A Business at a Glance
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Forge is committed to democratizing access to private markets through our comprehensive suite of private market solutions, including a purpose-built technology-driven platform connecting buyers and sellers of private shares with investment opportunities. Our platform offers data, insights, and tools to help institutions and individuals confidently navigate the private market. We believe that private market investing should be seamless, centralized, and automated. We are focused on accelerating the evolution of private markets by building a market structure based on accessibility, liquidity, and transparency. Forge’s platform stands out for the breadth and depth of our order book and the broad spectrum of market participants, which fall into three general categories: investors, shareholders, and companies.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | 93M | 79M | 70M | 69M | 128M |
| Net Income | -63M | -66M | -90M | -112M | -18M |
| EPS | $-4.87 | $-5.40 | $-7.80 | $-12.00 | $-5.10 |
| Free Cash Flow | -40M | -41M | -42M | -69M | 11M |
| ROIC | -38.1% | -29.7% | -34.2% | -35.0% | -3.0% |
| Gross Margin | 99.0% | 99.2% | 99.4% | 99.3% | 97.6% |
| Debt/Equity | 0.00 | 0.16 | 0.16 | 0.12 | -1.22 |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | -69M | -82M | -91M | -135M | -9.8M |
| Operating Margin | -73.8% | -103.7% | -131.0% | -194.6% | -7.6% |
| ROE | -30.9% | -27.2% | -34.2% | -35.0% | - |
| Shares Outstanding | 14M | 12M | 12M | 9M | 4M |
| Metric | 2021 | 2022 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 128M | 69M | 70M | 79M | 93M |
| Gross Margin | 97.6% | 99.3% | 99.4% | 99.2% | 99.0% |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -9.8M | -135M | -91M | -82M | -69M |
| Op. Margin | -7.6% | -194.6% | -131.0% | -103.7% | -73.8% |
| Net Income | -18M | -112M | -90M | -66M | -63M |
| Net Margin | -14.4% | -161.2% | -129.2% | -83.6% | -67.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||
| ROIC | -3.0% | -35.0% | -34.2% | -29.7% | -38.1% |
| ROE | N/A | -35.0% | -34.2% | -27.2% | -30.9% |
| ROA | -7.2% | -30.8% | -29.0% | -23.1% | -24.8% |
| Cash Flow | |||||
| Op. Cash Flow | 11M | -69M | -41M | -41M | -40M |
| Free Cash Flow | 11M | -69M | -42M | -41M | -40M |
| Owner Earnings | -6.7M | -133M | -83M | -78M | -77M |
| CapEx | 0 | 220K | 527K | 792K | 0 |
| Maint. CapEx | 5.4M | 6.0M | 7.0M | 6.7M | 6.7M |
| Growth CapEx | N/A | 0 | 0 | 0 | 0 |
| D&A | 5.4M | 6.0M | 7.0M | 6.7M | 6.7M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 12M | 58M | 34M | 30M | 30M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||
| Net Debt | N/A | N/A | N/A | N/A | -61M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | 61M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | -1.22 | 0.12 | 0.16 | 0.16 | 0.00 |
| Interest Coverage | -4.6 | N/A | -14.2 | -14.5 | -14.5 |
| Equity | -53M | 319M | 264M | 224M | 203M |
| Total Assets | 258M | 364M | 311M | 264M | 252M |
| Total Liabilities | 64M | 38M | 42M | 37M | 46M |
| Intangibles | N/A | 268M | 260M | 253M | 253M |
| Retained Earnings | -79M | -190M | -281M | -347M | -347M |
| Working Capital | 50M | 181M | 139M | 94M | 94M |
| Current Assets | 88M | 207M | 163M | 119M | 119M |
| Current Liabilities | 38M | 26M | 24M | 25M | 25M |
| Per Share Data | |||||
| EPS | -5.10 | -12.00 | -7.80 | -5.40 | -4.87 |
| Owner EPS | -1.85 | -14.24 | -7.15 | -6.32 | -5.60 |
| Book Value | -14.51 | 34.26 | 22.78 | 18.20 | 14.73 |
| Cash Flow/Share | 3.01 | -7.38 | -3.58 | -3.30 | -4.07 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 3.6M | 9.3M | 11.6M | 12.3M | 13.8M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | N/A | N/A | -9.2 |
| P/FCF | 49.5 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 0.7 | 2.5 | 0.7 | 3.0 |
| Price/Sales | 4.2 | 17.9 | 5.4 | 3.7 | 6.6 |
| FCF Yield | 2.0% | -32.5% | -6.3% | -25.1% | -6.5% |
| Market Cap | 539M | 213M | 670M | 165M | 616M |
| Avg. Price | 148.60 | 133.08 | 32.56 | 23.87 | 44.81 |
| Year-End Price | 148.65 | 22.80 | 57.90 | 13.41 | 44.81 |
Forge Global Holdings, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 98.9%. At current prices, the estimated annualized return to fair value is -32.5%.
Forge Global Holdings, Inc. (FRGE) has a 5-year average return on invested capital (ROIC) of -25.5%. This is below average and may indicate limited pricing power.
Forge Global Holdings, Inc. (FRGE) has a market capitalization of $616M. It is classified as a small-cap stock.
Forge Global Holdings, Inc. (FRGE) does not currently pay a regular dividend.
Forge Global Holdings, Inc. (FRGE) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, within the Financials sector.
Forge Global Holdings, Inc. (FRGE) reported annual revenue of $79 million in its most recent fiscal year, based on SEC EDGAR filings.
Forge Global Holdings, Inc. (FRGE) has a net profit margin of -83.6%. The company is currently unprofitable.
Forge Global Holdings, Inc. (FRGE) generated $-41 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Forge Global Holdings, Inc. (FRGE) has a debt-to-equity ratio of 0.16. This indicates a conservatively financed balance sheet.
Forge Global Holdings, Inc. (FRGE) reported earnings per share (EPS) of $-5.40 in its most recent fiscal year.
Forge Global Holdings, Inc. (FRGE) has a return on equity (ROE) of -27.2%. A negative ROE may indicate losses or negative equity.
Forge Global Holdings, Inc. (FRGE) has a 5-year average gross margin of 98.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 4 years of financial data for Forge Global Holdings, Inc. (FRGE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Forge Global Holdings, Inc. (FRGE) has a book value per share of $18.20, based on its most recent annual SEC filing.