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FRMM vs NCTY // OPERATING MARGIN

Forum Markets Incorporated (NASDAQ) VS. The9 Limited American Depository Shares (NASDAQ) • 15-METRIC TALLY: FRMM 2 — NCTY 0
■ METRIC PARITY
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FRMM VS. NCTY) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC FRMM NCTY SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin — — — TIE /gross-margins <GO>
Return on Invested Capital (ROIC) -35.00% -35.00% 0.00 TIE /roic <GO>
EV/EBITDA & P/E Valuation — — — TIE /valuation <GO>
Free Cash Flow Yield — -9.48% — TIE /fcf-yield <GO>
Operating Margin ACTIVE -60.00% -60.00% 0.00 TIE /operating-margins <GO>
Net Profit Margin -60.00% — — TIE /net-margins <GO>
Revenue Growth (YoY) — 0.80% — TIE /revenue-growth <GO>
Dividend Yield & FCF Payout Safety 0.00% 0.00% 0.00 TIE /dividend-safety <GO>
Altman Z-Score & Debt/Equity — — — TIE /balance-sheet <GO>
Piotroski F-Score Quality 1/9 1/9 0.00 TIE /piotroski-score <GO>
Options Implied Move & Put/Call Skew — — — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 43.3 41.1 +2.20 FRMM /rsi-technicals <GO>
10Y Yield & FRED Macro Beta — — — TIE /macro-sensitivity <GO>
Forward P/E Multiple — — — TIE /forward-pe <GO>
Enterprise Scale & Market Cap $49.0M $47.9M $1.1M FRMM /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR FRMM REV NCTY REV FRMM GROSS % NCTY GROSS % FRMM FCF NCTY FCF
FY 2025 $6.5M $15.4M — — -$26.1M -$4.5M
FY 2024 $0 $15.3M — — -$1.2M -$6.1M
FY 2023 $0 $25.2M — — -$10.9M -$6.5M
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
FRMM // BETA —
NCTY // BETA —