C3.ai, Inc. (AI) vs ForgeRock, Inc. (FORG)

C3.ai, Inc. and ForgeRock, Inc. are both Software Infrastructure companies. ForgeRock, Inc. is the larger, with a market value of $2.0B against $1.7B — 1.1× the size. ForgeRock, Inc. grew revenue faster over the last twelve months: 29.4% against −37.6%. ForgeRock, Inc. has the higher net margin (−33.6% vs −192.1%) and the lower return on invested capital (−761.8% vs −673.0%). Across the 17 metrics below, ForgeRock, Inc. leads on 10 and C3.ai, Inc. on 7.

Valuation

Metric AI FORG Software Infrastructure median
P/E n/m n/m 28.02
P/S 7.10 8.47 3.07
P/B 2.38 7.13 3.36
Price to free cash flow n/m n/m 17.12
EV/EBITDA n/m n/m 14.91
EV/Sales 4.30 7.31 3.03
Earnings yield (28.92%) (4.01%) 0.13%
Free cash flow yield (9.44%) (1.96%) 1.15%

Profitability

Metric AI FORG Software Infrastructure median
Gross margin 29.09% 80.91% 61.23%
Operating margin (203.09%) (34.48%) 0.00%
Net margin (192.10%) (33.58%) 0.00%
Free cash flow margin (67.03%) (16.63%) 1.67%
Return on equity (59.77%) (27.00%) 0.59%
Return on assets (48.43%) (17.76%) 0.00%
Return on invested capital (673.03%) (761.80%) 0.00%

Growth

Metric AI FORG Software Infrastructure median
Revenue growth (TTM) (37.55%) 29.41% 13.41%
EPS growth (last fiscal year) (49.55%) 31.58% —
Revenue growth, 5-year CAGR 6.44% — 15.81%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric AI FORG Software Infrastructure median
Debt to equity 0.00 0.14 0.06
Current ratio 6.16 3.61 1.55
Net debt to EBITDA 1.19 6.00 0.08

Dividend

Metric AI FORG Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio 0.00 0.00 0.00

Size

Metric AI FORG Software Infrastructure median
Market cap 1.73b 1.95b 835.96m

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