Forum Markets Inc made a public disclosure
SEC 8-KRead source ↗
Forum Markets Inc is a US-listed company in the diversified financial services industry. Its financial year ends in December.
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Insiders0 buying, 1 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
- Funds16 adding, 25 cuttingOf 9 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 96% in the quarter to 2026-06-30.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
Nothing in Forum Markets Inc's latest figures clears our strength thresholds.
Things to watch
- Loss-making. Operating margin is -2271.6%: costs exceed revenue.
- Heavy stock-based pay. Stock pay equals 394.5% of revenue: a real cost that cash-flow figures leave out.
- Volatile shares. Over the past year the shares showed annualised volatility of 129% and a beta of 2.8 against the S&P 500.
- Heavily shorted. 39.2% of the shares available to trade are sold short (19.6 days of average volume to cover).
- Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 89.0% over 90 days.
Latest results: FY2026 Q2
- Earnings per share
- -$0.55 against an average estimate of -$0.28: missed by 96.4%
- Revenue
- $1m
- Guidance given
- assets under management (AUM) $100m to $175m (2026); total revenue $18m to $22m (2026)
- Next report
- November 12, 2026; average EPS estimate -$0.14
Price chart
- 1 day-5.2%
- 1 week-3.3%
- 1 month-32.3%
- This year-33.3%
- 1 year-83.4%
- 5 years-100.0%
- S&P 500 this year+11.2%
Loading chart…
Third-party market data · may be delayed
At a glance
Profitability
- Revenue (TTM)
- $10.8M
- Operating margin
- -2271.6%
- Net margin
- -4971.7%
Earnings
- Last results
- May 14, 2026
News & updates
Company announcements, filed results and changes that matter to shareholders.
- Announcement
- Agreement
Forum Markets Inc entered a material agreement; took on a material financial obligation; sold unregistered shares; made a public disclosure; disclosed a material event
SEC 8-KRead source ↗ - Leadership
Forum Markets Inc announced a director or officer change
SEC 8-KRead source ↗ - Shareholder vote
Forum Markets Inc reported shareholder vote results
SEC 8-KRead source ↗ - Agreement
Forum Markets Inc entered a material agreement
SEC 8-KRead source ↗ - Insider trade
Lomashuk Konstantin (10% owner) sold $1.5M of stock
SEC Form 4 - Agreement
Forum Markets Inc entered a material agreement; made a public disclosure
SEC 8-KRead source ↗
No model value for Forum Markets Inc at the moment. Current status: limited reported history: available models are shown without a Buy/Hold/Sell rating. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
Valuation models
We value Forum Markets Inc as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.5 ~$7.7–$40 | Left out: out of range vs price (0.15x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Forum Markets Inc with asset managers, brokers and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Forecasts and guidance
Next results: November 12, 2026, before the open. Analysts expect revenue of $5m and EPS of −$0.14 (range −$0.14 to −$0.14) for the quarter.
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$5.64 | — | $18m | — |
| Next | $0.06 | +101% | $125m | +588% |
Next year's EPS estimate has moved −89.0% in 90 days, across 1 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is +10.7% on 90 days ago. In the last 30 days, 0 analysts raised Forum Markets Inc's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$5.09 | $0.55 |
| 60 days ago | −$5.62 | −$0.57 |
| 30 days ago | −$5.62 | −$0.57 |
| 7 days ago | −$5.64 | −$0.98 |
| Now | −$5.64 | $0.06 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.28 | −$0.55 | −96.4% |
| Mar 2026 | −$0.22 | −$3.64 | −1554.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 39.2% of tradable shares
- Days to cover
- 19.63 at average volume
- Short interest, 1 month
- +4% to October 15, 2026
- Held by institutions
- 43% of shares
- Held by insiders
- 42.7% of shares
Share-price performance
Market data may be delayedReturn and risk by year
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| FRMM | +43% | −96% | −94% | −55% | −73% | −33% |
| Industry peers (median) | −4% | −80% | −41% | −44% | −14% | −34% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| FRMM | 50% | 17% | 8% | 25% | 17% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| FRMM | −73% | −98% | −97% | −79% | −95% | −68% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since June 27, 2017: 100% from April 12, 2021 to April 13, 2026. Getting back needed a 2543140% gain, and the shares have not yet recovered.
