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.
Follow FROG
JFrog Ltd. (FROG) Beneish M-score
JFrog Ltd.'s Beneish M-score for fiscal 2025 is −3.06; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.06 | (0.09) |
| FY2024 | −2.97 | 0.01 |
| FY2023 | −2.98 | (0.08) |
| FY2022 | −2.90 | (3.31) |
| FY2021 | 0.41 | 2.88 |
| FY2020 | −2.47 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.07 | — | 0.98 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.82 | — | 0.33 | |
| Sales growth index | 1.24 | — | 1.11 | |
| Depreciation index | 0.93 | — | 0.11 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.16) | — | −0.76 | |
| Leverage index | 1.08 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.06 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CHYM Chime Financial, Inc. compare | −4.8× |
| FIG Figma, Inc. compare | −4.6× |
| MANH Manhattan Associates, Inc. compare | −3.4× |
| DOCU Docusign Inc. compare | −3.3× |
| FROG JFrog Ltd. | −3.1× |
| HUBS HubSpot, Inc. compare | −3.0× |
| TYL Tyler Technologies, Inc. compare | −2.7× |
| GWRE Guidewire Software, Inc. compare | −2.7× |
| GRAB Grab Holdings Limited compare | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI