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Forge Global (FRGE) Financials

Forge Global logo
$45.00 0.00 (0.00%)
As of 07/2/2026
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Annual Income Statements for Forge Global

Annual Income Statements for Forge Global

This table shows Forge Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -9.71 -18 -112 -90 -66
Consolidated Net Income / (Loss)		 -9.71 -18 -112 -92 -68
Net Income / (Loss) Continuing Operations		 -9.71 -18 -112 -92 -68
Total Pre-Tax Income 		-11 -18 -112 -91 -67
Total Operating Income		 -7.62 -9.79 -135 -91 -82
Total Gross Profit		 48 125 69 69 79
Total Revenue		 52 128 69 70 79
Operating Revenue		 52 128 69 70 79
Total Cost of Revenue		 3.89 3.03 0.48 0.43 0.67
Operating Cost of Revenue		 3.89 3.03 0.48 0.43 0.67
Total Operating Expenses		 55 135 204 161 161
Selling, General & Admin Expense		 8.44 25 37 39 32
Marketing Expense		 1.53 5.09 4.75 3.49 4.33
Depreciation Expense		 2.41 5.39 6.03 6.95 6.66
Other Operating Expenses / (Income)		 40 98 151 111 118
Total Other Income / (Expense), net		 -2.90 -8.32 23 0.72 15
Interest & Investment Income		 - - - 6.42 5.68
Other Income / (Expense), net		 -0.49 -6.02 21 -5.70 9.81
Income Tax Expense		 -0.80 0.39 0.33 0.82 1.07
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 -0.05 -1.33 -1.51
Basic Earnings per Share		 ($0.26) ($0.34) ($0.78) ($0.52) ($0.36)
Weighted Average Basic Shares Outstanding		 37.31M 54.30M 143.84M 173.40M 183.16M
Diluted Earnings per Share		 ($0.26) ($0.34) ($0.80) ($0.52) ($0.36)
Weighted Average Diluted Shares Outstanding		 37.31M 54.30M 145.01M 173.40M 183.16M
Weighted Average Basic & Diluted Shares Outstanding		 - 51.75M 172.64M 179.50M 188.14M

Quarterly Income Statements for Forge Global

This table shows Forge Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 -18 -26 -19 -14 -18 -16 -16 -13 -18
Consolidated Net Income / (Loss)		 -19 -26 -19 -14 -19 -16 -16 -12 -18
Net Income / (Loss) Continuing Operations		 -19 -26 -19 -14 -19 -16 -16 -12 -18
Total Pre-Tax Income 		-19 -26 -19 -14 -19 -16 -15 -12 -20
Total Operating Income		 -22 -24 -25 -18 -21 -19 -16 -13 -21
Total Gross Profit		 18 19 19 22 19 18 25 28 21
Total Revenue		 19 19 19 22 19 19 25 28 21
Operating Revenue		 19 19 19 22 19 19 25 28 21
Total Cost of Revenue		 0.15 0.18 0.03 0.26 0.07 0.32 0.19 0.16 0.29
Operating Cost of Revenue		 0.15 0.18 0.03 0.26 0.07 0.32 0.19 0.16 0.29
Total Operating Expenses		 40 43 44 40 40 37 42 40 42
Selling, General & Admin Expense		 8.52 11 10 6.76 7.50 7.12 8.94 8.02 12
Marketing Expense		 0.91 1.02 1.09 1.24 1.02 0.99 1.22 1.53 1.26
Depreciation Expense		 1.71 1.71 1.82 1.78 1.75 1.31 0.99 0.91 1.00
Other Operating Expenses / (Income)		 29 29 31 30 30 28 30 28 27
Restructuring Charge		 - - - 0.00 0.00 - - 1.99 0.25
Total Other Income / (Expense), net		 2.85 -1.77 6.23 3.87 2.36 3.03 1.29 0.59 1.04
Interest & Investment Income		 1.73 - 1.71 1.50 1.31 - 1.04 0.80 0.61
Other Income / (Expense), net		 1.12 -3.63 4.52 2.37 1.05 1.86 0.25 -0.22 0.43
Income Tax Expense		 0.29 0.05 0.22 0.26 0.30 0.29 1.02 0.19 -1.30
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.61 -0.44 -0.37 -0.32 -0.50 -0.32 -0.03 0.14 0.01
Basic Earnings per Share		 ($0.11) ($0.15) ($1.55) ($1.13) ($1.49) ($0.08) ($1.29) ($1.01) ($1.37)
Weighted Average Basic Shares Outstanding		 173.96M 173.40M 11.99M 12.18M 12.28M 183.16M 12.53M 12.47M 13.34M
Diluted Earnings per Share		 ($0.11) ($0.15) ($1.55) ($1.13) ($1.49) ($0.08) ($1.29) ($1.01) ($1.37)
Weighted Average Diluted Shares Outstanding		 173.96M 173.40M 11.99M 12.18M 12.28M 183.16M 12.53M 12.47M 13.34M
Weighted Average Basic & Diluted Shares Outstanding		 175.27M 179.50M 181.04M 183.16M 185.01M 188.14M 12.33M 13.60M 13.76M

Annual Cash Flow Statements for Forge Global

This table details how cash moves in and out of Forge Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 13 34 119 -49 -40
Net Cash From Operating Activities		 -2.53 11 -69 -41 -41
Net Cash From Continuing Operating Activities		 -2.53 11 -69 -41 -41
Net Income / (Loss) Continuing Operations		 -9.71 -18 -112 -92 -68
Consolidated Net Income / (Loss)		 -9.71 -18 -112 -92 -68
Depreciation Expense		 2.41 5.39 6.03 6.95 6.66
Amortization Expense		 1.64 2.80 4.00 3.15 2.65
Non-Cash Adjustments To Reconcile Net Income		 4.39 15 43 39 20
Changes in Operating Assets and Liabilities, net		 -1.25 6.22 -9.71 0.55 -1.77
Net Cash From Investing Activities		 -23 -3.26 -6.65 -8.16 5.47
Net Cash From Continuing Investing Activities		 -23 -3.26 -6.65 -8.16 5.47
Purchase of Property, Plant & Equipment		 -1.16 -1.05 -6.53 -0.53 -1.09
Sale and/or Maturity of Investments		 - 0.00 0.00 2.12 6.56
Other Investing Activities, net		 - 0.00 0.00 -9.75 0.00
Net Cash From Financing Activities		 39 27 193 0.06 -3.89
Net Cash From Continuing Financing Activities		 39 27 193 0.06 -3.89
Other Financing Activities, net		 -0.03 1.60 41 0.06 -3.89
Effect of Exchange Rate Changes		 0.00 0.00 1.16 0.38 -0.58
Cash Income Taxes Paid		 - - - 0.15 0.91

Quarterly Cash Flow Statements for Forge Global

This table details how cash moves in and out of Forge Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Net Change in Cash & Equivalents		 -4.39 -11 -15 -9.12 -6.01 -9.30 -35 -16 -22
Net Cash From Operating Activities		 -3.55 -6.57 -12 -14 -5.83 -7.90 -13 -7.77 -11
Net Cash From Continuing Operating Activities		 -3.55 -6.57 -12 -14 -5.83 -7.90 -13 -7.77 -11
Net Income / (Loss) Continuing Operations		 -19 -26 -19 -14 -19 -16 -16 -12 -18
Consolidated Net Income / (Loss)		 -19 -26 -19 -14 -19 -16 -16 -12 -18
Depreciation Expense		 1.71 1.71 1.82 1.78 1.75 1.31 0.94 0.75 0.90
Amortization Expense		 0.75 0.83 0.64 0.66 0.67 0.68 0.61 0.51 0.42
Non-Cash Adjustments To Reconcile Net Income		 7.45 14 5.31 4.64 7.77 3.83 5.60 4.73 4.39
Changes in Operating Assets and Liabilities, net		 5.50 3.59 -1.15 -7.47 2.83 2.24 -3.79 -1.32 1.15
Net Cash From Investing Activities		 -0.53 -4.87 -0.40 6.29 -0.17 -0.25 -22 -4.82 -11
Net Cash From Continuing Investing Activities		 -0.53 -4.87 -0.40 6.29 -0.17 -0.25 -22 -4.82 -11
Purchase of Property, Plant & Equipment		 -0.01 -0.41 -0.40 -0.27 -0.17 -0.25 -0.05 -0.10 -0.05
Purchase of Investments		 - - 0.00 - - - -22 -19 -19
Sale and/or Maturity of Investments		 - 2.12 0.00 6.56 - - 0.53 15 18
Net Cash From Financing Activities		 0.02 0.26 -2.08 -0.90 -0.39 -0.52 -0.65 -4.27 -0.13
Net Cash From Continuing Financing Activities		 0.02 0.26 -2.08 -0.90 -0.39 -0.52 -0.65 -4.27 -0.13
Other Financing Activities, net		 0.02 0.26 -2.08 -0.90 -0.39 -0.52 -0.65 -0.13 -0.13
Effect of Exchange Rate Changes		 -0.33 0.54 -0.25 -0.08 0.39 -0.63 0.36 0.71 0.08

Annual Balance Sheets for Forge Global

This table presents Forge Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 416 258 364 311 264
Total Current Assets		 2.33 88 207 163 119
Cash & Equivalents		 1.67 75 193 145 105
Restricted Cash		 - 1.62 1.83 1.06 1.12
Short-Term Investments		 - - - - 0.00
Accounts Receivable		 - 5.38 3.54 4.07 4.71
Prepaid Expenses		 0.65 5.15 8.38 13 8.21
Plant, Property, & Equipment, net		 0.00 0.50 8.00 5.19 2.92
Total Noncurrent Assets		 414 169 149 142 141
Noncurrent Note & Lease Receivables		 - 13 7.37 5.59 7.41
Goodwill		 - 138 134 130 126
Other Noncurrent Operating Assets		 414 15 7.58 6.92 7.55
Total Liabilities & Shareholders' Equity		 416 258 364 311 264
Total Liabilities		 55 64 38 42 37
Total Current Liabilities		 0.42 38 26 24 25
Short-Term Debt		 - - - - 0.00
Accounts Payable		 0.00 10 9.22 11 8.25
Current Employee Benefit Liabilities		 - 21 13 11 13
Other Current Liabilities		 - 6.52 3.90 2.52 3.46
Total Noncurrent Liabilities		 55 26 12 18 12
Long-Term Debt		 - - - - 7.41
Other Noncurrent Operating Liabilities		 55 26 12 18 4.21
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -53 -53 325 268 227
Total Preferred & Common Equity		 -53 -53 319 264 224
Preferred Stock		 0.00 - - 0.00 0.00
Total Common Equity		 -53 -53 319 264 224
Common Stock		 0.00 26 509 544 571
Retained Earnings		 -53 -79 -190 -281 -347
Treasury Stock		 - - - -0.63 -0.63
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 0.69 0.91 0.57
Noncontrolling Interest		 - 0.00 6.07 4.91 3.16

Quarterly Balance Sheets for Forge Global

This table presents Forge Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 318 299 286 277 249 243 252
Total Current Assets		 170 149 137 129 107 100 78
Cash & Equivalents		 155 130 120 114 70 54 32
Restricted Cash		 1.30 1.08 1.09 1.10 1.13 1.14 1.15
Short-Term Investments		 - - - - 22 26 28
Accounts Receivable		 3.87 5.55 4.52 4.96 5.85 8.12 8.08
Prepaid Expenses		 10 12 11 8.89 8.44 10 8.39
Plant, Property, & Equipment, net		 0.32 4.54 3.99 3.50 2.17 1.56 1.07
Total Noncurrent Assets		 147 145 145 144 140 141 173
Noncurrent Note & Lease Receivables		 5.76 6.24 6.76 7.44 7.43 9.60 9.44
Goodwill		 131 129 128 127 126 126 158
Other Noncurrent Operating Assets		 5.08 10 9.93 9.25 6.21 5.65 4.98
Total Liabilities & Shareholders' Equity		 318 299 286 277 249 243 252
Total Liabilities		 32 42 36 38 33 39 46
Total Current Liabilities		 21 24 21 24 21 25 31
Short-Term Debt		 - - - - - - 3.63
Accounts Payable		 9.60 14 8.47 9.33 9.07 9.51 11
Current Employee Benefit Liabilities		 8.80 7.04 9.08 11 9.60 14 15
Other Current Liabilities		 2.30 2.92 3.36 3.45 2.76 2.03 1.51
Total Noncurrent Liabilities		 11 18 15 14 11 13 15
Long-Term Debt		 - - - - - 9.60 9.44
Other Noncurrent Operating Liabilities		 11 18 15 14 11 3.86 5.48
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 286 257 249 238 217 204 206
Total Preferred & Common Equity		 280 252 245 235 214 201 203
Preferred Stock		 - - - - 0.00 0.00 0.00
Total Common Equity		 280 252 245 235 214 201 203
Common Stock		 535 551 558 566 576 576 596
Retained Earnings		 -255 -299 -313 -331 -363 -376 -394
Treasury Stock		 - -0.63 -0.63 -0.63 -0.63 -0.63 -0.63
Accumulated Other Comprehensive Income / (Loss)		 0.60 0.77 0.72 0.93 0.79 1.19 1.26
Noncontrolling Interest		 5.12 4.43 4.08 3.75 3.27 3.72 3.76

