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JFrog Ltd

FROG Clue Score58
United States Fiscal year ends December CIK 0001800667
$102.23 +5.12% Close, 9 Oct 2026
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Price $102.23 +212.15% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 16 Sep 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue63.5Operating income−26.9Net income−26.0Fiscal year 2019Revenue104.7 +64.8%Operating income−6.9Net income−5.4Fiscal year 2020Revenue150.8 +44.0%Operating income−14.2Net income−9.4EPS, diluted−0.20Fiscal year 2021Revenue206.7 +37.0%Operating income−68.4Net income−64.2EPS, diluted−0.68Fiscal year 2022Revenue280.0 +35.5%Operating income−89.8Net income−90.2EPS, diluted−0.91Fiscal year 2023Revenue349.9 +24.9%Operating income−75.5Net income−61.3EPS, diluted−0.59Fiscal year 2024Revenue428.5 +22.5%Operating income−91.1Net income−69.2EPS, diluted−0.63Fiscal year 2025Revenue531.8 +24.1%Operating income−91.9Net income−71.8EPS, diluted−0.62
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 63.5 104.7 150.8 206.7 280.0 349.9 428.5 531.8
Growth +64.8% +44.0% +37.0% +35.5% +24.9% +22.5% +24.1%
Operating income −26.9 −6.9 −14.2 −68.4 −89.8 −75.5 −91.1 −91.9
Net income −26.0 −5.4 −9.4 −64.2 −90.2 −61.3 −69.2 −71.8
Growth
EPS, diluted n/a n/a −0.20 −0.68 −0.91 −0.59 −0.63 −0.62

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin83.1%Operating margin−42.3%Net margin−40.9%Free cash flow margin10.2%Fiscal year 2019Gross margin80.9%Operating margin−6.6%Net margin−5.2%Free cash flow margin7.8%Fiscal year 2020Gross margin81.1%Operating margin−9.4%Net margin−6.2%Free cash flow margin17.2%Fiscal year 2021Gross margin79.8%Operating margin−33.1%Net margin−31.1%Free cash flow margin11.5%Fiscal year 2022Gross margin77.8%Operating margin−32.1%Net margin−32.2%Free cash flow margin6.1%Fiscal year 2023Gross margin78.0%Operating margin−21.6%Net margin−17.5%Free cash flow margin20.6%Fiscal year 2024Gross margin77.1%Operating margin−21.3%Net margin−16.2%Free cash flow margin25.2%Fiscal year 2025Gross margin76.8%Operating margin−17.3%Net margin−13.5%Free cash flow margin26.8%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 83.1% 80.9% 81.1% 79.8% 77.8% 78.0% 77.1% 76.8%
Operating margin −42.3% −6.6% −9.4% −33.1% −32.1% −21.6% −21.3% −17.3%
Net margin −40.9% −5.2% −6.2% −31.1% −32.2% −17.5% −16.2% −13.5%
Free cash flow margin 10.2% 7.8% 17.2% 11.5% 6.1% 20.6% 25.2% 26.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow8.6Capital expenditure−2.1Free cash flow6.5Fiscal year 2019Operating cash flow10.0Capital expenditure−1.8Free cash flow8.2 +26.4%Fiscal year 2020Operating cash flow29.5Capital expenditure−3.5Free cash flow25.9 +216.3%Fiscal year 2021Operating cash flow27.9Capital expenditure−4.2Free cash flow23.7 −8.7%Fiscal year 2022Operating cash flow21.4Capital expenditure−4.3Free cash flow17.1 −27.8%Fiscal year 2023Operating cash flow74.2Capital expenditure−2.0Free cash flow72.2 +322.1%Fiscal year 2024Operating cash flow110.9Capital expenditure−3.1Free cash flow107.8 +49.3%Fiscal year 2025Operating cash flow145.7Capital expenditure−3.5Free cash flow142.3 +32.0%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 8.6 10.0 29.5 27.9 21.4 74.2 110.9 145.7
Capital expenditure −2.1 −1.8 −3.5 −4.2 −4.3 −2.0 −3.1 −3.5
Free cash flow 6.5 8.2 25.9 23.7 17.1 72.2 107.8 142.3
Growth +26.4% +216.3% −8.7% −27.8% +322.1% +49.3% +32.0%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2018Cash177.9Shareholders’ equity−38.7Fiscal year 2019Cash39.2Shareholders’ equity−33.4Fiscal year 2020Cash164.5Shareholders’ equity553.9Fiscal year 2021Cash68.3Shareholders’ equity638.6Fiscal year 2022Cash45.6Shareholders’ equity624.8Fiscal year 2023Cash84.8Shareholders’ equity679.1Fiscal year 2024Cash49.9Shareholders’ equity773.5Fiscal year 2025Cash75.8Shareholders’ equity887.4
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 177.9 39.2 164.5 68.3 45.6 84.8 49.9 75.8
Shareholders’ equity −38.7 −33.4 553.9 638.6 624.8 679.1 773.5 887.4

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
83.1% 80.9% 81.1% 79.8% 77.8% 78.0% 77.1% 76.8%
−42.3% −6.6% −9.4% −33.1% −32.1% −21.6% −21.3% −17.3%
−40.2% −3.6% −8.1% −32.7% −30.3% −15.6% −15.4% −12.4%
−40.9% −5.2% −6.2% −31.1% −32.2% −17.5% −16.2% −13.5%
10.2% 7.8% 17.2% 11.5% 6.1% 20.6% 25.2% 26.8%
Spending
40.7% 28.4% 27.3% 38.5% 43.3% 38.5% 37.5% 36.7%
29.7% 17.0% 22.9% 27.4% 19.8% 18.0% 16.3% 15.3%
3.3% 1.7% 2.3% 2.0% 1.5% 0.6% 0.7% 0.7%
Returns
n/a n/a −1.7% −10.1% −14.4% −9.0% −9.0% −8.1%
n/a −2.3% −1.4% −7.5% −10.4% −6.3% −6.1% −5.4%
Balance and payout
n/a 40.2% 19.6% 25.1% 28.3% 30.2% 31.5% 33.8%