ForgeRock, Inc. (FORG) vs NextNav Inc. (NN)

ForgeRock, Inc. and NextNav Inc. are both Software Infrastructure companies. ForgeRock, Inc. and NextNav Inc. are of similar size ($2.0B and $1.8B). ForgeRock, Inc. grew revenue faster over the last twelve months: 29.4% against −36.5%. ForgeRock, Inc. has the higher net margin (−33.6% vs −2,812.6%) and the lower return on invested capital (−761.8% vs −44.7%). Across the 17 metrics below, ForgeRock, Inc. leads on 12 and NextNav Inc. on 5.

Valuation

Metric FORG NN Software Infrastructure median
P/E n/m n/m 28.38
P/S 8.47 343.30 2.98
P/B 7.13 4.08 2.93
Price to free cash flow n/m n/m 16.28
EV/EBITDA n/m n/m 13.92
EV/Sales 7.31 352.94 2.90
Earnings yield (4.01%) (8.37%) 0.14%
Free cash flow yield (1.96%) (3.93%) 1.24%

Profitability

Metric FORG NN Software Infrastructure median
Gross margin 80.91% (104.90%) 61.00%
Operating margin (34.48%) (1,900.43%) 0.00%
Net margin (33.58%) (2,812.55%) 0.00%
Free cash flow margin (16.63%) (1,348.00%) 1.67%
Return on equity (27.00%) (77.87%) 0.60%
Return on assets (17.76%) (34.64%) 0.00%
Return on invested capital (761.80%) (44.71%) 0.00%

Growth

Metric FORG NN Software Infrastructure median
Revenue growth (TTM) 29.41% (36.46%) 13.41%
EPS growth (last fiscal year) 31.58% (69.05%) 27.10%
Revenue growth, 5-year CAGR — 51.71% 15.57%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric FORG NN Software Infrastructure median
Debt to equity 0.14 0.00 0.05
Current ratio 3.61 25.63 1.55
Net debt to EBITDA 6.04 (2.30) 0.08

Dividend

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

Size

Metric FORG NN Software Infrastructure median
Market cap 1.95b 1.81b 752.37m

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