Annual Metrics And Ratios for Forge Global

This table displays calculated financial ratios and metrics derived from Forge Global's official financial filings.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - -
Revenue Growth		 0.00% 147.96% -45.82% 0.63% 13.62%
EBITDA Growth		 0.00% -87.21% -1,269.34% 16.49% 27.46%
EBIT Growth		 0.00% -94.90% -622.88% 14.97% 25.42%
NOPAT Growth		 0.00% -28.52% -1,279.51% 32.28% 10.04%
Net Income Growth		 0.00% -90.48% -504.92% 18.19% 25.89%
EPS Growth		 0.00% -30.77% -135.29% 35.00% 30.77%
Operating Cash Flow Growth		 0.00% 531.21% -731.19% 39.75% 2.23%
Free Cash Flow Firm Growth		 0.00% 0.00% -145.89% 48.01% 1.28%
Invested Capital Growth		 0.00% -67.43% 11.52% -6.02% -1.75%
Revenue Q/Q Growth		 0.00% 0.00% -15.63% 3.31% -0.59%
EBITDA Q/Q Growth		 0.00% 0.00% -24.88% -0.73% 14.46%
EBIT Q/Q Growth		 0.00% 0.00% -23.01% -0.50% 13.40%
NOPAT Q/Q Growth		 0.00% 0.00% -19.77% 3.57% 6.50%
Net Income Q/Q Growth		 0.00% 0.00% -21.50% -0.07% 13.14%
EPS Q/Q Growth		 0.00% 0.00% 42.45% -500.00% 16.28%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -11.49% 5.63% -3.39%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 9.62% -0.45%
Invested Capital Q/Q Growth		 0.00% 0.00% -2.17% -5.03% -1.82%
Profitability Metrics		 - - - - -
Gross Margin		 92.47% 97.63% 99.30% 99.38% 99.15%
EBITDA Margin		 -7.87% -5.94% -150.23% -124.67% -79.59%
Operating Margin		 -14.75% -7.64% -194.63% -130.98% -103.70%
EBIT Margin		 -15.70% -12.34% -164.68% -139.14% -91.33%
Profit (Net Income) Margin		 -18.81% -14.45% -161.29% -131.12% -85.52%
Tax Burden Percent		 92.36% 102.13% 100.29% 100.90% 101.60%
Interest Burden Percent		 129.65% 114.60% 97.65% 93.39% 92.17%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -1.48% -2.88% -76.38% -50.58% -47.37%
ROIC Less NNEP Spread (ROIC-NNEP)		 260.07% 26.96% -63.58% -34.42% -39.23%
Return on Net Nonoperating Assets (RNNOA)		 -1.21% -3.80% 33.25% 19.75% 19.97%
Return on Equity (ROE)		 -2.69% -6.67% -43.13% -30.83% -27.40%
Cash Return on Invested Capital (CROIC)		 0.00% 98.84% -87.28% -44.37% -45.60%
Operating Return on Assets (OROA)		 -1.95% -4.69% -36.76% -28.81% -25.23%
Return on Assets (ROA)		 -2.33% -5.49% -36.00% -27.15% -23.63%
Return on Common Equity (ROCE)		 0.40% 1.27% -22.17% -30.26% -26.96%
Return on Equity Simple (ROE_SIMPLE)		 18.29% 35.14% -35.04% -34.74% -30.34%
Net Operating Profit after Tax (NOPAT)		 -5.33 -6.85 -95 -64 -58
NOPAT Margin		 -10.32% -5.35% -136.24% -91.68% -72.59%
Net Nonoperating Expense Percent (NNEP)		 -261.55% -29.83% -12.81% -16.16% -8.14%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -23.85% -25.40%
Cost of Revenue to Revenue		 7.53% 2.37% 0.70% 0.62% 0.85%
SG&A Expenses to Revenue		 16.34% 19.56% 53.44% 55.75% 39.98%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 107.22% 105.28% 293.93% 230.36% 202.85%
Earnings before Interest and Taxes (EBIT)		 -8.11 -16 -114 -97 -72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -4.07 -7.61 -104 -87 -63
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.93 2.28 0.77
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.61 4.50 1.77
Price to Revenue (P/Rev)		 6.97 3.98 4.30 8.61 2.17
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.15 5.80 0.84 3.75 0.57
Enterprise Value to Revenue (EV/Rev)		 14.95 5.30 1.58 6.59 0.87
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 62.28 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.88 0.00 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 -0.14 -0.52 -0.57 -0.51
Leverage Ratio		 1.15 1.22 1.20 1.14 1.16
Compound Leverage Factor		 1.50 1.39 1.17 1.06 1.07
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 114.71% 127.22% 1.87% 1.83% 1.39%
Common Equity to Total Capital		 -14.71% -27.22% 98.13% 98.17% 98.61%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 3.78 4.84 3.70 6.99 0.79
Noncontrolling Interest Sharing Ratio		 114.71% 119.07% 48.59% 1.85% 1.63%
Liquidity Ratios		 - - - - -
Current Ratio		 5.59 2.32 7.84 6.74 4.74
Quick Ratio		 4.02 2.14 7.45 6.15 4.37
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 235 -108 -56 -55
Operating Cash Flow to CapEx		 -217.56% 1,034.25% -1,053.37% -7,866.41% -3,725.46%
Free Cash Flow to Firm to Interest Expense		 0.00 102.02 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -1.05 4.73 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -1.53 4.27 0.00 0.00 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.12 0.38 0.22 0.21 0.28
Accounts Receivable Turnover		 0.00 0.00 15.55 18.35 18.08
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 16.33 10.59 19.56
Accounts Payable Turnover		 4,045.79 0.59 0.05 0.04 0.07
Days Sales Outstanding (DSO)		 0.00 0.00 23.47 19.89 20.18
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.09 617.39 7,360.83 8,430.57 5,129.22
Cash Conversion Cycle (CCC)		 -0.09 -617.39 -7,337.36 -8,410.67 -5,109.04
Capital & Investment Metrics		 - - - - -
Invested Capital		 359 117 130 123 120
Invested Capital Turnover		 0.14 0.54 0.56 0.55 0.65
Increase / (Decrease) in Invested Capital		 0.00 -242 13 -7.86 -2.15
Enterprise Value (EV)		 772 679 110 460 69
Market Capitalization		 360 509 298 601 172
Book Value per Share		 ($1.42) ($1.02) $1.85 $1.50 $1.21
Tangible Book Value per Share		 ($1.42) ($3.73) $1.08 $0.76 $0.53
Total Capital		 361 193 325 268 227
Total Debt		 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00
Net Debt		 -1.67 -76 -195 -146 -106
Capital Expenditures (CapEx)		 1.16 1.05 6.53 0.53 1.09
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.24 -26 -14 -6.89 -12
Debt-free Net Working Capital (DFNWC)		 1.91 50 181 139 94
Net Working Capital (NWC)		 1.91 50 181 139 94
Net Nonoperating Expense (NNE)		 4.38 12 17 28 10
Net Nonoperating Obligations (NNO)		 -1.67 -76 -195 -146 -106
Total Depreciation and Amortization (D&A)		 4.04 8.19 10 10 9.31
Debt-free, Cash-free Net Working Capital to Revenue		 0.46% -20.57% -20.84% -9.87% -15.42%
Debt-free Net Working Capital to Revenue		 3.70% 39.09% 260.15% 198.93% 118.52%
Net Working Capital to Revenue		 3.70% 39.09% 260.15% 198.93% 118.52%
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.36 ($0.78) ($0.52) ($0.36)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 51.75M 143.84M 173.40M 183.16M
Adjusted Diluted Earnings per Share		 $0.00 $0.36 ($0.80) ($0.52) ($0.36)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 51.75M 145.01M 173.40M 183.16M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 51.75M 172.64M 179.50M 188.14M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.03 -6.23 -91 -64 -58
Normalized NOPAT Margin		 -5.87% -4.87% -131.08% -91.68% -72.59%
Pre Tax Income Margin		 -20.36% -14.14% -160.81% -129.95% -84.18%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 -3.37 -6.85 0.00 0.00 0.00
NOPAT to Interest Expense		 -2.22 -2.97 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -3.86 -7.31 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -2.70 -3.43 0.00 0.00 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -26.78% -50.95% 0.00% 0.00%

