NASDAQ : FROG
JFrog Ltd. — Financial statements
Technology · Software - Application · United States
Last price 98.83 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.19B
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Financial statements
JFrog Ltd. (FROG) reported revenue of 599.96M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 599.96M | 531.84M | 428.49M | 349.89M | 280.04M | 206.68M |
| Cost of Revenue | 132.82M | 123.45M | 98.29M | 77.02M | 62.26M | 41.81M |
| Gross Profit | 467.14M | 408.39M | 330.20M | 272.86M | 217.78M | 164.88M |
| Selling, General & Admin | 324.13M | 303.23M | 258.45M | 213.52M | 185.07M | 149.40M |
| Research & Development | 205.91M | 190.68M | 157.08M | 127.28M | 111.61M | 74.11M |
| Operating Expenses | 530.04M | 493.90M | 415.54M | 340.80M | 296.69M | 223.52M |
| Operating Income | -62.90M | -85.52M | -85.34M | -67.94M | -78.91M | -58.64M |
| Interest & Investment Income | 28.60M | 26.50M | 25.90M | 22.10M | 5.90M | 1.50M |
| Currency Exchange Gain (Loss) | 1.67M | 1.67M | -180.00K | -593.00K | -519.00K | 353.00K |
| Other Non Operating Income (Expenses) | -1.90M | -2.35M | -442.00K | -475.00K | -287.00K | -1.11M |
| EBT Excluding Unusual Items | -34.53M | -59.70M | -60.06M | -46.91M | -73.82M | -57.90M |
| Merger & Restructuring Charges | -6.19M | -6.34M | -5.76M | -7.61M | -10.71M | -6.97M |
| Legal Settlements | -216.00K | -2.75M | ||||
| Pretax Income | -40.73M | -66.04M | -65.82M | -54.52M | -84.75M | -67.62M |
| Income Tax Expense | 3.35M | 5.78M | 3.42M | 6.74M | 5.44M | -3.42M |
| Net Income | -44.07M | -71.82M | -69.24M | -61.26M | -90.18M | -64.20M |
| Net Income to Common | -44.07M | -71.82M | -69.24M | -61.26M | -90.18M | -64.20M |
| Shares Outstanding (Basic) | 119.52M | 116.20M | 109.69M | 103.32M | 99.24M | 94.78M |
| Shares Outstanding (Diluted) | 119.52M | 116.20M | 109.69M | 103.32M | 99.24M | 94.78M |
| EPS (Basic) | -0.37 | -0.62 | -0.63 | -0.59 | -0.91 | -0.68 |
| EPS (Diluted) | -0.37 | -0.62 | -0.63 | -0.59 | -0.91 | -0.68 |
| Free Cash Flow | 169.70M | 142.27M | 107.78M | 72.17M | 17.10M | 23.67M |
| Free Cash Flow Per Share | 1.42 | 1.22 | 0.98 | 0.70 | 0.17 | 0.25 |
| Gross Margin | 77.86% | 76.79% | 77.06% | 77.99% | 77.77% | 79.77% |
| Operating Margin | -10.48% | -16.08% | -19.92% | -19.42% | -28.18% | -28.37% |
| Profit Margin | -7.35% | -13.50% | -16.16% | -17.51% | -32.20% | -31.06% |
| Free Cash Flow Margin | 28.29% | 26.75% | 25.15% | 20.63% | 6.11% | 11.45% |
| EBITDA | -40.56M | -61.01M | -63.88M | -52.64M | -64.26M | -49.90M |
| EBITDA Margin | -6.76% | -11.47% | -14.91% | -15.04% | -22.95% | -24.14% |
| D&A For EBITDA | 22.34M | 24.50M | 21.46M | 15.30M | 14.65M | 8.75M |
| EBIT | -62.90M | -85.52M | -85.34M | -67.94M | -78.91M | -58.64M |
| EBIT Margin | -10.48% | -16.08% | -19.92% | -19.42% | -28.18% | -28.37% |
| Revenue as Reported | 599.96M | 531.84M | 428.49M | 349.89M | 280.04M | 206.68M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 96.69M | 75.84M | 49.87M | 84.77M | 45.59M | 68.28M |
| Short-Term Investments | 727.79M | 628.57M | 472.14M | 460.25M | 397.61M | 352.84M |
| Cash & Short-Term Investments | 824.49M | 704.41M | 522.01M | 545.01M | 443.20M | 421.13M |
| Receivables | 135.97M | 119.95M | 90.71M | 76.44M | 62.12M | 50.48M |
| Prepaid Expenses | 26.74M | 20.06M | 18.43M | 11.54M | 18.55M | 21.19M |
| Restricted Cash | 711.00K | 711.00K | 758.00K | 12.00K | 12.00K | 13.00K |
| Other Current Assets | 29.78M | 27.88M | 17.32M | 12.80M | 8.14M | 6.21M |
| Total Current Assets | 1.02B | 873.01M | 649.23M | 645.80M | 532.02M | 499.02M |
| Property, Plant & Equipment | 22.35M | 17.60M | 19.87M | 29.09M | 32.62M | 32.69M |
| Goodwill | 371.51M | 371.51M | 371.51M | 247.96M | 247.96M | 247.78M |
| Other Intangible Assets | 30.56M | 39.91M | 60.83M | 25.77M | 37.54M | 47.98M |
| Long-Term Deferred Charges | 40.88M | 34.30M | 25.03M | 18.03M | 13.50M | 9.12M |
| Other Long-Term Assets | 6.37M | 5.04M | 3.44M | 5.91M | 7.58M | 15.94M |
| Total Assets | 1.49B | 1.34B | 1.13B | 972.56M | 871.22M | 852.53M |
| Accounts Payable | 8.13M | 14.17M | 10.65M | 16.97M | 14.87M | 10.87M |
| Accrued Expenses | 112.57M | 77.97M | 51.88M | 35.81M | 28.85M | 27.95M |
| Current Portion of Leases | 4.40M | 5.78M | 7.79M | 8.27M | 7.13M | 7.29M |
| Current Unearned Revenue | 351.53M | 309.60M | 247.19M | 201.12M | 158.72M | 129.15M |
| Total Current Liabilities | 476.64M | 407.52M | 317.51M | 262.18M | 209.57M | 175.26M |
| Long-Term Leases | 10.17M | 6.68M | 6.18M | 13.95M | 16.83M | 20.01M |
| Long-Term Unearned Revenue | 34.23M | 32.40M | 27.06M | 12.99M | 16.99M | 17.96M |
| Other Long-Term Liabilities | 7.60M | 7.33M | 5.62M | 4.32M | 3.06M | 712.00K |
| Total Liabilities | 528.64M | 453.93M | 356.38M | 293.43M | 246.45M | 213.95M |
| Common Stock | 347.00K | 335.00K | 315.00K | 297.00K | 283.00K | 272.00K |
| Additional Paid-In Capital | 1.40B | 1.31B | 1.13B | 968.25M | 856.44M | 776.69M |
| Retained Earnings | -443.92M | -431.49M | -359.67M | -290.43M | -229.18M | -138.99M |
| Comprehensive Income & Other | 1.33M | 5.77M | 655.00K | 1.01M | -2.77M | 611.00K |
| Total Common Equity | 960.71M | 887.45M | 773.53M | 679.12M | 624.77M | 638.58M |
| Shareholders' Equity | 960.71M | 887.45M | 773.53M | 679.12M | 624.77M | 638.58M |
| Total Liabilities & Equity | 1.49B | 1.34B | 1.13B | 972.56M | 871.22M | 852.53M |
| Total Debt | 14.57M | 12.46M | 13.98M | 22.23M | 23.96M | 27.31M |
| Net Cash (Debt) | 809.92M | 691.96M | 508.03M | 522.78M | 419.24M | 393.82M |
| Net Cash Per Share | 6.78 | 5.95 | 4.63 | 5.06 | 4.22 | 4.15 |
| Filing Date Shares Outstanding | 123.30M | 119.63M | 112.88M | 106.31M | 100.95M | 97.38M |
| Total Common Shares Outstanding | 123.05M | 119.62M | 112.75M | 106.11M | 100.91M | 97.31M |
| Working Capital | 541.05M | 465.49M | 331.71M | 383.63M | 322.45M | 323.76M |
| Book Value Per Share | 7.81 | 7.42 | 6.86 | 6.40 | 6.19 | 6.56 |
| Tangible Book Value | 558.63M | 476.03M | 341.19M | 405.40M | 339.27M | 342.82M |
| Tangible Book Value Per Share | 4.54 | 3.98 | 3.03 | 3.82 | 3.36 | 3.52 |
| Machinery | 19.49M | 15.44M | 13.79M | 12.16M | 11.13M | 8.20M |
| Leasehold Improvements | 6.10M | 5.91M | 5.91M | 6.07M | 5.75M | 4.89M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -44.07M | -71.82M | -69.24M | -61.26M | -90.18M | -64.20M |
| Depreciation & Amortization | 22.34M | 24.50M | 21.46M | 15.30M | 14.65M | 8.75M |
| Loss (Gain) From Sale of Investments | -3.84M | -5.24M | -6.57M | -6.41M | 2.35M | 5.52M |
| Stock-Based Compensation | 161.01M | 156.66M | 131.11M | 95.17M | 68.66M | 56.95M |
| Other Operating Activities | 8.67M | 8.15M | 9.03M | 8.04M | 9.16M | 6.11M |
| Change in Accounts Receivable | -52.98M | -29.33M | -13.51M | -14.11M | -11.19M | -12.81M |
| Change in Accounts Payable | -2.47M | 3.62M | -7.32M | 1.71M | 4.10M | 504.00K |
