ForgeRock, Inc. (FORG) vs Marqeta, Inc. (MQ)

ForgeRock, Inc. and Marqeta, Inc. are both Software Infrastructure companies. ForgeRock, Inc. and Marqeta, Inc. are of similar size ($2.0B and $2.0B). ForgeRock, Inc. has negative trailing earnings, so its P/E is not meaningful; Marqeta, Inc. trades at 170×. ForgeRock, Inc. grew revenue faster over the last twelve months: 29.4% against 22.4%. Marqeta, Inc. has the higher net margin (1.53% vs −33.6%) and the higher return on invested capital (0.00% vs −761.8%). Across the 17 metrics below, Marqeta, Inc. leads on 11 and ForgeRock, Inc. on 6.

Valuation

Metric FORG MQ Software Infrastructure median
P/E n/m 169.91 28.38
P/S 8.47 2.91 2.98
P/B 7.13 2.75 2.93
Price to free cash flow n/m 11.79 16.28
EV/EBITDA n/m 59.79 13.92
EV/Sales 7.31 1.82 2.90
Earnings yield (4.01%) 0.59% 0.14%
Free cash flow yield (1.96%) 8.48% 1.24%

Profitability

Metric FORG MQ Software Infrastructure median
Gross margin 80.91% 69.99% 61.00%
Operating margin (34.48%) (1.91%) 0.00%
Net margin (33.58%) 1.53% 0.00%
Free cash flow margin (16.63%) 24.69% 1.67%
Return on equity (27.00%) 1.33% 0.60%
Return on assets (17.76%) 0.80% 0.00%
Return on invested capital (761.80%) 0.00% 0.00%

Growth

Metric FORG MQ Software Infrastructure median
Revenue growth (TTM) 29.41% 22.41% 13.41%
EPS growth (last fiscal year) 31.58% (160.00%) 27.10%
Revenue growth, 5-year CAGR — 16.57% 15.57%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric FORG MQ Software Infrastructure median
Debt to equity 0.14 0.31 0.05
Current ratio 3.61 1.66 1.55
Net debt to EBITDA 6.04 42.70 0.08

Dividend

Metric FORG MQ Software Infrastructure median
Dividend yield — — 1.20%
Payout ratio — — 0.29

Size

Metric FORG MQ Software Infrastructure median
Market cap 1.95b 1.98b 752.37m

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