Forum Markets, Incorporated
The research page contains a warning that has not been mapped to a supported model interpretation. The company research remains available, but the complete score is withheld until the warning is reviewed.
FRMM · Price history
Price at last available close
$3.50
−$1.37 (-28.09%) 1M
2026-10-27
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Company & revenue
About Forum Markets, Incorporated
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Operating within the decentralized finance (DeFi) sector, ETHZilla Corp. is a technology firm. Its core mission is to facilitate global connectivity among financial institutions, enterprises, and various organizations by providing secure and readily accessible blockchain transactions, leveraging implementations of the Ethereum Network protocol. Furthermore, the company sustains its efforts in the biotechnology and gaming industries, overseeing their deployment and ongoing advancement.
How they make money
Forum Markets generates revenue through asset yield, tokenization and structuring fees, and secondary trading activity. The company builds and operates infrastructure designed to originate, finance, and distribute real-world financial assets through blockchain-enabled capital markets.
Products & services
Infrastructure for the origination, financing, and distribution of tokenized real-world assets (RWAs) via blockchain-enabled capital markets.
Brands & revenue mix
An SEC-registered alternative trading system in which the company holds a significant stake.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
No supplier relationships were confirmed in the sources reviewed. This does not mean the company has no suppliers.
Strengths
- Strategic focus on tokenization of real-world assetsSource
Risks
- Operational risks associated with blockchain-enabled capital marketsSource
Sources
Company-specific research
Questions worth answering for FRMM
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can FRMM maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •How long can FRMM fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •Is FRMM's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •What specifically needs to improve for FRMM to reach sustainable profitability?
- •What future growth or profitability would be needed to justify FRMM's current valuation?
Essential Investment Snapshot
Market Cap
$46.1M
P/E Ratio
-0.1
EPS
$-33.17
52-Week High
$27.10
52-Week Low
$1.76
Beta
1.46
Analyst Target
$11.00
Shares Outstanding
8.2M
Total Debt
$25.9M
Dividend
No current dividend
Liquidation Value / Share
$15.65
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Elevated movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for FRMM
Detected from reported data — verify before acting.High debt risk
Total debt is at least one year of revenue • Interest coverage is below 2x • Free cash flow is negative • Cash covers less than 20% of total debt
M&A headline · Aug 21, 2026
Flag Ship Acquisition Eyes AI Compute, Aircraft Engines to Drive Cash Flow Growth — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
MarketBeatCommunity Sentiment
0 active · 0 total callsNo personal call yet on FRMM.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Strategic focus on tokenization of real-world assets.
Potential downside factors
- −Debt risk (high): Total debt is at least one year of revenue.
- −Interest coverage is below 2x.
- −Free cash flow is negative.
- −Cash covers less than 20% of total debt.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
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Score Changes
Score changes will appear once more historical records are available.
Price vs. Value
Valuation unavailableCurrent Price
$3.50
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 |
|---|---|---|
| Revenue | $10.8M | $6.5M |
| Cost of Revenue | $1.9M | $0.00 |
| Gross Profit | $8.9M | $6.5M |
| Research & Development | $0.00 | $0.00 |
| SG&A Expenses | $253.5M | $240.0M |
| Operating Expenses | $263.8M | $240.0M |
| EBITDA | -$522.2M | -$440.5M |
| Operating Income | -$254.9M | -$233.4M |
| Interest Expense | $4.3M | $3.1M |
| Income Before Tax | -$530.1M | -$443.5M |
| Income Tax Expense | $0.00 | $0.00 |
| Net Income | -$527.4M | -$450.5M |
| Basic EPS | $-33.17 | $-55.18 |
| Basic Shares | 17.07M | 8.16M |
| Diluted Shares | 17.07M | 8.16M |
Earnings Summary
Revenue
$1.4M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.75
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+1737.2%
Cash Change
+84.9%
Margin Change
Not available
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Cash position grew
What Weakened
- Debt increased
Potential Score Impact
Positive indicators included cash levels. Pressure indicators included EPS growth, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
EPS declined 75.2%. Cash increased 84.9%. Total debt increased 1737.2%.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
6 historical recordsHistorical Score Chart
3 of 6 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · FRMM
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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