ForgeRock, Inc.
FORG Technology Software Infrastructure
ForgeRock, Inc.’s revenue for fiscal 2022 (year ended December 2022) was $217.5 million. Revenue growth for five consecutive years.
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ForgeRock, Inc. (FORG) Piotroski F-score
ForgeRock, Inc.'s Piotroski F-score for fiscal 2022 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2022 | 4 | — |
How fiscal 2022’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (13.37%) | (14.35%) | Fail | 0 |
| Positive operating cash flow | (45.01m) | (36.78m) | Fail | 0 |
| Rising return on assets | (13.37%) | (14.35%) | Pass | 1 |
| Cash flow above net income | 21.27m | 10.99m | Pass | 1 |
| Falling long-term leverage | 0.08 | 0.12 | Pass | 1 |
| Rising current ratio | 3.64 | 4.60 | Fail | 0 |
| No new shares issued | 84,885,000 | 41,742,000 | Fail | 0 |
| Rising gross margin | 81.82% | 81.39% | Pass | 1 |
| Rising asset turnover | 0.44 | 0.53 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| EVTC Evertec, Inc. compare | 7 |
| MQ Marqeta, Inc. compare | 6 |
| NYAX Nayax Ltd. compare | 6 |
| ATEN A10 Networks, Inc. compare | 5 |
| GCT GigaCloud Technology Inc. compare | 4 |
| FORG ForgeRock, Inc. | 4 |
| NN NextNav Inc. compare | 3 |
| AI C3.ai, Inc. compare | 2 |
| INFQ Infleqtion, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover