Comprehensive Stock Comparison
Compare Forge Global Holdings, Inc. (FRGE) vs SS&C Technologies Holdings, Inc. (SSNC) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | FRGE | 13.6% revenue growth vs SSNC's 6.6% |
| Quality / Margins | SSNC | 13.9% net margin vs FRGE's -67.4% |
| Stability / Safety | FRGE | Beta 0.56 vs SSNC's 0.89 |
| Dividends | SSNC | 1.3% yield; 12-year raise streak; FRGE pays no meaningful dividend |
| Momentum (1Y) | FRGE | +200.0% vs SSNC's -14.3% |
| Efficiency (ROA) | SSNC | 4.4% ROA vs FRGE's -24.8%, ROIC 10.8% vs -45.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Forge Global operates a marketplace and technology platform for trading private company shares. It generates revenue primarily through transaction fees from secondary market trades in private securities — supplemented by data subscriptions and technology services for market participants. The company's key advantage is its established network effect and proprietary technology infrastructure that connects private companies, shareholders, and accredited investors in a traditionally illiquid market.
SS&C Technologies is a financial technology company that provides specialized software and software-enabled services to the financial services and healthcare industries. It generates revenue primarily through recurring software licensing fees and service contracts — with its financial services segment contributing roughly 90% of revenue — while its healthcare solutions make up the remainder. The company's competitive advantage lies in its deep domain expertise and comprehensive technology stack that creates high switching costs for clients who rely on its systems for mission-critical operations.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
FRGE leads in 3 of 6 categories (Valuation Metrics, Total Returns). SSNC leads in 2 (Financial Metrics, Profitability & Efficiency).
Financial Metrics (TTM)
SSNC is the larger business by revenue, generating $6.1B annually — 66.2x FRGE's $93M. SSNC is the more profitable business, keeping 13.9% of every revenue dollar as net income compared to FRGE's -67.4%. On growth, FRGE holds the edge at +10.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FRGEForge Global Hold… | SSNCSS&C Technologies… |
|---|---|---|
| RevenueTrailing 12 months | $93M | $6.1B |
| EBITDAEarnings before interest/tax | -$64M | $2.1B |
| Net IncomeAfter-tax profit | -$63M | $852M |
| Free Cash FlowCash after capex | -$40M | $1.6B |
| Gross MarginGross profit ÷ Revenue | +11.9% | +48.6% |
| Operating MarginEBIT ÷ Revenue | -73.5% | +23.2% |
| Net MarginNet income ÷ Revenue | -67.4% | +13.9% |
| FCF MarginFCF ÷ Revenue | -43.4% | +26.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +10.6% | +7.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +8.1% | +27.7% |
Valuation Metrics
| Metric | FRGEForge Global Hold… | SSNCSS&C Technologies… |
|---|---|---|
| Market CapShares × price | $8.4B | $18.3B |
| Enterprise ValueMkt cap + debt − cash | $8.3B | $18.1B |
| Trailing P/EPrice ÷ TTM EPS | -8.29x | 23.90x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 10.97x |
| PEG RatioP/E ÷ EPS growth rate | — | 3.96x |
| EV / EBITDAEnterprise value multiple | — | 12.60x |
| Price / SalesMarket cap ÷ Revenue | 105.74x | 2.92x |
| Price / BookPrice ÷ Book value/share | 2.42x | 2.75x |
| Price / FCFMarket cap ÷ FCF | — | 11.02x |
Profitability & Efficiency
SSNC delivers a 12.2% return on equity — every $100 of shareholder capital generates $12 in annual profit, vs $-30 for FRGE. SSNC carries lower financial leverage with a 0.03x debt-to-equity ratio, signaling a more conservative balance sheet compared to FRGE's 0.06x. On the Piotroski fundamental quality scale (0–9), SSNC scores 5/9 vs FRGE's 3/9, reflecting solid financial health.
| Metric | FRGEForge Global Hold… | SSNCSS&C Technologies… |
|---|---|---|
| ROE (TTM)Return on equity | -30.3% | +12.2% |
| ROA (TTM)Return on assets | -24.8% | +4.4% |
| ROICReturn on invested capital | -45.6% | +10.8% |
| ROCEReturn on capital employed | -31.3% | +9.5% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 5 |
| Debt / EquityFinancial leverage | 0.06x | 0.03x |
| Net DebtTotal debt minus cash | -$91M | -$224M |
| Cash & Equiv.Liquid assets | $105M | $462M |
| Total DebtShort + long-term debt | $15M | $238M |
| Interest CoverageEBIT ÷ Interest expense | — | 3.27x |
Total Returns (with DRIP)
A $10,000 investment in SSNC five years ago would be worth $11,876 today (with dividends reinvested), compared to $2,927 for FRGE. Over the past 12 months, FRGE leads with a +200.0% total return vs SSNC's -14.3%. The 3-year compound annual growth rate (CAGR) favors FRGE at 18.6% vs SSNC's 10.0% — a key indicator of consistent wealth creation.
