Symbols / FRMM Stock $4.15 +6.14% Forum Markets, Incorporated

Technology • Software - Application • United States • NCM
FRMM (Stock) Chart
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Stock Fundamentals
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Index EQUITY
Sector Technology
Industry Software - Application
CEO Mr. McAndrew Rudisill BA(Econ)
Exch · Country NCM · United States
Market Cap 60.35M
Enterprise Value 49.59M
Income -519.10M
Sales 9.41M
FCF (ttm) 39.06M
Book/sh 7.90
Cash/sh 3.09
Employees —
Insider 10d —
IPO Jun 27, 2017
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E 4.46
PEG —
P/S 6.42
P/B 0.53
P/C —
EV/EBITDA -0.21
EV/Sales 5.27
Quick Ratio 5.83
Current Ratio 6.19
Debt/Eq 16.10
LT Debt/Eq —
EPS (ttm) -52.42
EPS next Y 0.93
EPS Growth —
Revenue Growth —
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-08-13
Earnings (prior) 2026-05-14
ROA -134.61%
ROE -5.90%
ROIC —
Gross Margin 100.00%
Oper. Margin -162.05%
Profit Margin 0.00%
Shs Outstand 14.54M
Shs Float 10.34M
Insider Own 63.86%
Instit Own 47.90%
Short Float 28.23%
Short Ratio 1.35
Short Interest 3.72M
52W High 174.60
vs 52W High -97.62%
52W Low 1.76
vs 52W Low 135.80%
Beta —
Impl. Vol. 3.13%
Rel Volume 0.22
Avg Volume 1.26M
Volume 274.54K
Target (mean) $9.00
Tgt Median $9.00
Tgt Low $9.00
Tgt High $9.00
# Analysts 1
Recom Buy
Prev Close $3.91
Price $4.15
Change 6.14%
About

Forum Markets, Incorporated, a financial technology company, develops a blockchain-based platform focused on the acquisition, structuring, and tokenization of real-world assets worldwide. The company facilitates decentralized finance (DeFi) transactions and asset digitization across multiple Layer 2 Ethereum networks. It also provides tokenization solutions, DeFi protocol integration, blockchain analytics, traditional-to-digital asset conversion gateways, and other DeFi services. In addition, the company engages in native and liquid staking activities on the Ethereum blockchain. It serves financial institutions, businesses, and organizations. The company was formerly known as ETHZilla Corporation and changed its name to Forum Markets, Incorporated in February 2026. Forum Markets, Incorporated is headquartered in Palm Beach, Florida.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$9.00
Mean price target
2. Current target
$4.15
Latest analyst target
3. DCF / Fair value
$48.35
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$4.15
Low
$9.00
High
$9.00
Mean
$9.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-05-15 main Benchmark Speculative Buy → Speculative Buy $9
2026-04-07 init Benchmark — → Speculative Buy $5
News
RSS: Latest FRMM news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-02 NEW JASON GRIFFIN Director — 241,918 $0.00 $0
2026-04-02 RUDISILL MCANDREW Chief Executive Officer — 1,884,979 $0.00 $0
2026-04-02 SMITH RYAN LEWIS Director — 241,918 $0.00 $0