Price behaviour
- 52-week range
- $1.79 – $18.17
- From 52-week high
- −82.0%
- vs 50-day average
- −28.4%
- vs 200-day average
- −27.2%
- Volatility (1 year)
- 129%
- Beta vs S&P 500
- 2.76
Share price after results
- Next day
- 1 up, 2 down typical move ±14.1%
- After a week
- 1 up, 2 down typical move ±23.7%
- After a month
- 2 up, 1 down typical move ±57.0%
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| May 14, 2026 | −17.0% | −0.4% | +9.4% | +15.2% |
| March 31, 2026 | +1.8% | +3.7% | −26.1% | +98.2% |
| November 14, 2025 | −23.6% | −0.9% | −35.7% | −57.7% |
Fundamentals
Financial statements
| Fiscal year | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|
| Income | ||
| Revenue | 7 | 11 |
| Operating income | −233 | −245 |
| Net income | −451 | −536 |
| Diluted EPS | −$54.32 | — |
| Margins | ||
| Operating margin | <−999% | <−999% |
| Net margin | <−999% | <−999% |
| Free-cash-flow margin | <−999% | — |
| Cash flow | ||
| Cash from operations | −26 | −57 |
| Capital spending | 244 | — |
| Free cash flow | −270 | — |
| Stock-based pay | 213 | 42 |
| Free cash flow after stock pay | −484 | — |
| Balance sheet | ||
| Cash | 8 | 4 |
| Total debt | — | 17 |
| Net debt (negative = net cash) | −8 | 13 |
| Diluted shares | 8m | — |
| Returned to shareholders | ||
| Buybacks | 46 | — |
| Total returned | 46 | — |
| Quarter | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 4 | 2 | 3 | 1 |
| Gross profit | — | — | — | 0 |
| EBITDA | — | — | −4 | −9 |
| Operating income | −220 | −10 | −5 | −10 |
| Net income | −217 | −230 | −76 | −13 |
| Diluted EPS | −$16.80 | −$7.12 | −$3.64 | −$0.73 |
| Margins | ||||
| Gross margin | — | — | — | 29.2% |
| EBITDA margin | — | — | −145.5% | −659.8% |
| Operating margin | <−999% | −394.2% | −162.0% | −728.4% |
| Net margin | <−999% | <−999% | <−999% | −939.0% |
| Free-cash-flow margin | — | −345.9% | <−999% | −911.5% |
| Cash flow | ||||
| Cash from operations | −16 | −8 | −20 | −12 |
| Capital spending | — | 1 | 17 | 0 |
| Free cash flow | — | −8 | −37 | −12 |
| Stock-based pay | 34 | 5 | 0 | 4 |
| Free cash flow after stock pay | — | −13 | −37 | −16 |
Dividends, buybacks and capital spending
- Days sales outstanding
- 35 days
- receivables vs revenue
Competitors: side by side with peers
| Last 12 months unless stated | FRMM | ABTS | RMCO | YDKG | ZNB | VIP | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $11m | $9m | $6m | $28m | $28m | $51m | $28m |
| Revenue growth, last 12 months | — | 36.0% | 133.5% | >999% | 225.0% | −14.1% | 30.9% |
| Revenue growth, 3-year average | — | — | — | −32.8% | — | −9.1% | −9.1% |
| Revenue growth, latest quarter | — | — | 38.0% | — | — | −73.7% | 25.1% |
| Gross margin | — | 40.3% | 11.1% | −2.5% | −18.6% | — | 25.7% |
| Operating margin | <−999% | 40.3% | −5.1% | −160.1% | −66.0% | −24.0% | −154.1% |
| Operating margin, 3-year average | — | — | −20.1% | −354.9% | — | −19.2% | −144.9% |
| Net margin | <−999% | −31.4% | −14.5% | −99.7% | −555.2% | 1.0% | −99.7% |
| Cash from operations / revenue | −525.1% | 15.5% | −2.3% | 25.1% | −24.5% | −39.7% | −24.5% |
| Free-cash-flow margin | — | −18.5% | −2.4% | −7.6% | −58.9% | −57.9% | −30.5% |
| Free-cash-flow margin, 3-year average | — | — | −9.3% | −113.1% | — | −49.1% | −35.7% |
| Stock pay / revenue | 394.5% | 2.9% | — | 3.3% | 2.3% | 1.9% | 2.3% |
| Change in share count | — | 0.0% | 0.3% | >999% | >999% | 26.1% | 18.8% |
Where the revenue comes from
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Liquid Staking Revenue | $6M | 90.9% | — |
| Native Staking Revenue | $455,000 | 6.9% | — |
| Reward Revenue | $141,000 | 2.2% | — |
From Forum Markets Inc's 10-K filed April 1, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
