1.Sales and profit
See section β- FORUM MARKETS Inc had $6.5M of revenue in fiscal 2025.
- Its operating margin was β3,565.8%: of every 100 in sales, about β3,566 is left after running the business.
- FORUM MARKETS Inc lost $451M in fiscal 2025.
FORUM MARKETS Inc
FRMM Nasdaq Finance Services Financials FY2017βFY2025
FORUM MARKETS Inc had $6.5M of revenue in fiscal 2025.
Download report
3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$3.38
1.5%KIRAβs summary AI analyst
Hi! I read FORUM MARKETS Incβs latest annual report (fiscal 2025). Here is what stands out:
3 to watch
2.Cash and shareholders
See section β- Free cash flow was β$270M in fiscal 2025, β4,129.0% of revenue.
- FORUM MARKETS Inc returned $46.3M to shareholders in fiscal 2025. The diluted share count rose 8,823.1%.
- In the last 12 months, insiders sold $1.6M of shares on the open market and bought none.
FORUM MARKETS Inc in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β6,881.3%
No. It lost money last year.
Weak
Does profit turn into cash?
β4,129.0%
No. It spent more cash than it brought in.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$57.7M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$50.79 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days FORUM MARKETS Inc did it, and the next one. Share prices often move a lot on those days.
Next results
November 12, 2026
Thursday Β· in 17 days
- Time
- Before the market opens
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- β$0.12
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 14, 2026 | Q2 '26 | After the market closes | 10-Q β |
| May 14, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Mar 31, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 12, 2025 | Q3 '25 | Time not announced | 8-K β |
| Jul 23, 2025 | Q2 '25 | After the market closes | 10-Q β |
| May 15, 2025 | Q1 '25 | After the market closes | 10-Q β |
| Mar 31, 2025 | Q4 '24 | After the market closes | 10-K β |
| Nov 14, 2024 | Q3 '24 | After the market closes | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· FORUM MARKETS Inc had $6.5M of revenue in fiscal 2025. Its operating margin was β3,565.8%: of every 100 in sales, about β3,566 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY17
Revenue β
FY18
Revenue β
FY19
Revenue β
FY20
Revenue β
FY21
Revenue β
FY22
Revenue β
FY23
Revenue β
FY24
Revenue β
FY25
Revenue $6.5M
Revenue
Q3 '23
Revenue $0.0M
Q4 '23
Revenue β
Q1 '24
Revenue β
Q2 '24
Revenue β
Q3 '24
Revenue $0.0M
Q4 '24
Revenue β
Q1 '25
Revenue β
Q2 '25
Revenue β
Q3 '25
Revenue $4.1M
Q4 '25
Revenue $2.4M
Q1 '26
Revenue $2.9M
Q2 '26
Revenue $1.4M
Margins, % of revenue
FY17
Gross β
Operating β
Net β
FCF β
FY18
Gross β
Operating β
Net β
FCF β
FY19
Gross β
Operating β
Net β
FCF β
FY20
Gross β
Operating β
Net β
FCF β
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β3,565.8%
Net β6,881.3%
FCF β4,129.0%
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net β
FCF β
Q4 '23
Gross β
Operating β
Net β
FCF β
Q1 '24
Gross β
Operating β
Net β
FCF β
Q2 '24
Gross β
Operating β
Net β
FCF β
Q3 '24
Gross β
Operating β
Net β
FCF β
Q4 '24
Gross β
Operating β
Net β
FCF β
Q1 '25
Gross β
Operating β
Net β
FCF β
Q2 '25
Gross β
Operating β
Net β
FCF β
Q3 '25
Gross β
Operating β5,364.6%
Net β5,273.3%
FCF β
Q4 '25
Gross β
Operating β394.2%
Net β9,425.6%
FCF β345.9%
Q1 '26
Gross β
Operating β162.0%
Net β2,667.5%
FCF β1,303.4%
Q2 '26
Gross 29.2%
Operating β728.4%
Net β939.0%
FCF β911.5%
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· FORUM MARKETS Inc lost $451M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY17
