Forum Markets, Incorporated (FRMM) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Forum Markets, Incorporated $2.44, price $4.69, upside -48.0%, quality 21 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range $1.79 – $41,078 · fair‑value band $1.82 – $3.64 · the $4.69 price screens above the $2.44 fair value. Dashed = 300-day average. As of Oct 2, 2026.
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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.
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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. 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.
Stock analysis
Forum Markets, Incorporated (FRMM) currently trades at $4.69, while our model-based Fair Value estimate is $2.44, 48.0% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.
Scenario range: $1.82 (bear) to $3.64 (bull), the price of $4.69 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 21/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue growth is weak, negative or inconsistent.
Forum Markets, Incorporated reported revenue of $6.5M in FY2025 versus $0 in FY2021. Reported net income was −$451M in FY2025.
Key figures
Market cap $80.0M · P/S ratio 5.75 · EPS (TTM) $−51.05 · Return on equity −796% · Return on assets (EBIT) −96.6% · Operating margin −728% · Revenue (TTM) $10.8M · Free cash flow −$26.1M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 82% below its 52-week high and 162% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −8% fair-value upside, at −48%, FRMM screens richer than that median.
Fair Value models
Bear $1.82Fair Value $2.44Bull $3.64
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.0/100
Revenue growth is weak, negative or inconsistent.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Forum Markets, Incorporated with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 636 stocks
Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score23 · Bottom 25%
Fair Value upside−48.0% · Below median
Profitability
Return on assets−180.2% · Bottom 25%
Growth and dividend
Revenue growth0.0% · Below median
Balance sheet
Debt / equity0.11× · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
P/B0.33× · Cheapest 25%
P/S (TTM)7.43× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 27
FUTURE (revenue growth)0· sector 44
PAST (return on equity)0· sector 19
HEALTH (low debt)95· sector 97
DIVIDEND (yield)0· sector 30
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Forum Markets, Incorporated (FRMM) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of $2.44 versus a price of $4.69, about −48% upside (overvalued).
What is the fair value of FRMM?
Our model-based fair value for Forum Markets, Incorporated is $2.44 (as of Oct 2, 2026), built from audited fundamentals. The current price: $4.69.
What is the quality score of FRMM?
Forum Markets, Incorporated has a Quality Score of 21/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Forum Markets, Incorporated (FRMM)?
Our model-based price target is the fair value of $2.44 (as of Oct 2, 2026) from 1 valuation models. Cautious scenario $1.82, optimistic scenario $3.64. It is a calculation from audited fundamentals, not an analyst target.
What is the Forum Markets, Incorporated stock forecast for 2026?
Our models put fair value at $2.44, about −48% upside versus a price of $4.69 (overvalued). Cautious scenario $1.82, optimistic scenario $3.64. The calculation is refreshed regularly with new filings.
What is the revenue of Forum Markets, Incorporated (FRMM)?
Forum Markets, Incorporated reported trailing-twelve-month revenue of about $10.8M (latest available figure, as of Oct 2, 2026).
What is the intrinsic value of Forum Markets, Incorporated (FRMM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Forum Markets, Incorporated it is $2.44 per share (as of Oct 2, 2026), against a price of $4.69. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Forum Markets, Incorporated stock overvalued or undervalued in 2026?
As of Oct 2, 2026, FRMM trades above its calculated fair value: price $4.69, fair value $2.44, a gap of about −48% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FRMM?
No. The price is what the market pays today ($4.69); the fair value is what the company's own numbers justify ($2.44). For Forum Markets, Incorporated the two are $2.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Forum Markets, Incorporated worth?
The market values Forum Markets, Incorporated at about $80.0M (market capitalisation, as of Oct 2, 2026). Per share that is $4.69; our models calculate a fair value of $2.44 per share.
What do the bullish and bearish scenarios say about FRMM?
Our models span a range for Forum Markets, Incorporated: cautious scenario $1.82, base $2.44, optimistic $3.64 per share (as of Oct 2, 2026, price $4.69). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Forum Markets, Incorporated (FRMM)?
Balance-sheet figures for Forum Markets, Incorporated (as of Oct 2, 2026): debt of 0.11 per unit of equity. They feed the Quality Score of 21/100, which measures business quality independently of the share price.
How far is FRMM from its 52-week high?
Forum Markets, Incorporated trades at $4.69, about 82% below its 52-week high of $25.80 and 162% above the low of $1.79 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of $2.44 is for.
Which stocks are comparable to Forum Markets, Incorporated?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Forum Markets, Incorporated stock attractive at the current price?
The data as of Oct 2, 2026: price $4.69, calculated fair value $2.44 (−48%), Quality Score 21/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FRMM calculated?
We run Forum Markets, Incorporated through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.44, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Forum Markets, Incorporated itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Forum Markets, Incorporated (FRMM)?
The closing price on Oct 1, 2026 was $4.69. Our model-based fair value is $2.44, about −48% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Forum Markets, Incorporated right now?
The price sits above even our optimistic bull case ($3.64). The favourable scenario is already priced in. Weak quality (21/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($1.82 to $3.64) leaves room in how you read the outcome.
Key figures of Forum Markets, Incorporated
How large is the market capitalisation of Forum Markets, Incorporated (FRMM)?
The market capitalisation of Forum Markets, Incorporated is $80.0M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Forum Markets, Incorporated (FRMM)?
The price-to-sales ratio of Forum Markets, Incorporated is 5.75 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Forum Markets, Incorporated (FRMM)?
Earnings per share at Forum Markets, Incorporated are $−51.05. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Forum Markets, Incorporated (FRMM)?
The return on equity (ROE) of Forum Markets, Incorporated is −796% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Forum Markets, Incorporated (FRMM)?
On an EBIT basis the return on assets of Forum Markets, Incorporated is −96.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Forum Markets, Incorporated (FRMM)?
The operating margin of Forum Markets, Incorporated is −728% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much free cash flow does Forum Markets, Incorporated (FRMM) generate?
The free cash flow of Forum Markets, Incorporated is −$26.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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Thin data
Oct 2, 2026