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FORGE GLOBAL HOLDINGS INC (FRGE) Stock Fundamental Analysis

USA - NYSE:FRGE - US34629L2025 - Common Stock

16.53 USD
-0.74 (-4.28%)
Last: 10/17/2025, 8:14:55 PM
16.53 USD
0 (0%)
After Hours: 10/17/2025, 8:14:55 PM
Fundamental Rating

3

FRGE gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 236 industry peers in the Capital Markets industry. The financial health of FRGE is average, but there are quite some concerns on its profitability. FRGE is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

In the past year FRGE has reported negative net income.
FRGE had a negative operating cash flow in the past year.
FRGE had negative earnings in each of the past 5 years.
In the past 5 years FRGE reported 4 times negative operating cash flow.
FRGE Yearly Net Income VS EBIT VS OCF VS FCFFRGE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2020 2021 2022 2023 2024 0 -20M -40M -60M -80M -100M

1.2 Ratios

Looking at the Return On Assets, with a value of -25.83%, FRGE is doing worse than 89.41% of the companies in the same industry.
FRGE's Return On Equity of -31.29% is on the low side compared to the rest of the industry. FRGE is outperformed by 85.17% of its industry peers.
Industry RankSector Rank
ROA -25.83%
ROE -31.29%
ROIC N/A
ROA(3y)-28.68%
ROA(5y)-19.39%
ROE(3y)-33.39%
ROE(5y)-23.24%
ROIC(3y)N/A
ROIC(5y)N/A
FRGE Yearly ROA, ROE, ROICFRGE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 2024 -10 -20 -30

1.3 Margins

FRGE has a Gross Margin of 99.19%. This is amongst the best in the industry. FRGE outperforms 100.00% of its industry peers.
FRGE's Gross Margin has been stable in the last couple of years.
FRGE does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 99.19%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.53%
GM growth 5YN/A
FRGE Yearly Profit, Operating, Gross MarginsFRGE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2020 2021 2022 2023 2024 0 50 -50 -100 -150

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5

2. Health

2.1 Basic Checks

The number of shares outstanding for FRGE has been increased compared to 1 year ago.
The debt/assets ratio for FRGE is higher compared to a year ago.
FRGE Yearly Shares OutstandingFRGE Yearly Shares OutstandingYearly Shares Outstanding 2020 2021 2022 2023 2024 2M 4M 6M 8M 10M
FRGE Yearly Total Debt VS Total AssetsFRGE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2020 2021 2022 2023 2024 100M 200M 300M

2.2 Solvency

Based on the Altman-Z score of 0.86, we must say that FRGE is in the distress zone and has some risk of bankruptcy.
With a Altman-Z score value of 0.86, FRGE perfoms like the industry average, outperforming 49.15% of the companies in the same industry.
FRGE has a Debt/Equity ratio of 0.05. This is a healthy value indicating a solid balance between debt and equity.
Looking at the Debt to Equity ratio, with a value of 0.05, FRGE belongs to the top of the industry, outperforming 83.90% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF N/A
Altman-Z 0.86
ROIC/WACCN/A
WACCN/A
FRGE Yearly LT Debt VS Equity VS FCFFRGE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2020 2021 2022 2023 2024 0 100M 200M 300M

2.3 Liquidity

FRGE has a Current Ratio of 3.98. This indicates that FRGE is financially healthy and has no problem in meeting its short term obligations.
FRGE has a Current ratio of 3.98. This is amongst the best in the industry. FRGE outperforms 84.32% of its industry peers.
A Quick Ratio of 3.98 indicates that FRGE has no problem at all paying its short term obligations.
FRGE has a Quick ratio of 3.98. This is amongst the best in the industry. FRGE outperforms 84.32% of its industry peers.
Industry RankSector Rank
Current Ratio 3.98
Quick Ratio 3.98
FRGE Yearly Current Assets VS Current LiabilitesFRGE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2020 2021 2022 2023 2024 50M 100M 150M 200M

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4

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 19.24% over the past year.
Looking at the last year, FRGE shows a quite strong growth in Revenue. The Revenue has grown by 14.78% in the last year.
The Revenue for FRGE have been decreasing by -14.76% on average. This is quite bad
EPS 1Y (TTM)19.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-11.67%
Revenue 1Y (TTM)14.78%
Revenue growth 3Y-14.76%
Revenue growth 5YN/A
Sales Q2Q%24.49%

