FRMM Forum Markets, Incorporated - Common Stock
$5.64
Price · Aug 19, 2026
Fundamentals as of Aug 14, 2026
52W Range
$2–$7
72% of range
Analyst Rating
BUY
8 analysts
Price Target
$10
+68% upside
P/E (TTM)
—
ROE
-368.1%
Net Profit Margin
-6881.3%
FRMM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$5.64
Market Cap
—
P/E (TTM)
—
EPS (TTM)
$-54.32
Revenue (TTM)
$7M
Div Yield
—
ROE
-368.1%
Debt/Equity
—
52W Range
$2 – $7
FRMM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$7M
2025-12-31
→
2025-12-31
EPS
$-54.32
2017-12-31
→
2025-12-31
Free Cash Flow
$-270M
2025-12-31
→
2025-12-31
Margins
-6881.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FRMM
Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FRMM
Peer Median
Operating Margin
-3565.8%
—
Net Profit Margin
-6881.3%
-351.5%
ROA
-282.4%
-60.9%
ROE
-368.1%
-99.5%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FRMM
Peer Median
Current Ratio
0.3
2.6
Quick Ratio
0.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FRMM
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FRMM
Peer Median
FRMM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 5 62.5%
- Hold 1 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-08-18
Median
$9.50
← Below all targets
$5.64
Low
$9.00
High
$10.00
Median target
$9.50
+68.4%
Mean target
$9.50
+68.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
246.9%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.73 | $-0.27 | -0.46% |
| March 31, 2026 | $-0.20 | $-0.22 | 0.02% |
| Dec. 31, 2025 | $-12.14 | — | — |
| Sept. 30, 2022 | $-266.00 | $38.76 | -304.8% |
| June 30, 2022 | $342.00 | $-503.88 | 845.9% |
| March 31, 2022 | $190.00 | $-503.88 | 693.9% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FRMM | — | — | — | -6881.3% | -368.1% | — |
| ACET | — | -0.5 | — | — | — | — |
| ELTX | — | -3.1 | — | — | — | — |
| SERA | — | -4.4 | 5.2% | -39417.3% | -39.0% | — |
| ANVS | $94M | -2.5 | — | — | -164.0% | — |
| DWTX | $124M | -0.6 | 123.6% | — | -83.8% | — |
| GOSS | $724M | -4.1 | -57.7% | -351.5% | 201.8% | — |
| CTOR | $170M | -6.0 | — | — | -61.5% | — |
| SPRO | $131M | 15.5 | 39.2% | 12.8% | 18.7% | — |
| IBIO | $15M | -0.4 | 77.8% | -4594.2% | -101.5% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 |
|---|---|---|
| Revenue | $7M | |
| SG&A Expense | $240M | |
| Operating Expenses | $240M | |
| Operating Income | $-233M | |
| Interest Income | $5M | |
| Other Non-op | $-210M | |
| Pretax Income | $-444M | |
| Net Income | $-451M | |
| EPS (Basic) | $-54.32 | |
| EPS (Diluted) | $-54.32 | |
| Shares (Basic) | 8,164,638 | |
| Shares (Diluted) | 8,164,638 | |
| EBITDA | $-233M |
Balance Sheet 17
| Metric | Trend | 2025 |
|---|---|---|
| Cash & Equivalents | $8M | |
| Short-term Investments | $4M | |
| Prepaid Expense | $5M | |
| Other Current Assets | $20.0K | |
| Current Assets | $14M | |
| Total Assets | $306M | |
| Accounts Payable | $2M | |
| Accrued Liabilities | $6M | |
| Current Liabilities | $41M | |
| Total Liabilities | $67M | |
| Common Stock | $2.0K | |
| Paid-in Capital | $834M | |
| Retained Earnings | $-592M | |
| AOCI | $-3M | |
| Stockholders' Equity | $239M | |
| Liabilities + Equity | $306M | |
| Shares Outstanding | 19,012,231 |
Cash Flow 9
| Metric | Trend | 2025 |
|---|---|---|
| Stock-based Comp | $213M | |
| Operating Cash Flow | $-26M | |
| CapEx | $244M | |
| Investing Cash Flow | $-128M | |
| Stock Repurchased | $46M | |
| Net Stock Activity | $-46M | |
| Financing Cash Flow | $158M | |
| Net Change in Cash | $4M | |
| Free Cash Flow | $-270M |
Profitability 6
| Metric | Trend | 2025 |
|---|---|---|
| Operating Margin | -3565.8% | |
