# JFrog Ltd. (FROG)

> Source: Nexqual · https://nexqual.com/FROG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, JFrog Ltd. (FROG), nexqual.com/FROG" · informational, not investment advice.

**Price:** USD 93.89 (-2.50% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 96.3 · day 92.02–97.23 · 52w 34.05–105.76 · market cap $11.6B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $600M, net income -$44.1M (-7.3% margin), free cash flow $170M (SEC filings).
- 1 of 80 tracked superinvestors hold FROG (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y +94.4% vs S&P 500 +14.9%; 5Y +166.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.23, revenue estimate $166M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $207M | $280M | $350M | $428M | $532M | $600M |
| Gross profit | $165M | $218M | $273M | $330M | $408M | — |
| Operating income | -$68.4M | -$89.8M | -$75.5M | -$91.1M | -$91.9M | -$69.1M |
| Net income | -$64.2M | -$90.2M | -$61.3M | -$69.2M | -$71.8M | -$44.1M |
| EPS (diluted) | -$0.68 | -$0.91 | -$0.59 | -$0.63 | -$0.62 | — |
| Free cash flow | $23.7M | $17.1M | $72.2M | $108M | $142M | $170M |
| Gross margin | 79.8% | 77.8% | 78.0% | 77.1% | 76.8% | — |
| Operating margin | -33.1% | -32.1% | -21.6% | -21.3% | -17.3% | -11.5% |
| Net margin | -31.1% | -32.2% | -17.5% | -16.2% | -13.5% | -7.3% |
| Revenue growth | +37.0% | +35.5% | +24.9% | +22.5% | +24.1% | — |
| Cash + short-term investments | $421M | $443M | $545M | $522M | $704M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 19.3x · P/FCF 68.2x · P/B 12.1x · FCF yield 1.47% · Earnings yield -0.38%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold FROG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.07% | $8.5M | Added +360.1% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Truist Securities | Target raised | Buy | $110 → $115 |
| 2026-10-14 | UBS | Target raised | Buy | $120 → $125 |
| 2026-09-04 | DA Davidson | Maintained | Buy | $115 |
| 2026-09-04 | BTIG | Reiterated | Buy | $115 |
| 2026-09-03 | TD Cowen | Reiterated | Buy | $120 |
| 2026-09-03 | RBC Capital | Reiterated | Outperform | $118 |
| 2026-09-03 | Needham | Reiterated | Buy | $115 |
| 2026-08-26 | RBC Capital | Initiated | Outperform | $118 |
| 2026-08-08 | DA Davidson | Target raised | Buy | $90 → $115 |
| 2026-08-07 | UBS | Target raised | Buy | $110 → $120 |
| 2026-08-07 | TD Cowen | Target raised | Buy | $100 → $120 |
| 2026-08-07 | Benchmark | Target raised | Buy | $100 → $120 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +94.4% | +166.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +94.8% | +21.6% |
| Volatility (annualized) | 74.7% | 56.5% |
| Max drawdown | -49.6% (Dec 2025→Feb 2026) | -53.5% (Nov 2021→Jun 2022) |

## Peers (Software - Application)
GRAB (Grab Holdings Limited) USD 2.85 +1.06% · CHYM (Chime Financial, Inc.) USD 30.16 -0.69% · BSY (Bentley Systems, Incorporated) USD 39.41 +2.74% · PAYC (Paycom Software, Inc.) USD 272.61 +4.44% · FIG (Figma, Inc.) USD 24.1 +4.87% · ESTC (Elastic N.V.) USD 98.21 -0.61%

## More
Full page: https://nexqual.com/FROG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FROG's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/1800667/000119312526051382/frog-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Microsoft (MSFT) | "Many companies address only certain parts of the DevOps cycle and may compete with a limited set of JFrog offerings, including Microsoft's GitHub, GitLab, Cloudsmith, and Sonatype." |
| Competitor | Amazon (AMZN) | "While also partners, cloud providers, such as Amazon Web Services ("AWS"), Microsoft Azure (including Azure DevOps) and Alphabet Inc.'s Google Cloud, may compete with a subset of JFrog functionality." |
| Competitor | Alphabet (Google) (GOOGL) | "While also partners, cloud providers, such as Amazon Web Services ("AWS"), Microsoft Azure (including Azure DevOps) and Alphabet Inc.'s Google Cloud, may compete with a subset of JFrog functionality." |
| Competitor | Synopsys (SNPS) | "Some security-focused companies may compete with a subset of JFrog's holistic security offerings or address only developer-level security, such as Aqua Security, Snyk, Checkmarx, Sonatype, and Synopsys." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription Self-Managed & Saa S | $155.5M | 95.0% | +28.5% |
| Saas | $87.5M | 53.4% | +53.2% |
| Selfmanaged Subscription | $76.3M | 46.6% | +8.8% |
| Subscription | $68.1M | 41.6% | +6.4% |
| License | $8.2M | 5.0% | +33.8% |
| Total revenue | $163.8M | 100% | — |
The lines above cover 241.6% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $97.4M | 59.5% | +27.8% |
| Rest Of World | $61.6M | 37.6% | +30.7% |
| Israel | $4.8M | 3.0% | +22.4% |
| Total revenue | $163.8M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-02-13).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.23 | $0.22 | +5.3% | $165.9M | 23 |
| Next quarter (ends 2026-12-31) | $0.21 | $0.22 | -5.0% | $167.5M | 23 |
| Current fiscal year (ends 2026-12-31) | $0.98 | $0.95 | +2.8% | $650.7M | 23 |
| Next fiscal year (ends 2027-12-31) | $1.15 | $1.12 | +2.3% | $767.7M | 23 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±19.5%; last 8 reports averaged ±11.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 86.9% | ±19.5% |
| 2026-12-18 | 56 | 77.6% | ±24.4% |
| 2027-01-15 | 84 | 72.4% | ±27.7% |
| 2027-03-19 | 147 | 73.3% | ±36.8% |
| 2027-06-17 | 237 | 74.3% | ±46.9% |