Evertec, Inc. (EVTC) vs ForgeRock, Inc. (FORG)

Evertec, 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. has negative trailing earnings, so its P/E is not meaningful; Evertec, Inc. trades at 18.3×. ForgeRock, Inc. grew revenue faster over the last twelve months: 29.4% against 12.4%. Evertec, Inc. has the higher net margin (9.80% vs −33.6%) and the higher return on invested capital (6.80% vs −761.8%). Across the 17 metrics below, Evertec, Inc. leads on 12 and ForgeRock, Inc. on 5.

Valuation

Metric EVTC FORG Software Infrastructure median
P/E 18.30 n/m 28.02
P/S 1.72 8.47 3.07
P/B 2.66 7.13 3.36
Price to free cash flow 12.76 n/m 17.12
EV/EBITDA 8.16 n/m 14.91
EV/Sales 2.72 7.31 3.03
Earnings yield 5.46% (4.01%) 0.13%
Free cash flow yield 7.84% (1.96%) 1.15%

Profitability

Metric EVTC FORG Software Infrastructure median
Gross margin 51.12% 80.91% 61.23%
Operating margin 17.93% (34.48%) 0.00%
Net margin 9.80% (33.58%) 0.00%
Free cash flow margin 13.51% (16.63%) 1.67%
Return on equity 15.49% (27.00%) 0.59%
Return on assets 4.39% (17.76%) 0.00%
Return on invested capital 6.80% (761.80%) 0.00%

Growth

Metric EVTC FORG Software Infrastructure median
Revenue growth (TTM) 12.36% 29.41% 13.41%
EPS growth (last fiscal year) 27.17% 31.58% —
Revenue growth, 5-year CAGR 12.79% — 15.81%
Net income growth, 5-year CAGR 6.28% — 0.00%

Health

Metric EVTC FORG Software Infrastructure median
Debt to equity 2.00 0.14 0.06
Current ratio 1.70 3.61 1.55
Net debt to EBITDA 2.36 6.00 0.08

Dividend

Metric EVTC FORG Software Infrastructure median
Dividend yield 0.25% — 1.53%
Payout ratio 0.06 0.00 0.00

Size

Metric EVTC FORG Software Infrastructure median
Market cap 1.71b 1.95b 835.96m

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