JFrog Ltd.
- Open
- 92.77
- Day high
- 93.43
- Day low
- 90.16
- Prev close
- 91.73
- Volume
- 199K
- Mkt cap
- $11.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 11.8
- P/S
- 18.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$93.0M over the last 3 months (0 open-market buys, 62 sales)
- 🏛Institutions accumulating (13F)
JFrog Ltd. (FROG) is a Technology company listed on NASDAQ. The stock is up 88% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 62 sales (SEC Form 4). Drillr has 2 published research articles covering FROG.
JFrog Ltd. (FROG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 18 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FROG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.24 | $0.27 | +12.3% | $164M | +5.2% |
| May 7, 2026 | $0.22 | $0.27 | +22.7% | $154M | +4.4% |
| Feb 12, 2026 | $0.19 | $0.22 | +15.8% | $145M | +1.4% |
| Nov 6, 2025 | $0.16 | $0.22 | +34.4% | $137M | +6.7% |
| Aug 7, 2025 | $0.16 | $0.18 | +12.5% | $127M | -0.7% |
| May 8, 2025 | $0.16 | $0.20 | +25.0% | $122M | +4.3% |
| Feb 13, 2025 | $0.14 | $0.19 | +35.7% | $116M | +1.6% |
| Nov 7, 2024 | $0.10 | $0.15 | +50.0% | $109M | -4.5% |
| May 9, 2024 | $0.14 | $0.16 | +14.3% | $100M | +1.7% |
| Feb 14, 2024 | $0.13 | $0.19 | +46.2% | $97M | +4.5% |
| Nov 1, 2023 | $0.08 | $0.15 | +87.5% | $89M | +1.2% |
| Aug 2, 2023 | $0.05 | $0.11 | +120.0% | $84M | +1.5% |
FROG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 1, 2026 | Steele Elisadirector | Sell | 554 | $103.41 |
| Aug 31, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 96,892 | $101.43 |
| Aug 31, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 108,348 | $100.56 |
| Aug 31, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 41,065 | $99.40 |
| Aug 31, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 2,995 | $102.02 |
| Aug 17, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 11,698 | $90.49 |
| Aug 17, 2026 | Simon Fredericdirector | Sell | 2,821 | $89.36 |
| Aug 17, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 3,400 | $87.61 |
| Aug 17, 2026 | Simon Fredericdirector | Sell | 10,200 | $87.63 |
| Aug 17, 2026 | Simon Fredericdirector | Sell | 7,200 | $91.38 |
| Aug 17, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 1,100 | $89.37 |
| Aug 17, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 2,600 | $91.36 |
| Aug 17, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 8,277 | $94.88 |
| Aug 17, 2026 | Simon Fredericdirector | Sell | 21,284 | $94.87 |
| Aug 17, 2026 | Landman Yoavdirector, officer: CHIEF TECHNOLOGY OFFICER | Sell | 1,900 | $86.63 |
Source: FROG SEC Form 4 filings, latest Sep 1, 2026. For informational purposes only — not investment advice.