Net income $0.1M
FY18
Net income $1.0M
FY19
Net income β$25.4M
FY20
Net income β$10.9M
FY21
Net income β$20.3M
FY22
Net income β$38.7M
FY23
Net income β$19.9M
FY24
Net income β$14.2M
FY25
Net income β$451M
Net income
Q3 '23
Net income β$10.3M
Q4 '23
Net income β$1.2M
Q1 '24
Net income β$1.1M
Q2 '24
Net income $0.0M
Q3 '24
Net income β$0.8M
Q4 '24
Net income β$12.3M
Q1 '25
Net income β$2.4M
Q2 '25
Net income β$1.7M
Q3 '25
Net income β$217M
Q4 '25
Net income β$230M
Q1 '26
Net income β$76.3M
Q2 '26
Net income β$12.8M
Diluted EPS
FY17
Diluted EPS $0.01
FY18
Diluted EPS $0.07
FY19
Diluted EPS β$0.02
FY20
Diluted EPS β$0.66
FY21
Diluted EPS β$12.96
FY22
Diluted EPS β$387.18
FY23
Diluted EPS β$52.59
FY24
Diluted EPS β$28.56
FY25
Diluted EPS β$54.32
Diluted EPS
Q3 '23
Diluted EPS β$24.53
Q4 '23
Diluted EPS $9.46
Q1 '24
Diluted EPS β$1.68
Q2 '24
Diluted EPS $0.01
Q3 '24
Diluted EPS β$5.43
Q4 '24
Diluted EPS β$21.46
Q1 '25
Diluted EPS β$5.54
Q2 '25
Diluted EPS β$2.36
Q3 '25
Diluted EPS β$16.80
Q4 '25
Diluted EPS β$29.62
Q1 '26
Diluted EPS β$3.64
Q2 '26
Diluted EPS β$0.73
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$270M in fiscal 2025, β4,129.0% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY17
Free cash flow β
FY18
Free cash flow β
FY19
Free cash flow β
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β$270M
Free cash flow
Q3 '23
Free cash flow β
Q4 '23
Free cash flow β
Q1 '24
Free cash flow β
Q2 '24
Free cash flow β
Q3 '24
Free cash flow β
Q4 '24
Free cash flow β
Q1 '25
Free cash flow β
Q2 '25
Free cash flow β
Q3 '25
Free cash flow β
Q4 '25
Free cash flow β$8.4M
Q1 '26
Free cash flow β$37.3M
Q2 '26
Free cash flow β$12.4M
Cash from operations vs capital spending
FY17
Cash from operations β$0.5M
Capital spending β
FY18
Cash from operations β$0.8M
Capital spending β
FY19
Cash from operations β$3.3M
Capital spending β
FY20
Cash from operations β$3.9M
Capital spending β
FY21
Cash from operations β$19.4M
Capital spending β
FY22
Cash from operations β$12.1M
Capital spending β
FY23
Cash from operations β$10.9M
Capital spending β
FY24
Cash from operations β$1.2M
Capital spending β
FY25
Cash from operations β$26.1M
Capital spending $244M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$1.8M
Capital spending β
Q4 '23
Cash from operations β$2.2M
Capital spending β
Q1 '24
Cash from operations β$1.0M
Capital spending β
Q2 '24
Cash from operations $0.7M
Capital spending β
Q3 '24
Cash from operations β$0.2M
Capital spending β
Q4 '24
Cash from operations β$0.6M
Capital spending β
Q1 '25
Cash from operations β$0.9M
Capital spending β
Q2 '25
Cash from operations β$1.5M
Capital spending β
Q3 '25
Cash from operations β$16.0M
Capital spending β
Q4 '25
Cash from operations β$7.6M
Capital spending $0.8M
Q1 '26
Cash from operations β$20.5M
Capital spending $16.8M
Q2 '26
Cash from operations β$12.4M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· FORUM MARKETS Inc returned $46.3M to shareholders in fiscal 2025. The diluted share count rose 8,823.1%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY17
Dividends β
Buybacks β
FY18
Dividends β
Buybacks β
FY19
Dividends β
Buybacks β
FY20
Dividends β
Buybacks β
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks $46.3M
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends β
Buybacks β
Q4 '23
Dividends β
Buybacks β
Q1 '24
Dividends β
Buybacks β
Q2 '24
Dividends β
Buybacks β
Q3 '24
Dividends β
Buybacks β
Q4 '24
Dividends β
Buybacks β
Q1 '25
Dividends β
Buybacks β
Q2 '25
Dividends β
Buybacks β
Q3 '25
Dividends β
Buybacks β
Q4 '25
Dividends β
Buybacks $30.1M
