JFrog Ltd. (FROG) stock is presented with three specific reasons supporting investor interest in the company. Positive coverage highlights reasons to favor JFrog and can influence near-term market sentiment without altering core operations.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | 3 | 4 | 15 | 4 | 3 | 11 | 3 | 8 | 11 | 7 | 5 | 8 |
| total | individual payouts | |
|---|---|---|
| 2025 | ‡‡‡ |
|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 545.01 | 522.01 | 704.41 | 824.49 |
| Receivables | 76.44 | 90.71 | 119.95 | 135.97 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 645.80 | 649.23 | 873.01 | 1,017.68 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 16.97 | 10.65 | 14.17 | 8.14 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 262.18 | 317.52 | 407.52 | 476.64 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 153.98 | 163.77 | — | — |
—
|
| ’25 | 122.41 | 127.22 | 136.91 | 145.31 |
531.84
|
| ’24 | 100.31 | 103.04 | 109.06 | 116.08 |
428.49
|
| ’23 | 79.82 | 84.17 | 88.64 | 97.26 |
349.89
|
| ’22 | 63.70 | 67.81 | 71.99 | 76.55 |
280.04
|
| ’21 | 45.09 | 48.66 | 53.70 | 59.24 |
206.68
|
| ’20 | 32.82 | 36.43 | 38.89 | 42.69 |
150.83
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 38.36 | 57.06 | — | — |
—
|
| ’25 | 28.79 | 36.09 | 30.16 | 50.70 |
145.73
|
| ’24 | 17.47 | 16.70 | 27.64 | 49.12 |
110.92
|
| ’23 | (1.13) | 16.71 | 25.98 | 32.59 |
74.16
|
| ’22 | 5.03 | 3.95 | 5.13 | 7.31 |
21.43
|
| ’21 | 8.81 | 19.17 | (17.74) | 17.66 |
27.90
|
| ’20 | (1.25) | 7.11 | 10.78 | 12.82 |
29.46
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 37.29 | 53.75 | — | — |
—
|
| ’25 | 28.15 | 35.46 | 28.81 | 49.86 |
142.27
|
| ’24 | 16.63 | 15.97 | 26.70 | 48.48 |
107.78
|
| ’23 | (1.39) | 16.20 | 25.39 | 31.98 |
72.17
|
| ’22 | 3.89 | 2.96 | 3.52 | 6.42 |
16.80
|
| ’21 | 7.68 | 17.43 | (18.66) | 16.62 |
23.07
|
| ’20 | (2.40) | 6.76 | 9.67 | 11.91 |
25.94
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.07) | (0.03) | — | — |
—
|
| ’25 | (0.16) | (0.19) | (0.14) | (0.13) |
(0.62)
|
| ’24 | (0.08) | (0.13) | (0.21) | (0.21) |
(0.63)
|
| ’23 | (0.21) | (0.15) | (0.13) | (0.11) |
(0.59)
|
| ’22 | (0.20) | (0.24) | (0.24) | (0.23) |
(0.91)
|
| ’21 | (0.09) | (0.14) | (0.21) | (0.23) |
(0.68)
|
| ’20 | (0.02) | 0.02 | (0.14) | (0.04) |
(0.20)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.36 | 17.11 | 22.91 | 27.00 | — | — | — |
Low Price
|
| — | — | — | — | ‡‡‡‡ | ‡‡‡‡‡ | 31.48 | 35.35 | 48.81 | 70.43 | — | — | — |
High Price
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,300 | 1,400 | 1,600 | 1,800 | — | — | — |
Employees
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.22 | 0.25 | 0.27 | 0.30 | — | — | — |
Revenue/Emp
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 280.04 | 349.89 | 428.49 | 531.84 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 77.76% | 77.98% | 77.06% | 76.79% | — | — | — |
Gross Margin
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (84.75) | (54.52) | (65.82) | (66.04) | ‡‡‡‡‡ | — | — |
EBT
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (30.26%) | (15.58%) | (15.36%) | (12.42%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (90.18) | (61.26) | (69.24) | (71.82) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.01 | 8.90 | 14.89 | 19.26 | — | — | — |
Depreciation
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.82 | 3.39 | 3.91 | 4.58 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | (0.91) | (0.59) | (0.63) | (0.62) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.22 | 0.72 | 1.01 | 1.25 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.05) | (0.02) | (0.03) | (0.03) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.17 | 0.70 | 0.98 | 1.22 | — | — | — |
Free CF/Sh
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.30 | 6.57 | 7.05 | 7.64 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 99.24 | 103.32 | 109.69 | 116.20 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
PE Ratio
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.80 | 9.90 | 7.53 | 13.65 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.50 | 5.10 | 4.17 | 8.18 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.30 | 8.41 | 6.37 | 12.37 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 105.09 | 40.94 | 25.38 | 46.33 | — | — | — |
EV/FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.43 | 74.16 | 110.92 | 145.73 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.63) | (1.98) | (3.14) | (3.46) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.80 | 72.17 | 107.78 | 142.27 | ‡‡‡‡‡ | — | — |
FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 322.45 | 383.63 | 331.71 | 465.49 | — | — | — |
Working Cap'
|
| — | — | — | — | — | ‡‡‡‡‡ | 23.96 | — | — | — | — | — | — |
Total Debt
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (419.24) | (545.01) | (522.01) | (704.41) | — | — | — |
Net Debt
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 624.77 | 679.12 | 773.53 | 887.45 | — | — | — |
Sh' Equity
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (10.46%) | (6.64%) | (6.59%) | (5.81%) | ‡‡‡‡‡ | — | — |
ROA
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (27.32%) | (35.21%) | (22.64%) | (31.36%) | — | — | — |
ROIC
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (14.28%) | (9.40%) | (9.53%) | (8.65%) | ‡‡‡‡‡ | — | — |
ROE
|
JFrog Ltd. (FROG) has delivered robust revenue growth, compounding at ~57% CAGR from $63.5 million in 2018 to $428.5 million in 2024, fueled by demand for its Artifactory-led DevOps platform. Gross margins hold steady at 77-83%, with revenue per employee up 51% to $268,000 and free cash flow surging 49% YoY to $107.8 million in 2024—bolstered by a fortress balance sheet featuring -$522 million net debt. Yet, decelerating growth to 22% (projected mid-teens by 2027), persistent operating losses widening to -$65.8 million EBT, and negative ROA/ROE (-6.6%/-9.5%) raise red flags on capital efficiency in a competitive landscape.
Heavy insider selling—over $123 million with zero buys in 2025-2026, led by executives unloading hundreds of thousands of shares—contrasts sharply with FCF strength and stock recovery from 2022 lows, trading at a derated 7.5x P/S. Analyst forecasts eye breakeven EBT by 2026 but deepening net losses short-term, with modest 35% average upside potential priced for perfection amid AI tailwinds.
Key risks include market saturation, intensifying competition from GitLab and HashiCorp, dilution (shares up 284% since 2018), and macro spending delays—potentially triggering 20-30% drawdowns. While the cash hoard offers downside protection, profitability remains elusive five years post-IPO, warranting cautious allocation for patient investors.
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