See the full FROG insider & 13F page →FROG research & analysis
[FROG] JFrog Thesis 2026: Artifactory Becomes the System of Record for the Software Supply Chain
JFrog Ltd. (NASDAQ: FROG) is an Israel-founded, US-listed DevOps / software-supply-chain platform company, founded ~2008-2009 by Shlomi Ben Haim, Yoav Landman and Fred Simon, NASDAQ-listed since 2020, headquartered in Sunnyvale California and Netanya Israel. FROG enters FY2026 with FY2025 revenue ~$0.42-0.52B (+18-28% YoY off ~$0.43B FY2024) and adj. EPS ~$0.55-0.85 (non-GAAP; approaching/at GAAP profitability), reflecting self-managed (on-prem/private-cloud) subscription revenue plus JFrog Cloud (SaaS) subscription revenue (the growth vector) plus security (Xray, Advanced Security, Curation) attach plus JFrog ML (MLOps) revenue, all under co-founder-CEO Shlomi Ben Haim (~14-16 year tenure, architect of the 'liquid software'/DevOps-platform strategy, the cloud transition, the security upsell and the Qwak/JFrog ML acquisition). The first thesis pillar is the Artifactory + JFrog Cloud Platform pipeline (~$0.36-0.45B revenue, ~80-88% revenue mix): Artifactory — the universal binary/artifact repository, the 'system of record' for software packages, container images, Helm charts and ML models across all package types (Maven, npm, PyPI, Docker, NuGet, Go, Conda, Cargo, Hugging Face models and more), the central node in the software supply chain that every build pulls dependencies from and pushes artifacts to, deployed hybrid/multi-cloud (self-managed on-prem/private cloud or JFrog Cloud SaaS) with enterprise-grade HA, replication and access control — plus JFrog Cloud, the SaaS deployment that is the growth vector (cloud revenue growing faster than self-managed, cloud mix rising toward ~40%+, hybrid consumption+subscription pricing, lower friction to adopt and expand), Distribution/Pipelines/CI-CD adjacencies and the unified JFrog Platform (DevOps + DevSecOps + MLOps); net revenue retention runs ~115-120%+ (the expansion engine — seats, package types, cloud, security modules), $100K+ and $1M+ ARR customer cohorts grow (the latter faster), and non-GAAP gross margin is ~75-80%+; FY2026 catalyst is ~$0.43-0.55B platform subscription revenue (+18-26%) with cloud mix toward ~40-45% and AI/ML model artifacts as a new package class. The second pillar is the Security (Xray + Advanced Security + Curation) + JFrog ML pipeline (~$0.06-0.10B+ revenue, the high-growth high-value upsell layer): Xray (software composition analysis — vulnerability/CVE and license scanning, deep recursive dependency scanning, 'shift-left' security on the binaries Artifactory already holds), Advanced Security (secrets detection, IaC security, container/contextual analysis on which CVEs are actually exploitable, malicious-package detection — the premium DevSecOps tier), Curation (proactively blocking known-malicious open-source packages at the proxy/download layer — addressing typosquatting, dependency confusion and malicious updates) and JFrog ML (the Qwak acquisition ~2024 — MLOps/model management, storing/versioning/serving/monitoring ML models alongside software artifacts, the AI/ML supply-chain extension with AI-model curation/security); security-module penetration of the Artifactory base is still low (a large runway), with SBOM mandates, US executive orders on software supply chain and the EU Cyber Resilience Act as regulatory tailwinds, and JFrog ML cross-selling into the enterprise AI buildout; FY2026 catalyst is security ARR outpacing the platform plus JFrog ML AI cross-sell lifting NRR and ARR-per-customer. The capital story: no dividend (growth-reinvestment, capital efficiency), no/minimal buybacks (early-stage; a small SBC-offset buyback is possible as cash flow matures), a net-cash position (~$0.4-0.6B+ cash and investments; no/minimal debt — IPO proceeds plus cash generation), ~$0+ net leverage, a non-rated/self-funded credit profile, ~115-125M diluted shares (SBC-driven dilution plus the Qwak equity — a watch item) and positive free cash flow; the GAAP-profitability inflection (operating leverage plus SBC discipline) is the FY2026 lever. At ~$25-50 per share on ~115-125M shares (~$3-6B equity, ~$2.5-5.5B EV) FROG trades at ~6-12x EV/Sales and ~30-60x non-GAAP P/E versus developer-tools/DevSecOps/infra-software peers GitLab, Atlassian, Datadog, HashiCorp, Confluent, Sonatype (the direct Nexus Repository/Nexus Lifecycle competitor), Snyk, GitHub and the cloud-provider native registries. FY2026 base case is ~$0.50-0.62B revenue (+18-26%) + ~$0.55-0.85 non-GAAP EPS + ~115-120%+ NRR + cloud mix toward ~40-45% + positive FCF + the GAAP-profitability inflection; bull case ~$0.55-0.70B revenue + a multiple re-rating toward a 'system-of-record-for-the-software-supply-chain' valuation on faster cloud growth, NRR holding ~118-122%, $1M+ ARR cohort expansion, AI/ML