ForgeRock, Inc.

NYSE:FORG Voorraadrapport

Marktkapitalisatie: US$2.1b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

ForgeRock Balans Gezondheid

Financiële gezondheid criteriumcontroles 4/6

ForgeRock heeft een totaal eigen vermogen van $288.9M en een totale schuld van $39.7M, wat de schuld-eigenvermogensverhouding op 13.7% brengt. De totale activa en totale passiva bedragen respectievelijk $458.7M en $169.8M.

Belangrijke informatie

13.73%

Verhouding schuld/eigen vermogen

US$39.68m

Schuld

Rente dekkingsration/a
ContantUS$321.71m
AandelenUS$288.91m
Totaal verplichtingenUS$169.81m
Totaal activaUS$458.72m

Recente financiële gezondheidsupdates

Geen updates

Recent updates

Seeking Alpha • Jan 12

ForgeRock falls as shareholders approve sale to Thoma Bravo

ForgeRock (NYSE:FORG) fell 2.6% as shareholders voted to approve the planned sale to Thoma Bravo. ForgeRock (FORG) holders vote to approve the deal at a 12pm holder vote, according to an trader who listened to a broadcast of the meeting. ForgeRock (FORG) investors are likely disappointed that  an unidentified strategic bidder that was considering an offer for the company didn't make a bid for the identification-verification software before the vote. ForgeRock disclosed last month that an unidentified strategic buyer, identified as "Party E," was considering making an offer for the company. Investors are worried after ForgeRock said last month that it received request for more information from the Dept. of Justice in regards to its $23.25 a share planned sale to Thoma Bravo. There's concern that DOJ may try to block the deal due to potential concentration in the identity management sector. The Thoma Bravo deal for ForgeRock (FORG) followed the private equity firm agreeing to buy Ping Identity for $2.8 billion in August and SailPoint Technologies for $6.9 billion in April.
Seeking Alpha • Dec 22

ForgeRock falls after DOJ request for more information on Thoma Bravo deal

ForgeRock (NYSE:FORG) dropped 1% in after hours trading after disclosing it received a request for more information from the Dept. of Justice in regards to its planned sale to Thoma Bravo. ForgeRock (FORG) and Thoma Bravo each received a "second request" from the DOJ on Thursday, according to an 8-K filing. The parties expect to promptly respond to the second request and to continue working cooperatively with the DOJ. The second request comes after Thoma Bravo pulled and refiled its ForgeRock (FORG) merger notice with U.S. antitrust regulators last month to give the Dept. of Justice more time to review the combination. Investors have had concerns that the company's $2.3 billion sale to Thoma Bravo may see an in-depth antitrust review due to concentration in the identity management sector. The Thoma Bravo deal for ForgeRock (FORG) comes after the private equity firm agreed to buy Ping Identity for $2.8 billion in August and SailPoint Technologies for $6.9 billion in April. Earlier this month ForgeRock (FORG) disclosed that an unidentified strategic buyer was recently considering making an offer for maker of identification-verification software. A Morgan Stanley analyst late last month argued that the Thoma Bravo deal is likely to close in the 1H of next year as the antitrust concerns may be overblown. The MS analyst highlighted that Microsoft (MSFT) and Okta (OKTA) have become more competitive in the large enterprise segment.
Seeking Alpha • Dec 08

ForgeRock jumps after disclosing another potential bidder in filing

ForgeRock (NYSE:FORG) rose 7% in after hours trading after a filing indicated that an unidentified strategic buyer was recently considering making an offer for maker of identification-verification sofware. On Nov. 30, a representative for Strategic E notified a representative of ForgeRock that the party was considering making a proposal for the company, according to a proxy filing. ForgeRock (FORG) hasn't received any further communications from Strategic E. Thoma Bravo agreed to acquire ForgeRock (FORG) for $23.25 per share in cash in October. Developing story ...
Seeking Alpha • Oct 11

