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Forge Global Holdings, Inc.(FRGE)Earnings, Financials & Key Ratios
FRGE•NYSE
Price updated Apr 24, 2026
AboutForge Global Holdings, Inc. provides marketplace infrastructure, data services, and technology solutions for private market participants. It enables private company shareholders to trade private company shares with accredited investors. The company was founded in 2014 and is based in San Francisco, California.Show more
- Revenue$79M+13.6%
- EBITDA-$73M+10.3%
- Net Income-$66M+26.5%
- EPS (Diluted)-5.43+30.4%
- Gross Margin-43.28%-143.6%
- EBITDA Margin-91.96%+21.1%
- Operating Margin-103.7%+20.8%
- Net Margin-83.62%+35.3%
- ROE-26.79%+11.8%
FRGE Key Insights
Forge Global Holdings, Inc. (FRGE) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Momentum leader: RS Rating 93 (top 7%)
- ✓Strong 5Y sales CAGR of 27.0%
- ✓Trading near 52-week high
✗Weaknesses
- ✗Weak Piotroski F-Score: 3/9
- ✗Negative free cash flow
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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FRGE Price & Volume
Forge Global Holdings, Inc. (FRGE) stock price & volume — 10-year historical chart
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FRGE Growth Metrics
Forge Global Holdings, Inc. (FRGE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years26.96%
3 Years-14.75%
TTM16.4%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM18.13%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM17.53%
Return on Capital
10 Years-22.61%
5 Years-23.87%
3 Years-36.38%
Last Year-31.35%
FRGE Recent Earnings
Forge Global Holdings, Inc. (FRGE) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 4/12 qtrs (36%)
Q2 2026Latest
Mar 4, 2026Metric
Actual
Est
EPS
$1.20-34.8%
$0.89
Rev
—
$29M
Q4 2025
Nov 13, 2025Metric
Actual
Est
EPS
$1.35-33.7%
$1.01
Rev
$21M-17.9%
$26M
Q3 2025
Jul 30, 2025Metric
Actual
Est
EPS
$0.99+14.7%
$1.16
Rev
$28M+15.5%
$24M
Q2 2025
May 7, 2025Metric
Actual
Est
EPS
$1.29+3.7%
$1.34
Rev
$25M+10.5%
$23M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 4, 2026 | $1.20vs $0.89-34.8% | —vs $29M |
| Q4 2025 | Nov 13, 2025 | $1.35vs $1.01-33.7% | $21Mvs $26M-17.9% |
| Q3 2025 | Jul 30, 2025 | $0.99vs $1.16+14.7% | $28Mvs $24M+15.5% |
| Q2 2025 | May 7, 2025 | $1.29vs $1.34+3.7% | $25Mvs $23M+10.5% |
Based on last 12 quarters of dataView full earnings history →
FRGE Peer Comparison
Forge Global Holdings, Inc. (FRGE) competitors in Financial services and insurance software — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 ICE | 75.83B | 133.88 | 23.20 | 7.46% | 26.14% | 11.57% | 0.70 | |
 CBOE | 26.09B | 249.10 | 23.91 | 15.13% | 23.33% | 22.99% | 0.33 | |
 MKTX | 4.28B | 120.33 | 18.07 | 3.82% | 35.34% | 24.02% | 0.25 | |
 TW | 21.2B | 99.49 | 26.32 | 18.92% | 40.25% | 12.35% | 0.04 | |
 LPRO | 367.65M | 3.11 | -87.11 | 288.02% | -5.95% | -7.04% | 1.17 | |
 KORE | 181.39M | 9.20 | -2.88 | -0.05% | -27.37% | |||
