Overview Dividends

(FRGE) Forge Global Holdings - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US34629L2025

Marketplace, Platform, Liquidity, Data, Custody

FRGE EPS (Earnings per Share)

EPS Growth (3Y CAGR): -81.44%
EPS Trend (3Y Correlation): -61.5%

FRGE Revenue

Revenue Growth (3Y CAGR): 22.67%
Revenue Trend (3Y Correlation): 87.0%

Risk via 10d forecast
Volatility	127%
Value at Risk 5%th	186%
Relative Tail Risk	-11.24%

Reward TTM
Sharpe Ratio	1.40
Alpha	182.01

Character TTM
Hurst Exponent	0.297
Beta	0.806
Beta Downside	1.697

Drawdowns 3y
Max DD	87.53%
Mean DD	47.60%
Median DD	54.91%

Description: FRGE Forge Global Holdings October 29, 2025

Forge Global Holdings, Inc. (NYSE: FRGE) operates a California-based financial-services platform that links private-company shareholders with institutional and accredited investors. Its suite includes a private-market marketplace, bespoke liquidity solutions for private firms, fund-creation and asset-management tools, data products (including indices), and custody-as-a-service for self-directed IRAs.

According to the company’s most recent Form 10-K (FY 2023), Forge generated roughly **$46 million in revenue**, up **≈ 21 % year-over-year**, and reported **≈ $1.1 billion in assets under custody**. The platform facilitated over **1,200 private-company transactions** during the year, reflecting expanding demand for secondary-market liquidity in the venture-capital space.

Key economic and sector drivers for Forge include: (1) the **rapid growth of private-equity and venture-capital capital**, which is projected to exceed $1 trillion in new commitments annually, creating a larger pool of shareholders seeking liquidity; (2) **regulatory developments around retirement-account custodial services**, such as the SEC’s guidance on self-directed IRAs, which broaden the addressable market for Forge’s custody solutions; and (3) **increasing institutional interest in private-market data and indices**, a niche where Forge’s analytics can command premium pricing.

If you’re looking to dive deeper into Forge’s valuation mechanics and competitive positioning, a quick look at ValueRay’s analyst notes can provide a data-rich, unbiased framework for further research.

FRGE Stock Overview

Market Cap in USD	298m
Sub-Industry	Application Software
IPO / Inception	2022-03-22
Return 12m vs S&P 500	208%
Analyst Rating	4.0 of 5

FRGE Dividends

Currently no dividends paid

FRGE Growth Ratios

CAGR 3y	24.86%
CAGR/Max DD Calmar Ratio	0.28
CAGR/Mean DD Pain Ratio	0.52
Current Volume	985.8k
Average Volume	379.6k

Piotroski VR‑10 (Strict, 0-10) 0.5

Net Income (-66.9m TTM) > 0 and > 6% of Revenue (6% = 5.45m TTM)

FCFTA -0.14 (>2.0%) and ΔFCFTA -1.06pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 82.39% (prev 147.0%; Δ -64.59pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.14 (>3.0%) and CFO -34.3m > Net Income -66.9m (YES >=105%, WARN >=100%)

NO Net Debt/EBITDA fails (EBITDA <= 0)

Current Ratio 3.98 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (12.5m) change vs 12m ago 2.42% (target <= -2.0% for YES)

Gross Margin -36.24% (prev -64.55%; Δ 28.32pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 34.38% (prev 27.65%; Δ 6.72pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -6.75 (EBITDA TTM -60.7m / Interest Expense TTM 10.1m) >= 6 (WARN >= 3)

Altman Z'' -14.11

(A) 0.31 = (Total Current Assets 100.0m - Total Current Liabilities 25.1m) / Total Assets 242.8m

(B) -1.56 = Retained Earnings (Balance) -379.9m / Total Assets 242.8m

warn (B) unusual magnitude: -1.56 — check mapping/units

(D) -8.86 = Book Value of Equity -378.7m / Total Liabilities 42.7m

Total Rating: -14.11 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 26.11

1. Piotroski 0.50pt = -4.50

2. FCF Yield -15.10% = -5.0

3. FCF Margin -38.42% = -7.50

4. Debt/Equity 0.08 = 2.50

5. Debt/Ebitda 0.67 = 2.16

6. ROIC - WACC (= -39.06)% = -12.50

7. RoE -30.82% = -2.50

8. Rev. Trend 87.01% = 6.53

9. EPS Trend -61.46% = -3.07

What is the price of FRGE shares?