| Net Margin | -6881.3% | |
| Pretax Margin | -6774.6% | |
| EBITDA Margin | -3565.8% | |
| ROA | -282.4% | |
| ROE | -368.1% |
Liquidity & Solvency 2
| Metric | Trend | 2025 |
|---|---|---|
| Current Ratio | 0.3 | |
| Quick Ratio | 0.3 |
Efficiency 1
| Metric | Trend | 2025 |
|---|---|---|
| Asset Turnover | 0.0 |
Valuation (TTM) 2
| Metric | Trend | 2025 |
|---|---|---|
| Revenue TTM | $7M | |
| Net Income TTM | $-451M |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|
| Revenue | $1M | $3M | $2M | $4M | |
| Cost of Revenue | $967.0K | · | · | · | |
| Gross Profit | $398.0K | · | · | · | |
| SG&A Expense | $10M | $7M | $12M | $225M | |
| Operating Expenses | $10M | $7M | $11M | $225M | |
| Operating Income | $-10M | $-5M | $-9M | $-220M | |
| Interest Income | $377.0K | $104.0K | $4M | $327.2K | |
| Other Non-op | $-2M | $-73M | $-222M | $12M | |
| Pretax Income | $-12M | $-78M | $-231M | $-209M | |
| Net Income | $-13M | $-76M | $-230M | $-217M | |
| EPS (Basic) | $-0.73 | $-3.64 | $-36.55 | $-16.80 | |
| EPS (Diluted) | $-0.73 | $-3.64 | $-36.55 | $-16.80 | |
| Shares (Basic) | 17,066,476 | 21,300,374 | -13,500,576 | 12,417,757 | |
| Shares (Diluted) | 17,066,476 | 21,300,374 | -13,500,576 | 12,417,757 | |
| EBITDA | $-10M | $-5M | · | $-220M |
Balance Sheet 22
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $4M | $66M | $8M | $53M | |
| Short-term Investments | $44M | $32M | $4M | $9M | |
| Receivables | $1M | $375.0K | · | · | |
| Prepaid Expense | $6M | $5M | $5M | $3M | |
| Other Current Assets | $36.0K | $6.0K | · | · | |
| Current Assets | $14M | $83M | $14M | $562M | |
| PP&E (Net) | $18M | $18M | · | · | |
| Total Assets | $159M | $208M | $306M | $1.01B | |
| Accounts Payable | $570.0K | $436.0K | $2M | $1M | |
| Accrued Liabilities | $4M | $11M | $6M | $372.9K | |
| Current Liabilities | $5M | $13M | $41M | $56M | |
| Total Liabilities | $31M | $39M | $67M | $564M | |
| Long-term Debt | $17M | · | · | · | |
| Total Debt | $17M | · | · | · | |
| Common Stock | $1.0K | $2.0K | $2.0K | $1.7K | |
| Paid-in Capital | $812M | $840M | $834M | $826M | |
| Retained Earnings | $-681M | $-668M | $-592M | $-362M | |
| Treasury Stock | $17.0K | · | · | $16M | |
| AOCI | $-3M | $-3M | $-3M | $-3M | |
| Stockholders' Equity | $128M | $168M | $239M | $445M | |
| Liabilities + Equity | $159M | $208M | $306M | $1.01B | |
| Shares Outstanding | 13,210,122 | 20,313,111 | 19,012,231 | 16,667,286 |
Cash Flow 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|
| D&A | $936.0K | $473.0K | · | · | |
| Stock-based Comp | $4M | $104.0K | $5M | $208M | |
| Operating Cash Flow | $-12M | $-20M | $-8M | $-16M | |
| CapEx | $0 | $17M | $795.2K | · | |
| Investing Cash Flow | $-18M | $72M | $125M | · | |
| Stock Repurchased | · | · | $30M | · | |
| Financing Cash Flow | $-32M | $6M | $-667M | $825M | |
| Net Change in Cash | $-62M | $57M | $-550M | $557M | |
| Free Cash Flow | · | $-37M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|
| Gross Margin | 29.2% | · | · | · | |
| Operating Margin | -728.4% | -162.1% | · | -5364.6% | |
| Net Margin | -939.0% | -2667.5% | · | -5273.3% | |
| Pretax Margin | -910.0% | -2711.9% | · | -5076.9% | |
| EBITDA Margin | -728.4% | -162.1% | · | -5364.6% | |
| ROA | -15.1% | -69.6% | · | -42.5% | |
| ROE | -19.2% | -86.6% | · | -96.6% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|
| Current Ratio | 2.7 | 6.2 | · | 10.1 | |
| Quick Ratio | 9.3 | 7.4 | · | 1.1 | |
| Debt / Equity | 0.1 | · | · | · | |
| LT Debt / Equity | 0.1 | · | · | · |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 2.7 | 15.2 | · | · |