Thoma Bravo acquires ForgeRock for $23.25 per share in cash

ForgeRock (NYSE:FORG) to be acquired by Thoma Bravo, a software investment firm, for $23.25 per share, in an all-cash transaction valued at approximately $2.3B. The offer represents a premium of approximately 53% over company’s closing share price on October 10, 2022 and a premium of approximately 44% over the volume weighted average price of stock for the 30 days ending October 10, 2022. The transaction is expected to close in the first half of 2023. Upon closing, ForgeRock’s common stock will no longer be publicly listed and ForgeRock will become a privately held company. “We are pleased to partner with Thoma Bravo to build on the strength of our comprehensive platform,” said Fran Rosch, ForgeRock’s Chief Executive Officer. “The transaction offers a unique opportunity to create value for all of our stakeholders and is a clear validation of our team’s outstanding work and the start of an exciting new chapter for ForgeRock, our customers, and our partner ecosystem. We are confident that Thoma Bravo’s resources and insights will help us continue to drive innovation in our platform and deliver even more value for customers.” ForgeRock to release its Q3 results on November 9, 2022. FORG shares up 3% PM.
Seeking Alpha • Sep 02

ForgeRock Faces Revenue Growth And Foreign Exchange Headwinds

Summary ForgeRock went public in September 2021, raising approximately $275 million in a U.S. IPO. The firm provides IT identity access software and services to organizations worldwide. FORG has produced tepid revenue growth and increasing operating losses; the company also faces slowing sales cycles and foreign exchange headwinds. I'm on Hold for FORG in the near term. A Quick Take On ForgeRock ForgeRock (FORG) went public in September 2021, raising approximately $275 million in gross proceeds from an IPO that was priced at $25.00 per share. The firm provides digital identity as a service software for organizations globally. For the near term, I'm on Hold for FORG due to its ongoing transition to SaaS, slowing sales cycles, foreign exchange challenges and increasing operating losses. ForgeRock Overview San Francisco, California-based ForgeRock was founded to develop a digital identity management platform for various identity types and cloud deployments. Management is headed by President and CEO, Francis Rosch, who has been with the firm since June 2018 and was previously EVP at Symantec. The company's primary offerings by identity type include: Consumer Workforce IoT & Services The firm pursues client relationships with medium and large enterprises via its direct sales and marketing efforts. FORG's platform can support over 200 million access transactions per hour, securing thousands of applications across types, operating environments and deployments, whether in public, private, hybrid cloud or on-premises infrastructures. ForgeRock's Market & Competition According to a 2020 market research report by Grand View Research, the global identity as a service (IDaaS) market was an estimated $3.34 billion in 2019 and is forecast to reach $16 billion by 2027. This represents a forecasted very strong CAGR of 22.0% from 2020 to 2027. The main drivers for this expected growth are an increasing number of regulatory mandates and growing complexity of environments with multiple stakeholders and user types using their own devices (BYOD). Also, an increasing number of employees working remotely is putting further demand on services that safely and efficiently secure this type of access. Below is a chart showing the historical and projected future U.S. IDaaS market size: U.S. Identity As A Service Market (Grand View Research) Major competitive or other industry participants include: CA Technologies Okta SailPoint IBM Oracle CyberArk Ping Identity OneLogin Auth0 Centrify Homegrown, in-house solutions ForgeRock's Recent Financial Performance Total revenue by quarter has grown slightly over the past 5 quarters: 5 Quarter Total Revenue (Seeking Alpha) Gross profit by quarter has plateaued in recent quarters as well: 5 Quarter Gross Profit (Seeking Alpha) Selling, G&A expenses as a percentage of total revenue by quarter have been trending higher in recent reporting periods: 5 Quarter Selling, G&A % Of Revenue (Seeking Alpha) Operating losses by quarter have worsened markedly in recent quarters, as the chart shows below: 5 Quarter Operating Income (Seeking Alpha) Earnings per share (Diluted) have remained negative over the past five quarters: 5 Quarter Earnings Per Share (Seeking Alpha) (All data in above charts is GAAP) In the past 12 months, FORG's stock price has fallen 60.4% vs. the U.S. S&P 500 Index's drop of around 11.5%, as the chart below indicates: 52 Week Stock Price (Seeking Alpha) Valuation And Other Metrics For ForgeRock Below is a table of relevant capitalization and valuation figures for the company: Measure [TTM] Amount Enterprise Value/Sales 6.21 Revenue Growth Rate 19.6% Net Income Margin -35.4% GAAP EBITDA % -29.8% Market Capitalization $1,460,000,000 Enterprise Value $1,170,000,000 Operating Cash Flow -$32,190,000 Earnings Per Share (Fully Diluted) -$1.05 (Source - Seeking Alpha) As a reference, a relevant partial public comparable would be Ping Identity (PING); shown below is a comparison of their primary valuation metrics: Metric Ping Identity ForgeRock Variance Enterprise Value/Sales 8.17 6.21 -24.0% Revenue Growth Rate 13.8% 19.6% 42.8% Net Income Margin -34.3% -35.4% 3.3% Operating Cash Flow -$5,990,000 -$32,190,000 437.4% (Source - Seeking Alpha) A full comparison of the two companies' performance metrics may be viewed here. The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory. FORG's most recent GAAP Rule of 40 calculation was negative (10.2%) as of Q2 2022, so the firm needs significant improvement in this regard, per the table below: Rule of 40 - GAAP Calculation Recent Rev. Growth % 19.6% GAAP EBITDA % -29.8% Total -10.2% (Source - Seeking Alpha) Commentary On ForgeRock In its last earnings call (Source - Seeking Alpha), covering Q2 2022's results, management highlighted the company's revenue growth but also noted the lengthening sales cycles for the larger deals in its pipeline. This slowdown meant FORG produced ARR (Annual Recurring Revenue) of $1.4 million below the bottom end of its previous guidance. Also, the company saw a greater foreign exchange impact as the US dollar rose against the British Pound and the Euro. Management expects the macroeconomic environment to produce greater IT budget scrutiny, likely hampering the company's revenue growth trajectory. Notably, 83% of the company's revenue is from customers managing their own systems, 17% from SaaS. However, management has a goal of increasing its SaaS mix from 17% to around 25% by the end of 2022.
Seeking Alpha • Aug 22