As of November 17, 2025, the stock is trading at USD 44.11 with a total of 985,796 shares traded.
Over the past week, the price has changed by -0.23%, over one month by +155.41%, over three months by +115.70% and over the past year by +255.58%.

Is Forge Global Holdings a good stock to buy?

No, based on ValueRay´s Fundamental Analyses, Forge Global Holdings (NYSE:FRGE) is currently (November 2025) a stock to sell. It has a ValueRay Fundamental Rating of 26.11 and therefor a negative outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of FRGE is around 35.91 USD . This means that FRGE is currently overvalued and has a potential downside of -18.59%.

Is FRGE a buy, sell or hold?

Forge Global Holdings has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy FRGE.

Strong Buy: 2
Buy: 2
Hold: 2
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the FRGE price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	34.4	-22%
Analysts Target Price	34.4	-22%
ValueRay Target Price	40.1	-9.2%

FRGE Fundamental Data Overview November 04, 2025

Market Cap USD = 298.2m (298.2m USD * 1.0 USD.USD)
P/S = 3.2826
P/B = 1.1224
Beta = 2.249
Revenue TTM = 90.8m USD
EBIT TTM = -68.1m USD
EBITDA TTM = -60.7m USD
Long Term Debt = 9.60m USD (from longTermDebt, last quarter)
Short Term Debt = 4.06m USD (from shortTermDebt, last quarter)
Debt = 14.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -40.6m USD (from netDebt column, last quarter)
Enterprise Value = 231.2m USD (298.2m + Debt 14.9m - CCE 81.8m)
Interest Coverage Ratio = -6.75 (Ebit TTM -68.1m / Interest Expense TTM 10.1m)
FCF Yield = -15.10% (FCF TTM -34.9m / Enterprise Value 231.2m)
FCF Margin = -38.42% (FCF TTM -34.9m / Revenue TTM 90.8m)
Net Margin = -73.62% (Net Income TTM -66.9m / Revenue TTM 90.8m)
Gross Margin = -36.24% ((Revenue TTM 90.8m - Cost of Revenue TTM 123.8m) / Revenue TTM)
Gross Margin QoQ = -3.70% (prev -25.80%)
Tobins Q-Ratio = 0.95 (Enterprise Value 231.2m / Total Assets 242.8m)
Interest Expense / Debt = 67.94% (Interest Expense 10.1m / Debt 14.9m)
Taxrate = -1.15% (negative due to tax credits) (189.0k / -16.4m)
NOPAT = -68.9m (EBIT -68.1m * (1 - -1.15%)) [loss with tax shield] [negative tax rate / tax credits]
Current Ratio = 3.98 (Total Current Assets 100.0m / Total Current Liabilities 25.1m)
Debt / Equity = 0.08 (Debt 14.9m / totalStockholderEquity, last quarter 196.4m)
Debt / EBITDA = 0.67 (negative EBITDA) (Net Debt -40.6m / EBITDA -60.7m)
Debt / FCF = 1.16 (negative FCF - burning cash) (Net Debt -40.6m / FCF TTM -34.9m)
Total Stockholder Equity = 217.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -27.54% (Net Income -66.9m / Total Assets 242.8m)
RoE = -30.82% (Net Income TTM -66.9m / Total Stockholder Equity 217.0m)
RoCE = -30.07% (EBIT -68.1m / Capital Employed (Equity 217.0m + L.T.Debt 9.60m))
RoIC = -30.50% (negative operating profit) (NOPAT -68.9m / Invested Capital 226.0m)
WACC = 8.56% (E(298.2m)/V(313.1m) * Re(8.99%) + (debt cost/tax rate unavailable))
Discount Rate = 8.99% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 3.33%
Fair Price DCF = unknown (Cash Flow -34.9m)
EPS Correlation: -61.46 | EPS CAGR: -81.44% | SUE: -3.09 | # QB: 0
Revenue Correlation: 87.01 | Revenue CAGR: 22.67% | SUE: 4.0 | # QB: 1

Additional Sources for FRGE Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle