FROGNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
JFrog Ltd
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$91.00+6.69 (+7.94%)
Close on Oct 19, 2026
- Market cap
- $11.09B
- P/E (TTM)
- –
- Dividend yield
- 0.00%
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
76.8%−4.3 pts over 5 years
Operating margin
-17.3%−7.9 pts over 5 years
Net margin
-13.5%−7.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +24.1% | +23.8% | +28.7% | – | |
| Gross profit | +23.7% | +23.3% | +27.3% | – | |
| Free cash flow | +32.0% | +102.6% | +40.6% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -3.6% | -8.6% | |
| Return on assets | – | -2.0% | -5.8% | |
| Current ratio | – | 5.32 | 2.14 | |
| Capex to revenue | – | 2.3% | 0.7% | |
| Diluted shares | – | 46M | 116M |
Where the cash went
Fiscal 2021 to 2025, five years combined
JFrog generated $380.14M from operations and spent $17.14M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$380.14M
Used
$17.14M
Capital expenditure$17.14M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-13.5%
×Asset turnover0.43×
×Equity multiplier1.49×
=Return on equity, FY2025-8.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -13.5% | 0.43× | 1.49× | -8.6% |
| FY2024 | -16.2% | 0.41× | 1.45× | -9.5% |
| FY2023 | -17.5% | 0.38× | 1.41× | -9.4% |
| FY2022 | -32.2% | 0.32× | 1.36× | -14.3% |
| FY2021 | -31.1% | 0.27× | 1.29× | -10.8% |
| FY2020 | -6.2% | 0.33× | 1.78× | -3.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$71.82M
- Cash generatingOperating cash flow above zero$145.73M
- Return on assets improvedROA up on the prior year-7.1% → -6.4%
- Earnings backed by cashOperating cash flow above net income$145.73M vs -$71.82M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.04 → 2.14
- No dilutionShare count did not rise110M → 116M
- Gross margin improvedGross margin up on the prior year77.06% → 76.79%
- More efficientAsset turnover rose0.44 → 0.47