Frmo Corp (FRMO) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Frmo Corp $6.39, price $6.97, upside -8.3%, quality 49 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 Sep 24, 2026.
How to read this chart
60‑month range $6.21 – $13.63 · fair‑value band $4.79 – $7.99 · the $6.97 price screens above the $6.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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FRMO Corporation, through Horizon Kinetics, LLC, operates as an investment advisory and independent research company in the United States. The company offers in-depth analysis of information-poor, and under-researched companies and strategies to identify complex or overlooked situations. It serves institutional investors.
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FRMO Corporation, through Horizon Kinetics, LLC, operates as an investment advisory and independent research company in the United States. The company offers in-depth analysis of information-poor, and under-researched companies and strategies to identify complex or overlooked situations. It serves institutional investors. The company was formerly known as FRM Nexus, Inc. and changed its name to FRMO Corporation in November 2001. FRMO Corporation was incorporated in 1993 and is based in White Plains, New York.
Stock analysis
Frmo Corp (FRMO) currently trades at $6.97, while our model-based Fair Value estimate is $6.39, implying the stock looks roughly 9.1% fairly valued today.
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Valuation
How firm this estimate is: it rests on 24 models at a data quality of 81/100, which puts the evidence level at medium.
Scenario range: $4.79 (bear) to $7.99 (bull), the price of $6.97 sits inside 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 49/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Frmo Corp reported revenue of $9.9M in FY2026 versus $4.8M in FY2022, a compound +19.7%/yr. Reported net income was $2.9M in FY2026, compounding −30.4%/yr from FY2022.
Key figures
Market cap $307M · P/E ratio 63.4 · P/S ratio 18.8 · EPS (TTM) $0.1100 · Dividend yield 0.1% · Net margin 29.7% · Return on equity 3.1% · Return on assets (EBIT) 12.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 23% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −8%, FRMO screens richer than that median.
Fair Value models
Bear $4.79Fair Value $6.39Bull $7.99
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. Based on fiscal year 2026 figures (about 4 months old). Earnings retained since then ($0.0353 per share) are deliberately not added.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.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.75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−96.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.0%
Start year 2021 (pandemic). Over 10 years: +4.4% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+35.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−48.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−48.5%
Dividend (yield on the price)0.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−49% vs −3%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4,760% → 241%
Start year 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +17.8% a year for the price.
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.Asset Management · 656 stocks
Beats the industry median on 2/12 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−9% · Below median
Profitability
Return on equity (TTM)3% · Below median
Return on assets0% · Bottom 25%
Net margin (TTM)68% · Top 25%
Operating margin (TTM)142% · Top 25%
Growth and dividend
Revenue growth−61% · Bottom 25%
Dividend yield (TTM)0.1% · Bottom 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
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.
Cite: Fair Value Calculator (2026). "Frmo Corp Fair Value". https://www.fairvalue-calculator.com/stock/FRMO
Frequently asked questions
Is Frmo Corp (FRMO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $6.39 versus a price of $6.97, about −8% upside (fairly valued).
What is the fair value of FRMO?
Our model-based fair value for Frmo Corp is $6.39 (as of Sep 24, 2026), built from audited fundamentals. The current price: $6.97.
What is the quality score of FRMO?
Frmo Corp has a Quality Score of 49/100. 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 Frmo Corp (FRMO)?
Our model-based price target is the fair value of $6.39 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario $4.79, optimistic scenario $7.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Frmo Corp stock forecast for 2026?
Our models put fair value at $6.39, about −8% upside versus a price of $6.97 (fairly valued). Cautious scenario $4.79, optimistic scenario $7.99. The calculation is refreshed regularly with new filings.
What is the revenue of Frmo Corp (FRMO)?
Frmo Corp reported trailing-twelve-month revenue of about $4.3M (latest available figure, as of Sep 24, 2026).
Does Frmo Corp pay a dividend?
Frmo Corp currently shows a dividend yield of about 0.11% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Frmo Corp (FRMO)?