 SCHW | 160.66B | 91.70 | 19.68 | 6.45% | 33.26% | 25.42% | 0.63 | |
 MS | 355.51B | 223.17 | 21.88 | 11.48% | 14.66% | 15.3% | 4.22 |
Compare FRGE vs Peers
Forge Global Holdings, Inc. (FRGE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FRGE Income Statement
Forge Global Holdings, Inc. (FRGE) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
Sales/Revenue | 24.05M | 47.76M | 128.06M | 69.38M | 69.82M | 79.33M | 92.88M |
Revenue Growth % | - | 98.58% | 168.15% | -45.82% | 0.63% | 13.62% | 16.4% |
Cost of Goods Sold | 0 | 0 | 3.03M | 483K | 431K | 113.67M | 81.8M |
COGS % of Revenue | - | - | 2.37% | 0.7% | 0.62% | 143.28% | - |
Gross Profit | 24.05M▲ 0% | 47.76M▲ 98.6% | 125.02M▲ 161.8% | 68.9M▼ 44.9% | 69.39M▲ 0.7% | -34.34M▼ 149.5% | 11.09M▲ 0% |
Gross Margin % | 100% | 100% | 97.63% | 99.3% | 99.38% | -43.28% | 11.93% |
Gross Profit Growth % | - | 98.58% | 161.79% | -44.89% | 0.71% | -149.48% | - |
Operating Expenses | 38.7M | 55.37M | 134.81M | 203.94M | 160.84M | 47.93M | 79.35M |
OpEx % of Revenue | 160.9% | 115.95% | 105.28% | 293.93% | 230.36% | 60.42% | - |
Selling, General & Admin | 37.85M | 45.06M | 30.14M | 41.63M | 153.88M | 41.27M | 43.67M |
SG&A % of Revenue | 157.37% | 94.36% | 23.54% | 60% | 220.4% | 52.02% | - |
Research & Development | 2.46M | 4.62M | 0 | 0 | 0 | 0 | 0 |
R&D % of Revenue | 10.23% | 9.67% | - | - | - | - | - |
Other Operating Expenses | -1.61M | 5.7M | 104.67M | 162.31M | 6.95M | 6.66M | 3.04M |
Operating Income | -14.65M▲ 0% | -7.62M▲ 48.0% | -9.79M▼ 28.5% | -135.04M▼ 1279.5% | -91.45M▲ 32.3% | -82.26M▲ 10.0% | -68.26M▲ 0% |
Operating Margin % | -60.9% | -15.95% | -7.64% | -194.63% | -130.98% | -103.7% | -73.49% |
Operating Income Growth % | - | 47.99% | -28.52% | -1279.51% | 32.28% | 10.04% | - |
EBITDA | -13.04M | -3.57M | -4.6M | -130.81M | -81.34M | -72.95M | -63.67M |
EBITDA Margin % | -54.24% | -7.48% | -3.59% | -188.54% | -116.5% | -91.96% | -68.55% |
EBITDA Growth % | - | 72.61% | -28.72% | -2744.4% | 37.82% | 10.32% | 20.16% |
D&A (Non-Cash Add-back) | 1.6M | 4.04M | 5.19M | 4.23M | 10.11M | 9.31M | 4.59M |
EBIT | -14.97M | -4.33M | -8.91M | -111.69M | -91.45M | -82.26M | -65.52M |
Net Interest Income | -170K | -2.4M | -2.31M | 2.68M | 6.42M | 5.67M | 3.62M |
Interest Income | 0 | 0 | 0 | 2.68M | 6.42M | 5.67M | 3.62M |
Interest Expense | 170K | 2.4M | 2.31M | 0 | 0 | 0 | 0 |
Other Income/Expense | -492K | -2.9M | -8.32M | 23.46M | 719K | 15.49M | 5.66M |
Pretax Income | -15.14M▲ 0% | -10.52M▲ 30.5% | -18.11M▼ 72.3% | -111.58M▼ 516.0% | -90.73M▲ 18.7% | -66.78M▲ 26.4% | -62.61M▲ 0% |
Pretax Margin % | -62.95% | -22.02% | -14.14% | -160.81% | -129.95% | -84.18% | -67.41% |
Income Tax | 100K | -803K | 386K | 327K | 819K | 1.07M | 203K |
Effective Tax Rate % | -0.66% | 7.64% | -2.13% | -0.29% | -0.9% | -1.6% | -0.32% |
Net Income | -15.24M▲ 0% | -9.71M▲ 36.3% | -18.5M▼ 90.5% | -111.86M▼ 504.7% | -90.22M▲ 19.3% | -66.33M▲ 26.5% | -62.62M▲ 0% |
Net Margin % | -63.36% | -20.34% | -14.45% | -161.22% | -129.22% | -83.62% | -67.42% |
Net Income Growth % | - | 36.26% | -90.48% | -504.68% | 19.34% | 26.48% | 18.13% |
Net Income (Continuing) | -15.24M | -9.71M | -18.5M | -111.91M | -91.55M | -67.84M | -62.81M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 6.07M | 4.91M | 3.16M | 3.76M |
EPS (Diluted) | -4.42▲ 0% | -3.42▲ 22.6% | -5.11▼ 49.4% | -11.98▼ 134.3% | -7.80▲ 34.8% | -5.43▲ 30.4% | -4.69▲ 0% |
EPS Growth % | - | 22.62% | -49.42% | -134.34% | 34.83% | 30.42% | 17.53% |
EPS (Basic) | -4.42 | -3.42 | -5.11 | -11.66 | -7.80 | -5.43 | - |
Diluted Shares Outstanding | 3.45M | 3.45M | 3.62M | 9.67M | 11.56M | 12.21M | 13.34M |
Basic Shares Outstanding | 3.45M | 3.45M | 3.62M | 9.59M | 11.56M | 12.21M | 13.34M |
Dividend Payout Ratio | - | - | - | - | - | - | - |
FRGE Balance Sheet
Forge Global Holdings, Inc. (FRGE) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
Total Current Assets | 32.93M | 91.35M | 88.08M | 206.89M | 163.1M | 119.17M | 78.29M |
Cash & Short-Term Investments | 28.07M | 40.58M | 74.78M | 193.14M | 152.42M | 106.21M | 61.77M |
Cash Only | 27.94M | 40.58M | 74.78M | 193.14M | 144.72M | 105.14M | 32.29M |
Short-Term Investments | 125K | 0 | 0 | 0 | 7.69M | 1.07M | 29.47M |
Accounts Receivable | 1.76M | 5.74M | 6.53M | 3.54M | 4.07M | 7.78M | 8.08M |
Days Sales Outstanding | 26.79 | 43.88 | 18.62 | 18.64 | 21.26 | 35.78 | 26.29 |
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | - | - | - | - | - | - | - |
Other Current Assets | 1.36M | 42.33M | 3.61M | 4.01M | 3.25M | 1.7M | 1.15M |
Total Non-Current Assets | 85.34M | 167.15M | 169.81M | 156.84M | 147.63M | 144.34M | 173.74M |
Property, Plant & Equipment | 6.56M | 9.88M | 8.38M | 6.07M | 9.5M | 8.03M | 3.67M |
Fixed Asset Turnover | 3.66x | 4.83x | 15.28x | 11.44x | 7.35x | 9.88x | 15.55x |
Goodwill | 43.87M | 121M | 120.95M | 133.89M | 120.95M | 120.95M | 146.96M |
Intangible Assets | 8.96M | 20.99M | 19.52M | 7.64M | 8.97M | 5.51M | 12.36M |
Long-Term Investments | 0 | 0 | 0 | 7.37M | 0 | 0 | 0 |
Other Non-Current Assets | 25.95M | 15.28M | 20.97M | 9.25M | 8.21M | 9.86M | 10.75M |
Total Assets | 118.27M▲ 0% | 258.5M▲ 118.6% | 257.89M▼ 0.2% | 363.73M▲ 41.0% | 310.73M▼ 14.6% | 263.51M▼ 15.2% | 252.03M▲ 0% |
Asset Turnover | 0.20x | 0.18x | 0.50x | 0.19x | 0.22x | 0.30x | 0.37x |
Asset Growth % | - | 118.57% | -0.23% | 41.04% | -14.57% | -15.2% | -55.54% |
Total Current Liabilities | 28.53M | 68.38M | 38.02M | 26.39M | 24.21M | 25.14M | 30.71M |
Accounts Payable | 3.03M | 2.61M | 1.92M | 2.8M | 1.83M | 1.94M | 2.26M |
Days Payables Outstanding | - | - | 230.98 | 2.11K | 1.55K | 6.23 | 10.41 |
Short-Term Debt | 8.34M | 2.5M | 0 | 0 | 0 | 0 | 0 |
Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 840K |
Other Current Liabilities | 8.8M | 45.92M | 25.23M | 5.12M | 15.22M | 3.67M | 3.63M |
Current Ratio | 1.15x | 1.34x | 2.32x | 7.84x | 6.74x | 4.74x | 2.55x |
