Forge Global Holdings (FRGE) AI Stock Analysis

• Market Cap: $609.56M
• Dividend Yield: N/A
• Average Volume (3M): 771.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.02
• Revenue Growth: 16.40%
• EPS Growth: 22.80%
• Country: US
• Employees: 300
• Sector: Financial
• Sector Strength: 70
• Industry: Software - Application
• EPS (TTM): -1.00
• Shares Outstanding: 13,756,621
• 10 Day Avg. Volume: 1,069,684
• 30 Day Avg. Volume: 771,057
• PEG Ratio: 0.08
• Price to Book (P/B): 0.76
• Price to Sales (P/S): 2.15
• P/FCF Ratio: -4.12
• Enterprise Value/Market Cap: 0.30
• Enterprise Value/Revenue: 1.94
• Enterprise Value/Gross Profit: 16.26
• Enterprise Value/Ebitda: -2.96
• 1Y Price Target: $50.00
• Price Target Upside: 12.84% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -4.18
• Revenue Forecast (FY): $105.53M

• Rating: 57 Neutral
• Price Target: $46.00 ▲(3.81% Upside)

Forge Global Holdings' overall stock score is driven by strong technical momentum and positive earnings call sentiment, indicating potential growth and strategic progress. However, significant financial performance challenges and valuation concerns weigh down the score, reflecting the need for improved profitability and cash flow management.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong marketplace performance and suggests that Forge is effectively expanding its market reach and customer base.

Strategic Acquisitions

Strategic acquisitions like Accuidity enhance Forge's service offerings, potentially leading to increased market share and long-term competitive advantage.

Acquisition by Charles Schwab

The acquisition by Charles Schwab could provide Forge with greater resources and market reach, enhancing its platform capabilities and strategic positioning.

Negative Factors

Profitability Challenges

Ongoing profitability issues indicate operational challenges that could hinder Forge's ability to sustain growth and invest in future opportunities.

Cash Flow Issues

Weak cash flow generation limits Forge's financial flexibility and ability to fund operations and strategic initiatives, posing a risk to long-term stability.

Forecasting Challenges

Difficulty in forecasting revenue due to reliance on transaction-based income can lead to financial instability and complicate strategic planning.

Forge Global Holdings Business Overview & Revenue Model

Company Description

Forge 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.

How the Company Makes Money

Forge Global Holdings generates revenue through several key streams, primarily by charging fees for transactions conducted on its platform. This includes commissions on trades executed between buyers and sellers of private equity shares. Additionally, the company may earn revenue by providing data analytics services to institutional investors, offering insights into market trends and valuations of private companies. Significant partnerships with venture capital firms and private equity funds also enhance its service offerings and contribute to its earnings, as these partnerships enable Forge to expand its network and attract more users to its platform.

Forge Global Holdings Financial Statement Overview

Summary

Forge Global Holdings faces significant financial challenges, particularly in profitability and cash flow generation. Despite some revenue growth, persistent losses and negative margins overshadow these gains. The balance sheet is stable with low leverage, but operational inefficiencies need addressing to improve financial health.

