MeritValue

FORUM MARKETS Inc

FRMMdata completeness 88%9 fiscal years on file
The thesis, from the filings

FORUM MARKETS Inc earns about -241% on invested capital, but has diluted owners by 421% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue————$6.55M1
Net income−$20.3M2−$38.7M3−$19.9M4−$14.2M5−$450.5M5
Operating cash flow−$19.4M6−$12.1M7−$10.9M8−$1.17M9−$26.1M9
Capital expenditure————$244.3M10
Free cash flow (derived)————−$270.3M9
Total debt——$12,88211$12,98611—
Cash & equivalents$8.22M12$6.97M13$1.71M14$4.57M14$8.02M15
Diluted shares1.6M100,021379,08991,5378.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$293.24
your share of equity
Profit it earned you last year
−$551.8
Free cash flow it threw off
−$331.09
Debt you’d be carrying
—

10 shares is a claim on $293.24 of net worth that earned you −$551.8 and generated −$331.09 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-241% avg · 5y
FY21 -52%FY22 -716%FY23 —FY24 -44%FY25 -151%

It earned an average -241% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+421% shares · 5y

Share count is up 421% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2025-12-31 · accession 0001213900-26-037888 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001213900-23-025521 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-025262 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001213900-25-026273 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-037888 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001213900-23-025521 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-025262 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-026273 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-037888 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2025-12-31 · accession 0001213900-26-037888 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-026273 (LongTermDebtCurrent)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-24-025262 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-25-026273 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-26-037888 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2025-12-31 · accession 0001213900-26-037888 (CashAndCashEquivalentsAtCarryingValue)