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Side-by-side financial comparison of Forge Global Holdings, Inc. (FRGE) and ROCKWELL MEDICAL, INC. (RMTI). Click either name above to swap in a different company.
Forge Global Holdings, Inc. is the larger business by last-quarter revenue ($21.3M vs $18.3M, roughly 1.2× ROCKWELL MEDICAL, INC.). ROCKWELL MEDICAL, INC. runs the higher net margin — -3.0% vs -85.7%, a 82.7% gap on every dollar of revenue. On growth, Forge Global Holdings, Inc. posted the faster year-over-year revenue change (10.6% vs -25.6%). ROCKWELL MEDICAL, INC. produced more free cash flow last quarter ($2.2M vs $-11.4M). Over the past eight quarters, Forge Global Holdings, Inc.'s revenue compounded faster (5.6% CAGR vs -10.1%).
Bharat Forge Limited is an Indian multinational company involved in forging, automotives, energy, construction and mining, railways, marine, aerospace and defence industries.
Rockwell Medical Inc. is a publicly traded pharmaceutical company based in Wixom, Michigan and founded in 1996 that focuses on development and commercialization of treatments against diseases such as end-stage renal disease (ESRD) and chronic kidney disease (CKD).
FRGE vs RMTI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.3M | $18.3M |
| Net Profit | $-18.2M | $-554.0K |
| Gross Margin | 98.6% | 21.1% |
| Operating Margin | -96.7% | -2.2% |
| Net Margin | -85.7% | -3.0% |
| Revenue YoY | 10.6% | -25.6% |
| Net Profit YoY | 0.6% | 26.7% |
| EPS (diluted) | $-1.37 | $-0.01 |
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 | — | $18.3M | ||
| Q3 25 | $21.3M | $15.9M | ||
| Q2 25 | $27.7M | $16.1M | ||
| Q1 25 | $25.3M | $18.9M | ||
| Q4 24 | $18.6M | $24.7M | ||
| Q3 24 | $19.2M | $28.3M | ||
| Q2 24 | $22.3M | $25.8M | ||
| Q1 24 | $19.2M | $22.7M |
| Q4 25 | — | $-554.0K | ||
| Q3 25 | $-18.2M | $-1.8M | ||
| Q2 25 | $-12.6M | $-1.5M | ||
| Q1 25 | $-16.2M | $-1.5M | ||
| Q4 24 | $-15.6M | $-756.0K | ||
| Q3 24 | $-18.3M | $1.7M | ||
| Q2 24 | $-13.7M | $343.0K | ||
| Q1 24 | $-18.6M | $-1.7M |
| Q4 25 | — | 21.1% | ||
| Q3 25 | 98.6% | 14.3% | ||
| Q2 25 | 99.4% | 15.6% | ||
| Q1 25 | 99.2% | 16.1% | ||
| Q4 24 | 98.3% | 14.7% | ||
| Q3 24 | 99.6% | 22.0% | ||
| Q2 24 | 98.9% | 17.6% | ||
| Q1 24 | 99.8% | 13.5% |
| Q4 25 | — | -2.2% | ||
| Q3 25 | -96.7% | -9.9% | ||
| Q2 25 | -46.3% | -8.4% | ||
| Q1 25 | -65.1% | -7.2% | ||
| Q4 24 | -100.6% | -2.1% | ||
| Q3 24 | -108.8% | 6.8% | ||
| Q2 24 | -79.2% | 2.0% | ||
| Q1 24 | -130.0% | -5.8% |
| Q4 25 | — | -3.0% | ||
| Q3 25 | -85.7% | -11.0% | ||
| Q2 25 | -45.4% | -9.3% | ||
| Q1 25 | -63.9% | -8.0% | ||
| Q4 24 | -84.2% | -3.1% | ||
| Q3 24 | -95.5% | 5.9% | ||
| Q2 24 | -61.6% | 1.3% | ||
| Q1 24 | -96.8% | -7.6% |
| Q4 25 | — | $-0.01 | ||
| Q3 25 | $-1.37 | $-0.05 | ||
| Q2 25 | $-1.01 | $-0.05 | ||
| Q1 25 | $-1.29 | $-0.04 | ||
| Q4 24 | $3.81 | $-0.02 | ||
| Q3 24 | $-1.49 | $0.04 | ||
| Q2 24 | $-1.13 | $0.01 | ||
| Q1 24 | $-1.55 | $-0.06 |
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 | $10.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $202.6M | $37.0M |
| Total Assets | $252.0M | $57.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.7M | ||
| Q3 25 | $60.7M | $13.6M | ||
| Q2 25 | $80.7M | $12.5M | ||
| Q1 25 | $92.0M | $11.4M | ||
| Q4 24 | $105.1M | $15.7M | ||
| Q3 24 | $114.5M | $12.3M | ||
| Q2 24 | $120.5M | $11.9M | ||
| Q1 24 | $129.6M | $6.6M |
| Q4 25 | — | $37.0M | ||
| Q3 25 | $202.6M | $37.0M | ||
| Q2 25 | $200.5M | $30.4M | ||
| Q1 25 | $213.5M | $31.5M | ||
| Q4 24 | $223.6M | $32.6M | ||
| Q3 24 | $234.5M | $29.1M | ||
| Q2 24 | $245.4M | $23.5M | ||
| Q1 24 | $252.2M | $20.6M |
| Q4 25 | — | $57.1M | ||
| Q3 25 | $252.0M | $57.5M | ||
| Q2 25 | $242.8M | $52.6M | ||
| Q1 25 | $249.5M | $54.0M | ||
| Q4 24 | $263.5M | $59.2M | ||
| Q3 24 | $276.6M | $57.1M | ||
| Q2 24 | $285.7M | $53.0M | ||
| Q1 24 | $298.7M | $50.7M |
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 | $2.3M |
| Free Cash FlowOCF − Capex | $-11.4M | $2.2M |
| FCF MarginFCF / Revenue | -53.6% | 12.0% |
| Capex IntensityCapex / Revenue | 0.2% | 0.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-73.5M | $-1.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.3M | ||
| Q3 25 | $-11.4M | $-1.3M | ||
| Q2 25 | $-7.8M | $1.8M | ||
| Q1 25 | $-12.8M | $-3.5M | ||
| Q4 24 | $-40.5M | $865.0K | ||
| Q3 24 | $-5.8M | $4.3M | ||
| Q2 24 | $-14.4M | $1.4M | ||
| Q1 24 | $-12.4M | $-2.4M |
| Q4 25 | — | $2.2M | ||
| Q3 25 | $-11.4M | $-1.5M | ||
| Q2 25 | $-7.9M | $1.7M | ||
| Q1 25 | $-12.9M | $-3.5M | ||
| Q4 24 | $-41.3M | $470.0K | ||
| Q3 24 | $-6.0M | $4.1M | ||
| Q2 24 | $-14.7M | $1.2M | ||
| Q1 24 | $-12.8M | $-2.5M |
| Q4 25 | — | 12.0% | ||
| Q3 25 | -53.6% | -9.6% | ||
| Q2 25 | -28.4% | 10.5% | ||
| Q1 25 | -50.9% | -18.8% | ||
| Q4 24 | -222.3% | 1.9% | ||
| Q3 24 | -31.0% | 14.4% | ||
| Q2 24 | -66.0% | 4.5% | ||
| Q1 24 | -66.4% | -11.1% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | 0.2% | 1.4% | ||
| Q2 25 | 0.4% | 1.0% | ||
| Q1 25 | 0.2% | 0.3% | ||
| Q4 24 | 4.3% | 1.6% | ||
| Q3 24 | 0.7% | 0.7% | ||
| Q2 24 | 1.2% | 1.1% | ||
| Q1 24 | 2.1% | 0.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.57× | ||
| Q2 24 | — | 4.20× | ||
| 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% |
RMTI
| US | $15.9M | 87% |
| Non Us | $2.4M | 13% |