| Change in Unearned Revenue | 103.87M | 67.76M | 60.13M | 38.39M | 28.61M | 42.96M |
| Change in Other Net Operating Assets | -16.26M | -8.57M | -14.17M | -2.68M | -4.74M | -15.87M |
| Operating Cash Flow | 176.26M | 145.73M | 110.92M | 74.16M | 21.43M | 27.90M |
| Capital Expenditures | -6.56M | -3.46M | -3.14M | -1.98M | -4.33M | -4.23M |
| Cash Acquisitions | -156.71M | -179.00K | -195.75M | |||
| Sale (Purchase) of Intangibles | -300.00K | -600.00K | ||||
| Investment in Securities | -163.50M | -148.81M | -5.50M | -51.49M | -48.53M | 75.03M |
| Investing Cash Flow | -170.07M | -152.27M | -165.36M | -53.48M | -53.34M | -125.55M |
| Issuance of Common Stock | 41.03M | 31.21M | 21.23M | 18.37M | 11.10M | 9.93M |
| Repurchase of Common Stock | -2.03M | -71.00K | -8.48M | |||
| Financing Cash Flow | 39.00M | 31.21M | 21.23M | 18.37M | 11.03M | 1.44M |
| Foreign Exchange Rate Adjustments | 174.00K | 1.25M | -949.00K | 120.00K | -2.05M | |
| Net Cash Flow | 45.37M | 25.92M | -34.15M | 39.17M | -22.93M | -96.20M |
| Free Cash Flow | 169.70M | 142.27M | 107.78M | 72.17M | 17.10M | 23.67M |
| Free Cash Flow Margin | 28.29% | 26.75% | 25.15% | 20.63% | 6.11% | 11.45% |
| Free Cash Flow Per Share | 1.42 | 1.22 | 0.98 | 0.70 | 0.17 | 0.25 |
| Levered Free Cash Flow | 202.77M | 174.90M | 125.47M | 105.52M | 52.91M | 46.10M |
| Unlevered Free Cash Flow | 202.77M | 174.90M | 125.47M | 105.52M | 52.91M | 46.10M |
| Cash Income Tax Paid | 7.94M | 7.94M | 4.24M | 5.00M | -1.71M | 153.00K |
| Change in Working Capital | 32.16M | 33.47M | 25.13M | 23.31M | 16.78M | 14.78M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.97B | 7.39B | 3.28B | 3.63B | 2.14B | 2.86B |
| Enterprise Value | 10.16B | 6.75B | 2.83B | 3.15B | 1.73B | 2.49B |
| Last Close Price | 94.39 | 62.46 | 29.41 | 34.61 | 21.33 | 29.70 |
| Forward PE | 90.37 | 75.11 | 47.65 | 68.71 | 290.20 | |
| PS Ratio | 18.05 | 13.89 | 7.66 | 10.38 | 7.64 | 13.85 |
| PB Ratio | 12.09 | 8.33 | 4.24 | 5.34 | 3.42 | 4.48 |
| P/TBV Ratio | 19.38 | 15.52 | 9.62 | 8.95 | 6.30 | 8.35 |
| P/FCF Ratio | 63.81 | 51.94 | 30.44 | 50.30 | 125.12 | 120.93 |
| P/OCF Ratio | 61.43 | 50.71 | 29.58 | 48.95 | 99.84 | 102.60 |
| PEG Ratio | 3.58 | 4.53 | 2.03 | 0.81 | 7.66 | |
| EV/Sales Ratio | 16.70 | 12.69 | 6.60 | 9.01 | 6.17 | 12.04 |
| EV/FCF Ratio | 59.04 | 47.45 | 26.25 | 43.67 | 101.08 | 105.11 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.02 | 0.03 | 0.04 | 0.04 |
| Debt / FCF Ratio | 0.09 | 0.09 | 0.13 | 0.31 | 1.40 | 1.15 |
| Net Debt / Equity Ratio | -0.84 | -0.78 | -0.66 | -0.77 | -0.67 | -0.62 |
| Net Debt / EBITDA Ratio | 19.97 | 11.34 | 7.95 | 9.93 | 6.52 | 7.89 |
| Net Debt / FCF Ratio | -4.77 | -4.86 | -4.71 | -7.24 | -24.52 | -16.64 |
| Asset Turnover | 0.45 | 0.43 | 0.41 | 0.38 | 0.33 | 0.27 |
| Quick Ratio | 2.02 | 2.02 | 1.93 | 2.37 | 2.41 | 2.69 |
| Current Ratio | 2.13 | 2.14 | 2.04 | 2.46 | 2.54 | 2.85 |
| Return on Equity (ROE) | -4.93% | -8.65% | -9.53% | -9.40% | -14.28% | -10.77% |
| Return on Assets (ROA) | -2.92% | -4.32% | -5.07% | -4.61% | -5.72% | -4.75% |
| Return on Capital Employed (ROCE) | -6.20% | -9.20% | -10.50% | -9.60% | -11.90% | -8.70% |
| Earnings Yield | -0.41% | -0.97% | -2.11% | -1.69% | -4.22% | -2.24% |
| FCF Yield | 1.57% | 1.93% | 3.28% | 1.99% | 0.80% | 0.83% |
| Buyback Yield / Dilution | -5.89% | -5.93% | -6.17% | -4.11% | -4.71% | -103.89% |