Quarterly Metrics And Ratios for Forge Global

This table displays calculated financial ratios and metrics derived from Forge Global's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
DEI Shares Outstanding		 174,286,157.00 175,272,598.00 179,499,587.00 181,040,289.00 183,158,492.00 - 188,142,822.00 12,328,245.00 13,601,362.00
DEI Adjusted Shares Outstanding		 11,619,077.00 11,684,840.00 11,966,639.00 12,069,353.00 12,210,566.00 - 12,542,855.00 12,328,245.00 13,601,362.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.58 -2.21 -1.56 -1.14 -1.50 - -1.29 -1.02 -1.34
Growth Metrics		 - - - - - - - - -
Revenue Growth		 16.75% 13.30% 24.31% 33.27% 3.52% -2.47% 31.46% 24.49% 10.64%
EBITDA Growth		 -21.67% -2.52% 9.64% 45.72% 2.77% 41.83% 18.63% 8.07% -7.83%
EBIT Growth		 -19.78% -1.76% 9.29% 41.53% 2.64% 39.98% 20.81% 14.56% -1.32%
NOPAT Growth		 49.30% 12.19% -8.89% 21.74% 2.84% 23.41% 34.15% 27.28% 1.69%
Net Income Growth		 -17.03% -0.26% 10.66% 44.06% 0.60% 39.14% 14.72% 11.40% 3.36%
EPS Growth		 8.33% -130.00% 10.66% 44.06% 0.60% 46.67% 14.72% 10.62% 8.05%
Operating Cash Flow Growth		 68.88% 27.35% 30.14% -5.94% -64.28% -20.21% -3.70% 46.14% -94.85%
Free Cash Flow Firm Growth		 -105.30% 71.99% 87.05% 86.18% 23.76% -18.56% -4.74% -132.70% -499.01%
Invested Capital Growth		 -3.19% -6.02% -6.42% -5.00% -4.96% -1.75% -1.78% 3.20% 28.46%
Revenue Q/Q Growth		 11.02% 2.67% 0.96% 15.80% -13.76% -3.26% 36.08% 9.66% -23.36%
EBITDA Q/Q Growth		 24.16% -42.29% 29.35% 28.81% -35.85% 14.87% 1.17% 19.58% -59.35%
EBIT Q/Q Growth		 21.95% -37.56% 26.96% 25.43% -29.95% 15.20% 3.63% 19.55% -54.10%
NOPAT Q/Q Growth		 4.61% -13.49% -2.44% 29.42% -18.42% 10.54% 11.93% 22.07% -60.10%
Net Income Q/Q Growth		 24.47% -38.37% 27.59% 26.08% -34.22% 15.28% -1.46% 23.21% -46.39%
EPS Q/Q Growth		 21.43% -36.36% 27.59% 26.08% -34.22% 20.00% -1.46% 21.71% -35.64%
Operating Cash Flow Q/Q Growth		 73.96% -85.28% -88.30% -16.61% 59.62% -35.58% -62.44% 39.44% -46.09%
Free Cash Flow Firm Q/Q Growth		 73.46% 14.54% 3.88% 36.62% -46.43% -32.91% 15.09% -40.81% -276.95%
Invested Capital Q/Q Growth		 -4.10% -5.03% 2.68% 1.58% -4.05% -1.82% 2.65% 6.73% 19.43%
Profitability Metrics		 - - - - - - - - -
Gross Margin		 99.20% 99.05% 99.85% 98.85% 99.62% 98.30% 99.24% 99.44% 98.65%
EBITDA Margin		 -96.60% -133.88% -93.69% -57.60% -90.73% -79.85% -57.99% -42.53% -88.43%
Operating Margin		 -115.89% -128.10% -129.98% -79.22% -108.78% -100.59% -65.11% -46.27% -96.66%
EBIT Margin		 -109.85% -147.17% -106.47% -68.56% -103.31% -90.56% -64.14% -47.06% -94.61%
Profit (Net Income) Margin		 -102.12% -137.63% -98.71% -63.01% -98.06% -85.88% -64.03% -44.84% -85.65%
Tax Burden Percent		 101.56% 100.19% 101.15% 101.87% 101.61% 101.88% 106.69% 101.54% 93.36%
Interest Burden Percent		 91.54% 93.34% 91.66% 90.21% 93.42% 93.09% 93.58% 93.85% 96.97%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -41.77% -49.47% -51.41% -33.43% -48.25% -45.95% -31.18% -22.64% -44.83%
ROIC Less NNEP Spread (ROIC-NNEP)		 -39.61% -44.10% -50.44% -32.24% -45.16% -43.67% -27.01% -19.08% -40.17%
Return on Net Nonoperating Assets (RNNOA)		 22.93% 25.31% 27.31% 16.71% 23.45% 22.23% 12.77% 8.15% 14.84%
Return on Equity (ROE)		 -18.84% -24.16% -24.09% -16.73% -24.81% -23.72% -18.41% -14.49% -29.99%
Cash Return on Invested Capital (CROIC)		 -47.33% -44.37% -43.62% -42.11% -43.82% -45.60% -39.56% -40.27% -59.14%
Operating Return on Assets (OROA)		 -21.57% -30.47% -24.60% -17.74% -27.75% -25.02% -19.98% -16.18% -33.25%
Return on Assets (ROA)		 -20.05% -28.50% -22.81% -16.30% -26.34% -23.73% -19.95% -15.42% -30.10%
Return on Common Equity (ROCE)		 -18.52% -23.72% -23.65% -16.42% -24.39% -23.34% -18.11% -14.24% -29.48%
Return on Equity Simple (ROE_SIMPLE)		 -32.62% 0.00% -35.41% 0.00% 0.00% 0.00% -30.46% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -15 -17 -18 -12 -15 -13 -12 -8.98 -14
NOPAT Margin		 -81.12% -89.67% -90.98% -55.45% -76.15% -70.41% -45.57% -32.39% -67.66%
Net Nonoperating Expense Percent (NNEP)		 -2.16% -5.36% -0.97% -1.19% -3.10% -2.28% -4.17% -3.57% -4.66%
Return On Investment Capital (ROIC_SIMPLE)		 - -6.37% -6.82% -4.95% -6.14% -5.77% -5.32% -4.20% -6.55%
Cost of Revenue to Revenue		 0.80% 0.95% 0.15% 1.15% 0.38% 1.70% 0.76% 0.56% 1.35%
SG&A Expenses to Revenue		 45.88% 59.12% 53.73% 30.35% 39.01% 38.30% 35.32% 28.89% 55.90%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 215.09% 227.15% 229.83% 178.07% 208.40% 198.89% 164.35% 145.71% 195.30%
Earnings before Interest and Taxes (EBIT)		 -20 -28 -20 -15 -20 -17 -16 -13 -20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -18 -26 -18 -13 -17 -15 -15 -12 -19
Valuation Ratios		 - - - - - - - - -
Price to Book Value (P/BV)		 1.26 2.28 1.37 1.08 1.02 0.77 0.50 1.17 1.13
Price to Tangible Book Value (P/TBV)		 2.45 4.50 2.81 2.25 2.23 1.77 1.21 3.15 5.18
Price to Revenue (P/Rev)		 5.24 8.61 4.71 3.34 3.01 2.17 1.24 2.58 2.47
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.57 3.75 1.75 1.15 1.04 0.57 0.13 1.26 1.17
Enterprise Value to Revenue (EV/Rev)		 3.00 6.59 2.99 1.86 1.61 0.87 0.19 1.83 1.99
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.06
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05
Financial Leverage		 -0.58 -0.57 -0.54 -0.52 -0.52 -0.51 -0.47 -0.43 -0.37
