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Side-by-side financial comparison of Forge Global Holdings, Inc. (FRGE) and Maison Solutions Inc. (MSS). Click either name above to swap in a different company.
Maison Solutions Inc. is the larger business by last-quarter revenue ($27.6M vs $21.3M, roughly 1.3× Forge Global Holdings, Inc.). Maison Solutions Inc. runs the higher net margin — -18.0% vs -85.7%, a 67.7% gap on every dollar of revenue. On growth, Forge Global Holdings, Inc. posted the faster year-over-year revenue change (10.6% vs -10.9%). Over the past eight quarters, Maison Solutions Inc.'s revenue compounded faster (42.5% CAGR vs 5.6%).
Bharat Forge Limited is an Indian multinational company involved in forging, automotives, energy, construction and mining, railways, marine, aerospace and defence industries.
Maison Solutions Inc.MSSEarnings & Financial Report
Maison Solutions Inc. is a specialty home goods retail company that provides a diverse portfolio of stylish, affordably priced furniture, home decor items, and daily household products. Its primary market is the Guangdong-Hong Kong-Macao Greater Bay Area in China, serving mass consumers through both offline physical stores and online e-commerce channels.
FRGE vs MSS — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $21.3M | $27.6M |
| Net Profit | $-18.2M | $-5.0M |
| Gross Margin | 98.6% | 23.4% |
| Operating Margin | -96.7% | -4.9% |
| Net Margin | -85.7% | -18.0% |
| Revenue YoY | 10.6% | -10.9% |
| Net Profit YoY | 0.6% | -1840.5% |
| EPS (diluted) | $-1.37 | $-0.23 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $27.6M | ||
| Q3 25 | $21.3M | $27.2M | ||
| Q2 25 | $27.7M | $34.4M | ||
| Q1 25 | $25.3M | $32.3M | ||
| Q4 24 | $18.6M | $29.4M | ||
| Q3 24 | $19.2M | $28.2M | ||
| Q2 24 | $22.3M | $16.9M | ||
| Q1 24 | $19.2M | $13.6M |
| Q4 25 | — | $-5.0M | ||
| Q3 25 | $-18.2M | $-1.5M | ||
| Q2 25 | $-12.6M | $-287.4K | ||
| Q1 25 | $-16.2M | $1.0M | ||
| Q4 24 | $-15.6M | $-256.0K | ||
| Q3 24 | $-18.3M | $700.9K | ||
| Q2 24 | $-13.7M | $-2.8M | ||
| Q1 24 | $-18.6M | $-549.0K |
| Q4 25 | — | 23.4% | ||
| Q3 25 | 98.6% | 24.1% | ||
| Q2 25 | 99.4% | 9.5% | ||
| Q1 25 | 99.2% | 21.8% | ||
| Q4 24 | 98.3% | 26.9% | ||
| Q3 24 | 99.6% | 28.9% | ||
| Q2 24 | 98.9% | 13.0% | ||
| Q1 24 | 99.8% | 23.4% |
| Q4 25 | — | -4.9% | ||
| Q3 25 | -96.7% | 0.7% | ||
| Q2 25 | -46.3% | -15.9% | ||
| Q1 25 | -65.1% | 3.7% | ||
| Q4 24 | -100.6% | 3.2% | ||
| Q3 24 | -108.8% | 7.3% | ||
| Q2 24 | -79.2% | -14.4% | ||
| Q1 24 | -130.0% | -2.3% |
| Q4 25 | — | -18.0% | ||
| Q3 25 | -85.7% | -5.7% | ||
| Q2 25 | -45.4% | -0.8% | ||
| Q1 25 | -63.9% | 3.1% | ||
| Q4 24 | -84.2% | -0.9% | ||
| Q3 24 | -95.5% | 2.5% | ||
| Q2 24 | -61.6% | -16.4% | ||
| Q1 24 | -96.8% | -4.0% |
| Q4 25 | — | $-0.23 | ||
| Q3 25 | $-1.37 | $-0.08 | ||
| Q2 25 | $-1.01 | $-0.02 | ||
| Q1 25 | $-1.29 | $0.06 | ||
| Q4 24 | $3.81 | $-0.01 | ||
| Q3 24 | $-1.49 | $0.04 | ||
| Q2 24 | $-1.13 | $-0.16 | ||
| Q1 24 | $-1.55 | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $60.7M | — |
| Total DebtLower is stronger | — | $2.6M |
| Stockholders' EquityBook value | $202.6M | $11.6M |
| Total Assets | $252.0M | $75.4M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $60.7M | $1.1M | ||
| Q2 25 | $80.7M | $775.4K | ||
| Q1 25 | $92.0M | $445.4K | ||
| Q4 24 | $105.1M | $355.7K | ||
| Q3 24 | $114.5M | $588.9K | ||
| Q2 24 | $120.5M | $2.1M | ||
| Q1 24 | $129.6M | $9.4M |
| Q4 25 | — | $2.6M | ||
| Q3 25 | — | $2.6M | ||
| Q2 25 | — | $2.6M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.5M | ||
| Q2 24 | — | $2.6M | ||
| Q1 24 | — | $2.6M |
| Q4 25 | — | $11.6M | ||
| Q3 25 | $202.6M | $10.1M | ||
| Q2 25 | $200.5M | $11.7M | ||
| Q1 25 | $213.5M | $12.0M | ||
| Q4 24 | $223.6M | $10.9M | ||
| Q3 24 | $234.5M | $11.2M | ||
| Q2 24 | $245.4M | $10.5M | ||
| Q1 24 | $252.2M | $13.3M |
| Q4 25 | — | $75.4M | ||
| Q3 25 | $252.0M | $73.3M | ||
| Q2 25 | $242.8M | $77.4M | ||
| Q1 25 | $249.5M | $82.7M | ||
| Q4 24 | $263.5M | $82.7M | ||
| Q3 24 | $276.6M | $82.1M | ||
| Q2 24 | $285.7M | $82.4M | ||
| Q1 24 | $298.7M | $44.2M |
| Q4 25 | — | 0.22× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.22× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 0.24× | ||
| Q1 24 | — | 0.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-11.4M | $-1.7M |
| Free Cash FlowOCF − Capex | $-11.4M | — |
| FCF MarginFCF / Revenue | -53.6% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-73.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-1.7M | ||
| Q3 25 | $-11.4M | $1.1M | ||
| Q2 25 | $-7.8M | $-1.6M | ||
| Q1 25 | $-12.8M | $1.7M | ||
| Q4 24 | $-40.5M | $1.1M | ||
| Q3 24 | $-5.8M | $3.6M | ||
| Q2 24 | $-14.4M | $-2.6M | ||
| Q1 24 | $-12.4M | $-1.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-11.4M | — | ||
| Q2 25 | $-7.9M | — | ||
| Q1 25 | $-12.9M | — | ||
| Q4 24 | $-41.3M | — | ||
| Q3 24 | $-6.0M | — | ||
| Q2 24 | $-14.7M | — | ||
| Q1 24 | $-12.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | -53.6% | — | ||
| Q2 25 | -28.4% | — | ||
| Q1 25 | -50.9% | — | ||
| Q4 24 | -222.3% | — | ||
| Q3 24 | -31.0% | — | ||
| Q2 24 | -66.0% | — | ||
| Q1 24 | -66.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 2.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.66× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.12× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRGE
| Marketplace | $12.2M | 57% |
| Custodial Administration Fees | $9.1M | 43% |
MSS
| Perishables | $14.4M | 52% |
| Nonperishables | $13.2M | 48% |
