Forge Global Holdings (FRGE) AI Stock Analysis

• Market Cap: $256.39M
• Dividend Yield: N/A
• Average Volume (3M): 127.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.60
• Revenue Growth: 14.78%
• EPS Growth: 21.87%
• Country: US
• Employees: 300
• Sector: Financial
• Sector Strength: 76
• Industry: Software - Application
• EPS (TTM): -1.34
• Shares Outstanding: 13,601,362
• 10 Day Avg. Volume: 103,774
• 30 Day Avg. Volume: 127,140
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.68
• Enterprise Value/Revenue: 1.91
• Enterprise Value/Gross Profit: -7.96
• Enterprise Value/Ebitda: -2.85
• 1Y Price Target: $41.33
• Price Target Upside: 130.64% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 58 Neutral
• Price Target: $21.50 ▲(19.98% Upside)

Forge Global Holdings' overall stock score reflects a mix of positive technical trends and strategic growth initiatives, tempered by ongoing financial challenges. The company's strong market position and strategic acquisitions are promising, but profitability and cash flow issues remain significant hurdles.

Positive Factors

Financial Performance

Forge reported a significant increase in net revenues, surpassing expectations with strong transaction volumes.

Growth Prospects

The acquisition of Accuidity Capital Management is set to enhance Forge's long-term growth prospects with new high-margin, high-recurring-revenue streams.

Market Position

Momentum in private markets positions FRGE to benefit from increased focus, with its industry-leading offerings.

Negative Factors

Economic Uncertainty

Economic uncertainty is expected to slow tech IPO activity and apply pressure on private company valuations.

Market Conditions

The ongoing volatility in broader markets makes the near-term volume outlook appear choppy.

Revenue Growth Challenges

Challenging private market conditions are expected to weigh on revenue growth in the near term.

Forge Global Holdings Business Overview & Revenue Model

Company Description

Forge Global Holdings (FRGE) is a leading financial services company that specializes in providing marketplace solutions for private equity and pre-IPO companies. The company operates a platform that facilitates the buying and selling of private company shares, catering to a wide range of investors, including institutions, private equity firms, and accredited individuals. Forge Global Holdings is at the forefront of the private market ecosystem, offering liquidity and transparency to a traditionally opaque sector.

How the Company Makes Money

Forge Global Holdings makes money primarily through transaction fees charged on the trades executed on its platform. These fees are levied on both the buy-side and sell-side participants in private equity transactions. Additionally, the company generates revenue through ancillary services such as data analytics and advisory services that provide insights into the private markets. Forge may also engage in strategic partnerships with financial institutions and other entities that facilitate access to a broader range of private market opportunities, thereby enhancing its revenue streams.

Forge Global Holdings Financial Statement Overview

Summary

Forge Global Holdings shows potential with revenue growth and a strong equity position but faces significant challenges in achieving profitability and generating positive cash flow. Persistent losses and negative cash flows are critical areas that require strategic focus.

Income Statement

Forge Global Holdings has experienced a decline in revenue from its peak in 2021, with the TTM (Trailing-Twelve-Months) revenue showing modest growth over 2024. Despite this growth, the company continues to struggle with profitability, as indicated by negative gross and net profit margins. The EBIT and EBITDA margins are also negative, reflecting ongoing operational challenges. The revenue growth trajectory is positive but overshadowed by persistent losses.

Balance Sheet

The balance sheet reveals a strong equity base with an improving debt position, as evidenced by low and declining levels of total debt. The equity ratio remains healthy, indicating strong shareholder backing. However, there is a significant decline in total assets, and while the debt-to-equity ratio is favorable, the company must leverage its equity to improve profitability and asset utilization.