Quick Ratio | 1.15x | 1.34x | 2.32x | 7.84x | 6.74x | 4.74x | 2.55x |
Cash Conversion Cycle | - | - | - | - | - | - | 15.88 |
Total Non-Current Liabilities | 52.31M | 40.77M | 26.46M | 11.88M | 18.1M | 11.62M | 14.92M |
Long-Term Debt | 21.65M | 16.43M | 13.45M | 0 | 5.59M | 7.41M | 0 |
Capital Lease Obligations | 4.88M | 8.82M | 5.16M | 3.54M | 2.71M | 3.69M | 13.44M |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 25.77M | 15.52M | 7.84M | 8.34M | 9.8M | 514K | 11.9M |
Total Liabilities | 80.83M | 109.15M | 64.48M | 38.27M | 42.31M | 36.76M | 45.63M |
Total Debt | 36.36M | 31.29M | 23.98M | 7.44M | 10.82M | 14.57M | 4.53M |
Net Debt | 8.42M | -9.29M | -50.8M | -185.7M | -133.91M | -90.57M | -27.76M |
Debt / Equity | 0.97x | 0.21x | 0.12x | 0.02x | 0.04x | 0.06x | 0.02x |
Debt / EBITDA | - | - | - | - | - | - | -0.07x |
Net Debt / EBITDA | - | - | - | - | - | - | 0.44x |
Interest Coverage | -86.15x | -3.17x | -4.24x | - | - | - | - |
Total Equity | 37.44M▲ 0% | 149.35M▲ 299.0% | 193.42M▲ 29.5% | 325.46M▲ 68.3% | 268.42M▼ 17.5% | 226.74M▼ 15.5% | 206.4M▲ 0% |
Equity Growth % | - | 298.96% | 29.51% | 68.27% | -17.53% | -15.53% | -62.55% |
Book Value per Share | 10.85 | 43.29 | 53.43 | 33.67 | 23.22 | 18.57 | 15.47 |
Total Shareholders' Equity | 37.44M | 149.35M | 193.42M | 319.39M | 263.51M | 223.58M | 202.64M |
Common Stock | 0 | 0 | 0 | 18K | 18K | 19K | 1K |
Retained Earnings | -50.35M | -60.06M | -78.56M | -190.42M | -280.64M | -346.97M | -393.95M |
Treasury Stock | 0 | 0 | 0 | 0 | -625K | -625K | -625K |
Accumulated OCI | 0 | 0 | 0 | 693K | 911K | 572K | 1.25M |
Minority Interest | 0 | 0 | 0 | 6.07M | 4.91M | 3.16M | 3.76M |
FRGE Cash Flow Statement
Forge Global Holdings, Inc. (FRGE) cash flow — operating, investing & free cash flow history
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|
Cash from Operations | 1.79M | -2.53M | 10.9M | -68.81M | -41.46M | -40.53M | -39.86M |
Operating CF Margin % | 7.43% | -5.29% | 8.51% | -99.17% | -59.37% | -51.09% | - |
Operating CF Growth % | - | -241.39% | 531.21% | -731.19% | 39.75% | 2.23% | -72.62% |
Net Income | -15.24M | -9.71M | -18.5M | -111.91M | -91.55M | -67.84M | -62.62M |
Depreciation & Amortization | 1.6M | 4.04M | 8.19M | 10.03M | 10.11M | 9.31M | 6.28M |
Stock-Based Compensation | 7.29M | 4.91M | 12.23M | 57.92M | 34.33M | 30.49M | 20.51M |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 1.64M | 1.18M | 6.29M | -10.31M | 9.25M | -8.14M | 5.31M |
Working Capital Changes | 6.5M | -2.94M | 2.68M | -14.54M | -3.6M | -4.35M | -5.01M |
Change in Receivables | 1.61M | -3.39M | 382K | 1.4M | -792K | -877K | -4.49M |
Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Payables | 1.52M | -1.68M | -692K | 904K | -1.22M | 284K | 467K |
Cash from Investing | -45.83M | -23.37M | -3.26M | -6.65M | -8.16M | 5.47M | -37.21M |
Capital Expenditures | -218K | -13K | -3.26M | -220K | -527K | -792K | -446K |
