	$0	$1	$2	$3	$3
9.7%	$0	$1	$2	$2	$3
10.7%	$0	$1	$1	$2	$2

Current price: $2.16. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.57

Market Price

$2.16

Upside / Downside

+18.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Forian Inc. (FORA) has a fair value of $2.57 based on 6 comparable companies in the Medical - Healthcare Information Services industry.

EV/Revenue Valuation — Medical - Healthcare Information Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Forian Inc.FORA	67	1.8x	2.0x
Assertio Holdings, Inc.ASRT	124	1.3x	1.3x
TScan Therapeutics, Inc.TCRX	59	0.1x	0.1x
Pulmonx CorporationLUNG	57	0.5x	0.5x
Great Elm Group, Inc.GEG	56	5.1x	3.5x
Nutriband Inc.NTRB	45	19.3x	12.5x
OneMedNet CorporationONMD	31	23.0x	—
Industry Median		3.2x	1.3x
(*) Revenue		30	27
= Enterprise Value		97	37
(-) Net Debt		-13	-13
Equity Value		110	50
(/) Outstanding shares		31	31
Fair Price		$4	$2

Selected Fair Value (avg of trailing + forward)

$2.57

+18.8%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.25 – $5.19

$1.80

-16.3%

Revenue DCF 10Y

$0.79 – $7.90

$3.00

+39.4%

▸ Trading Multiples

EV/Revenue

$0.89 – $19.18

$2.57

+19.4%

DCF Analysis

Forian Inc. (FORA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.00

Market Price

$2.16

Upside / Downside

+38.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-8.2%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

4.7%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	32	6.3%	-3.9%	-1	-1	1	(1)	4	-5	-4
2027	37	15.7%	0.4%	0	0	1	(1)	1	-1	-1
2028	43	15.7%	4.7%	2	2	1	(1)	1	0	0
2029	50	15.7%	9.0%	5	4	2	(2)	2	2	2
2030	58	15.7%	13.3%	8	7	2	(2)	2	5	3
2031	65	13.6%	13.3%	9	8	2	(3)	2	6	3
2032	73	11.5%	13.3%	10	9	2	(3)	2	6	4
2033	80	9.3%	13.3%	11	10	2	(4)	2	7	4
2034	86	7.2%	13.3%	11	11	3	(5)	1	7	4
2035	90	5.1%	13.3%	12	11	3	(5)	1	8	3

Enterprise Value Bridge

Sum of PV(FCFF)18

Terminal Value (Gordon Growth at 3.0%)138

PV of Terminal Value62

Enterprise Value80

(–) Net Debt-13

Equity Value93

(÷) Shares Outstanding31

Fair Value per Share$3.00

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$2	$3	$5	$6	$8
7.7%	$1	$2	$4	$5	$6
8.7%	$1	$2	$3	$4	$5
9.7%	$1	$2	$3	$3	$4
10.7%	$1	$1	$2	$3	$4

Current price: $2.16. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.57

Market Price

$2.16

Upside / Downside

+18.8%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Healthcare Information Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Forian Inc.FORA	67	1.8x	2.0x
Assertio Holdings, Inc.ASRT	124	1.3x	1.3x
TScan Therapeutics, Inc.TCRX	59	0.1x	0.1x
Pulmonx CorporationLUNG	57	0.5x	0.5x
Great Elm Group, Inc.GEG	56	5.1x	3.5x
Nutriband Inc.NTRB	45	19.3x	12.5x
OneMedNet CorporationONMD	31	23.0x	—
Industry Median		3.2x	1.3x
(*) Revenue		30	27
= Enterprise Value		97	37
(-) Net Debt		-13	-13
Equity Value		110	50
(/) Outstanding shares		31	31
Fair Price		$4	$2

Selected Fair Value (avg of trailing + forward)

$2.57

+18.8%