Last 20 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -8.29 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 105.74 | 2.65 | 2.14 | 1.04 | 2.33 | 3.14 | 2.99 | 4.51 | 7.88 | 4.76 | 6.30 | 4.86 | 4.40 |
| — | -15.5% | -28.5% | -76.9% | -70.5% | -34.0% | -52.5% | -7.2% | +79.3% | +1.5% | -76.8% | -82.6% | +2.5% | |
| P/B Ratio | 2.42 | 1.09 | 1.16 | 0.49 | 0.76 | 1.01 | 1.07 | 1.35 | 2.24 | 1.24 | 1.43 | 0.97 | 0.91 |
| — | +7.9% | +8.8% | -64.0% | -65.9% | -18.1% | -25.0% | +40.2% | +146.3% | +40.3% | -75.0% | -87.7% | -65.5% | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Forge Global Holdings, Inc.'s operating margin was -95.3% in Q3 2025, down 49.0 pp QoQ and up 13.5 pp YoY. The trailing four-quarter average of -76.8% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 33.5% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -43.3% | -33.3% | 1.4% | 99.2% | -39.5% | -50.0% | -30.3% | -55.2% | 99.1% | 99.2% | 99.5% | 100.0% | 99.5% |
| — | +33.5% | +104.6% | +279.6% | -139.9% | -150.4% | -130.5% | -155.2% | -0.4% | -0.3% | +0.6% | +0.7% | -1.0% | |
| Operating Margin | -103.7% | -95.3% | -46.3% | -65.1% | -100.6% | -108.8% | -79.2% | -130.0% | -128.1% | -115.9% | -134.9% | -148.6% | -165.3% |
| — | +12.4% | +41.6% | +49.9% | +21.5% | +6.1% | +41.3% | +12.5% | +22.5% | +56.6% | +13.8% | +23.2% | -789.0% | |
| Net Margin | -83.6% | -85.7% | -45.4% | -63.9% | -84.2% | -95.5% | -61.6% | -96.8% | -135.3% | -98.8% | -148.9% | -137.1% | -155.3% |
| — | +10.2% | +26.4% | +33.9% | +37.8% | +3.4% | +58.6% | +29.4% | +12.8% | +3.0% | -383.9% | +57.4% | -624.3% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.8% | -8.9% | -6.0% | -7.3% | -6.7% | -7.5% | -5.4% | -7.1% | -9.3% | -6.3% | -8.2% | -6.7% | -7.9% |
| — | -18.0% | -10.2% | -2.8% | +27.8% | -19.1% | +33.9% | -6.6% | -18.3% | -27.6% | -382.7% | +75.2% | -141.9% | |
| ROA | -23.1% | -7.4% | -5.1% | -6.3% | -5.8% | -6.5% | -4.7% | -6.1% | -8.2% | -5.7% | -7.5% | -6.0% | -7.1% |
| — | -12.9% | -8.8% | -3.2% | +29.5% | -14.4% | +37.3% | -1.3% | -15.5% | -33.2% | -460.0% | +70.2% | -190.6% | |
| ROIC | -45.6% | -8.8% | -5.9% | -8.3% | -10.2% | -10.9% | -9.0% | -13.5% | -13.4% | -11.2% | -11.4% | -12.0% | -14.9% |
| — | +18.7% | +34.3% | +38.4% | +23.5% | +2.9% | +21.1% | -13.3% | +10.1% | +51.6% | +29.6% | +48.9% | -382.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has weakened 52.5% YoY to 2.55x, tightening the short-term liquidity position.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.02 | 0.07 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.04 | 0.04 | 0.02 |
| — | -66.0% | +17.6% | +5.1% | +59.5% | +83.1% | +63.5% | +53.1% | +76.3% | +112.5% | -50.0% | -54.3% | -82.4% | |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 4.74 | 2.55 | 3.98 | 5.01 | 4.74 | 5.37 | 6.55 | 6.16 | 6.74 | 8.23 | 10.03 | 10.82 | 7.84 |
| — | -52.5% | -39.3% | -18.6% | -29.6% | -34.8% | -34.7% | -43.1% | -14.1% | -9.8% | +6.0% | +32.1% | +238.5% | |
| Quick Ratio | 4.74 | 2.55 | 3.98 | 5.01 | 4.74 | 5.37 | 6.55 | 6.16 | 6.74 | 8.23 | 10.03 | 10.82 | 7.84 |
| — | -52.5% | -39.3% | -18.6% | -29.6% | -34.8% | -34.7% | -43.1% | -14.1% | -9.8% | +6.0% | +32.1% | +238.5% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 20 years · Updated daily
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Start ComparisonForge Global Holdings, Inc.'s current P/E is -8.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Forge Global Holdings, Inc.'s current operating margin is -103.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Forge Global Holdings, Inc.'s business trajectory between earnings reports.