Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data FORUM MARKETS Inc files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
6.55
Research and development
1.98
2.22
1
2.19
2.3
1.4
General and administrative
0.34
0.6
5.61
3.17
11.2
15.5
10.6
4.42
240
Operating expenses
20.9
5.65
15.6
17.9
13.5
4.42
240
Operating income
-0.34
-0.6
-20.9
-5.65
-15.6
-17.9
-13.5
-4.42
-233
Interest expense
0.16
0.18
0.03
0.03
0.04
0
Interest income
0.66
2.05
0
4.55
Other non-operating income
0.66
-4.54
-5.26
-4.71
-21.8
-8.81
1.81
-210
Pre-tax income
0.32
1.45
-25.4
-10.9
-20.3
-39.7
-22.3
-2.61
-444
Income tax
0.2
0.41
-0.01
-0.02
-0.02
-0.94
-2.35
0
Income from continuing operations
-2.61
-444
Net income
0.12
1.04
-25.4
-10.9
-20.3
-38.7
-19.9
-14.2
-451
EBITDA
-13.4
-4.36
EPS, basic
30.69
191.83
-15.35
-506.42
-498.75
-713.87
-96.96
-28.56
-54.32
EPS, diluted
7.67
53.71
-15.35
-506.42
-498.75
-713.87
-96.96
-28.56
-54.32
Shares, basic (weighted)
0
0.01
0.01
0.02
0.04
0.05
0.21
0.09
8.16
Shares, diluted (weighted)
0.01
0.02
0.01
0.02
0.81
0.05
0.21
0.09
8.16
Dividend per share
7,903.00
Balance sheet
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.43
0.57
0.08
2.11
8.22
6.97
1.71
4.57
8.02
Short-term investments
4.41
Receivables
0.71
Other current assets
0.04
0.59
1.61
2.98
1.96
1.66
0.48
0.02
Total current assets
0.47
0.27
0.75
4.01
11.2
8.93
3.64
5.14
13.6
Property, plant and equipment
0.05
Goodwill
36.4
36.9
37
0
0
Intangible assets
2.12
2.05
1.95
1.66
1.62
7.62
Long-term investments
4.41
Total assets
117
118
51.9
55.5
62.7
19.7
5.26
12.8
306
Accounts payable
0.02
0.09
4.1
8.53
0.59
1.8
1.89
0.31
1.54
Accrued liabilities
1.69
4.11
1.96
2.28
1.87
0.3
6.38
Short-term debt
1.31
0.01
0.01
Total current liabilities
0.21
0.55
9.64
21.4
19.7
5.66
5.06
3.51
40.9
Total liabilities
4.23
4.57
13.3
25.2
23.4
8.31
5.39
3.51
66.9
Total debt
1.31
0.01
0.01
Paid-in capital
4.88
3.84
75.9
78
107
122
130
154
834
Retained earnings
0.12
1.16
-37.5
-48.4
-68.7
-107
-127
-142
-592
Treasury stock
-117
-118
-11.9
Other comprehensive income
0.15
0.64
0.82
-2.89
-2.9
-2.92
-2.99
Shareholders' equity
5
-7.68
38.6
30.3
39.3
11.3
-0.13
9.25
239
Total equity
5
-7.68
38.6
30.3
39.3
11.3
-0.13
9.25
239
Total liabilities and equity
117
118
51.9
55.5
62.7
19.7
5.26
12.8
306
Shares outstanding
0.01
0.01
0.02
0.03
0.04
0.11
0.29
0.32
19
Cash flow statement
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
0.12
1.04
-25.4
-10.9
-20.3
38.7
-19.9
-14.2
-451
Depreciation and amortization
0.11
0.06
Stock-based compensation
0.34
1.12
2.85
2.63
2.19
0.28
213
Deferred income tax
0.01
0.02
0.02
-0.94
-2.35
0
Change in payables
-0.05
0.07
2.9
2.23
-5.52
1.21
0.23
Cash from operations
-0.5
-0.79
-3.32
-3.87
-19.4
-12.1
-10.9
-1.17
-26.1
Capital expenditures
-244
Purchases of investments
-4.63
Cash from investing
-116
0.47
-0.71
14.5
-128
Debt issued
1.31
1.62
1.06
0.97
Stock issued
6
0.46
Share buybacks
-46.3
Cash from financing
117
0.16
-107
-8.73
25.4
10.9
5.91
4.03
158
Exchange rate effect
0.14
0.08
-0
0.02
0.05
Net change in cash
0.36
-0.16
-0.48
2.03
6.12
-1.25
-4.99
2.86
4.47
Free cash flow
-270
Interest paid
0.04
0.02
0.02
0.01
Income taxes paid
0.23
0.37
0.3
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.04 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-2,272.0%
Operating income / revenue.
Pre-tax margin
-4,922.0%
Pre-tax income / revenue.
Net margin
-4,972.0%
Net income / revenue.
Operating cash flow margin
-525.1%
Cash from operations / revenue.
Return on equity (ROE)
-419.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-336.7%
Net income / average total assets.
Return on invested capital (ROIC)
-137.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
394.5%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
2,488.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
176.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
51.2%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
2,300.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
149.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
40.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
8,819.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
431.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
221.8%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.69x
Current assets / current liabilities.
Quick ratio
9.30x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.11x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.13x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
10.8%
Total debt / total assets.
Liabilities / assets
19.6%
Total liabilities / total assets.
Net debt
-$30.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.63
Revenue / diluted weighted shares.
Operating cash flow per share
-$3.31
Cash from operations / diluted weighted shares.
Book value per share
$9.67
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
6.18x
Market cap / revenue.
P/B
0.52x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.52x
Market cap / tangible book value, when positive.
EV/Sales
3.31x
Enterprise value / revenue.
Earnings yield
-805.0%
Net income / market cap (the inverse of P/E).
What was FORUM MARKETS Inc's revenue in fiscal 2025?
FORUM MARKETS Inc reported revenue of $6.5M for fiscal 2025.
Was FORUM MARKETS Inc profitable in fiscal 2025?
No. It reported a net loss of $450.5M.
How much free cash flow did FORUM MARKETS Inc generate in fiscal 2025?
Cash from operations of $26.1M minus capital expenditures of $244.3M left free cash flow of -$270.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.