2026-04-02 DALTON ANGELA Director — 203,562 $0.00 $0
2026-04-02 SUCKLING ANDREW P Director — 241,918 $0.00 $0
2026-04-02 HETER CRYSTAL JANE Director — 241,918 $0.00 $0
2026-04-02 SAUNDERS JOHN TAZEWELL Chief Financial Officer — 358,592 $0.00 $0
2026-04-02 EDWARDS MICHAEL A Director — 203,562 $0.00 $0
2025-12-01 SMITH RYAN LEWIS Director — 16,718 $0.00 $0
2025-11-14 NEW JASON GRIFFIN Director — 218,456 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
6.55
0.00
0.00
0.00
Operating Revenue
6.55
0.00
0.00
0.00
Operating Expense
246.32
+5474.16%
4.42
-67.21%
13.48
-24.70%
17.90
Research And Development
—
1.97
-29.28%
2.78
+14.47%
2.43
Selling General And Administration
240.00
+5331.03%
4.42
-58.67%
10.69
-30.86%
15.47
General And Administrative Expense
240.00
+5331.03%
4.42
-58.67%
10.69
-30.86%
15.47
Other Gand A
240.00
+5331.03%
4.42
-58.67%
10.69
-30.86%
15.47
Other Operating Expenses
6.33
—
—
—
Total Expenses
246.32
+5474.16%
4.42
-67.21%
13.48
-24.70%
17.90
Operating Income
-239.78
-5326.00%
-4.42
+67.21%
-13.48
+24.70%
-17.90
Total Operating Income As Reported
-233.45
-5182.87%
-4.42
+67.21%
-13.48
+24.70%
-17.90
EBITDA
-440.48
-16992.55%
-2.58
+88.36%
-22.13
+44.01%
-39.53
Normalized EBITDA
-360.27
-13598.44%
-2.63
+80.30%
-13.35
+24.94%
-17.79
Reconciled Depreciation
—
0.06
-44.85%
0.11
-3.05%
0.11
EBIT
-440.48
-16992.55%
-2.58
+88.41%
-22.24
+43.90%
-39.64
Total Unusual Items
-80.21
-151432.08%
0.05
+100.60%
-8.78
+59.61%
-21.74
Total Unusual Items Excluding Goodwill
-80.21
-151432.08%
0.05
+100.60%
-8.78
+59.61%
-21.74
Special Income Charges
0.00
-100.00%
0.05
+100.60%
-8.86
+75.99%
-36.89
Other Special Charges
—
-0.05
+74.07%
-0.20
—
Impairment Of Capital Assets
—
—
0.00
-100.00%
33.55
Write Off
—
1.53
-83.16%
9.06
+171.18%
3.34
Net Income
-450.52
-7204.17%
-6.17
+69.06%
-19.94
+48.52%
-38.73
Pretax Income
-443.53
-16880.51%
-2.61
+88.28%
-22.28
+43.82%
-39.67
Net Non Operating Interest Income Expense
1.49
+4354.29%
-0.04
+21.92%
-0.04
-68.10%
-0.03
Interest Expense Non Operating
3.06
+8631.43%
0.04
-21.92%
0.04
+59.11%
0.03
Net Interest Income
1.49
+4354.29%
-0.04
+21.92%
-0.04
-68.10%
-0.03
Interest Expense
3.06
+8631.43%
0.04
-21.92%
0.04
+59.11%
0.03
Interest Income Non Operating
4.54
0.00
0.00
-100.00%
0.00
Interest Income
4.54
0.00
0.00
-100.00%
0.00
Other Income Expense
-205.25
-11242.51%
1.84
+121.02%
-8.76
+59.70%
-21.74
Other Non Operating Income Expenses
-125.04
-7089.32%
1.79
+8389.13%
0.02
—
Gain On Sale Of Security
-80.21
-138286306.90%
0.00
-99.92%
0.08
-99.50%
15.14
Tax Provision
0.00
-100.00%
0.00
+100.09%
-2.35
-149.21%
-0.94
Tax Rate For Calcs
0.00
-100.00%
0.00
+98.11%
0.00
+341.67%
0.00
Tax Effect Of Unusual Items
0.00
-100.00%
0.01
+101.20%
-0.93
-78.40%
-0.52
Net Income Including Noncontrolling Interests
-450.52
-7204.17%
-6.17
+69.06%
-19.94
+48.52%
-38.73
Net Income From Continuing Operation Net Minority Interest
