FORG — Stock Film
STOCK FILMSCENE 1/12FORG · $23.21
Stock Expert AI presents
FORG
ForgeRock, Inc
~5 min film100% real numbersplain English
WHAT DOES THIS COMPANY DO?
ForgeRock, Inc. What it actually does.

Provides a digital identity platform to secure, manage, and govern identities globally. Now — the numbers.

on the stock market since 2021
923 employees
$2B market value
WHERE DOES THE MONEY COME FROM?
39%License and Maintenance
License and MaintenanceSubscription Term Licenses 29%Multi-Year Term License 17%One-Year Term License 11%Professional Services 4%Other <1%
39% of all revenue comes from a single line: License and Maintenance.

Revenue is spread across several lines; no single product carries the company.

Revenue last year:
$217.5M
The loss that same year:
$66.3M
For every $1 it earns, the company spends $1.3.

The company is still in the product-building phase: its spending runs above its sales. That only changes once the product starts selling at scale.

THE SALES TREND
Sales are growing, year after year.

Average growth of 28% a year over the last 3 years. Red columns mark years that ended in a loss.

$104.5M
2019
2020
2021
$217.5M
2022
In the vault right now:
$336.1M
DEBT: $50.7M
At this pace, that money lasts about 5.1 years.

At this burn rate the cash pile isn’t the pressing question — for now, time is on the company’s side.

THE PRICE TAG
MARKET VALUE / ANNUAL SALES

This company is not turning a profit, so the market is pricing its sales instead: for every dollar of annual revenue.

Analysts' average target sits 12% below today's price.

THE COUNCIL REVIEW
9

angles, checked one by one.

The 2 that stand out are on screen; the rest came back neutral.

The council scores out of 10; report-card grades are out of 100.

WEAK SPOTS
The stock has lost its spark0/10
Costs eat into the margin4/10
WORTH WATCHING

Cost Efficiency: As sales grow, profit fails to keep the same pace.

THE FIVE-YEAR JOURNEY
Below the peak, but no collapse.

The stock trades 51% below its peak. The market has trimmed its expectations for the company.

1
THE BRIGHT SIDE · 1/3
Sales keep climbing

Over the last 3 years, sales grew about 28% a year on average.

2
THE BRIGHT SIDE · 2/3
The product is selling

Sales run at $217.5M a year. A small number, but proof the product has real buyers.

3
THE BRIGHT SIDE · 3/3
Strong cash, light debt

There is $336.1M in the vault; even if every debt were paid off, $285.3M would remain.

1
THE RISKS · 1/2
Small sales, big loss

A loss of $66.3M against $217.5M in annual sales.

2
THE RISKS · 2/2
The price sits above analysts’ target

The stock trades 12% above the average analyst price target.

FINALE · THE GRADE
grade pending

We don’t have a report card for this stock yet — the data isn’t mature enough to grade. No grade is information too: it means the evidence is thin.

One-line summary: few numbers, an untested story. Keep watching.

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This was a film — not investment advice.
Data: FMP & company filings
Sep 11, 2026 · stockexpertai.com · Stock Film