CapEx % of Revenue | 0.91% | 0.03% | 2.54% | 0.32% | 0.75% | 1% | 0.48% |
Acquisitions | -44.87M | -19.21M | 0 | 0 | 0 | 0 | 0 |
Investments | - | - | - | - | - | - | - |
Other Investing | -743K | -4.15M | 0 | -6.43M | 0 | 6.26M | -9.21M |
Cash from Financing | 40.1M | 39.38M | 26.58M | 192.86M | 57K | -3.89M | -5.57M |
Debt Issued (Net) | 28.51M | -2.12M | -19.44M | 0 | 0 | 0 | 0 |
Equity Issued (Net) | 1000K | 1000K | 1000K | 1000K | 0 | 528K | -919K |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -4.14M |
Other Financing | 71K | -25K | -3.36M | -15.64M | 57K | -4.42M | -1.55M |
Net Change in Cash | -3.95M▲ 0% | 13.48M▲ 441.5% | 34.23M▲ 153.9% | 118.56M▲ 246.4% | -49.18M▼ 141.5% | -39.53M▲ 19.6% | -82.11M▲ 0% |
Free Cash Flow | 1.13M▲ 0% | -3.69M▼ 427.4% | 7.64M▲ 307.2% | -75.46M▼ 1087.0% | -41.98M▲ 44.4% | -41.33M▲ 1.6% | -40.3M▲ 0% |
FCF Margin % | 4.69% | -7.73% | 5.97% | -108.75% | -60.13% | -52.09% | -43.39% |
FCF Growth % | - | -427.42% | 307.18% | -1087% | 44.36% | 1.57% | 0.38% |
FCF per Share | 0.33 | -1.07 | 2.11 | -7.81 | -3.63 | -3.38 | -3.02 |
FCF Conversion (FCF/Net Income) | -0.12x | 0.26x | -0.59x | 0.62x | 0.46x | 0.61x | 0.64x |
Interest Paid | 160K | 425K | 2.12M | 0 | 0 | 0 | 0 |
Taxes Paid | 0 | 0 | 0 | 0 | 145K | 913K | 0 |
FRGE Key Ratios
Forge Global Holdings, Inc. (FRGE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|
Return on Equity (ROE) | -10.4% | -10.79% | -43.12% | -30.38% | -26.79% | -29.32% |
Return on Invested Capital (ROIC) | -6.15% | -5.19% | -71.73% | -50.01% | -45.59% | -32.02% |
Gross Margin | 100% | 97.63% | 99.3% | 99.38% | -43.28% | 11.93% |
Net Margin | -20.34% | -14.45% | -161.22% | -129.22% | -83.62% | -67.42% |
Debt / Equity | 0.21x | 0.12x | 0.02x | 0.04x | 0.06x | 0.02x |
Interest Coverage | -3.17x | -4.24x | - | - | - | - |
FCF Conversion | 0.26x | -0.59x | 0.62x | 0.46x | 0.61x | 0.64x |
Revenue Growth | 98.58% | 168.15% | -45.82% | 0.63% | 13.62% | 16.4% |
Related:FRGE Dividend History·FRGE Revenue History·FRGE Price History·FRGE P/E History·FRGE Financial Ratios·FRGE Institutional Holders
FRGE SEC Filings & Documents
Forge Global Holdings, Inc. (FRGE) SEC filings — annual & quarterly reports (10-K, 10-Q)
FRGE Frequently Asked Questions
Forge Global Holdings, Inc. (FRGE) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Forge Global Holdings, Inc. (FRGE) reported $92.9M in revenue for fiscal year 2024. This represents a 286% increase from $24.0M in 2019.
Forge Global Holdings, Inc. (FRGE) grew revenue by 13.6% over the past year. This is steady growth.
Forge Global Holdings, Inc. (FRGE) reported a net loss of $62.6M for fiscal year 2024.
Dividend & Returns
Forge Global Holdings, Inc. (FRGE) has a return on equity (ROE) of -26.8%. Negative ROE indicates the company is unprofitable.
Forge Global Holdings, Inc. (FRGE) had negative free cash flow of $40.3M in fiscal year 2024, likely due to heavy capital investments.