-443.53
-16867.52%
-2.61
+86.89%
-19.94
+48.52%
-38.73
Net Income From Continuing And Discontinued Operation
-450.52
-7204.17%
-6.17
+69.06%
-19.94
+48.52%
-38.73
Net Income Continuous Operations
-443.53
-16867.52%
-2.61
+86.89%
-19.94
+48.52%
-38.73
Net Income Discontinuous Operations
-6.99
-96.68%
-3.55
—
—
Normalized Income
-363.32
-13580.07%
-2.66
+78.02%
-12.08
+30.97%
-17.50
Net Income Common Stockholders
-450.52
-3077.16%
-14.18
+28.87%
-19.94
+48.52%
-38.73
Otherunder Preferred Stock Dividend
0.00
-100.00%
8.01
—
—
Diluted EPS
-55.18
+18.12%
-67.39
+87.19%
-525.90
+86.42%
-3,871.80
Basic EPS
-55.18
+18.12%
-67.39
+87.19%
-525.90
+86.42%
-3,871.80
Basic Average Shares
8.16
+791.95%
0.92
+141.47%
0.38
+279.01%
0.10
Diluted Average Shares
8.16
+791.95%
0.92
+141.47%
0.38
+279.01%
0.10
Diluted NI Availto Com Stockholders
-450.52
-3077.16%
-14.18
+28.87%
-19.94
+48.52%
-38.73
Gain On Sale Of PPE
—
—
—
—
Preferred Stock Dividends
—
8.01
—
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
306.30
+2299.69%
12.76
+142.69%
5.26
-73.23%
19.65
Current Assets
13.57
+163.91%
5.14
+41.27%
3.64
-59.23%
8.93
Cash Cash Equivalents And Short Term Investments
8.02
+75.56%
4.57
+131.15%
1.98
-71.65%
6.97
Cash And Cash Equivalents
8.02
+75.56%
4.57
+131.15%
1.98
-71.65%
6.97
Cash Financial
—
4.59
+132.07%
1.98
-71.65%
6.97
Receivables
—
0.04
-90.85%
0.45
-27.52%
0.62
Taxes Receivable
—
0.04
-90.85%
0.45
-27.52%
0.62
Prepaid Assets
4.49
+840.17%
0.48
-60.63%
1.21
-9.22%
1.34
Restricted Cash
1.02
0.00
—
—
Assets Held For Sale Current
0.02
-77.32%
0.10
—
—
Other Current Assets
0.02
—
—
—
Total Non Current Assets
292.73
+3740.55%
7.62
+370.62%
1.62
-84.89%
10.72
Goodwill And Other Intangible Assets
—
7.62
+370.62%
1.62
-84.89%
10.72
Goodwill
—
—
—
0.00
Other Intangible Assets
—
7.62
+370.62%
1.62
-84.89%
10.72
Investments And Advances
50.13
0.00
—
—
Non Current Accounts Receivable
181.01
—
—
—
Other Non Current Assets
61.59
+708.02%
7.62
—
—
Total Liabilities Net Minority Interest
66.88
+1804.30%
3.51
-34.81%
5.39
-35.14%
8.31
Current Liabilities
40.93
+1067.73%
3.50
-30.77%
5.06
-10.52%
5.66
Payables And Accrued Expenses
1.56
+333.43%
0.36
-89.74%
3.50
+28.80%
2.72
Payables
1.56
+333.43%
0.36
-83.37%
2.16
+19.84%
1.80
Accounts Payable
1.54
+402.94%
0.31
-83.83%
1.89
+5.07%
1.80
Current Accrued Expenses
—
0.74
-44.78%
1.34
+46.44%
0.91
Pensionand Other Post Retirement Benefit Plans Current
6.38
+1997.70%
0.30
-42.68%
0.53
-65.96%
1.56
Current Debt And Capital Lease Obligation
31.76
+3176300.00%
0.00
-99.90%
1.03
-20.97%
1.31
Current Debt
31.76
+3176300.00%
0.00
-99.90%
1.03
-20.97%
1.31
Other Current Borrowings
31.76
+3176300.00%
0.00
-99.90%
1.03
-20.97%
1.31
Other Current Liabilities
1.23
-56.63%
2.84
+4898175.86%
0.00
-99.92%
0.08
Total Non Current Liabilities Net Minority Interest
25.95
+370614.29%
0.01
-97.84%
0.32
-87.74%
2.65
Liabilities Heldfor Sale Non Current