Q1 '26
Dividends β
Buybacks β
Q2 '26
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.03B
FY22
Diluted shares β
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.01B
Insider trades
KIRA Β· In the last 12 months, insiders sold $1.6M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.6M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 21, 2026 | Konstantin Lomashuk10% owner | Sold | 250,000 | $6.00 | $1.5M | Form 4 |
| Jul 15, 2026 | Konstantin Lomashuk10% owner | Sold | 2,562 | $6.30 | $0.0M | Form 4 |
| Jul 9, 2026 | Konstantin Lomashuk10% owner | Sold | 3,387 | $6.15 | $0.0M | Form 4 |
| Jul 8, 2026 | Konstantin Lomashuk10% owner | Sold | 1,100 | $6.13 | $0.0M | Form 4 |
| Jul 7, 2026 | Konstantin Lomashuk10% owner | Sold | 3,702 | $6.41 | $0.0M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably FORUM MARKETS Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY17
Cash $0.4M
Debt β
FY18
Cash $0.6M
Debt β
FY19
Cash $0.1M
Debt β
FY20
Cash $2.1M
Debt β
FY21
Cash $8.2M
Debt β
FY22
Cash $7.0M
Debt $1.3M
FY23
Cash $1.7M
Debt $0.0M
FY24
Cash $4.6M
Debt $0.0M
FY25
Cash $12.4M
Debt β
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.2M | $7.0M | $1.7M | $4.6M | $12.4M |
| Debt incl. finance leases | β | $1.3M | $0.0M | $0.0M | β |
| Debt / equity | β | 0.1x | β | 0.0x | β |
| Interest coverage | β615.8x | β634.7x | β300.8x | β8,838.0x | β |
| Current ratio | 0.6x | 1.6x | 0.7x | 1.5x | 0.3x |
| Quick ratio | 0.6x | 1.6x | 0.7x | 1.5x | 0.3x |
| Total assets | $62.7M | $19.7M | $5.3M | $12.8M | $306M |
| Total liabilities | $23.4M | $8.3M | $5.4M | $3.5M | $66.9M |
| Shareholders' equity | $39.3M | $11.3M | β$0.1M | $9.3M | $239M |
| Net debt (β = net cash) | β | β$5.7M | β$1.7M | β$4.6M | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY17
Return on capital β
Return on equity 2.5%
Return on assets 0.1%
FY18
Return on capital β
Return on equity β
Return on assets 0.9%
FY19
Return on capital β
Return on equity β164.4%
Return on assets β29.8%
FY20
Return on capital β
Return on equity β31.6%
Return on assets β20.3%
FY21
Return on capital β
Return on equity β58.4%
Return on assets β34.4%
FY22
Return on capital β248.8%
Return on equity β152.9%
Return on assets β94.0%
FY23
Return on capital β
Return on equity β355.4%
Return on assets β160.1%
FY24
Return on capital β74.3%
Return on equity β310.8%
Return on assets β157.4%
FY25
Return on capital β
Return on equity β362.3%
Return on assets β282.4%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | β / 6 | β / 6 | β / 5 | β / 6 | 5 / 7 | β / 6 |
| Accruals ratio | 0.5% | 1.6% | β25.9% | β13.1% | β1.6% | β64.6% | β72.4% | β144.4% | β266.1% |
| Altman Z'' | 1.24 | β1.78 | β3.14 | β4.32 | β4.37 | β21.41 | β97.95 | β34.86 | β8.25 |
All figures
Every number, year by year.
9 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | β | β | β | β | β | β | β | β | $6.5M |
| Research and development | β | β | $2.0M | $2.2M | $1.0M | $2.2M | $2.3M | $1.4M | β |
| Operating income | β$0.3M | β$0.6M | β$20.9M | β$5.6M | β$15.6M | β$17.9M | β$13.5M | β$4.4M | β$233M |
| Interest expense | β | β | $0.2M | $0.2M | $0.0M | $0.0M | $0.0M | $0.0M | β |
| Pretax income | $0.3M | $1.5M | β$25.4M | β$10.9M | β$20.3M | β$39.7M | β$22.3M | β$2.6M | β$444M |
| Income tax | $0.2M | $0.4M | β$0.0M | β$0.0M | β$0.0M | β$0.9M | β$2.3M | $0.0M | β |
| Net income | $0.1M | $1.0M | β$25.4M | β$10.9M | β$20.3M | β$38.7M | β$19.9M | β$14.2M | β$451M |
| Net income to common | β | β | β$25.4M | β$12.0M | β$20.3M | β$38.7M | β$19.9M | β$2.6M | β$444M |
