FROG Technology

JFrog Ltd.

$88.49+3.97%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 10.9B USD
Enterprise value: 10.1B USD
Full-time employees: 1,800

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.24 vs a peer median of 0.87)bigger price swings (beta 1.24 vs peers 0.87)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,056 of 1,612 technology companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 22% from December 2022 to July 2026.
JFrog had 22% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.JFrog had 22% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 29% of revenue in 2025.
JFrog paid employees $157M in stock in 2025, 29% of its $532M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Growing fast, still losing money. Revenue grew faster than 84% of peers, at an operating loss.
Revenue grew faster than 84% of peers, but the business runs at an operating loss (margin -12%).
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $151M in 2020 to $532M in 2025.
JFrog's fiscal-year revenue rose in each of the five years to 2025, from $151M to $532M.

StockQuotient Score

43/ 100

Oct 5 43 → Nov 4 43

Valuation

Is the price right?

17/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-0.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-0.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield1.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.43Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield8.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

82/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 6.5%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth24.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.45Sector median: 0.0483 · MAD: 0.0793

Revenue growth26.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.75Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

15/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 3.0 points to -11.5%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-11.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.51Sector median: 0.0631 · MAD: 0.0710

Return on assets-3.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.63Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-6.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.53Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin77.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-4.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.24

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.00Sector median: 0.8710 · MAD: 0.3700

Current ratio2.14×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.45Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.02×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.03Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about JFrog

Is JFrog getting weaker?: Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 3.0 points to -11.5%. Its overall score is unchanged at 43/100 since Oct 28, 2026.
How is JFrog valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 17/100 against 1,711 technology peers. Earnings yield -0.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -0.4% vs peers 2.2% (weaker than 100% of peers).
Is JFrog growing?: Yes, faster than most of its peers. Growth scores 82/100 against 1,711 technology peers. 3-year revenue growth 24.3% vs a peer median of 4.8% (stronger than 90% of peers).3-year revenue growth 24.3% vs peers 4.8% (stronger than 90% of peers).
How profitable is JFrog?: Less profitable than most of its peers. Profitability scores 15/100 against 1,711 technology peers. Operating margin -11.5% vs a peer median of 6.3% (weaker than 87% of peers).Operating margin -11.5% vs peers 6.3% (weaker than 87% of peers).
How risky is JFrog?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.02× vs a peer median of 0.25× (stronger than 88% of peers).Debt / equity 0.02× vs peers 0.25× (stronger than 88% of peers). Beta 1.24 vs a peer median of 0.87 (weaker than 72% of peers).Beta 1.24 vs peers 0.87 (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 3.0 points to -11.5%

Worth watching: JFrog is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	563.4M USD	600.0M USD	+6.5%
Net income (12 months)	−61.6M USD	−44.1M USD	−28.4%
Operating margin	-14.5%	-11.5%	+3.0 pts
Free cash flow (12 months)	151.4M USD	169.7M USD	+12.1%
Cash	61.0M USD	96.7M USD	+58.6%
Shares outstanding	121.1M	123.3M	+1.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	79.8%	77.8%	78.0%	77.1%	76.8%	▼ 0.3 pts
Operating margin	-33.1%	-32.1%	-21.6%	-21.3%	-17.3%	▲ 4.0 pts
Net margin	-31.1%	-32.2%	-17.5%	-16.2%	-13.5%	▲ 2.7 pts
Return on assets (ROA)	-7.5%	-10.4%	-6.3%	-6.1%	-5.4%	▲ 0.8 pts
Return on equity (ROE)	-10.1%	-14.4%	-9.0%	-9.0%	-8.1%	▲ 0.9 pts
Free cash flow margin	11.5%	6.1%	20.6%	25.2%	26.8%	▲ 1.6 pts
Current ratio	2.85×	2.54×	2.46×	2.04×	2.14×	▲ 4.8%

FROG price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.24 vs a peer median of 0.87)bigger price swings (beta 1.24 vs peers 0.87)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,056 of 1,612 technology companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 22% from December 2022 to July 2026.

JFrog had 22% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.JFrog had 22% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 29% of revenue in 2025.

JFrog paid employees $157M in stock in 2025, 29% of its $532M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Growing fast, still losing money. Revenue grew faster than 84% of peers, at an operating loss.

Revenue grew faster than 84% of peers, but the business runs at an operating loss (margin -12%).

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $151M in 2020 to $532M in 2025.

JFrog's fiscal-year revenue rose in each of the five years to 2025, from $151M to $532M.

Questions investors ask about JFrog

Is JFrog getting weaker?

Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 3.0 points to -11.5%. Its overall score is unchanged at 43/100 since Oct 28, 2026.

How is JFrog valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 17/100 against 1,711 technology peers. Earnings yield -0.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -0.4% vs peers 2.2% (weaker than 100% of peers).

Is JFrog growing?

Yes, faster than most of its peers. Growth scores 82/100 against 1,711 technology peers. 3-year revenue growth 24.3% vs a peer median of 4.8% (stronger than 90% of peers).3-year revenue growth 24.3% vs peers 4.8% (stronger than 90% of peers).

How profitable is JFrog?

Less profitable than most of its peers. Profitability scores 15/100 against 1,711 technology peers. Operating margin -11.5% vs a peer median of 6.3% (weaker than 87% of peers).Operating margin -11.5% vs peers 6.3% (weaker than 87% of peers).

How risky is JFrog?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.02× vs a peer median of 0.25× (stronger than 88% of peers).Debt / equity 0.02× vs peers 0.25× (stronger than 88% of peers). Beta 1.24 vs a peer median of 0.87 (weaker than 72% of peers).Beta 1.24 vs peers 0.87 (weaker than 72% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

563.4M USD

600.0M USD

+6.5%

Net income (12 months)

−61.6M USD

−44.1M USD

−28.4%

Operating margin

-14.5%

-11.5%

+3.0 pts

Free cash flow (12 months)

151.4M USD

169.7M USD

+12.1%

Cash

61.0M USD

96.7M USD

+58.6%

Shares outstanding

121.1M

123.3M

+1.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

79.8%

77.8%

78.0%

77.1%

76.8%

▼ 0.3 pts

Operating margin

-33.1%

-32.1%

-21.6%

-21.3%

-17.3%

▲ 4.0 pts

Net margin

-31.1%

-32.2%

-17.5%

-16.2%

-13.5%

▲ 2.7 pts

Return on assets (ROA)

-7.5%

-10.4%

-6.3%

-6.1%

-5.4%

▲ 0.8 pts

Return on equity (ROE)

-10.1%

-14.4%

-9.0%

-8.1%

▲ 0.9 pts

Free cash flow margin

11.5%

6.1%

20.6%

25.2%

26.8%

▲ 1.6 pts

Current ratio

2.85×

2.54×

2.46×

2.04×

2.14×

▲ 4.8%