0.00
-100.00%
0.01
—
—
Long Term Debt And Capital Lease Obligation
25.95
+392130.96%
0.01
-66.81%
0.02
-36.08%
0.03
Long Term Debt
25.95
+392130.96%
0.01
-66.81%
0.02
-36.08%
0.03
Non Current Deferred Liabilities
—
0.00
-100.00%
0.30
-88.36%
2.62
Non Current Deferred Taxes Liabilities
—
0.00
-100.00%
0.30
-88.36%
2.62
Stockholders Equity
239.42
+2487.74%
9.25
+7343.23%
-0.13
-101.13%
11.34
Common Stock Equity
239.42
+2487.74%
9.25
+7343.23%
-0.13
-101.13%
11.34
Capital Stock
0.00
0.00
-100.00%
0.00
+170.00%
0.00
Common Stock
0.00
0.00
-100.00%
0.00
+170.00%
0.00
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
19.01
+498.43%
3.18
+494.14%
0.53
+171.15%
0.20
Ordinary Shares Number
19.01
+498.43%
3.18
+494.14%
0.53
+171.15%
0.20
Additional Paid In Capital
834.45
+442.94%
153.69
+18.12%
130.12
+6.97%
121.64
Retained Earnings
-592.04
-318.34%
-141.52
-11.13%
-127.34
-18.56%
-107.41
Gains Losses Not Affecting Retained Earnings
-2.99
-2.61%
-2.92
-0.54%
-2.90
-0.55%
-2.89
Other Equity Adjustments
-2.99
-2.61%
-2.92
-0.54%
-2.90
-0.55%
-2.89
Total Equity Gross Minority Interest
239.42
+2487.74%
9.25
+7343.23%
-0.13
-101.13%
11.34
Total Capitalization
265.37
+2768.22%
9.25
+8682.80%
-0.11
-100.95%
11.38
Working Capital
-27.36
-1771.29%
1.64
+215.06%
-1.42
-143.50%
3.27
Invested Capital
297.13
+3111.20%
9.25
+898.89%
0.93
-92.70%
12.68
Total Debt
57.71
+5771300.00%
0.00
-99.91%
1.05
-21.32%
1.34
Net Debt
49.70
—
—
—
Net Tangible Assets
239.42
+2487.74%
9.25
+629.50%
-1.75
-380.89%
0.62
Tangible Book Value
239.42
+2487.74%
9.25
+629.50%
-1.75
-380.89%
0.62
Available For Sale Securities
50.13
—
—
—
Duefrom Related Parties Current
—
—
—
—
Dueto Related Parties Current
0.02
-67.92%
0.05
-80.08%
0.27
0.00
Interest Payable
—
0.06
-16.90%
0.07
+94.73%
0.04
Investmentin Financial Assets
50.13
0.00
—
—
Non Current Accrued Expenses
—
—
—
—
Preferred Stock Equity
—
0.00
—
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-26.05
-2124.77%
-1.17
+89.28%
-10.92
+9.94%
-12.13
Cash Flow From Continuing Operating Activities
-25.29
-2105.23%
-1.15
+89.50%
-10.92
+9.94%
-12.13
Cash From Discontinued Operating Activities
-0.76
-3058.33%
-0.02
—
—
Net Income From Continuing Operations
-443.53
-16867.52%
-2.61
+86.89%
-19.94
+48.52%
-38.73
Depreciation Amortization Depletion
—
0.06
-44.85%
0.11
-3.05%
0.11
Amortization Cash Flow
—
—
0.11
-3.05%
0.11
Depreciation And Amortization
—
0.06
-44.85%
0.11
-3.05%
0.11
Amortization Of Intangibles
—
—
0.11
-3.05%
0.11
Other Non Cash Items
97.34
+183769.81%
-0.05
-159.42%
0.09
-73.10%
0.33
Stock Based Compensation
213.45
+76131.07%
0.28
-87.74%
2.28
-23.00%
2.97
Provisionand Write Offof Assets
6.33
0.00
—
—
Asset Impairment Charge
—
1.53
-83.16%
9.06
-75.43%
36.89
Deferred Tax
—
-0.29
+87.56%
-2.35
-149.24%
-0.94
Deferred Income Tax
—
-0.29
+87.56%
-2.35
-149.24%
-0.94
Operating Gains Losses
102.45
+176631134.48%
-0.00