Valuation (TTM) 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|---|
| Net Income TTM | $-308M | $-297M | · | $-222M | |
| Market Cap | $72M | · | · | · | |
| Enterprise Value | $41M | · | · | · | |
| P/E | -0.2 | · | · | · | |
| P/B | 0.6 | · | · | · | |
| P / Tangible Book | 0.6 | · | · | · | |
| EV / EBITDA | -4.1 | · | · | · | |
| Earnings Yield | -433.3% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $7M | — | — | — | — |
| Operating Margin % | -3565.8% | — | — | — | — |
| Net Income | $-451M | $-14M | $-20M | $-39M | $-20M |
| Diluted EPS | $-54.32 | $-28.56 | $-52.59 | $-387.18 | $-12.96 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 0.3 | — | — | — | — |
| Quick Ratio | 0.3 | — | — | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-270M | — | — | — | — |
Latest News Recent headlines mentioning this company
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Company insiders 29 insiders · 5 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Blair Jordan | Chief Executive Officer | Aug. 21, 2025 J | 0 | 0 | 0 | $0 |
| James N. Woody | Chief Executive Officer | Dec. 15, 2023 P | 66,888 | 0 | 0 | $0 |
| Ozan Pamir | CFO | Sept. 4, 2023 A | 8,983 | 0 | 0 | $0 |
| Eric R Van Lent | Chief Accounting Officer | June 17, 2025 A | 8,174 | 0 | 0 | $0 |
| Jonathan B. Rothbard | Chief Scientific Officer | Sept. 4, 2023 A | 560,449 | 0 | 0 | $0 |
| Michael A Edwards | Director | April 2, 2026 A | 203,562 | 0 | 0 | $0 |
| Crystal Jane Heter | Director | April 2, 2026 A | 241,918 | 0 | 0 | $0 |
| Andrew P Suckling | Director | April 2, 2026 A | 241,918 | 0 | 0 | $0 |
| Angela Dalton | Director | April 2, 2026 A | 203,562 | 0 | 0 | $0 |
| Ryan Lewis Smith | Director | April 2, 2026 A | 241,918 | 0 | 0 | $0 |
| Jason Griffin New | Director | April 2, 2026 A | 241,918 | 0 | 0 | $0 |
| Stephen H Shoemaker | Director | Aug. 8, 2025 A | 132,439 | 0 | 0 | $0 |
| Lawrence Steinman | Director | June 17, 2025 A | 112,493 | 0 | 0 | $0 |
| Jay Lawrence Goodman | Director | Feb. 20, 2025 A | 65,000 | 0 | 0 | $0 |
| Marc Feldmann | Director | Dec. 28, 2023 A | 250,874 | 0 | 0 | $0 |
| Jr. Donald A. Mcgovern | Director | Sept. 4, 2023 A | 55,285 | 0 | 0 | $0 |
| Teresa Deluca | Director | Sept. 4, 2023 A | 2,500 | 0 | 0 | $0 |
| Pamela G Marrone | Director | Sept. 4, 2023 A | 34,857 | 0 | 0 | $0 |
| Knuettel Francis II | Director | Sept. 4, 2023 A | — | 0 | 0 | $0 |
| Lawrence Marshall Gold | Director | Sept. 4, 2023 A | 24,745 | 0 | 0 | $0 |
| Russell T Ray | Director | Sept. 4, 2023 A | 24,409 | 0 | 0 | $0 |
| Konstantin Lomashuk | 10% owner | July 21, 2026 S | 1,226,638 | 0 | 5 | $-1,567,444 |
| Elray Resources, Inc. | 10% owner | March 27, 2025 C | 1,318,000 | 0 | 0 | $0 |
| MIZUHO SECURITIES USA LLC | 10% owner | Aug. 16, 2019 S | 764,000 | 0 | 0 | $0 |
| Polar Securities Inc. | 10% owner | March 6, 2019 J | 0 | 0 | 0 | $0 |
| John Tazewell Saunders | — | Aug. 1, 2026 F | 342,441 | 0 | 0 | $0 |
| Mcandrew Rudisill | — | Aug. 1, 2026 F | 1,786,805 | 0 | 0 | $0 |
| Quan Anh Vu | — | Dec. 16, 2021 P | 20,500 | 0 | 0 | $0 |
| Richard W Barker | — | Dec. 3, 2020 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Anthony Brian Goodman, Elray Resources, Inc. ×3 filings | Aug. 18, 2025 | 0.00% | Amendment | — | SEC |
| Blair Jordan ×5 filings | Aug. 6, 2025 | 1.50% | Amendment | Passive investment | SEC |
| Sir Marc Feldmann, Ph.D. ×3 filings | April 14, 2023 | — | Initial filing | — | SEC |
| KBL IV Sponsor LLC, Marlene Krauss, M.D. ×3 filings | Dec. 30, 2020 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 4 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.