(FRGE) Forge Global Holdings - Ratings and Ratios
Marketplace, Platform, Liquidity, Data, Custody
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 86.7% |
| Value at Risk 5%th | 125% |
| Relative Tail Risk | -12.61% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.39 |
| Alpha | 183.31 |
| CAGR/Max DD | 0.35 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.613 |
| Beta | 0.736 |
| Beta Downside | 1.673 |
| Drawdowns 3y | |
|---|---|
| Max DD | 87.53% |
| Mean DD | 47.90% |
| 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.
Piotroski VR‑10 (Strict, 0-10) 1.0
| Net Income (-62.6m TTM) > 0 and > 6% of Revenue (6% = 5.57m TTM) |
| FCFTA -0.16 (>2.0%) and ΔFCFTA -1.36pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 51.23% (prev 132.0%; Δ -80.74pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA -0.16 (>3.0%) and CFO -39.9m > Net Income -62.6m (YES >=105%, WARN >=100%) |
| NO Net Debt/EBITDA fails (EBITDA <= 0) |
| Current Ratio 2.55 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (13.3m) change vs 12m ago 8.66% (target <= -2.0% for YES) |
| Gross Margin 11.93% (prev -10.17%; Δ 22.11pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 35.14% (prev 28.85%; Δ 6.29pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio -22.50 (EBITDA TTM -60.9m / Interest Expense TTM -2.91m) >= 6 (WARN >= 3) |
Altman Z'' -14.56
| (A) 0.19 = (Total Current Assets 78.3m - Total Current Liabilities 30.7m) / Total Assets 252.0m |
| (B) -1.56 = Retained Earnings (Balance) -393.9m / Total Assets 252.0m |
| warn (B) unusual magnitude: -1.56 — check mapping/units |
| (C) -0.25 = EBIT TTM -65.5m / Avg Total Assets 264.3m |
| (D) -8.61 = Book Value of Equity -392.7m / Total Liabilities 45.6m |
| Total Rating: -14.56 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 23.89
| 1. Piotroski 1.0pt |
| 2. FCF Yield -7.29% |
| 3. FCF Margin -43.39% |
| 4. Debt/Equity 0.02 |
| 5. Debt/Ebitda 0.46 |
| 6. ROIC - WACC (= -36.66)% |
| 7. RoE -29.81% |
| 8. Rev. Trend 32.13% |
| 9. EPS Trend -64.18% |
What is the price of FRGE shares?
Over the past week, the price has changed by +0.25%, over one month by +0.73%, over three months by +145.35% and over the past year by +148.24%.
Is FRGE a buy, sell or hold?
- 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 | 50 | 12.8% |
| Analysts Target Price | 50 | 12.8% |
| ValueRay Target Price | 45.4 | 2.5% |
FRGE Fundamental Data Overview December 02, 2025
P/S = 6.565
P/B = 3.0091
Beta = 2.276
Revenue TTM = 92.9m USD
EBIT TTM = -65.5m USD
EBITDA TTM = -60.9m USD
Long Term Debt = 9.44m USD (from longTermDebt, last quarter)
Short Term Debt = 1.51m USD (from shortTermDebt, last quarter)
Debt = 4.53m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -27.8m USD (from netDebt column, last quarter)
Enterprise Value = 552.5m USD (609.8m + Debt 4.53m - CCE 61.8m)
Interest Coverage Ratio = -22.50 (Ebit TTM -65.5m / Interest Expense TTM -2.91m)
FCF Yield = -7.29% (FCF TTM -40.3m / Enterprise Value 552.5m)
FCF Margin = -43.39% (FCF TTM -40.3m / Revenue TTM 92.9m)
Net Margin = -67.42% (Net Income TTM -62.6m / Revenue TTM 92.9m)
Gross Margin = 11.93% ((Revenue TTM 92.9m - Cost of Revenue TTM 81.8m) / Revenue TTM)
Gross Margin QoQ = -33.25% (prev 1.41%)
Tobins Q-Ratio = 2.19 (Enterprise Value 552.5m / Total Assets 252.0m)
Interest Expense / Debt = 222.8% (Interest Expense 10.1m / Debt 4.53m)
Taxrate = 6.64% (-1.30m / -19.5m)
NOPAT = -61.2m (EBIT -65.5m * (1 - 6.64%)) [loss with tax shield]
Current Ratio = 2.55 (Total Current Assets 78.3m / Total Current Liabilities 30.7m)
Debt / Equity = 0.02 (Debt 4.53m / totalStockholderEquity, last quarter 202.6m)
Debt / EBITDA = 0.46 (negative EBITDA) (Net Debt -27.8m / EBITDA -60.9m)
Debt / FCF = 0.69 (negative FCF - burning cash) (Net Debt -27.8m / FCF TTM -40.3m)
Total Stockholder Equity = 210.1m (last 4 quarters mean from totalStockholderEquity)
RoA = -24.85% (Net Income -62.6m / Total Assets 252.0m)
RoE = -29.81% (Net Income TTM -62.6m / Total Stockholder Equity 210.1m)
RoCE = -29.85% (EBIT -65.5m / Capital Employed (Equity 210.1m + L.T.Debt 9.44m))
RoIC = -27.99% (negative operating profit) (NOPAT -61.2m / Invested Capital 218.5m)
WACC = 8.67% (E(609.8m)/V(614.3m) * Re(8.73%) + (debt cost/tax rate unavailable))
Discount Rate = 8.73% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 6.87%
Fair Price DCF = unknown (Cash Flow -40.3m)
EPS Correlation: -64.18 | EPS CAGR: -71.62% | SUE: -0.93 | # QB: 0
Revenue Correlation: 32.13 | Revenue CAGR: -8.50% | SUE: -0.97 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.66 | Chg30d=-0.120 | Revisions Net=+0 | Analysts=1
EPS next Year (2026-12-31): EPS=-2.05 | Chg30d=+0.085 | Revisions Net=+1 | Growth EPS=+48.2% | Growth Revenue=+24.2%
Additional Sources for FRGE Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle