FROG Stock Analysis: Jfrog | NASDAQ
Software - Application | NASDAQ, USA | Market Cap: 10.996m USD | 12M Return: 105% | IL0011684185 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 156M
EPS Trend: 24.0%
Qual. Beats: 2
Rev. Trend: 99.9%
Qual. Beats: 7
Warnings
No concerns identified
Tailwinds
Seasonality 6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
JFrog Ltd. (NASDAQ: FROG) is a Sunnyvale, California-based software company founded in 2008 that provides a software supply chain platform serving customers in the United States, Israel, India, and other international markets. The company went public on September 16, 2020, and is classified within the Information Technology sector under Systems Software, with a large-cap market capitalization of approximately $10.0 billion.
The core of JFrogs business is JFrog Artifactory, a package repository used to store and manage software packages, supplemented by security and governance products such as JFrog Curation, JFrog Xray, JFrog Advanced Security, and JFrog Runtime Security. The company has extended its platform into adjacent areas including machine learning operations through JFrog ML, AI governance via the JFrog AI Catalog, IoT device management through JFrog Connect, and software distribution with JFrog Distribution and JFrog AppTrust.
JFrog sells primarily through a subscription model, with tiered offerings including JFrog Pro, Pro X, Enterprise X, and Enterprise Plus, the latter providing cluster configuration, federated repositories, multi-region replication, and enterprise-grade SLA support. Its customer base spans technology, financial services, retail, healthcare, and telecommunications organizations, reflecting the broad applicability of DevOps and DevSecOps tooling across regulated and data-intensive industries.
- Enterprise cloud subscription revenue growth drives ARR expansion
- JFrog Advanced Security and AI Catalog adoption accelerates platform expansion
- Competition from GitHub and GitLab pressures deal sizing and pricing
| Net Income: -44.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA -0.09 > 1.0 |
| NWC/Revenue: 90.18% < 20% (prev 82.25%; Δ 7.93% < -1%) |
| CFO/TA 0.12 > 3% & CFO 176.3m > Net Income -44.1m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 2.14 > 1.5 & < 3 |
| Outstanding Shares: last quarter (121.8m) vs 12m ago 5.70% < -2% |
| Gross Margin: 77.86% > 18% (prev 75.53%; Δ 2.33% > 0.5%) |
| Asset Turnover: 44.48% > 50% (prev 39.30%; Δ 5.19% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| A: 0.36 (Total Current Assets 1.02b - Total Current Liabilities 476.6m) / Total Assets 1.49b |
| B: -0.30 (Retained Earnings -443.9m / Total Assets 1.49b) |
| C: -0.03 (EBIT TTM -40.7m / Avg Total Assets 1.35b) |
| D: 1.82 (Book Value of Equity 960.7m / Total Liabilities 528.6m) |
| Altman-Z'' = 3.12 = A |
| DSRI: 1.30 (Receivables 136.0m/83.0m, Revenue 600.0m/474.8m) |
| GMI: 0.97 (GM 75.53% / 77.86%) |
| AQI: 0.81 (AQ_t 0.30 / AQ_t-1 0.37) |
| SGI: 1.26 (Revenue 600.0m / 474.8m) |
| TATA: -0.15 (NI -44.1m - CFO 176.3m) / TA 1.49b) |
| Beneish M = -2.75 (Cap -4..+1) = A |
As of October 01, 2026, the stock is trading at USD 97.04 with a total of 1,841,172 shares traded. Over the past week, the price has changed by +5.10%, over one month by -3.03%, over three months by +6.78% and over the past year by +105.03%.
Current recommended Stop Loss: 91.00 (which is 6.2% or 1.2 ATR below the current price).
Jfrog has received a consensus analysts rating of 4.45. Therefore, it is recommended to buy FROG.
- StrongBuy: 12
- Buy: 5
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 112 | 15.4% |
P/E Forward = 81.3008
P/S = 18.3278
P/B = 11.85
Revenue TTM = 600.0m USD
EBIT TTM = -40.7m USD
EBITDA TTM = -18.4m USD
Long Term Debt = 10.2m USD (estimated: total debt 14.6m - short term 4.40m)
Short Term Debt = 4.40m USD (from shortTermDebt, last quarter)
Debt = 14.6m USD (from shortLongTermDebtTotal, last quarter) (leases 14.6m already included)
Net Debt = -809.9m USD (calculated: Debt 14.6m - CCE 824.5m)
Enterprise Value = 10.2b USD (11.0b + Debt 14.6m - CCE 824.5m)
Interest Coverage Ratio = unknown (Ebit TTM -40.7m / Interest Expense TTM 0.0)
EV/FCF = 60.02x (Enterprise Value 10.2b / FCF TTM 169.7m)
FCF Yield = 1.67% (FCF TTM 169.7m / Enterprise Value 10.2b)
FCF Margin = 28.29% (FCF TTM 169.7m / Revenue TTM 600.0m)
Net Margin = -7.35% (Net Income TTM -44.1m / Revenue TTM 600.0m)
Gross Margin = 77.86% ((Revenue TTM 600.0m - Cost of Revenue TTM 132.8m) / Revenue TTM)
Gross Margin QoQ = 77.93% (prev 78.18%)
Tobins Q-Ratio = 6.84 (Enterprise Value 10.2b / Total Assets 1.49b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 14.6m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -32.2m (EBIT -40.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 2.14 (Total Current Assets 1.02b / Total Current Liabilities 476.6m)
Debt / Equity = 0.02 (Debt 14.6m / totalStockholderEquity, last quarter 960.7m)
Debt / EBITDA = 44.05 (negative EBITDA) (Net Debt -809.9m / EBITDA -18.4m)
Debt / FCF = -4.77 (Net Debt -809.9m / FCF TTM 169.7m)
Total Stockholder Equity = 907.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -3.27% (Net Income -44.1m / Total Assets 1.49b)
RoE = -4.85% (Net Income TTM -44.1m / Total Stockholder Equity 907.9m)
RoCE = -4.44% (EBIT -40.7m / Capital Employed (Equity 907.9m + L.T.Debt 10.2m))
RoIC = -3.26% (negative operating profit) (NOPAT -32.2m / Invested Capital 987.1m)
WACC = 11.72% (E(11.0b)/V(11.0b) * Re(11.74%) + D(14.6m)/V(11.0b) * Rd(0.0%) * (1-Tc(0.21)))
Discount Rate = 11.74% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 99.57 | Cagr: 5.92%
[DCF] Terminal Value 67.86% ; FCFF base≈157.3m ; Y1≈180.4m ; Y5≈265.4m
[DCF] Fair Price = 26.82 (EV 2.50b - Net Debt -809.9m = Equity 3.31b / Shares 123.3m; r=11.72% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 23.99 | EPS CAGR: 6.07% | SUE: 1.38 | # QB: 2
Revenue Correlation: 99.94 | Revenue CAGR: 23.68% | SUE: 2.40 | # QB: 7
EPS current Quarter (2026-09-30): EPS=0.23 | Chg30d=-0.04% | Revisions=+71% | Analysts=23
EPS current Year (2026-12-31): EPS=0.98 | Chg30d=+0.00% | Revisions=+86% | GrowthEPS=+19.5% | GrowthRev=+22.4%
EPS next Year (2027-12-31): EPS=1.15 | Chg30d=+0.02% | Revisions=+53% | GrowthEPS=+16.8% | GrowthRev=+17.9%
[Analyst] Revisions Ratio: +78% (up=44, down=4)