ForgeRock announces strategic partnership with Secret Double Octopus

ForgeRock (NYSE:FORG) said Monday that it entered in a strategic partnership with Secret Double Octopus to extend ForgeRock’s rich passwordless and multi-factor authentication capabilities to enterprise workstations and infrastructure. The new solution, named ForgeRock Enterprise Connect, integrates seamlessly with any ForgeRock deployment option, giving enterprises the ability to achieve enhanced security for workstations, databases, VPNs, and servers. The new solution will be demonstrated this week at the Gartner IAM Summit in Las Vegas in ForgeRock’s booth. The ForgeRock Enterprise Connect will be available exclusively from ForgeRock.
Seeking Alpha • Aug 12

ForgeRock stock slides on guidance cut

ForgeRock (NYSE:FORG) shares dipped 18% on Friday in response to the firm's second quarter results and lowered guidance for full-year. The software firm incurred adj. net loss of $14.5M, or -$0.17 per share, compared to -$8.3M in the second quarter of 2021. Total revenue grew 8% Y/Y to $47.7M, with subscription SaaS, support & maintenance revenue up 46% Y/Y. ARR surged 30% Y/Y, but was below the low end of the company's expectations. ARR results were impacted primarily by unexpected lengthening of sales cycles for larger enterprise deals and significant FX headwinds. The company revised its annual ARR guidance to factor in greater impact from longer sales cycles. It now expects total ARR of $225M to $232M (prior outlook: $240M to $243M) for full year 2022, total revenue of $206M to $212M vs. $212.18M consensus and adj. net loss per share of $0.49 to $0.44 vs. -$0.43 consensus. Total revenue was previously seen at $212M to $215M, while adj. net loss per share was seen at $0.45 to $0.41.
Analyseartikel • Jun 19

Is ForgeRock, Inc. (NYSE:FORG) Trading At A 33% Discount?

