FRGE

MKT CAP:$623M

Forge Global Holdings, Inc.

Market Cap

$623M

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$45.00+$0.55 (+1.24%)

Mar 3, 2026

Company Details

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...

CEO

Kelly A. Rodriques

IPO Date

Feb 1, 2021

Website

forgeglobal.com

Key Metrics TTM

Revenue

$88M

+26.2% YoY

Net Income

-$67M

EPS (Diluted)

-$5.34

Free Cash Flow

-$52M

Revenue / Share

$6.60

Gross Margin

0.7%

Operating Margin

-90.1%

Net Margin

-75.8%

FCF Margin

-58.8%

P/S

7.1x

P/E

—

Earnings Reports

Q3 2025

Nov 13, 2025

$21MEPS -$1.37

Q1 2025

May 7, 2025

$25M+31.5%EPS -$1.29

Q2 2024

Aug 7, 2024

$22M+33.3%EPS -$1.13

Q1 2024

May 7, 2024

$19M+24.5%EPS -$1.55

Q4 2023

Mar 26, 2024

$19M+13.3%EPS -$2.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$32M	$31M	$2M
Q2 21	$39M	$37M	-$805.0K
Q3 21	$28M	$27M	-$6M
Q4 21	$30M	$30M	-$6M
Q1 22	$20M	$20M	-$39M
Q2 22	$17M	$16M	-$26M
Q3 22	$16M	$16M	-$42M
Q4 22	$17M	$17M	-$28M
Q1 23	$15M	$15M	-$23M
Q2 23	$17M	$17M	-$23M
Q3 23	$19M	$18M	-$22M
Q4 23	$19M	$19M	-$24M
Q1 24	$19M	-$11M	-$25M
Q2 24	$22M	-$7M	-$18M
Q1 25	$25M	$25M	-$16M
Q3 25	$21M	-$7M	-$20M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q3 21	5.3x	—
Q4 21	4.9x	—
Q1 22	5.4x	—
Q2 22	6.6x	—
Q3 22	7.6x	—
Q4 22	9.0x	—
Q1 23	9.6x	—
Q2 23	9.6x	—
Q3 23	9.2x	—
Q4 23	8.9x	—
Q1 24	8.5x	—
Q2 24	7.9x	—
Q1 25	7.3x	—
Q3 25	7.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$1M	-$1M
Q2 21	$19M	$19M
Q3 21	-$5M	-$5M
Q4 21	-$2M	-$2M
Q1 22	-$30M	-$32M
Q2 22	-$18M	-$18M
Q3 22	-$11M	-$11M
Q4 22	-$9M	-$11M
Q1 23	-$18M	-$18M
Q2 23	-$14M	-$14M
Q3 23	-$4M	-$4M
Q4 23	-$7M	-$7M
Q1 24	-$12M	-$13M
Q2 24	-$14M	-$15M
Q1 25	-$13M	-$13M
Q3 25	-$11M	-$11M

Capital Expenditures

Quarter	CapEx
Q1 21	$117.0K
Q2 21	$0
Q3 21	$0
Q4 21	$0
Q1 22	$2M
Q2 22	$95.0K
Q3 22	$10.0K
Q4 22	$2M
Q1 23	$71.0K
Q2 23	$28.0K
Q3 23	$14.0K
Q4 23	$414.0K
Q1 24	$400.0K
Q2 24	$267.0K
Q1 25	$51.0K
Q3 25	$47.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+50.2%	+63.4%
Q1 22	-37.5%	+97.0%
Q2 22	-57.0%	+8.1%
Q3 22	-42.5%	+74.9%
Q4 22	-43.3%	+26.8%
Q1 23	-22.8%	-34.6%
Q2 23	+0.5%	-8.0%
Q3 23	+16.7%	-31.3%
Q4 23	+13.3%	-2.6%
Q1 24	+24.5%	+15.2%
Q2 24	+33.3%	+1.7%
Q1 25	+36.3%	+4.2%
Q3 25	+11.5%	-4.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$1M	3.9%
Q2 21	$6M	15.2%
Q3 21	$0	0.0%
Q4 21	$2M	7.6%
Q1 22	$9M	42.6%
Q2 22	$0	0.0%
Q3 22	$27M	168.0%
Q4 22	$12M	71.0%
Q1 23	$7M	47.9%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q1 25	$7M	25.8%
Q3 25	$5M	23.6%