model artifacts as a new class, sharply rising security penetration with SBOM/regulatory tailwinds, Curation high growth, JFrog ML riding the AI buildout and operating leverage delivering durable GAAP profitability; bear case ~$0.48-0.55B revenue + ~$0.40-0.60 non-GAAP EPS on GitHub/GitLab platform-consolidation and cloud-provider native-registry bundling commoditizing the standalone repository value prop, Sonatype/Snyk competition on both repository and security, NRR deceleration toward ~108-112% on IT-budget pressure, the cloud-mix gross-margin headwind, Qwak/MLOps execution misses in a crowded space, AI-coding-agent workflow disruption and SBC-driven share-count creep. The thesis depends on the Artifactory + JFrog Cloud Platform pipeline plus the Security (Xray + Advanced Security + Curation) + JFrog ML pipeline plus Artifactory as the software-supply-chain system of record plus all package types plus the JFrog Cloud SaaS growth vector plus ~115-120%+ NRR plus the security/ML upsell plus SBOM/regulatory tailwinds plus the AI/ML supply-chain extension plus the net-cash balance sheet plus the path to durable GAAP profitability and Shlomi Ben Haim's platform, cloud and security execution.
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JFrog Ltd. company profile
Overview
JFrog Ltd. (NASDAQ:FROG) is a DevOps platform company founded in 2008 and headquartered in Sunnyvale, California. The company went public in September 2020 and has established itself as a leading provider of software supply chain management solutions. JFrog serves technology companies, financial services firms, retail organizations, healthcare providers, and telecommunications companies worldwide, helping them manage the complexities of modern software development and deployment processes.
Business
JFrog operates in the DevOps software industry, providing a comprehensive platform that unifies DevOps, DevSecOps, and MLOps (Machine Learning Operations) capabilities. The company's core offering revolves around managing the software supply chain - the entire process of how software components, packages, and applications move from development through production deployment. The company's flagship product is JFrog Artifactory, a universal package repository that serves as a central hub where development teams store, manage, and distribute software packages at any scale. Think of it as a sophisticated warehouse system for software components, allowing organizations to track every piece of code, library, and dependency used in their applications. JFrog's platform includes several integrated products: JFrog Pipelines for automating software delivery workflows, JFrog Xray for security scanning and vulnerability detection, JFrog Distribution for enterprise-grade software package distribution, and newer offerings like JFrog Connect for IoT device management and JFrog ML for machine learning model management. The company offers its solutions through multiple deployment models: cloud-hosted services (approximately 43% of revenue), self-managed on-premises installations (57% of revenue), and hybrid configurations. JFrog's Enterprise Plus subscription tier, which includes advanced security and ML capabilities, represents about 55% of total revenue and has been growing at 37% year-over-year.
Revenue model
JFrog operates primarily on a subscription-based software-as-a-service (SaaS) model, generating revenue through recurring annual and multi-year contracts. The company offers tiered subscription plans ranging from JFrog Pro for smaller teams to JFrog Enterprise Plus for large organizations requiring advanced security, compliance, and ML capabilities. Revenue streams include cloud-hosted subscriptions (growing at 42% annually), self-managed software licenses, and professional services. The company's customers are primarily enterprise software development teams, with over 1,018 customers generating more than $100,000 in annual recurring revenue (ARR) and 52 customers exceeding $1 million ARR. JFrog's margins are influenced by several factors that could increase profitability: growing adoption of higher-tier Enterprise Plus subscriptions, increasing cloud consumption above committed levels, successful upselling of security and ML capabilities, and economies of scale in cloud operations. Conversely, margin pressure could come from competitive pricing in the DevOps market, increased cloud infrastructure costs, extended sales cycles during economic uncertainty, and significant R&D investments required to maintain technological leadership in rapidly evolving areas like AI/ML and security. The company maintains a land-and-expand strategy, initially securing smaller deployments within organizations and then expanding usage across development teams, which has resulted in a net dollar retention rate of 116% and gross retention of 97%.
