Forge Global Holdings (FRGE) AI Stock Analysis

• Market Cap: $618.30M
• Dividend Yield: N/A
• Average Volume (3M): 149.91K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.01
• 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: 13,844,606
• 10 Day Avg. Volume: 93,771
• 30 Day Avg. Volume: 149,907
• 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: 0.96
• Enterprise Value/Revenue: 6.36
• Enterprise Value/Gross Profit: 53.32
• Enterprise Value/Ebitda: -9.70
• 1Y Price Target: $45.00
• Price Target Upside: 0.69% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $45.00 ▲(0.69% Upside)

The score is held back primarily by weak financial performance (ongoing losses and negative cash flow). This is partially offset by constructive technical momentum and a supportive M&A backdrop (shareholder-approved Schwab acquisition), while valuation remains constrained due to negative earnings and no dividend.

Positive Factors

Diverse transaction and recurring revenue streams

Forge earns fees from transactions, custody, platform subscriptions and issuer services. This multi-product revenue mix creates durable, higher‑quality recurring fee potential that can smooth cyclicality in private‑market volumes and support long-term margin expansion if scaled.

Acquisition by Charles Schwab creates strategic scale

Becoming a Schwab subsidiary is a structural change that should provide distribution, balance‑sheet support, and integration into a larger financial‑services platform. Over 2–6 months this can materially improve liquidity access, client referrals, and product distribution capacity.

Conservative leverage on balance sheet

Low reported leverage gives the company flexibility to operate through revenue volatility and makes it an easier acquisition target. A conservative capital structure reduces refinancing risk and preserves optionality for investments or integration costs post‑transaction.

Negative Factors

Persistent unprofitability and negative margins

Forge has repeatedly reported negative net and EBIT margins, indicating structural profitability issues. Continued losses constrain reinvestment, make internal funding of growth difficult, and mean long‑term returns depend on margin recovery or integration benefits from Schwab.

Negative operating and free cash flow

Ongoing negative operating and free cash flow limit the company’s ability to self‑fund operations and product development. Over months this increases reliance on external capital or acquiror support, raising execution risk if deal terms or timing shift.

Lawsuits and governance actions tied to the merger

Multiple lawsuits and supplemental disclosures are structural risks to closing timeline and create potential liability or governance scrutiny. Accelerated executive incentives and disclosure disputes also signal aligned near‑term deal motivations rather than long‑term stakeholder alignment.

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

Weak fundamentals: persistent losses and negative margins (income statement score 35) plus negative operating/free cash flow (cash flow score 30) outweigh modest revenue growth. Balance sheet leverage looks conservative (balance sheet score 45), but negative ROE signals poor returns on shareholder capital.

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: 44.69
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• 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 44.69 is above the 20-day moving average (MA) of 44.63, above the 50-day MA of 44.47, and above the 200-day MA of 24.85, indicating a bullish trend. The MACD of 0.35 indicates Positive momentum. The RSI at 65.28 is Neutral, neither overbought nor oversold. The STOCH value of 62.96 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%
EB	64 Neutral	$436.86M	-38.05	-5.81%	―	-11.54%	-54.32%
ONTF	59 Neutral	$338.85M	-10.80	-20.20%	―	-6.23%	28.57%
FRGE	52 Neutral	$618.30M	-9.07	-28.65%	―	16.40%	22.80%
NRDY	48 Neutral	$187.33M	-2.95	-120.79%	―	-9.86%	0.87%
TEAD	47 Neutral	$64.51M	-0.63	-23.85%	―	30.91%	-1632.95%
COE	44 Neutral	$153.11M	-14.48	―	―	92.26%	-1.18%

Forge Global Holdings Corporate Events

Forge Global Shareholders Approve Acquisition by Charles Schwab

On January 22, 2026, Forge Global Holdings reported that its stockholders had approved all proposals related to the company’s acquisition by The Charles Schwab Corporation, including adoption of the merger agreement and a non-binding advisory vote on executive compensation tied to the deal. At a virtual special meeting, 69.97% of outstanding shares were represented, with roughly 69.81% of votes cast in favor of the merger agreement and 68.95% backing the compensation proposal, clearing a key shareholder hurdle for the transaction to proceed and positioning Forge to become a wholly owned subsidiary of Schwab once remaining customary closing conditions and regulatory approvals are satisfied.

The most recent analyst rating on (FRGE) stock is a Hold with a $48.00 price target. To see the full list of analyst forecasts on Forge Global Holdings stock, see the FRGE Stock Forecast page.

Forge Global issues supplemental disclosures amid Schwab merger

On November 5, 2025, Forge Global Holdings, Inc. agreed to be acquired by The Charles Schwab Corporation in an all-cash merger that would see Forge become a wholly owned subsidiary of Schwab, with the company subsequently filing a definitive proxy statement on December 15, 2025, ahead of a special shareholder meeting scheduled for January 22, 2026 to approve the transaction. Since mid-December 2025, four shareholder lawsuits have been filed in Illinois, New York and California alleging that Forge’s merger proxy disclosures were materially incomplete and misleading and asserting federal securities law and state-law claims; while Forge maintains the suits are meritless and denies any wrongdoing, it has issued supplemental proxy disclosures—detailing the sale process, the independence and prior affiliations of its special committee and financial advisor, and additional valuation assumptions—to reduce litigation risk and avoid potential delays or disruption to the Schwab transaction as of January 13, 2026.

The most recent analyst rating on (FRGE) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on Forge Global Holdings stock, see the FRGE Stock Forecast page.

Forge Global Accelerates Executive Incentives Ahead of Schwab Merger

In late December 2025, Forge Global Holdings, Inc.’s board and compensation committee approved accelerated payouts of certain 2025 incentive awards for Chief Executive Officer Kelly Rodriques and Chief Financial Officer James Nevin, ahead of the company’s planned merger with The Charles Schwab Corporation. The move, which pulls into December 2025 equity and cash awards that would otherwise have been paid or vested in 2026, is designed to mitigate potential adverse tax consequences under Sections 280G and 4999 of the Internal Revenue Code, preserve related corporate tax deductions, and reduce the potential excise tax burden on the executives. Rodriques received early vesting and settlement of 36,800 performance-based RSUs earned at 200% of target, while Nevin received a $340,000 partial cash bonus and accelerated vesting of a total of 17,259 RSUs, including performance-based units earned at target. Both executives signed acknowledgements on December 23, 2025 agreeing to repay the after-tax value of these accelerated amounts under certain conditions, including early termination that would have otherwise led to forfeiture or if the company later determines the awards exceeded what performance warranted.

The most recent analyst rating on (FRGE) stock is a Hold with a $44.00 price target. To see the full list of analyst forecasts on Forge Global Holdings stock, see the FRGE Stock Forecast page.

Forge Global Holdings 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.