OpEx Breakdown

Quarter	G&A	S&M
Q1 21	$5M	$987.0K
Q2 21	$7M	$858.0K
Q3 21	$6M	$1M
Q4 21	$31M	$2M
Q1 22	$7M	$2M
Q2 22	$9M	$1M
Q3 22	$10M	$928.0K
Q4 22	$10M	$881.0K
Q1 23	$36M	$677.0K
Q2 23	$10M	$876.0K
Q3 23	$9M	$910.0K
Q4 23	$9M	$1M
Q1 24	$11M	$1M
Q2 24	$8M	$1M
Q1 25	$9M	$1M
Q3 25	$13M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 21	—	11.2%	—
Q2 21	—	1.6%	—
Q3 21	—	-15.5%	—
Q4 21	50.2%	-12.3%	37.9
Q1 22	-37.5%	-79.7%	-117.3
Q2 22	-57.0%	-143.0%	-200.0
Q3 22	-42.5%	-254.6%	-297.1
Q4 22	-43.3%	-157.0%	-200.3
Q1 23	-22.8%	-131.5%	-154.3
Q2 23	0.5%	-128.6%	-128.1
Q3 23	16.7%	-109.9%	-93.2
Q4 23	13.3%	-111.3%	-98.0
Q1 24	24.5%	-117.2%	-92.7
Q2 24	33.3%	-68.3%	-35.0
Q1 25	36.3%	-63.8%	-27.5
Q3 25	11.5%	-87.0%	-75.5

Rule of 40

Revenue Segments

Quarter	Custodial Administration Fees	Placement Fees	Marketplace
Q1 22	$5M	$15M	—
Q2 22	$6M	$11M	—
Q3 22	$8M	$8M	—
Q4 22	$10M	$7M	—
Q1 23	$11M	$5M	—
Q3 23	$11M	$7M	—
Q1 24	$11M	—	$9M
Q2 24	$11M	—	$12M
Q1 25	$9M	—	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$76M	$0	$76M
Q1 22	$204M	$0	$204M
Q2 22	$207M	$0	$207M
Q3 22	$203M	$0	$203M
Q4 22	$193M	$0	$193M
Q1 23	$175M	$0	$175M
Q2 23	$160M	$3M	$162M
Q3 23	$155M	$3M	$158M
Q4 23	$146M	$8M	$153M
Q1 24	$129M	$2M	$131M
Q2 24	$115M	$6M	$122M
Q3 24	$116M	$1M	$117M
Q4 24	$105M	$1M	$106M
Q1 25	$70M	$23M	$93M
Q2 25	$54M	$26M	$81M
Q3 25	$32M	$29M	$62M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	3M	0.0%	—
Q2 21	3M	0.0%	—
Q3 21	3M	0.0%	—
Q4 21	3M	0.0%	0.0%
Q1 22	4M	+27.6%	+27.6%
Q2 22	12M	+163.0%	+235.4%
Q3 22	11M	-1.9%	+228.9%
Q4 22	11M	+0.5%	+230.5%
Q1 23	11M	+0.5%	+160.3%
Q2 23	12M	+0.9%	-0.2%
Q3 23	12M	+0.4%	+2.2%
Q4 23	12M	+0.7%	+2.5%
Q1 24	12M	+2.7%	+4.7%
Q2 24	12M	+1.5%	+5.4%
Q1 25	13M	+2.9%	+8.1%
Q3 25	13M	+6.4%	+14.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$11M	3
Q2 21	$13M	3
Q3 21	$9M	3
Q4 21	$10M	3
Q1 22	$7M	3
Q2 22	$6M	3
Q3 22	$5M	3
Q4 22	$53.4K	315
Q1 23	$49.1K	315
Q2 23	$53.1K	315
Q3 23	$58.9K	315
Q4 23	$55.2K	345
Q1 24	$55.8K	345
Q2 24	$64.6K	345
Q1 25	$84.3K	300
Q3 25	$70.9K	300

Revenue / Employee