Competitive moat
JFrog's competitive moat stems from several interconnected factors, though the strength varies across different aspects of its business. The company benefits from high switching costs once organizations integrate JFrog's platform into their development workflows, as migrating software repositories and CI/CD pipelines represents significant technical complexity and risk. The platform's network effects create value as more developers and teams within an organization adopt JFrog's tools, making the entire software supply chain more efficient and standardized. JFrog has also built substantial domain expertise in binary repository management and software package security, areas that require deep technical knowledge and years of refinement. However, JFrog faces meaningful competitive pressures. Large cloud providers like AWS, Microsoft Azure, and Google Cloud offer competing DevOps tools that integrate seamlessly with their broader cloud ecosystems. GitHub's growing platform capabilities, particularly after Microsoft's acquisition, present a significant competitive threat, though JFrog has attempted to address this through strategic partnerships. The DevOps market remains highly fragmented with numerous point solutions, and JFrog's success depends on convincing customers to consolidate onto its platform rather than continuing to use best-of-breed individual tools. The company's moat is moderately strong within its core binary repository management niche but faces ongoing challenges in expanding beyond this foundation into adjacent areas like security and ML operations where established players already exist.
Risks & safety
JFrog maintains a relatively strong financial position with moderate margin of safety considerations: • **Liquidity and Solvency**: Strong current ratio of 2.14x with $44.3 million in cash and short-term investments. Low debt-to-equity ratio of 0.015 indicates minimal financial leverage risk. • **Cash Generation**: Positive free cash flow of $28.1 million in Q1 2025 with 23% free cash flow margin demonstrates operational efficiency despite GAAP losses. • **Valuation Metrics**: Trading at 4.5x price-to-book ratio, which appears reasonable for a growing SaaS company. Negative EBITDA makes traditional valuation metrics less meaningful. • **Operational Metrics**: High gross retention rate of 97% and net dollar retention of 116% indicate strong customer stickiness and expansion potential. • **Growth Sustainability**: Revenue growing at 22% annually with cloud segment expanding at 42%, suggesting continued market demand despite macroeconomic headwinds. • **Risk Factors**: Ongoing GAAP losses and negative EBITDA require continued revenue growth to achieve profitability. Competitive pressures from larger cloud providers could impact long-term pricing power.
Recent development
Over the past few years, JFrog has executed several strategic pivots to expand beyond its core binary repository management into a comprehensive software supply chain platform. The company has made significant investments in security capabilities, launching JFrog Advanced Security and JFrog Runtime Security to address growing enterprise concerns about software supply chain vulnerabilities. A major strategic development has been JFrog's expansion into MLOps through the acquisition of Quack AI, positioning the company as the first to unify DevOps, DevSecOps, and MLOps on a single platform. This move responds to the growing enterprise need to manage AI and machine learning models with the same rigor as traditional software components. JFrog has also strengthened key partnerships, particularly with GitHub, to create integrated experiences for developers while maintaining its platform's relevance in an increasingly competitive landscape. The company has formed strategic collaborations with AWS, Hugging Face, and NVIDIA to expand its ecosystem reach. The company has shifted toward a more enterprise-focused sales approach, reducing its total customer count from 740 to 604 while increasing high-value customers. This strategic focus on larger enterprise deals has resulted in longer sales cycles but higher average contract values, with customers over $1 million ARR growing from 37 to 52 year-over-year. JFrog has also been cautious about cloud migration expectations, taking a conservative approach to guidance while investing heavily in cloud infrastructure and capabilities to support enterprise-scale deployments.
FROG company profile · for informational purposes only — not investment advice.
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