Forge Global Holdings, Inc.
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SEC XBRL · annual| FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|
| Revenue | $79.3M | $69.8M | $69.4M | $128.1M | $51.6M |
| Operating income | −$82.3M | −$91.4M | −$135.0M | −$9.8M | −$7.6M |
| Net income | −$66.3M | −$90.2M | −$111.9M | −$18.5M | −$9.7M |
| Total assets | $263.5M | $310.7M | $363.7M | $257.9M | $416.3M |
| Total liabilities | $36.8M | $42.3M | $38.3M | $64.5M | $55.4M |
| Equity | $223.6M | $263.5M | $319.4M | −$52.6M | $0 |
| EPS (diluted) | $-0.36 | $-0.52 | $-0.80 | $-0.34 | $-0.26 |
| Shares out. | 179.5M | 172.6M | 172.6M | 63.1M | 37.3M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2024- Operating margin
- −103.7%
- Net margin
- −83.6%
- Return on equity
- −29.7%
- Return on assets
- −25.2%
- Return on capital (ROCE)
- −34.5%
- Liabilities / assets
- 14.0%
- Debt / equity
- 0.16×
- Book value / share
- $1.25
- Revenue growth (YoY)
- 13.6%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2024- Altman Z″ (distress)
- 2.34grey zone
- Accruals / assets
- −9.8%clean
- Beneish M-Score
- -2.72normal
- Piotroski F-Score
- 4/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 severe● 4 warning● 3 good- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Negative operating cash flow
- Altman Z″ in the grey zone
- Revenue is growing year-over-year
- Conservative leverage (liabilities < 50% of assets)
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 18, 2021
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Glazer Capital, LlcPassive (13G)Mar 5, 2026
- Blackrock, Inc.Passive (13G)Jan 21, 2026
- Kostka LlcPassive (13G)Dec 4, 2025
- Motive Capital Fund I-A, LpActivist (13D)Nov 7, 2025
- Deutsche Borse AgActivist (13D)Nov 6, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Nevin JamesOfficer — Chief Financial Officer | Mar 2, 2026 | D | 20,647 | $45.00 |
| Rodriques KellyOfficer — Chief Executive Officer | Mar 2, 2026 | D | 355,736 | $45.00 |
| Vogel Kimberley HDirector | Mar 2, 2026 | D | 24,288 | $45.00 |
| Mcdonald Brian ThomasDirector | Mar 2, 2026 | D | 16,782 | $45.00 |
| Kumar AshwinDirector | Mar 2, 2026 | D | 25,590 | $45.00 |
| Hirji Asiff SDirector | Mar 2, 2026 | D | 57,837 | $45.00 |
| Dondzila Catherine MOfficer — Chief Accounting Officer | Mar 2, 2026 | D | 23,252 | $45.00 |
| Chrapaty Debra J.Director | Mar 2, 2026 | D | 32,450 | $45.00 |
| Leibowitz Lawrence EDirector | Mar 2, 2026 | D | 27,588 | $45.00 |
| Rodriques KellyOfficer — Chief Executive Officer | Feb 20, 2026 | Tax withholding | 1,347 | $0.00 |
| Nevin JamesOfficer — Chief Financial Officer | Feb 20, 2026 | Tax withholding | 133 | $0.00 |
| Dondzila Catherine MOfficer — Chief Accounting Officer | Feb 20, 2026 | Tax withholding | 755 | $0.00 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| Feb 27, 2026 | 792,136 | 2.3 | +3.4% |
| Feb 13, 2026 | 765,982 | 3.6 | +33.5% |
| Jan 30, 2026 | 573,763 | 5.3 | +8.2% |
| Jan 15, 2026 | 530,260 | 2.8 | -3.8% |
| Dec 31, 2025 | 551,118 | 2.2 | +9.4% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Completed an acquisition or disposition · Delisting / listing-standard notice · Modified shareholder rights · Change in control · Director / officer change · Amended charter or bylawsMar 2, 2026
- Shareholder voteJan 23, 2026
- Other material eventJan 14, 2026
- Director / officer changeDec 29, 2025
- Results of operationsNov 13, 2025
- Entered a material agreementNov 6, 2025
- Entered a material agreement · New financial obligationOct 21, 2025
- Director / officer changeSep 24, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.