Who owns it
Funds buying and selling- Reported value
- $26.3M
- Institutions reporting
- 38
- Shares held vs prior quarter
- ▼ 36.6%
- Positions opened / closed
- 5 / 10
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Stokes Family Office, LLC | $5.2M | 958K | 19.8% | ▲ 24.8% |
| Vise Technologies, Inc. | $4.7M | 857K | 17.7% | New |
| Citadel Advisors LLC | $2.2M | 414K | 8.5% | ▲ 19.8% |
| Saba Capital Management, L.P. | $2M | 372K | 7.7% | ▼ 22.7% |
| Vanguard Capital Management LLC | $1.6M | 302K | 6.2% | ▲ 63.8% |
| Blackrock, Inc. | $1.6M | 301K | 6.2% | ▲ 19.4% |
| Geode Capital Management, LLC | $977,694 | 180K | 3.7% | ▼ 11.6% |
| UBS Group AG | $921,232 | 170K | 3.5% | ▼ 48.2% |
| Goldman Sachs Group Inc | $907,065 | 167K | 3.4% | ▲ 3.3% |
| Morgan Stanley | $784,826 | 145K | 3.0% | ▼ 4.7% |
| Bank Of America Corp | $675,264 | 124K | 2.6% | ▲ 31.8% |
| Barclays PLC | $528,149 | 97K | 2.0% | ▲ 1.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Forum Markets Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
Insider trading activity
Full insider history and chart Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.6M 5 trades by 1 insider · 0% under pre-set plans
Net ▼ $1.6M net selling
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Lomashuk Konstantin 10% owner | July 21, 2026 | Sell | 250,000 | $6.00 | $1.5M |
| Lomashuk Konstantin 10% owner | July 15, 2026 | Sell | 2,562 | $6.30 | $16,141 |
| Lomashuk Konstantin 10% owner | July 9, 2026 | Sell | 3,387 | $6.15 | $20,830 |
| Lomashuk Konstantin 10% owner | July 8, 2026 | Sell | 1,100 | $6.13 | $6,743 |
| Lomashuk Konstantin 10% owner | July 7, 2026 | Sell | 3,702 | $6.41 | $23,730 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Results announcements
Next expected around August 12, 2026 estimated from the company's past filing pattern, not announced
- May 14, 2026
- March 31, 2026
- November 14, 2025
Recent SEC filings
- 8-K Current report
- 8-K Current report
- 8-K Current report
- 8-K Current report
- 10-Q Quarterly report
- 8-K Current report
- 8-K Current report
- DEF 14A Proxy statement
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
Forum Markets Inc in brief
- What does Forum Markets Inc do?
- Forum Markets Inc is a US-listed company in the diversified financial services industry. Its financial year ends in December.
- What is Forum Markets Inc's stock ticker?
- Forum Markets Inc trades under the ticker FRMM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
- Who are Forum Markets Inc's largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Stokes Family Office, LLC, Vise Technologies, Inc. and Citadel Advisors LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- What is Forum Markets Inc's market cap?
- On December 31, 2025, Forum Markets Inc's market capitalisation was about $40M and net debt of -$8M. Market figures come from third-party market data and may be delayed.
- Who are Forum Markets Inc's competitors?
- In our Diversified Financial Services peer group, the companies closest to Forum Markets Inc are Abits Group Inc, Royalty Management Holding Corp, Yueda Digital Holding, Zeta Network Group and Vulcan Infrastructure & Power Inc. The side-by-side comparison below sets their revenue, margins and growth against Forum Markets Inc's.
- Are insiders buying or selling Forum Markets Inc stock?
- Over the last 12 months, Forum Markets Inc's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
- When is Forum Markets Inc's next earnings date?
- Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Forum Markets Inc announces its own schedule.
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