| Metric | FRGEForge Global Hold… | SSNCSS&C Technologies… |
|---|---|---|
| YTD ReturnYear-to-date | +1.2% | -12.2% |
| 1-Year ReturnPast 12 months | +200.0% | -14.3% |
| 3-Year ReturnCumulative with dividends | +66.7% | +33.2% |
| 5-Year ReturnCumulative with dividends | -70.7% | +18.8% |
| 10-Year ReturnCumulative with dividends | -70.9% | +179.4% |
| CAGR (3Y)Annualised 3-year return | +18.6% | +10.0% |
Risk & Volatility
FRGE is the less volatile stock with a 0.56 beta — it tends to amplify market swings less than SSNC's 0.89 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. FRGE currently trades 99.9% from its 52-week high vs SSNC's 82.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FRGEForge Global Hold… | SSNCSS&C Technologies… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.56x | 0.89x |
| 52-Week HighHighest price in past year | $45.03 | $91.07 |
| 52-Week LowLowest price in past year | $6.60 | $69.00 |
| % of 52W HighCurrent price vs 52-week peak | +99.9% | +82.7% |
| RSI (14)Momentum oscillator 0–100 | 64.7 | 47.7 |
| Avg Volume (50D)Average daily shares traded | 146K | 1.6M |
Analyst Outlook
Wall Street rates FRGE as "Hold" and SSNC as "Buy". Consensus price targets imply 34.3% upside for SSNC (target: $101) vs 0.0% for FRGE (target: $45). SSNC is the only dividend payer here at 1.33% yield — a key consideration for income-focused portfolios.
| Metric | FRGEForge Global Hold… | SSNCSS&C Technologies… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $45.00 | $101.14 |
| # AnalystsCovering analysts | 5 | 24 |
| Dividend YieldAnnual dividend ÷ price | — | +1.3% |
| Dividend StreakConsecutive years of raises | — | 12 |
| Dividend / ShareAnnual DPS | — | $1.00 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +5.7% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 21 | Feb 26 | Change |
|---|---|---|---|
| Forge Global Holdin… (FRGE) | 100 | 28.88 | -71.1% |
| SS&C Technologies H… (SSNC) | 100 | 129 | +29.0% |
SS&C Technologies H… (SSNC) returned +19% over 5 years vs Forge Global Holdin… (FRGE)'s -71%. A $10,000 investment in SSNC 5 years ago would be worth $11,876 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Forge Global Holdin… (FRGE) | $24M | $79M | +229.9% |
| SS&C Technologies H… (SSNC) | $1.5B | $6.3B | +323.4% |
SS&C Technologies Holdings, Inc.'s revenue grew from $1.5B (2016) to $6.3B (2025) — a 17.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Forge Global Holdin… (FRGE) | -63.4% | -83.6% | -32.0% |
| SS&C Technologies H… (SSNC) | 8.8% | 12.7% | +43.7% |
SS&C Technologies Holdings, Inc.'s net margin went from 9% (2016) to 13% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| SS&C Technologies H… (SSNC) | 26.1 | 27.8 | +6.5% |
SS&C Technologies Holdings, Inc. has traded in a 21x–107x P/E range over 9 years; current trailing P/E is ~24x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Forge Global Holdin… (FRGE) | -4.42 | -5.43 | -22.9% |
| SS&C Technologies H… (SSNC) | 0.64 | 3.15 | +392.2% |
SS&C Technologies Holdings, Inc.'s EPS grew from $0.64 (2016) to $3.15 (2025) — a 19% CAGR.
Chart 6Free Cash Flow — 5 Years
Forge Global Holdings, Inc. generated $-41M FCF in 2024 (-641% vs 2021). SS&C Technologies Holdings, Inc. generated $2B FCF in 2025 (+29% vs 2021).
FRGE vs SSNC: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is FRGE or SSNC a better buy right now?
SS&C Technologies Holdings, Inc. (SSNC) offers the better valuation at 23.9x trailing P/E (11.0x forward), making it the more compelling value choice. Analysts rate SS&C Technologies Holdings, Inc. (SSNC) a "Buy" — based on 24 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — FRGE or SSNC?
Over the past 5 years, SS&C Technologies Holdings, Inc. (SSNC) delivered a total return of +18.8%, compared to -70.7% for Forge Global Holdings, Inc. (FRGE). A $10,000 investment in SSNC five years ago would be worth approximately $12K today (assuming dividends reinvested). Over 10 years, the gap is even starker: SSNC returned +179.4% versus FRGE's -70.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — FRGE or SSNC?
By beta (market sensitivity over 5 years), Forge Global Holdings, Inc. (FRGE) is the lower-risk stock at 0.56β versus SS&C Technologies Holdings, Inc.'s 0.89β — meaning SSNC is approximately 60% more volatile than FRGE relative to the S&P 500. On balance sheet safety, SS&C Technologies Holdings, Inc. (SSNC) carries a lower debt/equity ratio of 3% versus 6% for Forge Global Holdings, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — FRGE or SSNC?
SS&C Technologies Holdings, Inc. (SSNC) is the more profitable company, earning 12.7% net margin versus -83.6% for Forge Global Holdings, Inc. — meaning it keeps 12.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SSNC leads at 22.9% versus -103.7% for FRGE. At the gross margin level — before operating expenses — SSNC leads at 48.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is FRGE or SSNC more undervalued right now?
Analyst consensus price targets imply the most upside for SSNC: 34.3% to $101.14.
06Which pays a better dividend — FRGE or SSNC?
In this comparison, SSNC (1.3% yield) pays a dividend. FRGE does not pay a meaningful dividend and should not be held primarily for income.
07Is FRGE or SSNC better for a retirement portfolio?
For long-horizon retirement investors, SS&C Technologies Holdings, Inc. (SSNC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.89), 1.3% yield, +179.4% 10Y return). Both have compounded well over 10 years (SSNC: +179.4%, FRGE: -70.9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between FRGE and SSNC?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. SSNC pays a dividend while FRGE does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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