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JAMF

Jamf Holding Corp.

JAMF

Jamf Holding Corp. • NASDAQ
$12.93 ▲ 0.08% (+0.01)
Market Cap $1.72 B
52w High $16.16
52w Low $7.08
Dividend Yield 0%
P/E -41.71
Volume 548.93K
Outstanding Shares 133.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $183.494M ▲ $142.932M ▼ $-4.513M ▲ -2.459% ▲ $-0.03 ▲ $11.357M ▲
Q2-2025 $176.501M ▲ $147.686M ▲ $-20.875M ▼ -11.827% ▼ $-0.16 ▼ $2.644M ▼
Q1-2025 $167.621M ▲ $134.675M ▼ $529K ▲ 0.316% ▲ $0.004 ▲ $10.107M ▲
Q4-2024 $162.974M ▲ $139.93M ▲ $-16.428M ▼ -10.08% ▼ $-0.13 ▼ $-6.972M ▼
Q3-2024 $159.286M $139.117M $-12.241M -7.685% $-0.096 $-4.045M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $547.194M ▲ $2.139B ▲ $1.352B ▲ $786.718M ▲
Q2-2025 $481.537M ▲ $2.09B ▲ $1.315B ▲ $775.164M ▲
Q1-2025 $222.353M ▼ $1.589B ▲ $841.41M ▼ $747.222M ▲
Q4-2024 $224.68M ▲ $1.58B ▼ $864.246M ▲ $715.983M ▼
Q3-2024 $222.087M $1.584B $863.681M $720.529M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.513M ▲ $65.647M ▲ $-694K ▲ $684K ▼ $65.654M ▼ $64.929M ▲
Q2-2025 $-20.875M ▼ $35.516M ▲ $-176.409M ▼ $400.368M ▲ $259.294M ▲ $34.708M ▲
Q1-2025 $529K ▲ $4.066M ▼ $-6.039M ▼ $-3.6M ▼ $-5.842M ▼ $1.017M ▼
Q4-2024 $-16.428M ▼ $9.676M ▼ $-2.324M ▲ $-741K ▲ $6.257M ▼ $7.341M ▼
Q3-2024 $-12.241M $23.107M $-3.939M $-1.916M $17.57M $19.166M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Subscription and Circulation
Subscription and Circulation
 $310.00M ▲$160.00M ▼$170.00M ▲$180.00M ▲
Technology Service
Technology Service
 $10.00M ▲$0 ▼$0 ▲$0 ▲
License
License
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Jamf’s income statement shows a classic “high-growth, not-yet-profitable” software profile. Revenue has climbed steadily every year since the IPO and is now well over twice its 2020 level, supported by strong gross margins that suggest a healthy underlying business model. The challenge is further down the income statement: operating profit and net income have remained negative throughout the period. Losses widened for a time but have begun to narrow more recently, hinting at better cost discipline or improving scale benefits. Overall, Jamf is clearly growing and improving, but it is still in the investment phase rather than a mature profit phase.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid and stable for a mid-sized software company. Total assets have grown since the IPO and then leveled off, suggesting the company has built its operating base and is now optimizing it. Cash levels are steady rather than abundant, so there is some cushion but not a huge war chest. Debt was added a few years ago and has been held roughly constant since, creating moderate leverage but not an obviously stressed structure. Shareholders’ equity has drifted down from early levels and then stabilized, which fits with recurring losses offset by ongoing growth investments. In simple terms, the balance sheet looks serviceable but relies on continued healthy operations and cash generation to remain comfortable.

Cash Flow

Cash Flow Despite accounting losses, Jamf has consistently generated positive cash from operations and positive free cash flow, which is a notable strength. This means the business model, likely subscription-heavy and asset-light, produces real cash even while reported earnings are negative. However, operating and free cash flow appear to have peaked a couple of years ago and have eased back since, suggesting that working capital needs or cost pressures have increased as the company scaled. Capital spending is very light, reinforcing the idea of a software platform that does not require heavy physical investment. Overall, Jamf is cash-generative, but the trend in cash flow has softened and bears watching.

Competitive Edge

Competitive Edge Jamf holds a distinct niche as an “Apple-first, Apple-best” enterprise management platform. Its deep specialization in Apple devices, close alignment with Apple’s roadmap, and ability to offer same-day support for new operating system releases give it an edge over more generalist endpoint management tools. High switching costs, due to deep integration into customers’ IT workflows, make it painful for large organizations to move away once Jamf is embedded. The large and active Jamf Nation community further strengthens the moat by creating shared know-how, peer support, and a sense of ecosystem lock-in. At the same time, Jamf operates alongside large platform players like Microsoft and VMware and newer Apple-focused rivals, so it must continually innovate to retain its leadership in this niche.

Innovation and R&D

Innovation and R&D Jamf is clearly leaning into innovation and R&D as a strategic weapon, which helps explain its ongoing losses. The company is pushing AI-based assistants for IT and security teams, modern declarative device management to automate policy enforcement, and a unified API platform to make integrations easier. It is also expanding into adjacent areas such as endpoint security, identity, and zero-trust network access, turning what began as device management into a broader Apple-focused security and access stack. These moves deepen Jamf’s integration into customer environments and can increase stickiness and cross-sell potential, but they also raise execution risk and complexity. The key question is whether this sustained R&D investment will translate into durable, profitable growth rather than just a wider but lower-margin product footprint.

Summary

Jamf combines strong, steady top-line growth, high gross margins, and positive free cash flow with persistent but narrowing accounting losses. The balance sheet looks adequate, with manageable debt and a reasonable cash buffer, but it does not leave unlimited room for missteps, making continued cash generation important. Competitively, Jamf enjoys a meaningful moat in Apple enterprise management, built on specialization, switching costs, and a powerful user community, yet operates in a competitive landscape with much larger, diversified players. Its strategy is to double down on innovation—AI, security, identity, and modern device management—to entrench itself further in Apple-centric organizations. Overall, this is a company transitioning from pure growth mode toward a more balanced model, with the main trade-off being continued investment and ecosystem dependence versus a clear opportunity to deepen its role in the expanding Apple enterprise universe.

NEWS

November 28, 2025 · 8:18 AM UTC

JAMF INVESTMENT: Jamf Holding Corp. Shareholders are Reminded to Contact BFA Law about its Ongoing Investigation into the $13.05 Take Private Transaction

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November 26, 2025 · 7:17 AM UTC

JAMF SECURITIES ALERT: BFA Law Notifies Jamf Holding Corp. Shareholders to Contact the Firm about the Pending Investigation into the $13.05 Take Private Deal

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November 24, 2025 · 6:08 AM UTC

JAMF NOTICE: Jamf Holding Corp. Board Faces Investigation into $13.05 Take Private Deal, Investors Urged to Contact BFA Law

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November 21, 2025 · 3:26 PM UTC

JAMF Investigation: Halper Sadeh LLC Continues to Investigate Whether the Sale of Jamf Holding Corp. is Fair to Shareholders

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November 21, 2025 · 6:08 AM UTC

JAMF SHAREHOLDERS: An Investigation into the Jamf Holding Corp. $13.05 Take Private Sale has been Initiated on behalf of Shareholders -- Contact BFA Law

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