Cash Flow

Cash flow analysis shows ongoing negative free cash flow, although the free cash flow deficit has slightly decreased from previous periods. The operating cash flow to net income ratio is concerning, reflecting inefficiencies in converting income into cash. The company must improve operational efficiencies to stabilize cash flows and reduce reliance on external financing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	90.84M	79.33M	69.82M	68.90M	128.06M	47.76M
Gross Profit	-21.74M	-42.07M	69.39M	-112.94M	125.02M	43.87M
EBITDA	-60.72M	-72.95M	-80.62M	-119.90M	-713.00K	-2.02M
Net Income	-66.88M	-66.33M	-90.22M	-111.91M	-18.50M	-9.71M
Balance Sheet
Total Assets	242.84M	263.51M	310.73M	363.73M	257.89M	258.50M
Cash, Cash Equivalents and Short-Term Investments	54.31M	106.21M	152.42M	193.14M	74.78M	40.58M
Total Debt	14.87M	14.57M	10.82M	7.44M	10.53M	31.29M
Total Liabilities	42.74M	36.76M	42.31M	38.27M	64.48M	109.15M
Stockholders Equity	196.38M	223.58M	263.51M	319.39M	193.42M	149.35M
Cash Flow
Free Cash Flow	-34.90M	-41.33M	-41.98M	-75.46M	7.64M	-3.69M
Operating Cash Flow	-34.33M	-40.53M	-41.46M	-68.81M	10.90M	-2.53M
Investing Cash Flow	-26.77M	5.47M	-8.16M	-6.65M	-3.26M	-23.37M
Financing Cash Flow	-5.83M	-3.89M	57.00K	192.86M	26.58M	39.38M

Forge Global Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 17.92
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRGE, the sentiment is Neutral. The current price of 17.92 is below the 20-day moving average (MA) of 20.30, below the 50-day MA of 19.17, and above the 200-day MA of 14.48, indicating a neutral trend. The MACD of -0.30 indicates Positive momentum. The RSI at 40.06 is Neutral, neither overbought nor oversold. The STOCH value of 16.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FRGE.

Forge Global Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$17.88B	11.66	10.46%	3.76%	9.66%	1.70%
MAPS	65 Neutral	$194.12M	13.18	22.69%	―	2.37%	―
FRGE	58 Neutral	$256.39M	―	-28.14%	―	14.78%	21.87%
SMRT	58 Neutral	$278.34M	―	-25.48%	―	-28.45%	-224.48%
SVCO	58 Neutral	$162.24M	―	-34.26%	―	―	―
PSQH	48 Neutral	$73.92M	―	-269.26%	―	93.83%	23.31%
NXTT	44 Neutral	$201.35M	0.07	104.83%	―	-31.64%	-55.76%

Forge Global Holdings Corporate Events

Forge Global Grants Performance-Based Equity Awards

On July 18, 2025, Forge Global Holdings‘ Board of Directors and Compensation Committee granted annual equity awards to key executives, including CEO Kelly Rodriques and CFO James Nevin, under their 2022 Stock Option and Incentive Plan and 2025 Inducement Plan. The performance-based vesting for these awards has increased significantly, reflecting the company’s commitment to a pay-for-performance philosophy. The Board is also responding to recent stockholder meeting results by planning a listening tour to address investor concerns. For 2025, 100% of Rodriques’ equity awards are performance-based, with a reduced grant date fair value due to lower stock prices. Nevin’s awards have a 65% performance-based vesting, a substantial increase from the previous CFO’s 25% weighting, aligning with the company’s strategic focus on performance metrics.

Forge Global Completes Acquisition of Accuidity Capital

On July 1, 2025, Forge Global Holdings completed the acquisition of Accuidity Capital Management, a specialized asset management firm focused on private market investing. This acquisition is part of Forge’s strategic vision to broaden investor access to private markets and enhance its wealth and asset management strategy. The transaction, valued at $10 million in cash and 1.15 million shares of Forge common stock, aims to integrate Accuidity’s investment strategies with Forge’s technology and distribution capabilities, offering a diversified set of investment solutions. The acquisition is expected to be accretive to Forge’s earnings per share and supports its commitment to democratizing access to private markets.

Forge Global Holds 2025 Annual Stockholders Meeting

Forge Global Holdings, Inc. held its 2025 Annual Meeting of Stockholders on June 20, 2025, where 69.27% of the voting power was represented. During the meeting, stockholders elected Class III directors and ratified KPMG LLP as the independent registered public accounting firm for 2025. However, proposals concerning executive compensation and amendments to the company’s stock option plan did not pass.