For today's price to be fair in a discounted-cash-flow model, Frmo Corp would have to grow free cash flow by +20.6 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +27.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FRMO use?
Our models discount Frmo Corp at 10.2 %: a base by market capitalisation (small), damped by beta 0.62, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Frmo Corp that is +20.6 % per year a year over ten years, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Frmo Corp (FRMO) delivered so far?
Over the past 5 years revenue at Frmo Corp grew +27.0 % a year. The price currently implies +20.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Frmo Corp (FRMO) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Frmo Corp (+20.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Frmo Corp (FRMO)?
The free-cash-flow yield on the price is 2.51 %: that much free cash flow Frmo Corp produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Frmo Corp (FRMO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Frmo Corp it is $6.39 per share (as of Sep 24, 2026), against a price of $6.97. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Frmo Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FRMO trades above its calculated fair value: price $6.97, fair value $6.39, a gap of about −8% (fairly valued). 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 FRMO?
No. The price is what the market pays today ($6.97); the fair value is what the company's own numbers justify ($6.39). For Frmo Corp the two are $0.5812 per share apart. That gap is exactly why we show both numbers side by side.
How much is Frmo Corp worth?
The market values Frmo Corp at about $307M (market capitalisation, as of Sep 24, 2026). Per share that is $6.97; our models calculate a fair value of $6.39 per share.
What do the bullish and bearish scenarios say about FRMO?
Our models span a range for Frmo Corp: cautious scenario $4.79, base $6.39, optimistic $7.99 per share (as of Sep 24, 2026, price $6.97). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FRMO?
Frmo Corp trades at a price-to-earnings ratio of 63.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $6.39 is built from several models across several years. Other multiples: P/B 0.9, P/S 71.8.
How solid is the balance sheet of Frmo Corp (FRMO)?
Balance-sheet figures for Frmo Corp (as of Sep 24, 2026): return on equity 3.1%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is FRMO from its 52-week high?
Frmo Corp trades at $6.97, about 23% below its 52-week high of $9.00 and 12% above the low of $6.21 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of $6.39 is for.
Which stocks are comparable to Frmo Corp?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, 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 Frmo Corp stock attractive at the current price?
The data as of Sep 24, 2026: price $6.97, calculated fair value $6.39 (−8%), Quality Score 49/100, from 2 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 FRMO calculated?
We run Frmo Corp through 2 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 $6.39, 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 14.0 % above its aggregate fair value. Frmo Corp 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 Frmo Corp (FRMO)?
The closing price on Sep 24, 2026 was $6.97. Our model-based fair value is $6.39, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Frmo Corp right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Frmo Corp (FRMO) come from?
Earnings per share at Frmo Corp grew +37.9 % a year from 2016 to 2026. Broken into its drivers: revenue per share +47.8 %, EBIT margin +3.0 %, tax rate +3.6 %, residual (interest, one-offs) −12.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Frmo Corp
How large is the market capitalisation of Frmo Corp (FRMO)?
The market capitalisation of Frmo Corp is $307M. 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 Frmo Corp (FRMO)?
The price-to-sales ratio of Frmo Corp is 18.8 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Frmo Corp (FRMO)?
Earnings per share at Frmo Corp are $0.1100 (price ÷ EPS = P/E 63.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Frmo Corp (FRMO)?
The dividend yield of Frmo Corp is 0.1% (payout 6.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Frmo Corp (FRMO)?
The net margin of Frmo Corp is 29.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Frmo Corp (FRMO)?
The return on equity (ROE) of Frmo Corp is 3.1% (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 Frmo Corp (FRMO)?
On an EBIT basis the return on assets of Frmo Corp is 12.5% (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 Frmo Corp (FRMO)?
The operating margin of Frmo Corp is 142% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Frmo Corp (FRMO)?
Revenue at Frmo Corp is growing −61.4% versus a year earlier (3y avg +10.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Frmo Corp (FRMO)?
Earnings per share at Frmo Corp are growing +28.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Frmo Corp (FRMO) hold?
Frmo Corp holds more cash than debt, $47.0M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Some data
Sep 24, 2026