3.2 Future

Based on estimates for the next years, FRGE will show a quite strong growth in Earnings Per Share. The EPS will grow by 19.19% on average per year.
The Revenue is expected to grow by 18.90% on average over the next years. This is quite good.
EPS Next Y16.13%
EPS Next 2Y24.42%
EPS Next 3Y19.19%
EPS Next 5YN/A
Revenue Next Year26.56%
Revenue Next 2Y24.13%
Revenue Next 3Y18.9%
Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
FRGE Yearly Revenue VS EstimatesFRGE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 20M 40M 60M 80M 100M
FRGE Yearly EPS VS EstimatesFRGE Yearly EPS VS EstimatesYearly EPS VS Estimates 2022 2023 2024 2025 2026 2027 -2 -4 -6 -8 -10

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0

4. Valuation

4.1 Price/Earnings Ratio

FRGE reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for FRGE. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
FRGE Price Earnings VS Forward Price EarningsFRGE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 20 30 40 50

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
FRGE Per share dataFRGE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5 10

4.3 Compensation for Growth

A more expensive valuation may be justified as FRGE's earnings are expected to grow with 19.19% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y24.42%
EPS Next 3Y19.19%

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0

5. Dividend

5.1 Amount

No dividends for FRGE!.
Industry RankSector Rank
Dividend Yield N/A

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FORGE GLOBAL HOLDINGS INC

NYSE:FRGE (10/17/2025, 8:14:55 PM)

After market: 16.53 0 (0%)

16.53

-0.74 (-4.28%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)07-30 2025-07-30/bmo
Earnings (Next)11-04 2025-11-04/amc
Inst Owners36.88%
Inst Owner Change-0.06%
Ins Owners6.23%
Ins Owner Change-0.04%
Market Cap224.81M
Analysts80
Price Target39.27 (137.57%)
Short Float %2.07%
Short Ratio2.1
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-3.92%
Min EPS beat(2)-11.97%
Max EPS beat(2)4.13%
EPS beat(4)2
Avg EPS beat(4)-2.12%
Min EPS beat(4)-12.69%
Max EPS beat(4)12.04%
EPS beat(8)4
Avg EPS beat(8)-0.93%
EPS beat(12)6
Avg EPS beat(12)0.3%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)16.57%
Min Revenue beat(2)5.29%
Max Revenue beat(2)27.84%
Revenue beat(4)2
Avg Revenue beat(4)1.38%
Min Revenue beat(4)-15.84%
Max Revenue beat(4)27.84%
Revenue beat(8)4
Avg Revenue beat(8)0.92%
Revenue beat(12)4
Avg Revenue beat(12)-1.72%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)2.67%
EPS NQ rev (1m)0%
EPS NQ rev (3m)9.07%
EPS NY rev (1m)0%
EPS NY rev (3m)3.11%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)12.11%
Revenue NY rev (1m)0%
Revenue NY rev (3m)12.14%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 2.47
P/FCF N/A
P/OCF N/A
P/B 1.12
P/tB 3.02
EV/EBITDA N/A
EPS(TTM)-5.33
EYN/A
EPS(NY)-2.44
Fwd EYN/A
FCF(TTM)-2.57
FCFYN/A
OCF(TTM)-2.52
OCFYN/A
SpS6.68
BVpS14.74
TBVpS5.48
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -25.83%
ROE -31.29%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 99.19%
FCFM N/A
ROA(3y)-28.68%
ROA(5y)-19.39%
ROE(3y)-33.39%
ROE(5y)-23.24%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.53%
GM growth 5YN/A
F-Score4
Asset Turnover0.37
Health
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 12.05%
Cap/Sales 0.63%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 3.98
Quick Ratio 3.98
Altman-Z 0.86
F-Score4
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)44.73%
Cap/Depr(5y)48.56%
Cap/Sales(3y)3.9%
Cap/Sales(5y)3.3%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)19.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-11.67%
EPS Next Y16.13%
EPS Next 2Y24.42%
EPS Next 3Y19.19%
EPS Next 5YN/A
Revenue 1Y (TTM)14.78%
Revenue growth 3Y-14.76%
Revenue growth 5YN/A
Sales Q2Q%24.49%
Revenue Next Year26.56%
Revenue Next 2Y24.13%
Revenue Next 3Y18.9%
Revenue Next 5YN/A
EBIT growth 1Y24.41%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year67.14%
EBIT Next 3Y27.85%
EBIT Next 5YN/A
FCF growth 1Y36.65%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y33.71%
OCF growth 3YN/A
OCF growth 5YN/A