Income Statement

Forge Global Holdings has shown some revenue growth, but profitability remains a significant concern. The company has consistently reported negative net profit margins and EBIT margins, indicating ongoing operational challenges. The gross profit margin has improved slightly in the TTM period, but it remains negative, reflecting cost management issues.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio, suggesting conservative leverage. However, the return on equity is negative, indicating that the company is not generating sufficient returns on shareholder investments. The equity ratio is stable, but the negative ROE highlights profitability challenges.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows, with a declining trend in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash flow issues. The free cash flow to net income ratio is slightly above 1, suggesting some alignment between cash flow and reported earnings, but overall cash generation remains weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	92.88M	79.33M	69.82M	69.38M	128.06M	47.76M
Gross Profit	11.09M	-34.34M	69.39M	68.90M	125.02M	47.76M
EBITDA	-60.93M	-72.95M	-81.34M	-107.47M	-3.72M	-284.00K
Net Income	-62.62M	-66.33M	-90.22M	-111.86M	-18.50M	-9.71M
Balance Sheet
Total Assets	252.03M	263.51M	310.73M	363.73M	257.89M	258.50M
Cash, Cash Equivalents and Short-Term Investments	61.77M	106.21M	152.42M	193.14M	74.78M	40.58M
Total Debt	4.53M	14.57M	10.82M	7.44M	23.98M	31.29M
Total Liabilities	45.63M	36.76M	42.31M	38.27M	64.48M	109.15M
Stockholders Equity	202.64M	223.58M	263.51M	319.39M	193.42M	149.35M
Cash Flow
Free Cash Flow	-40.30M	-41.33M	-41.98M	-75.46M	7.64M	-3.69M
Operating Cash Flow	-39.86M	-40.53M	-41.46M	-68.81M	10.90M	-2.53M
Investing Cash Flow	-37.21M	5.47M	-8.16M	-6.65M	-3.26M	-23.37M
Financing Cash Flow	-5.57M	-3.89M	57.00K	192.86M	26.58M	39.38M

Forge Global Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 44.31
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRGE, the sentiment is Positive. The current price of 44.31 is above the 20-day moving average (MA) of 39.09, above the 50-day MA of 25.85, and above the 200-day MA of 17.76, indicating a bullish trend. The MACD of 5.92 indicates Positive momentum. The RSI at 87.62 is Negative, neither overbought nor oversold. The STOCH value of 55.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FRGE	57 Neutral	$609.56M	―	-28.65%	―	16.40%	22.80%
EB	54 Neutral	$253.80M	―	-11.81%	―	-11.54%	-54.32%
ONTF	54 Neutral	$235.94M	―	-20.20%	―	-6.23%	28.57%
COE	48 Neutral	$271.65M	-41.59	―	―	91.86%	52.66%
NRDY	48 Neutral	$234.17M	―	-120.79%	―	-9.86%	0.87%
TEAD	43 Neutral	$67.57M	―	-23.85%	―	30.91%	-1632.95%

Forge Global Holdings Corporate Events

Forge Global’s Merger with Schwab: Navigating Regulatory Hurdles and Stockholder Approval Risks

Forge Global Holdings Inc. faces significant risk regarding its proposed merger with Schwab, as the completion of this merger is contingent upon satisfying various conditions, including regulatory approvals and stockholder agreement. The uncertainty surrounding these conditions, which are beyond the control of both companies, poses a threat to the timely and successful completion of the merger. Any failure to meet these conditions by the November 5, 2026 deadline could result in termination of the merger agreement, delaying or preventing the realization of anticipated benefits. Additionally, waiving any conditions could adversely affect Forge Global and its stockholders.

Forge Global Holdings Announces Merger with Schwab

On November 5, 2025, Forge Global Holdings entered into a merger agreement with The Charles Schwab Corporation, where Schwab will acquire Forge Global through a merger with its subsidiary, Ember-Falcon Merger Sub. The merger will result in Forge Global becoming a wholly owned subsidiary of Schwab, with each Forge share being converted to a cash payment of $45. The agreement outlines the treatment of Forge’s equity awards and includes conditions such as shareholder approval and regulatory clearances. The merger is expected to impact Forge’s operations and market positioning by integrating into Schwab’s broader financial services platform.

The most recent analyst rating on (FRGE) stock is a Hold with a $27.00 price target. To see the full list of analyst forecasts on Forge Global Holdings stock, see the FRGE Stock Forecast page.

Forge Global Holdings Enters New Headquarters Lease Agreement

Forge Global Holdings, Inc., through its subsidiary Forge Global, Inc., has entered into a lease agreement for its headquarters at Four Embarcadero Center in San Francisco, California. The lease, effective from February 1, 2026, to May 31, 2031, follows a previous sublease and includes an initial annual base rent of approximately $1,983,000 with a 3% annual increase. The company will also cover a share of the building’s operating expenses and provide a security deposit.

The most recent analyst rating on (FRGE) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Forge Global Holdings stock, see the FRGE Stock Forecast page.