Leverage Ratio		 1.10 1.14 1.12 1.12 1.13 1.16 1.16 1.16 1.19
Compound Leverage Factor		 1.01 1.06 1.03 1.01 1.06 1.08 1.08 1.09 1.15
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.49% 5.96%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.65%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.49% 4.30%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.79% 1.83% 1.73% 1.64% 1.58% 1.39% 1.51% 1.74% 1.71%
Common Equity to Total Capital		 98.21% 98.17% 98.27% 98.37% 98.43% 98.61% 98.49% 93.77% 92.33%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.16 -0.22
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.23 0.81
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.16 -0.16
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.20 -0.27
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.50 1.02
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.20 -0.20
Altman Z-Score		 6.08 7.72 4.06 3.44 2.59 1.49 0.44 2.05 1.17
Noncontrolling Interest Sharing Ratio		 1.72% 1.85% 1.85% 1.82% 1.69% 1.63% 1.63% 1.72% 1.69%
Liquidity Ratios		 - - - - - - - - -
Current Ratio		 8.23 6.74 6.16 6.55 5.37 4.74 5.01 3.98 2.55
Quick Ratio		 7.68 6.15 5.60 5.98 4.96 4.37 4.57 3.53 2.24
Cash Flow Metrics		 - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -11 -9.23 -8.87 -5.62 -8.23 -11 -9.29 -13 -49
Operating Cash Flow to CapEx		 -25,335.71% -1,587.44% -3,093.75% -5,404.87% -3,368.21% -3,185.48% -25,162.75% -7,772.00% -24,157.45%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - -
Asset Turnover		 0.20 0.21 0.23 0.26 0.27 0.28 0.31 0.34 0.35
Accounts Receivable Turnover		 19.54 18.35 16.65 17.19 18.08 18.08 14.97 14.37 14.25
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 229.48 10.59 29.95 36.52 41.81 19.56 25.46 32.74 40.61
Accounts Payable Turnover		 0.03 0.04 0.04 0.07 0.06 0.07 0.07 0.08 0.10
Days Sales Outstanding (DSO)		 18.68 19.89 21.92 21.23 20.19 20.18 24.38 25.40 25.61
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 10,468.57 8,430.57 8,889.94 5,195.31 6,411.20 5,129.22 5,068.57 4,459.10 3,843.25
Cash Conversion Cycle (CCC)		 -10,449.89 -8,410.67 -8,868.02 -5,174.07 -6,391.02 -5,109.04 -5,044.19 -4,433.70 -3,817.64
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 129 123 126 128 123 120 124 132 158
Invested Capital Turnover		 0.51 0.55 0.57 0.60 0.63 0.65 0.68 0.70 0.66
Increase / (Decrease) in Invested Capital		 -4.26 -7.86 -8.64 -6.73 -6.40 -2.15 -2.24 4.10 35
Enterprise Value (EV)		 202 460 220 147 128 69 16 166 185
Market Capitalization		 354 601 346 264 240 172 106 235 230
Book Value per Share		 $1.61 $1.50 $1.40 $1.36 $1.28 $1.21 $1.13 $16.27 $14.90
Tangible Book Value per Share		 $0.83 $0.76 $0.69 $0.65 $0.59 $0.53 $0.46 $6.04 $3.26
Total Capital		 286 268 257 249 238 227 217 214 219
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.60 13
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.60 9.44
Net Debt		 -156 -146 -131 -122 -116 -106 -93 -72 -49
Capital Expenditures (CapEx)		 0.01 0.41 0.40 0.27 0.17 0.25 0.05 0.10 0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -6.68 -6.89 -6.17 -5.46 -10 -12 -7.13 -7.00 -11
Debt-free Net Working Capital (DFNWC)		 150 139 125 116 105 94 86 75 51
Net Working Capital (NWC)		 150 139 125 116 105 94 86 75 48
Net Nonoperating Expense (NNE)		 3.90 9.14 1.49 1.68 4.21 2.88 4.67 3.45 3.83
Net Nonoperating Obligations (NNO)		 -156 -146 -131 -122 -116 -106 -93 -72 -49
Total Depreciation and Amortization (D&A)		 2.46 2.53 2.46 2.44 2.42 1.99 1.55 1.26 1.32
Debt-free, Cash-free Net Working Capital to Revenue		 -9.88% -9.87% -8.38% -6.89% -12.84% -15.42% -8.35% -7.71% -11.42%
Debt-free Net Working Capital to Revenue		 221.57% 198.93% 169.21% 146.70% 131.97% 118.52% 100.69% 82.39% 55.14%
Net Working Capital to Revenue		 221.57% 198.93% 169.21% 146.70% 131.97% 118.52% 100.69% 82.39% 51.23%
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.11) ($0.15) ($1.50) ($1.20) ($1.50) ($0.08) ($1.29) ($1.01) ($1.37)
Adjusted Weighted Average Basic Shares Outstanding		 173.96M 173.40M 11.99M 12.18M 12.28M 183.16M 12.53M 12.47M 13.34M
Adjusted Diluted Earnings per Share		 ($0.11) ($0.15) ($1.50) ($1.20) ($1.50) ($0.08) ($1.29) ($1.01) ($1.37)
Adjusted Weighted Average Diluted Shares Outstanding		 173.96M 173.40M 11.99M 12.18M 12.28M 183.16M 12.53M 12.47M 13.34M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 175.27M 179.50M 12.07M 12.21M 12.33M 188.14M 12.33M 13.60M 13.76M
Normalized Net Operating Profit after Tax (NOPAT)		 -15 -17 -18 -12 -15 -13 -12 -7.59 -14
Normalized NOPAT Margin		 -81.12% -89.67% -90.98% -55.45% -76.15% -70.41% -45.57% -27.37% -66.82%
Pre Tax Income Margin		 -100.55% -137.37% -97.59% -61.85% -96.51% -84.30% -60.02% -44.16% -91.75%
Debt Service Ratios		 - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Forge Global’s latest quarter shows a business that is still generating solid revenue, but it remains deeply unprofitable and is burning through cash. In Q3 2025, revenue came in at $21.3 million, up from $19.2 million in Q3 2024 and $18.6 million in Q3 2023. However, losses remain substantial, and operating cash flow was negative again. The company ended the quarter with a much smaller cash balance than earlier in the year, though it still has a large cash and investment position overall.

