JFrog

FROG · Nasdaq · Information Technology · Financials, fiscal 2018 to 2025

FROG · Last close · November 6, 2026

$100.98

JFrog's revenue rose 24.1% to $532 million in fiscal 2025. Its operating margin was −17.3%, up from −21.3% a year earlier. Free cash flow was $142 million, up 32.0%. The diluted share count rose 5.9%.

JFrog Ltd. Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001193125-26-051382 Updated November 7, 2026

Revenue

$532M

24.1%

Operating margin

−17.3%

4.0 pts

Net income

−$72M

Free cash flow

$142M

32.0%

Return on equity

−8.7%

0.9 pts

Market cap

$13.1B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What JFrog does

JFrog sells a software platform that companies use to store, secure, manage and deliver the software they build. It calls this a system of record for the software supply chain. The JFrog Platform serves developers, security teams, machine learning engineers and AI agents, with tools for governance, security and delivery of applications. JFrog Artifactory, which stores and manages software packages, is at the center of the platform.

JFrog earns most of its revenue from subscriptions, and it recognizes a significant portion over the length of each subscription. It says the majority of the Fortune 500 use its platform. Its customers are software-driven businesses that release code often and need to keep it secure and compliant.

JFrog says it competes with current and future competitors, some of which have greater financial, technical and other resources than it does.

Its biggest risks, as it describes them

Slower growth, and a history of losses, so it may not be consistently profitable.
Heavy reliance on JFrog Artifactory: weaker demand for it would affect the whole business.
Customers not renewing subscriptions or buying more.
Competition from companies with greater resources.
Markets for its products evolving more slowly or differently than it expects.

From JFrog's annual report on Form 10-K, filed February 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

JFrog lost money in fiscal 2025: a net loss of $72 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	421	443	545	522	704
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	2.9x	2.5x	2.5x	2.0x	2.1x
Quick ratio	2.9x	2.5x	2.5x	2.0x	2.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project JFrog's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open JFrog's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought JFrog shares on the open market, and 10 insiders sold $388.6 million, $228.0 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	Barry ZwarensteinDirector	Sold plan	1,250	$88.38	$110,475	Form 4
Sep 8, 2026	Ben Haim ShlomiChief Executive Officer, Director	Sold plan	45,700	$85.35	$3.9 million	Form 4
Sep 8, 2026	Tali NotmanChief Revenue Officer	Sold plan	18,794	$86.98	$1.6 million	Form 4
Sep 4, 2026	Yoav LandmanChief Technology Officer, Director	Sold plan	45,000	$89.27	$4.0 million	Form 4
Sep 3, 2026	Eduard GrabscheidChief Financial Officer	Sold plan	8,436	$91.60	$772,719	Form 4
Sep 2, 2026	Ben Haim ShlomiChief Executive Officer, Director	Sold	37,232	$90.51	$3.4 million	Form 4
Sep 2, 2026	Tali NotmanChief Revenue Officer	Sold	19,157	$90.51	$1.7 million	Form 4
Sep 2, 2026	Eduard GrabscheidChief Financial Officer	Sold plan	8,780	$90.51	$794,678	Form 4
Sep 1, 2026	Frederic SimonDirector	Sold plan	120,000	$93.21	$11.2 million	Form 4
Aug 28, 2026	Elisa SteeleDirector	Sold plan	554	$103.41	$57,289	Form 4
Aug 27, 2026	Yoav LandmanChief Technology Officer, Director	Sold plan	249,300	$100.72	$25.1 million	Form 4
Aug 13, 2026	Frederic SimonDirector	Sold plan	120,000	$90.86	$10.9 million	Form 4

The latest 12 of 89 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	45.6%	47.6%	50.9%
Altman Z''	3.52	2.63	2.82
Accruals ratio	−14.7%	−17.1%	−17.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put JFrog side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
JFrog	FY25	24.1%	−17.3%	26.8%	—	—	—
Digital Turbine	FY26	15.2%	6.0%	2.0%	5.2%	3.1x	7	Compare
PagerDuty	FY26	5.4%	1.2%	22.7%	4.7%	−2.6x	7	Compare
Life360	FY25	31.8%	3.9%	17.7%	6.7%	−5.7x	5	Compare
Intapp	FY26	14.6%	−6.9%	25.0%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

8 years of figures

Fiscal year	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	64	105	151	207	280	350	428	532
Revenue growth	—	64.8%	44.0%	37.0%	35.5%	24.9%	22.5%	24.1%
Gross profit	53	85	122	165	218	273	330	408
Research and development	26	30	41	80	121	135	161	195
Operating income	−27	−7	−14	−68	−90	−76	−91	−92
Net income	−26	−5	−9	−64	−90	−61	−69	−72
Diluted EPS (US$)	−1.00	−0.20	−0.20	−0.68	−0.91	−0.59	−0.63	−0.62
Diluted shares (millions)	26	27	46	95	99	103	110	116
Cash flow
Cash from operations	9	10	30	28	21	74	111	146
Capital expenditure	2	2	4	4	4	2	3	4
Free cash flow	6	8	26	24	17	72	108	142
Dividends paid	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0
Acquisitions	0	21	0	196	0	0	157	0
Stock-based compensation	20	9	24	57	69	95	131	157
Balance sheet at fiscal year end
Cash and short-term investments	178	166	598	421	443	545	522	704
Debt incl. finance leases	—	—	—	—	—	—	—	—
Total assets	—	238	689	852	871	973	1,130	1,341
Total liabilities	—	96	135	214	246	293	356	454
Shareholders' equity	−39	−33	554	639	625	679	774	887
Margins and ratios
Gross margin	83.1%	80.9%	81.1%	79.8%	77.8%	78.0%	77.1%	76.8%
Operating margin	−42.3%	−6.6%	−9.4%	−33.1%	−32.1%	−21.6%	−21.3%	−17.3%
Net margin	−41.0%	−5.2%	−6.2%	−31.1%	−32.2%	−17.5%	−16.2%	−13.5%
Free cash flow margin	10.2%	7.8%	17.2%	11.4%	6.1%	20.6%	25.1%	26.8%
Rule of 40 (growth + FCF margin)	—	72.7%	61.2%	48.5%	41.6%	45.6%	47.6%	50.9%
Return on capital	—	—	—	—	—	—	—	—
Return on equity	—	—	−3.6%	−10.8%	−14.3%	−9.4%	−9.5%	−8.7%
Return on assets	—	—	−2.0%	−8.3%	−10.5%	−6.6%	−6.6%	−5.8%
Net debt to EBITDA	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: JFrog's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with JFrog.