Forth is a compiler but what it "compiles" is not standard. The implementor decides what they need. Forth can compile pointers to native code that are the VM's instructions, called direct threading. Forth can compile pointers to pointers to native code VM instructions, called indirect threading. Forth can compile byte code like OpenFirmware/OpenBoot.

And modern systems compile optimized native code (VFX Forth, SwiftForth) but still remain fully interactive at the console.