JFrog Ltd.

Services-Prepackaged Software

FROGStrong5 of 9 basics passed

$103.02

+5.93%

Market cap $12.7B

$103.02

+5.93%

Market cap $12.7B

JFrog Ltd provides an end-to-end, hybrid, universal DevOps Platform that powers and controls the software supply chain, enabling organizations to continuously and securely deliver software updates across any system.

It is a $12.7B technology company. Revenue grew 26.4% over the last year, it currently loses money, and it holds more cash than debt.

Website: jfrog.com
Location: Sunnyvale, CA
Employees: 1 800
Sector: Technology
Founded: 2015

Share price · 3 years

$24.17 → $103.02+326.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $600M
Loss: spends more than it earns; -$44.1M
Free cash flow: cash left after running the business; $170M
Net cash: more cash than debt; $692M
Shares: up 19% since 2021 — dilution; 116.2M
Volatility: beta vs the market — under 1 swings less; 1.30

Revenue, last 6 years

52-week range

Low $34.75$103.02High $104.03

Today's price is 99% of the way from the year's low to its high.

Valuation vs own history

P/S

21.0×

P/B

13.1×

FCF yield

1.3%

47%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$17.6Mnet selling

Purchases$0

Sales$17.6M

Insiders trading, last 14d0 buy · 3 sell

Standing in Technology

Size$12.7Btop 75%
Revenue growth+24%top 18%
Net margin-7%top 89%
Return on equity-5%top 89%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong health; Valuation, Growth and Profitability lag behind.

Valuation25

P/E vs own historyn/a · 10/25
FCF yield1.3% · 5/25
P/S21.0x · 0/25
EV/EBITDAn/a · 10/25

Growth25

Revenue CAGR26.7% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROIC-36.7% · 0/25
ROE-4.9% · 0/25
Net margin-7.3% · 0/25
Operating margin-11.5% · 0/25

Health100

Altman Z14.32 · 25/25
Current ratio2.14 · 25/25
Interest coverageno interest expense · 25/25
Net cash / debtNet cash · 25/25

Quality52

Piotroski F6/9 · 15/25
Beneish M-2.93 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 8.0% · 12/25

Moat50

ROIC >12% years0/6 yrs · 0/25
Median gross margin77.9% · 25/25
FCF-positive years6/6 yrs · 25/25
Worst-year net marginworst -32.2% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2020Financial
Positive free cash flow every year since
6-year streak
2015Founded
The company's UK legal entity was incorporated in July 2015 under the name Termscloud Limited, before rebranding to…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$29 151 today — price return only

$531.8M revenue in FY2025

Revenue up 26.4% year over year

Positive free cash flow 6 years in a row

1 800 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (77.9%)
Revenue growing 26.4% year over year
Strong cash conversion — FCF is 28.3% of revenue
Net cash position after subtracting debt from cash
Altman Z-Score 14.32 — low bankruptcy-risk zone

Watch-outs

Not profitable — 7.3% net margin
Loss-making in 6 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

5 of 9 checks passed

Revenue growing — the company sells more than a year ago+26.4% YoY
Profitable — makes more than it spends-$44.1M TTM
Profit growing — earnings are higher than last year-3.7% YoY
Generates cash — cash left after running and investing$170M TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$12.7B market cap
Not printing shares — share count not ballooning — you keep your slice+19.4% shares over ~5y
Proven track record — years of profitability behind it0/6 profitable years
Financially stable — balance sheet not near distressAltman Z 14.3 — safe
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonJFrog Ltd. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
FROG this company	$12.7B	—	+26.4%	-7.3%	Strong
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: FROG vs NVDA · FROG vs AAPL · FROG vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 9Buy 19Hold 3

Appendix · Financial records

The full statements behind this CV, FY2020–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $600M · net income -$44.1M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$600M

YoY 26.4%

Net income (TTM)

-$44.1M

Margin -7.3%

Gross margin

77.9%

Operating margin

-11.5%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.2	0.2	0.3	0.3	0.4	0.5
Gross profit	0.1	0.2	0.2	0.3	0.3	0.4
Operating income (EBIT)	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1
Net income	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1
EPS (diluted)	—	-0.66	-0.91	-0.58	-0.63	-0.62

Cash flowFree cash flow $170M · operating cash flow $176M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$170M

Margin 28.3%

Operating cash flow (TTM)

$176M

FCF margin

28.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.0	0.0	0.0	0.1	0.1	0.1
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.0	0.0	0.0	0.1	0.1	0.1
FCF margin	17.2%	11.5%	6.1%	20.6%	25.2%	26.8%

Balance sheetAssets $1.34B · net cash $692M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $1.34B of assets is financed

34%

66%

Liabilities $454M — borrowed moneyEquity $887M — owners' stake

Cash vs debt

Total debt $12.5M − cash $704M = net cash $692M

Cash on hand covers all debt.

Altman Z-Score

14.32

Safe zone

Debt repayment

Not needed

Cash already covers all debt

ROE

-4.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.4	0.4	0.4	0.5	0.5	0.7
Total assets	0.7	0.9	0.9	1.0	1.1	1.3
Total liabilities	0.1	0.2	0.2	0.3	0.4	0.5
Total debt	—	0.0	0.0	0.0	0.0	0.0
Equity	0.6	0.6	0.6	0.7	0.8	0.9
Net debt	—	-0.4	-0.4	-0.5	-0.5	-0.7

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of FROG on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $103.02 · market cap $12.7B.