Today we will run through one way of estimating the intrinsic value of ForgeRock, Inc. ( NYSE:FORG ) by taking the...
Seeking Alpha • Jun 09

A First Look At ForgeRock

Today, we take our first look at a fast-growing SaaS centric concern in the Identity and Access Management space called ForgeRock. Like most tech concerns that came public in 2021, the shares are deep in Busted IPO territory despite impressive revenue growth. A full investment analysis follows in the paragraphs below.
Seeking Alpha • Mar 25

ForgeRock: Cash Burn Makes This Investment Not Worth It

ForgeRock manages and secures the identities of consumers, workers, partners, and others through a digital identity platform. ForgeRock seems to have a robust customer portfolio and solid ratings, however it’s doesn’t have that special unique feature that differentiates it from the competitors. The company has a large cash burn and I don’t really detect a significant, unique competitive advantage. Due to its current valuation, I am not buying this stock right now. I’d either wait for the stock to decrease in price, or for the EBITDA margin to get closer to 0, which I expect will take a while.
Seeking Alpha • Dec 09

ForgeRock: After A 50% Drop, It's Now Trading At Fair Value

ForgeRock has a promising product proposition that could easily penetrate a large TAM market, but valuation is very generous. With a 30% revenue CAGR, the company is set to acquire a decent market share while working on profitability and cost management. With economies of scale improving, FORG is expected to book a profit by the end of 2024, as costs of sales and marketing slow down. The company is trading at fair value, with no buying opportunity over $27 per share.
Seeking Alpha • Sep 20

ForgeRock IPO Day With CEO Fran Rosch - Managing Digital Identity (Video)

Identity management platform ForgeRock went public last week in an IPO. CEO Fran Rosch joined us to discuss never having to log in again, producing growth during the pandemic, growing topline revenue while reducing operating losses. Digital identity as a massive and growing market, global estimates for consumer, workforce, and IoT and services identity $71 billion.

Analyse van de financiële positie

Kortlopende schulden: De korte termijn activa ( $421.1M ) FORG } overtreffen de korte termijn passiva ( $116.6M ).

Langlopende schulden: De kortetermijnactiva FORG ( $421.1M ) overtreffen de langetermijnschulden ( $53.3M ).

Schuld/ eigen vermogen geschiedenis en analyse

Schuldniveau: FORG heeft meer geld in kas dan de totale schuld.

Schuld verminderen: Er zijn onvoldoende gegevens om te bepalen of de schuld/eigen vermogen-ratio van FORG de afgelopen 5 jaar is gedaald.

Balans

Analyse van de cashflow

Voor bedrijven die in het verleden gemiddeld verliesgevend zijn geweest, beoordelen we of ze ten minste 1 jaar kasstroom hebben.

Stabiele cash runway: FORG heeft op basis van de huidige vrije kasstroom voldoende cash runway voor meer dan 3 jaar.

Voorspelling contante baan: Er zijn onvoldoende gegevens om te bepalen of FORG voldoende cash runway heeft als de vrije kasstroom blijft groeien of krimpen op basis van historische percentages.

Ontdek gezonde bedrijven

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Bedrijfsanalyse en status van financiële gegevens

GegevensLaatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse2023/08/24 19:06
Aandelenkoers aan het einde van de dag2023/08/22 00:00
Inkomsten2023/06/30
Jaarlijkse inkomsten2022/12/31

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

PakketGegevensTijdframeVoorbeeld Amerikaanse bron *
Financiële gegevens bedrijf10 jaar
  • Resultatenrekening
  • Kasstroomoverzicht
  • Balans
Consensus schattingen analisten+3 jaar
  • Financiële prognoses
  • Koersdoelen analisten
Marktprijzen30 jaar
  • Aandelenprijzen
  • Dividenden, splitsingen en acties
Eigendom10 jaar
  • Top aandeelhouders
  • Handel met voorkennis
Beheer10 jaar
  • Leiderschapsteam
  • Raad van bestuur
Belangrijkste ontwikkelingen10 jaar
  • Bedrijfsaankondigingen

* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina. We hebben ook handleidingen over hoe je onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

ForgeRock, Inc. wordt gevolgd door 11 analisten. 9 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

AnalistInstelling
Gray PowellBTIG
Thomas WalkleyCanaccord Genuity
Patrick Edwin ColvilleDeutsche Bank