Forge Global Holdings Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Forge Global Holdings Inc (FRGE) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Forge Global Holdings Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 90M vs 3,031M combined for tracked competitors (2.9% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-5.6% annualized vs trailing 12 months), vs accelerating (+3.3%) for its tracked peer group.
- Growth: Forge Global Holdings Inc generated 3.6% revenue growth year over year in Q3 2025, vs 4.6% for its tracked competitors combined.
- Profitability: Its -85.7% net margin compares with 37.9% for the peer group.
- Peer revenue share: Forge Global Holdings Inc accounted for 2.7% of combined revenue among its tracked peer group, down from 2.7% a year earlier.
- Peer differentiation: Revenue per employee of $0.26M compares with $1.89M for the peer group (0.1x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
FRGE Sales vs. its Competitors, Q3 2025
Forge Global Holdings Inc reported revenue growth of 3.59 % year on year in Q3 2025, below its competitors' combined revenue growth of 4.55 %.
With a net margin of -85.65 %, Forge Global Holdings Inc reported lower profitability than its competitors (37.94 %).
Forge Global Holdings Inc generated 2.65 % of the combined sales of its peer group, down from 2.67 % a year earlier.
Forge Global Holdings Inc vs. its Competitors, Q3 2025
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Forge Global Holdings Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Forge Global Holdings Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (1) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Forge Global Holdings Inc's competitor groups requires a Commercial License.
For context: the Investment Services industry grew revenue -2.0% year over year, combined, vs 3.6% for Forge Global Holdings Inc. Forge Global Holdings Inc's share of combined industry revenue moved from 0.01% to 0.01%, a gain of 0.00 percentage points.
Forge Global Holdings Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Forge Global Holdings Inc | No | Yes | No | No |
| Competitors combined (1) | ||||
| Similar Growth & Profitability (8) | 25.00 % (2 of 8) | 75.00 % (6 of 8) | 50.00 % (4 of 8) | 42.90 % (3 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
FRGE Stock Performance relative to its Competitors
FRGE Stock Performance relative to Similar Growth & Profitability Competitors
Forge Global Holdings Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Forge Global Holdings Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Forge Global Holdings Inc | 600.34 | 90.08 |
| Equity Residential | 24,437.67 | 3,030.82 |
| SUBTOTAL | 25,038.02 | 3,120.90 |
Sources: Forge Global Holdings Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Forge Global Holdings Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Forge Global Holdings Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Equity Residential | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Forge Global Holdings Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Forge Global Holdings Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Forge Global Holdings Inc | 600 | 261,107 | -182,064 |
| Equity Residential | 24,438 | 1,894,260 | 562,004 |
| PEERS TOTAL | 24,438 | 1,894,260 | 562,004 |
Forge Global Holdings Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Forge Global Holdings Inc | Non-US 10.35 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Forge Global Holdings Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 88 companies in Forge Global Holdings Inc's industry classification, broader than the peer set above. Market cap in millions of $.Forge Global Holdings Inc ranks #0 of 88 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 607, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Morgan Stanley | 305,186 | 13.29 % |
| 2 | The Goldman Sachs Group Inc | 282,278 | 12.29 % |
| 3 | Blackrock Inc | 177,737 | 7.74 % |
| 4 | Schwab Charles Corp | 171,118 | 7.45 % |
| 5 | Futu Holdings Ltd | 1,234 | 5.2% |
| 6 | Robinhood Markets Inc | 1,234 | 5.2% |
| 7 | Cme Group Inc | 1,234 | 5.2% |
| 8 | Blackstone Inc | 1,234 | 5.2% |
| 9 | Kkr and co inc | 1,234 | 5.2% |
| 10 | Intercontinental Exchange Inc | 1,234 | 5.2% |
| 0 | Forge Global Holdings Inc | 600 | 0.00 % |
Market cap and industry share for the rest of Forge Global Holdings Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-02-27.
Forge Global Holdings Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Investment Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (78 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 102.05 % | 61.67 % (avg) | +40.4 pp |
| Operating Margin | -45.51 % | industry median | -81.7 pp |
| EBITDA Margin | -62.15 % | 19.52 % (avg) | -81.7 pp |
| Capital Intensity (Capex / Revenue) | 0.50 % | 2.93 % (avg) | -2.4 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Forge Global Holdings Inc's Valuation vs Competitive Position
Valuation multiples vs the Investment Services industry average (78 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 23.9x | - |
| EV / EBITDA | - | 12.8x | - |
| P/B | 1.2x | 3.0x | -1.9x |
| Return on Equity | -29.41 % | industry aggregate | -43.98 % |
| Return on Invested Capital | -9.20 % | 8.46 % (avg) | -17.66 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Forge Global Holdings Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue Growth | - | - | - | -22.60 % | 13.62 % |
| Operating Margin | - | - | -150.40 % | -77.21 % | -68.97 % |
| Return on Invested Capital | - | -1.83 % | -20.27 % | -9.00 % | -10.85 % |
| P/E | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Forge Global Holdings Inc's Strategic Group Map
Every company in Forge Global Holdings Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Forge Global Holdings Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Forge Global Holdings Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 607 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.50 % vs industry average 2.93 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Forge Global Holdings Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Forge Global Holdings Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Forge Global Holdings Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Forge Global Holdings Inc falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Forge Global Holdings Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Operating margin 81.7 points below the industry median.
- Return on equity 44.0 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-5.6% annualized vs trailing 12 months).
Opportunities
- A meaningful share of tracked competitors (100.00 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Forge Global Holdings Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Forge Global Holdings Inc | 2.56 | 3.95 | - |
| Equity Residential | 0.08 | 0.08 | 0.42 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Forge Global Holdings Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Forge Global Holdings Inc | Q3 2025 | +3.6 % | - |
| Equity Residential | Q2 2026 | -10.7 % | -40.8 % |
| PEERS TOTAL | -10.3 % | -44.7 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Forge Global Holdings Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Forge Global Holdings Inc | Q3 2025 | +294.5 % | -72.8 % |
| Equity Residential | Q2 2026 | +4.8 % | -80.8 % |
Forge Global Holdings Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Forge Global Holdings Inc | - | - | - |
| Equity Residential | 4.35% | 3.91% | 8.16% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Forge Global Holdings Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Forge Global Holdings Inc | - | 6.66 |
| Equity Residential | 27.68 | 8.06 |
| PEERS AVERAGE | 29.94 | 8.02 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.