| Diluted EPS | $0.01 | $0.07 | β$0.02 | β$0.66 | β$12.96 | β$387.18 | β$52.59 | β$28.56 | β$54.32 |
| Diluted shares | 0.01B | 0.01B | 0.00B | 0.02B | 0.03B | β | 0.00B | 0.00B | 0.01B |
| Cash flow | |||||||||
| Cash from operations | β$0.5M | β$0.8M | β$3.3M | β$3.9M | β$19.4M | β$12.1M | β$10.9M | β$1.2M | β$26.1M |
| Capital expenditure | β | β | β | β | β | β | β | β | $244M |
| Free cash flow | β | β | β | β | β | β | β | β | β$270M |
| Depreciation and amortization | β | β | β | β | β | β | $0.1M | $0.1M | β |
| Stock-based compensation | β | β | $0.3M | $1.1M | $2.9M | $2.6M | $2.2M | $0.3M | $213M |
| Share buybacks | β | β | β | β | β | β | β | β | $46.3M |
| Dividends and buybacks | β | β | β | β | β | β | β | β | $46.3M |
| Balance sheet | |||||||||
| Cash and short-term investments | $0.4M | $0.6M | $0.1M | $2.1M | $8.2M | $7.0M | $1.7M | $4.6M | $12.4M |
| Total debt | β | β | β | β | β | $1.3M | $0.0M | $0.0M | β |
| Deposits | β | β | β | β | β | β | β | β | $262M |
| Current assets | $0.5M | $0.3M | $0.7M | $4.0M | $11.2M | $8.9M | $3.6M | $5.1M | $13.6M |
| Current liabilities | $0.2M | $0.5M | $9.6M | $21.4M | $19.7M | $5.7M | $5.1M | $3.5M | $40.9M |
| Property and equipment, net | β | β | $0.1M | β | β | β | β | β | β |
| Goodwill | β | β | $36.4M | $36.9M | $37.0M | $0.0M | $0.0M | β | β |
| Intangible assets | β | β | $2.1M | $2.0M | $1.9M | $1.7M | $1.6M | $7.6M | β |
| Total assets | $117M | $118M | $51.9M | $55.5M | $62.7M | $19.7M | $5.3M | $12.8M | $306M |
| Total liabilities | $4.2M | $4.6M | $13.3M | $25.2M | $23.4M | $8.3M | $5.4M | $3.5M | $66.9M |
| Preferred stock | β | β | β | β | β | β | β | $0.0M | β |
| Shareholders' equity | $5.0M | β$7.7M | $38.6M | $30.3M | $39.3M | $11.3M | β$0.1M | $9.3M | $239M |
| Margins | |||||||||
| Operating margin | β | β | β | β | β | β | β | β | β3,565.8% |
| Net margin | β | β | β | β | β | β | β | β | β6,881.3% |
| FCF margin | β | β | β | β | β | β | β | β | β4,129.0% |
| Returns | |||||||||
| Return on capital | β | β | β | β | β | β248.8% | β | β74.3% | β |
| Return on capital employed | β0.3% | β0.5% | β49.4% | β16.6% | β36.4% | β127.9% | β6,844.8% | β47.7% | β88.0% |
| Return on equity | 2.5% | β | β164.4% | β31.6% | β58.4% | β152.9% | β355.4% | β310.8% | β362.3% |
| Return on assets | 0.1% | 0.9% | β29.8% | β20.3% | β34.4% | β94.0% | β160.1% | β157.4% | β282.4% |
| Return on tangible equity | 2.5% | β | β97,669.2% | β | β5,266.8% | β399.9% | β | β160.4% | β185.3% |
| Growth | |||||||||
| Net income growth | β | 740.5% | β2,540.6% | β | β | β | β | β | β |
| EPS growth | β | 600.0% | β128.6% | β | β | β | β | β | β |
| Share count change | β | 57.7% | β71.6% | 329.8% | 72.7% | β | β | β75.9% | 8,823.1% |
| Financial health | |||||||||
| Debt / equity | β | β | β | β | β | 0.1x | β | 0.0x | β |
| Interest coverage | β | β | β128.7x | β30.6x | β615.8x | β634.7x | β300.8x | β8,838.0x | β |
| Current ratio | 2.3x | 0.5x | 0.1x | 0.2x | 0.6x | 1.6x | 0.7x | 1.5x | 0.3x |
| Quick ratio | 2.3x | 0.5x | 0.1x | 0.2x | 0.6x | 1.6x | 0.7x | 1.5x | 0.3x |
| Capital allocation | |||||||||
| Capex / revenue | β | β | β | β | β | β | β | β | 3,731.1% |
| Stock comp / revenue | β | β | β | β | β | β | β | β | 3,260.2% |
| Quality scores | |||||||||
| Piotroski F-score | β | β | β | β | β | β | β | 5.0 | β |
| Altman Z'' | 1.2 | β1.8 | β3.1 | β4.3 | β4.4 | β21.4 | β98.0 | β34.9 | β8.3 |
| Accruals ratio | 0.5% | 1.6% | β25.9% | β13.1% | β1.6% | β64.6% | β72.4% | β144.4% | β266.1% |
Source: SEC EDGAR XBRL filings (CIK 0001690080). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.