+99.92%
-0.08
+99.50%
-15.14
Gain Loss On Investment Securities
102.45
+176631134.48%
-0.00
+99.92%
-0.08
+99.50%
-15.14
Unrealized Gain Loss On Investment Securities
0.14
0.00
—
—
Net Foreign Currency Exchange Gain Loss
—
—
—
—
Gain Loss On Sale Of PPE
—
—
—
—
Change In Working Capital
-1.46
-218.06%
1.24
+8891.83%
-0.01
-100.52%
2.72
Change In Receivables
—
—
—
—
Change In Prepaid Assets
-3.31
-355.91%
1.29
+283.95%
0.34
-66.88%
1.02
Change In Payables And Accrued Expense
1.85
+3463.64%
-0.06
+84.35%
-0.35
-120.62%
1.70
Change In Accrued Expense
0.50
+431.91%
0.09
+114.74%
-0.64
-230.24%
0.49
Change In Payable
1.35
+1006.04%
-0.15
-152.02%
0.29
-76.42%
1.21
Change In Account Payable
1.35
+1006.04%
-0.15
-152.02%
0.29
-76.42%
1.21
Investing Cash Flow
-127.63
0.00
—
—
Cash Flow From Continuing Investing Activities
-127.63
0.00
—
—
Cash From Discontinued Investing Activities
0.00
0.00
—
—
Net Investment Purchase And Sale
-17.63
0.00
—
—
Purchase Of Investment
-17.63
0.00
—
—
Net Business Purchase And Sale
—
—
—
—
Net Other Investing Changes
-110.01
—
—
—
Financing Cash Flow
158.15
+3822.45%
4.03
-31.75%
5.91
-45.67%
10.87
Cash Flow From Continuing Financing Activities
158.30
+3794.32%
4.07
-31.19%
5.91
-45.67%
10.87
Net Issuance Payments Of Debt
-105.26
-7959.42%
-1.31
-353.37%
-0.29
+52.89%
-0.61
Issuance Of Debt
550.00
0.00
-100.00%
0.97
-8.63%
1.06
Repayment Of Debt
-655.26
-50072.82%
-1.31
-3.87%
-1.26
+24.81%
-1.67
Long Term Debt Issuance
550.00
0.00
-100.00%
0.97
-8.63%
1.06
Long Term Debt Payments
-655.26
-50072.82%
-1.31
-3.87%
-1.26
+24.81%
-1.67
Net Long Term Debt Issuance
-105.26
-7959.42%
-1.31
-353.37%
-0.29
+52.89%
-0.61
Short Term Debt Issuance
—
—
—
1.06
Short Term Debt Payments
—
—
—
-0.08
Net Short Term Debt Issuance
—
—
—
0.98
Net Common Stock Issuance
257.50
+9907.73%
2.57
-57.11%
6.00
-47.76%
11.48
Common Stock Payments
-46.26
0.00
0.00
+100.00%
-1.01
Repurchase Of Capital Stock
-46.26
0.00
0.00
+100.00%
-1.01
Proceeds From Stock Option Exercised
6.06
+116.62%
2.80
+546384.38%
0.00
+23.97%
0.00
Net Other Financing Charges
—
—
0.20
—
Changes In Cash
4.47
+56.13%
2.86
+157.06%
-5.01
-299.87%
-1.25
Effect Of Exchange Rate Changes
—
0.05
+160.64%
0.02
+4879.24%
-0.00
Beginning Cash Position
4.57
+167.70%
1.71
-75.52%
6.97
-15.25%
8.22
End Cash Position
9.03
+97.81%
4.57
+131.15%
1.98
-71.65%
6.97
Free Cash Flow
-26.05
-2124.77%
-1.17
+89.28%
-10.92
+9.94%
-12.13
Interest Paid Supplemental Data
0.00
-100.00%
0.01
-44.76%
0.02
+44.24%
0.02
Income Tax Paid Supplemental Data
—
0.00
0.00
0.00
Common Stock Issuance
303.76
+11705.75%
2.57
-57.11%
6.00
-52.00%
12.50
Issuance Of Capital Stock
303.76
+11705.75%
2.57
-57.11%
6.00
-52.00%
12.50
Sale Of Business
—
—
—
—
Cash From Discontinued Financing Activities
-0.15
-357.58%
-0.03
—
—
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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