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Side-by-side financial comparison of Forge Global Holdings, Inc. (FRGE) and Americas Gold & Silver Corp (USAS). 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 $19.1M, roughly 1.1× Americas Gold & Silver Corp). Americas Gold & Silver Corp runs the higher net margin — -82.3% vs -85.7%, a 3.4% gap on every dollar of revenue. On growth, Forge Global Holdings, Inc. posted the faster year-over-year revenue change (10.6% vs -28.0%). Forge Global Holdings, Inc. produced more free cash flow last quarter ($-11.4M vs $-41.3M).
Bharat Forge Limited is an Indian multinational company involved in forging, automotives, energy, construction and mining, railways, marine, aerospace and defence industries.
Pan American Silver Corporation is a mining company based in Canada with operations in Latin America. The company has mines and other projects in Mexico, Peru, Bolivia, and Argentina.
FRGE vs USAS — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.3M | $19.1M |
| Net Profit | $-18.2M | $-15.7M |
| Gross Margin | 98.6% | 34.2% |
| Operating Margin | -96.7% | — |
| Net Margin | -85.7% | -82.3% |
| Revenue YoY | 10.6% | -28.0% |
| Net Profit YoY | 0.6% | 2.8% |
| EPS (diluted) | $-1.37 | — |
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.
| Q3 25 | $21.3M | $19.1M | ||
| Q2 25 | $27.7M | — | ||
| Q1 25 | $25.3M | — | ||
| Q4 24 | $18.6M | — | ||
| Q3 24 | $19.2M | $26.5M | ||
| Q2 24 | $22.3M | — | ||
| Q1 24 | $19.2M | — | ||
| Q4 23 | $19.1M | — |
| Q3 25 | $-18.2M | $-15.7M | ||
| Q2 25 | $-12.6M | — | ||
| Q1 25 | $-16.2M | — | ||
| Q4 24 | $-15.6M | — | ||
| Q3 24 | $-18.3M | $-16.2M | ||
| Q2 24 | $-13.7M | — | ||
| Q1 24 | $-18.6M | — | ||
| Q4 23 | $-25.8M | — |
| Q3 25 | 98.6% | 34.2% | ||
| Q2 25 | 99.4% | — | ||
| Q1 25 | 99.2% | — | ||
| Q4 24 | 98.3% | — | ||
| Q3 24 | 99.6% | 23.6% | ||
| Q2 24 | 98.9% | — | ||
| Q1 24 | 99.8% | — | ||
| Q4 23 | 99.1% | — |
| Q3 25 | -96.7% | — | ||
| Q2 25 | -46.3% | — | ||
| Q1 25 | -65.1% | — | ||
| Q4 24 | -100.6% | — | ||
| Q3 24 | -108.8% | — | ||
| Q2 24 | -79.2% | — | ||
| Q1 24 | -130.0% | — | ||
| Q4 23 | -128.1% | — |
| Q3 25 | -85.7% | -82.3% | ||
| Q2 25 | -45.4% | — | ||
| Q1 25 | -63.9% | — | ||
| Q4 24 | -84.2% | — | ||
| Q3 24 | -95.5% | -60.9% | ||
| Q2 24 | -61.6% | — | ||
| Q1 24 | -96.8% | — | ||
| Q4 23 | -135.3% | — |
| Q3 25 | $-1.37 | — | ||
| Q2 25 | $-1.01 | — | ||
| Q1 25 | $-1.29 | — | ||
| Q4 24 | $3.81 | — | ||
| Q3 24 | $-1.49 | — | ||
| Q2 24 | $-1.13 | — | ||
| Q1 24 | $-1.55 | — | ||
| Q4 23 | $-0.15 | — |
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 | $39.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $202.6M | $50.2M |
| Total Assets | $252.0M | $234.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $60.7M | $39.1M | ||
| Q2 25 | $80.7M | — | ||
| Q1 25 | $92.0M | — | ||
| Q4 24 | $105.1M | — | ||
| Q3 24 | $114.5M | — | ||
| Q2 24 | $120.5M | — | ||
| Q1 24 | $129.6M | — | ||
| Q4 23 | $144.7M | — |
| Q3 25 | $202.6M | $50.2M | ||
| Q2 25 | $200.5M | — | ||
| Q1 25 | $213.5M | — | ||
| Q4 24 | $223.6M | — | ||
| Q3 24 | $234.5M | $53.1M | ||
| Q2 24 | $245.4M | — | ||
| Q1 24 | $252.2M | — | ||
| Q4 23 | $263.5M | — |
| Q3 25 | $252.0M | $234.7M | ||
| Q2 25 | $242.8M | — | ||
| Q1 25 | $249.5M | — | ||
| Q4 24 | $263.5M | — | ||
| Q3 24 | $276.6M | — | ||
| Q2 24 | $285.7M | — | ||
| Q1 24 | $298.7M | — | ||
| Q4 23 | $310.7M | — |
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 | $-12.5M |
| Free Cash FlowOCF − Capex | $-11.4M | $-41.3M |
| FCF MarginFCF / Revenue | -53.6% | -216.5% |
| Capex IntensityCapex / Revenue | 0.2% | 150.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-73.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-11.4M | $-12.5M | ||
| Q2 25 | $-7.8M | — | ||
| Q1 25 | $-12.8M | — | ||
| Q4 24 | $-40.5M | — | ||
| Q3 24 | $-5.8M | $2.4M | ||
| Q2 24 | $-14.4M | — | ||
| Q1 24 | $-12.4M | — | ||
| Q4 23 | $-6.6M | — |
| Q3 25 | $-11.4M | $-41.3M | ||
| Q2 25 | $-7.9M | — | ||
| Q1 25 | $-12.9M | — | ||
| Q4 24 | $-41.3M | — | ||
| Q3 24 | $-6.0M | $-11.2M | ||
| Q2 24 | $-14.7M | — | ||
| Q1 24 | $-12.8M | — | ||
| Q4 23 | $-7.0M | — |
| Q3 25 | -53.6% | -216.5% | ||
| Q2 25 | -28.4% | — | ||
| Q1 25 | -50.9% | — | ||
| Q4 24 | -222.3% | — | ||
| Q3 24 | -31.0% | -42.2% | ||
| Q2 24 | -66.0% | — | ||
| Q1 24 | -66.4% | — | ||
| Q4 23 | -36.7% | — |
| Q3 25 | 0.2% | 150.8% | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 0.7% | 51.2% | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 2.1% | — | ||
| Q4 23 | 2.2% | — |
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% |
USAS
Segment breakdown not available.
