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FROG

JFrog Ltd.

FROG

JFrog Ltd. • NASDAQ
$60.98 ▲ 0.02% (+0.01)
Market Cap $7.21 B
52w High $65.50
52w Low $27.00
Dividend Yield 0%
P/E -87.11
Volume 333.22K
Outstanding Shares 118.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $136.907M ▲ $127.597M ▲ $-16.431M ▲ -12.002% ▲ $-0.14 ▲ $-9.252M ▲
Q2-2025 $127.22M ▲ $122.989M ▲ $-21.675M ▼ -17.037% ▼ $-0.19 ▼ $-18.924M ▼
Q1-2025 $122.407M ▲ $112.595M ▲ $-18.503M ▲ -15.116% ▲ $-0.16 ▲ $-10.291M ▲
Q4-2024 $116.078M ▲ $109.987M ▲ $-23.198M ▼ -19.985% ▲ $-0.21 $-12.972M ▲
Q3-2024 $109.056M $108.146M $-22.945M -21.04% $-0.21 $-17.235M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $651.058M ▲ $1.266B ▲ $406.114M ▲ $859.418M ▲
Q2-2025 $611.7M ▲ $1.208B ▲ $381.731M ▲ $826.454M ▲
Q1-2025 $563.507M ▲ $1.156B ▲ $356.193M ▼ $800.036M ▲
Q4-2024 $522.007M ▲ $1.13B ▲ $356.38M ▲ $773.526M ▲
Q3-2024 $467.786M $1.081B $324.683M $756.206M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.431M ▲ $30.157M ▼ $-11.427M ▲ $8.091M ▼ $27.078M ▲ $28.811M ▼
Q2-2025 $-21.675M ▼ $36.085M ▲ $-39.548M ▲ $9.592M ▼ $6.927M ▲ $35.458M ▲
Q1-2025 $-18.503M ▲ $28.792M ▼ $-45.782M ▲ $11.505M ▲ $-5.519M ▲ $28.145M ▼
Q4-2024 $-23.198M ▼ $49.118M ▲ $-65.654M ▲ $4.407M ▼ $-12.378M ▲ $48.484M ▲
Q3-2024 $-22.945M $27.64M $-187.969M $4.902M $-155.31M $26.704M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License
License
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
SaaS
SaaS
 $90.00M ▲$50.00M ▼$60.00M ▲$60.00M ▲
Selfmanaged Subscription
Selfmanaged Subscription
 $130.00M ▲$70.00M ▼$70.00M ▲$70.00M ▲
Subscription
Subscription
 $120.00M ▲$60.00M ▼$60.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement JFrog’s revenue has been climbing steadily each year, showing that demand for its software platform keeps growing. Gross profit has also risen, meaning the core business has healthy economics. However, the company is still running at an overall loss, with ongoing negative operating income and net income. The good news is that losses, while still material, have become more manageable relative to the size of the business, suggesting better cost control and scale benefits over time. In short, strong growth and solid gross margins, but not yet consistently profitable on a full income-statement basis.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a young, growing software company. Total assets and shareholder equity have both increased over time, indicating that the company has been building its financial base rather than eroding it. Debt levels are very modest, so the business is not heavily reliant on borrowing. Cash on hand has moved around over the years and is not especially large compared with total assets, which is worth watching, but the low leverage and growing equity cushion reduce balance sheet risk. Overall, it appears conservatively financed with room to absorb bumps.

Cash Flow

Cash Flow Despite accounting losses, JFrog has been consistently generating cash from its day-to-day operations, and this operating cash flow has improved meaningfully over the period. Free cash flow has closely tracked operating cash flow because the business requires very little spending on physical assets, which is typical for a cloud software model. This combination—growing revenue, positive and improving free cash flow, and low capital spending needs—suggests the company can largely fund its own growth and is not overly dependent on external capital, even while reported earnings remain negative.

Competitive Edge

Competitive Edge JFrog sits in a specialized but crucial corner of the DevOps world: managing and securing the binaries that actually run in production. Its “universal” artifact repository and tightly integrated security tools create a strong platform effect and high switching costs—once large enterprises wire JFrog into their development pipelines, moving away can be painful and disruptive. The company is well-regarded for scale, reliability, and flexibility across on‑premise, hybrid, and multi‑cloud setups, which suits large enterprises. At the same time, it faces ongoing competition from broader DevOps platforms (like GitHub, GitLab, and cloud providers) that bundle overlapping features, so maintaining differentiation and depth of capability is critical.

Innovation and R&D

Innovation and R&D Innovation is a clear focus and a major part of JFrog’s story. It has expanded from a single artifact manager into a broader DevSecOps platform that covers storage, security scanning, pipelines, and distribution, all designed to work together. The company is also pushing into newer areas like machine‑learning operations and AI governance with offerings such as JFrog ML, the AI Catalog, and AppTrust. These moves aim to make JFrog a central control point for both traditional software and AI models, with stronger security and compliance. The upside is meaningful if adoption is strong, but there is execution risk: the company must prove that customers will widely adopt and pay for these newer capabilities in a crowded and fast‑moving market.

Summary

Overall, JFrog combines strong revenue growth and high underlying margins with ongoing accounting losses but improving cash generation. The balance sheet is conservative, with low debt and a growing equity base, which supports its ability to keep investing. Its competitive strength lies in deep specialization around software binaries, integrated security, and a platform that is hard for large customers to replace. Looking ahead, the key uncertainties center on competition from larger platforms and the company’s ability to turn its AI and MLOps initiatives into durable, high‑value revenue streams. The business appears fundamentally healthy and strategically ambitious, but still in a phase where execution and market adoption will largely determine how its financial profile evolves from here.

NEWS

November 20, 2025 · 4:56 PM UTC

JFrog to Present at Upcoming Investor Conferences

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November 13, 2025 · 3:00 AM UTC

JFrog Exposes Enterprise AI Blind Spots, Driving Centralized Software Supply Chain Governance

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November 6, 2025 · 4:05 PM UTC

JFrog Announces Third Quarter 2025 Results

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October 28, 2025 · 4:05 PM UTC

JFrog Named GitHub's 2025 Tech Partner of the Year, Powering the Future of DevSecOps, and AI Together

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October 16, 2025 · 4:05 PM UTC

JFrog Announces Timing of Third Quarter 2025 Financial Results

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