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JFrog Ltd.

FROG Technology Software Application

JFrog Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $531.8 million, up 24.1% from fiscal 2024. In the quarter to June 2026, revenue grew 28.7%, EPS grew 84.2% and free cash flow grew 51.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

94.99 3.84 −3.89%
Market cap
$12.2B
P/E
0.0×
Fwd P/E
−278×
Dividend yield
—
F-score
6/9
Altman Z
9.73
Beneish M
−3.06
Dividend safety
n/a
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions trades per month

Total sells 406.87
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 4 15 4 3 11 3 8 11 7 5 8 4
Insider Ownership 9.95%

Capital & Financial Ratios $m

Market Cap 12,190.00
Revenue 599.96
Net Income (44.07)
Free Cash Flow 169.70
Net Debt (824.49)
Current Ratio 2.14 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (278.00) (negative: loss-making)
P/S ratio 19.29 (above 10: high)
P/B ratio 12.04 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 19.60% (at or above 15%: strong)
Next Y EPS Growth 16.83% (at or above 15%: strong)
Next Y revenue growth 22.35% (at or above 10%: strong)
Next 5Y EPS Growth 20.47% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 17.9×, against a ten-year median of 9.3×; over the ten years it ranged from 4.8× in 2023 to 24.1× in 2021.
P/S against its own 10 years 87.65%
10-year low 10-year high
P/B against its own 10 years 98.43%
10-year low 10-year high
EV/Sales against its own 10 years 92.98%
10-year low 10-year high
EV/FCF against its own 10 years 51.59%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 545 522 704 824
Receivables 76 91 120 136
Inventory — — — —
Other — — — —
646 649 873 1,018
2023 2024 2025 Q'26
Payables 17 11 14 8
ST’ Debt — — — —
Other — — — —
262 318 408 477

Compound Annual Growth %

10y 5y 3y
Sales — 28.66% 23.84%
Cash Flow — 37.68% 89.47%
Earnings — 0.00% 0.00%
Book Value — 9.89% 12.41%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.24 Actual 0.27

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.16 0.22 Beat by 0.06
Q4 FY25 0.19 0.22 Beat by 0.03
Q1 FY26 0.22 0.27 Beat by 0.05
Q2 FY26 0.24 0.27 Beat by 0.03
Q3 FY26 0.23 — Reports 5 November 2026

EPS $

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 (0.08) 0.04 (0.14) (0.04) (0.20)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 154 164 — — —
’25 122 127 137 145 532
’24 100 103 109 116 428
’23 80 84 89 97 350
’22 64 68 72 77 280
’21 45 49 54 59 207
’20 33 36 39 43 151
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 38 57 — — —
’25 29 36 30 51 146
’24 17 17 28 49 111
’23 (1) 17 26 33 74
’22 5 4 5 7 21
’21 9 19 (18) 18 28
’20 (1) 7 11 13 29
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 37 54 — — —
’25 28 35 29 50 142
’24 17 16 27 48 108
’23 (1) 16 25 32 72
’22 4 3 4 6 17
’21 8 17 (19) 17 23
’20 (2) 7 10 12 26
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low — — — — 57.14 27.65 16.36 17.11 22.91 27.00 (13.9%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High — — — — 95.20 71.78 31.48 35.35 48.81 70.43 (5.8%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees — — — 590 700 1,000 1,300 1,400 1,600 1,800 +20.4% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m — — 0.00 0.18 0.22 0.21 0.22 0.25 0.27 0.30 n/m ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue — — 64 105 151 207 280 350 428 532 +35.5% 651 768 915 +19.8%
Gross margin, % — — 83.14 80.87 81.14 79.76 77.76 77.98 77.06 76.79 (6.3) pt
EBT — — (26) (4) (12) (68) (85) (55) (66) (66) +14.5%
EBT margin, % — — (40.21) (3.60) (8.05) (32.72) (30.26) (15.58) (15.36) (12.42) +27.8 pt
Net income — 0 (26) (5) (9) (64) (90) (61) (69) (72) n/m
Depreciation — — 1 2 6 14 17 9 15 19 +50.1%
Per share, $
Per share, $ Revenue — — 2.43 3.86 3.24 2.18 2.82 3.39 3.91 4.58 +9.4%
Earnings — — (1.00) (0.20) (0.20) (0.68) (0.91) (0.59) (0.63) (0.62) (6.6%)
Cash flow — — 0.33 0.37 0.63 0.29 0.22 0.72 1.01 1.25 +21.1%
Capex — — (0.12) (0.07) (0.08) (0.05) (0.05) (0.02) (0.03) (0.03) (17.8%)
Free cash flow — — 0.21 0.30 0.56 0.24 0.17 0.70 0.98 1.22 +28.6%
Book value — — 0.00 5.25 11.91 6.74 6.30 6.57 7.05 7.64 n/m
Shares, m — — 26 27 46 95 99 103 110 116 +23.8%
Valuation, ×
Valuation, × P/E — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — — 14.36 14.36 19.37 13.62 7.80 9.90 7.53 13.65 12.6
P/B — — 0.00 0.00 5.27 4.41 3.50 5.10 4.17 8.18 3.8
EV/Sales — — 13.03 13.03 15.40 11.58 6.22 8.34 6.31 12.32 10.8
EV/FCF — — 132.61 132.61 89.56 101.12 103.66 40.60 25.16 46.16 83.9
Cash, $m
Cash, $m Operating cash flow — — 9 10 29 28 21 74 111 146 +49.9%
Capex — — (3) (2) (4) (5) (5) (2) (3) (3) +1.7%
Free cash flow — — 5 8 26 23 17 72 108 142 +59.2%
Balance, $m
Balance, $m Working capital — — 139 113 530 324 322 384 332 465 +18.8%
Total debt — — — — — 27 24 — — — (12.3%)
Net debt — — (178) (166) (598) (421) (443) (545) (522) (704) +21.7%
Shareholders’ equity — — — 142 554 639 625 679 774 887 +35.7%
Returns, %
Returns, % ROA — — 0.00 (4.53) (2.03) (8.33) (10.46) (6.64) (6.59) (5.81) (5.8) pt
ROIC — — 0.00 0.00 0.00 (19.65) (30.92) (35.21) (22.64) (31.36) (31.4) pt
ROE — — 72.15 14.96 (3.61) (10.77) (14.28) (9.40) (9.53) (8.65) (80.8) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