  • Revenue is trending higher year over year. Q3 2025 revenue of $21.3 million was up from $19.2 million in Q3 2024 and $18.6 million in Q3 2023.
  • Gross profit remained strong. Q3 2025 gross profit was $21.0 million, reflecting very low cost of revenue relative to sales.
  • Interest and investment income helped offset losses. The company generated $609,000 of interest and investment income in Q3 2025, plus $434,000 of other income.
  • Liquidity remains supported by investments and cash. At Sept. 30, 2025, Forge reported $32.3 million in cash and equivalents, $1.15 million in restricted cash, and $28.4 million in short-term investments.
  • Leverage appears manageable on the face of the balance sheet. Total liabilities of $45.6 million were well below total assets of $252.0 million.
  • Operating losses improved sequentially from Q2 2025, but remain large. Q3 2025 operating loss was $20.5 million versus $12.8 million in Q2 2025; however, the year-over-year comparison still shows an unprofitable business model.
  • Cash flow from investments was less negative than operating cash flow. The company used $10.6 million in investing cash in Q3 2025, mainly from purchases and sales of investments, while operating cash flow was a larger drain.
  • Shareholders’ equity is still positive. Total equity and noncontrolling interests stood at $206.4 million in Q3 2025, which gives the company a cushion despite ongoing losses.
  • Forge continued to burn cash from operations. Q3 2025 operating cash flow was negative $11.4 million, following negative $7.8 million in Q2 2025 and negative $12.8 million in Q1 2025.
  • Net losses remain substantial. Q3 2025 net loss was $18.2 million, and the company has posted similar losses in each quarter shown across the last several years.
  • Cash declined sharply in the quarter. Cash and equivalents fell from $54.3 million in Q2 2025 to $32.3 million in Q3 2025, driven by a $22.0 million net decrease in cash and equivalents.
  • Recent quarters show persistent operating pressure. Operating income was negative in every quarter provided, ranging from a loss of $12.8 million to $25.0 million over the last six reported quarters.
  • Retained earnings remain deeply negative. As of Q3 2025, retained earnings were negative $393.9 million, underscoring the company’s long history of cumulative losses.

