(FRGE) Forge Global Holdings - Overview
Stock: Marketplace, Asset Management, Data Solutions, Custody
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 2.47% |
| Relative Tail Risk | -8.11% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.61 |
| Alpha | 256.11 |
| Character TTM | |
|---|---|
| Beta | 0.630 |
| Beta Downside | 1.577 |
| Drawdowns 3y | |
|---|---|
| Max DD | 87.53% |
| CAGR/Max DD | 0.21 |
Description: FRGE Forge Global Holdings January 02, 2026
Forge Global Holdings, Inc. (NYSE: FRGE) operates a California-based financial-services platform that links private-company shareholders with accredited investors, offers end-to-end liquidity and capital-formation tools, and provides custodial, fund-management, and data-analytics services for private-market participants.
Since its 2014 founding, Forge has expanded its product suite to include a secondary-market marketplace, bespoke liquidity solutions for private companies, fund-creation and redemption capabilities, and “custody-as-a-service” for self-directed IRAs. The platform’s data arm also generates proprietary indices that benchmark private-equity pricing trends.
In FY 2023 the company reported approximately $45 million in revenue, a 38 % year-over-year increase driven largely by higher transaction volume on its marketplace and growing demand for IRA custody services. The private-company secondary market is projected to grow at a 12 % CAGR through 2028, buoyed by heightened investor appetite for illiquid-asset exposure and a favorable regulatory environment for non-public securities.
Key sector drivers include accelerating fintech adoption, the rise of “digital-first” private-equity platforms, and increasing institutional interest in private-market diversification as public-market volatility persists.
For a deeper, data-rich look at Forge’s valuation and competitive positioning, you may find ValueRay’s analyst toolkit useful.
Piotroski VR‑10 (Strict, 0-10) 1.0
| Net Income: -62.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.16 > 0.02 and ΔFCF/TA -1.36 > 1.0 |
| NWC/Revenue: 51.23% < 20% (prev 132.0%; Δ -80.74% < -1%) |
| CFO/TA -0.16 > 3% & CFO -39.9m > Net Income -62.6m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 2.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (13.3m) vs 12m ago 8.66% < -2% |
| Gross Margin: 11.93% > 18% (prev -0.10%; Δ 1204 % > 0.5%) |
| Asset Turnover: 35.14% > 50% (prev 28.85%; Δ 6.29% > 0%) |
| Interest Coverage Ratio: -22.50 > 6 (EBITDA TTM -60.9m / Interest Expense TTM -2.91m) |
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 -393.9m / Total Assets 252.0m) |
| 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) |
| Altman-Z'' Score: -14.56 = D |
Beneish M -2.90
| DSRI: 0.87 (Receivables 8.08m/8.02m, Revenue 92.9m/79.8m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 1.36 (AQ_t 0.67 / AQ_t-1 0.50) |
| SGI: 1.16 (Revenue 92.9m / 79.8m) |
| TATA: -0.09 (NI -62.6m - CFO -39.9m) / TA 252.0m) |
| Beneish M-Score: -2.90 (Cap -4..+1) = A |
What is the price of FRGE shares?
Over the past week, the price has changed by -0.11%, over one month by -0.16%, over three months by +1.32% and over the past year by +283.59%.
Is FRGE a buy, sell or hold?
- StrongBuy: 2
- Buy: 2
- Hold: 2
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the FRGE price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 45 | 0.8% |
| Analysts Target Price | 45 | 0.8% |
| ValueRay Target Price | 43.6 | -2.3% |
FRGE Fundamental Data Overview February 01, 2026
P/B = 3.0532
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 = 561.6m USD (618.9m + Debt 4.53m - CCE 61.8m)
Interest Coverage Ratio = -22.50 (Ebit TTM -65.5m / Interest Expense TTM -2.91m)
EV/FCF = -13.93x (Enterprise Value 561.6m / FCF TTM -40.3m)
FCF Yield = -7.18% (FCF TTM -40.3m / Enterprise Value 561.6m)
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 = 2.23 (Enterprise Value 561.6m / Total Assets 252.0m)
Interest Expense / Debt = 222.8% (Interest Expense 10.1m / Debt 4.53m)
Taxrate = 21.0% (US default 21%)
NOPAT = -51.8m (EBIT -65.5m * (1 - 21.00%)) [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 = -23.69% (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 = -23.69% (negative operating profit) (NOPAT -51.8m / Invested Capital 218.5m)
WACC = 8.18% (E(618.9m)/V(623.4m) * Re(8.24%) + (debt cost/tax rate unavailable))
Discount Rate = 8.24% (= 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=+27.7%