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Forge Global Holdings, Inc.(FRGE)Earnings, Financials & Key Ratios
FRGE•NYSE
$45.00
Price updated Jun 20, 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 Price & Volume
Forge Global Holdings, Inc. (FRGE) stock price & volume — 10-year historical chart
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Persistent Operating Losses Challenge Secondary Market Scalability
Investment Thesis • Updated 2025Q3
VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Adequate
Cash Flow:Burning
Primary Risk:Persistent Negative Operating Margins
Key Thesis Takeaways
- Forge Global faces a precarious path to profitability as its core secondary market platform struggles with volatile revenue growth and structural margin instability.
- The company's reliance on non-cash stock-based compensation, which reached $5.0 million in 2025Q3, obscures the underlying cash burn required to maintain operations.
- Investors should remain cautious as the firm's cash position has dwindled to $32.3 million, raising significant concerns regarding long-term liquidity and the sustainability of its current business model.
Verdict Logic
the company's cash reserves have plummeted from $159.5 million in 2023Q2 to $32.3 million in 2025Q3, indicating a rapid depletion of capital that threatens future operational viability.
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 →
Peers Comparison
Key metrics vs top competitors for Forge Global Holdings, Inc. (FRGE)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $45.00 | $549.48M | -8.29 | 13.62% | -83.62% | -26.79% | — | |
| $136.45 | $77.16B | 23.65 | 7.46% | 29.98% | 13.54% | — | |
| $258.64 | $27.07B | 24.82 | 15.13% | 25.77% | 24.63% | — | |
| $118.60 | $4.21B | 17.81 | 3.82% | 35.34% | 24.02% | — | |
| $100.26 | $21.37B | 26.52 | 18.92% | 40.25% | 12.35% | — | |
| $3.13 | $370.02M | -87.68 | 288.02% | -5.95% | -7.04% | — |
Compare FRGE vs Peers
Forge Global Holdings, Inc. (FRGE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FRGE SEC Filings & Documents
Forge Global Holdings, Inc. (FRGE) SEC filings — annual & quarterly reports (10-K, 10-Q)
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FRGE Frequently Asked Questions
Forge Global Holdings, Inc. (FRGE) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Forge Global Holdings, Inc.'s revenue?
Forge Global Holdings, Inc. (FRGE) reported $92.9M in revenue for fiscal year 2024. This represents a 286% increase from $24.0M in 2019.
How fast is Forge Global Holdings, Inc. growing?
Forge Global Holdings, Inc. (FRGE) grew revenue by 13.6% over the past year. This is steady growth.
Is FRGE profitable?
Forge Global Holdings, Inc. (FRGE) reported a net loss of $62.6M for fiscal year 2024.
Dividend & Returns
What is FRGE's return on equity?
Forge Global Holdings, Inc. (FRGE) has a return on equity (ROE) of -26.8%. Negative ROE indicates the company is unprofitable.
What is Forge Global Holdings, Inc.'s free cash flow?
Forge Global Holdings, Inc. (FRGE) had negative free cash flow of $40.3M in fiscal year 2024, likely due to heavy capital investments.