Bottom line: Forge Global is still growing revenue, and its balance sheet currently supports continued operations, but profitability has not yet improved enough to stop cash burn. Investors should focus on whether management can narrow operating losses and stabilize cash usage before the cash balance starts to become a bigger concern.

07/05/26 03:05 PM ETAI Generated. May Contain Errors.

Forge Global Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Forge Global's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Forge Global's net income appears to be on an upward trend, with a most recent value of -$67.84 million in 2024, rising from -$9.71 million in 2020. The previous period was -$91.55 million in 2023. Check out Forge Global's forecast to explore projected trends and price targets.

Forge Global's total operating income in 2024 was -$82.26 million, based on the following breakdown:
  • Total Gross Profit: $78.66 million
  • Total Operating Expenses: $160.92 million

Over the last 4 years, Forge Global's total revenue changed from $51.64 million in 2020 to $79.33 million in 2024, a change of 53.6%.

Forge Global's total liabilities were at $36.76 million at the end of 2024, a 13.1% decrease from 2023, and a 33.7% decrease since 2020.

In the past 4 years, Forge Global's cash and equivalents has ranged from $1.67 million in 2020 to $193.14 million in 2022, and is currently $105.14 million as of their latest financial filing in 2024.

Over the last 4 years, Forge Global's book value per share changed from -1.42 in 2020 to 1.21 in 2024, a change of -184.9%.


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Financial statements for NYSE:FRGE last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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