JFrog Ltd. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GWRE Guidewire Software, Inc. $13.1B 98.0× 86.0× +15.29% (above 0%: growing) −38.71% (below 0%: shrinking) +16.42% (above 0%: growing) 65.60% 15.16% Compare
FROG JFrog Ltd. $12.2B — (loss-making) — (loss-making) +28.73% (above 0%: growing) n/m +51.58% (above 0%: growing) 77.93% (8.09%)
BSY Bentley Systems, Incorporated $12.0B 43.9× 37.9× +12.80% (above 0%: growing) +13.64% (above 0%: growing) +11.94% (above 0%: growing) 81.99% 21.57% Compare
HUBS HubSpot, Inc. $12.0B 83.1× 72.8× +19.83% (above 0%: growing) n/m +44.84% (above 0%: growing) 82.35% 4.75% Compare
FIG Figma, Inc. $11.9B — (loss-making) — (loss-making) +48.25% (above 0%: growing) n/m −16.79% (below 0%: shrinking) 83.66% (31.69%) Compare
PAYC Paycom Software, Inc. $11.5B 27.8× 25.7× +9.84% (above 0%: growing) +47.17% (above 0%: growing) +212.66% (above 0%: growing) 83.23% 31.72% Compare
GRAB Grab Holdings Limited $11.3B 19.4× 19.7× +21.73% (above 0%: growing) +500.00% (above 0%: growing) −40.38% (below 0%: shrinking) 43.63% 1.91% Compare
ESTC Elastic N.V. $11.0B 27.0× 396× +15.13% (above 0%: growing) n/m +26.14% (above 0%: growing) 74.50% (4.93%) Compare
CHYM Chime Financial, Inc. $10.9B — (loss-making) 63.6× +26.81% (above 0%: growing) n/m +749.07% (above 0%: growing) 88.82% 3.18% Compare
Median of peers $11.7B 35.9× 63.6× +17.56% +30.41% +21.28% 82.17% 3.97%

All 230 Software Application stocks →

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 16.81m 38.64m 99.00
2024 10.29m 9.04m 47.00
2023 7.17m 14.79m 55.00
2022 3.81m 3.76m 34.00
2021 3.36m (10.66m) 47.00

Ownership

Directors and executive officers, together 11.80%
THE VANGUARD GROUP 7.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

JFrog Ltd. (FROG) Latest News

30 Oct

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27 Oct

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23 Oct

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22 Oct

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21 Oct

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19 Oct

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13 Oct

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8 Oct

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27 Sep

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24 Sep

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17 Sep

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11 Sep

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2 Sep

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28 Aug

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27 Aug

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26 Aug

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21 Aug

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17 Aug

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15 Aug

Impact 3 ·
stockrow.com/FROG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com