JFrog Ltd. (FROG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FROG SEC filings page.
JFrog Ltd. (FROG) reported $600.0M in revenue over the twelve months to Jun 30, 2026, up 26.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
JFrog’s dominant mechanic is asset-light, cash-generative growth funding heavy development spending while operating losses remain persistent.
By FY2025, operating cash flow was positive at$145.7M despite a reported operating loss of$91.9M , suggesting accounting losses include substantial non-cash costs and/or working-capital effects rather than tracking cash consumption one-for-one. With free cash flow of$142.3M against only$3.5M of capital expenditures, the business currently converts cash generation efficiently because reinvestment needs are light.
Gross margin stayed within a narrow
Current ratio fell from 2.8x in FY2021 to 2.1x in FY2025, so short-term liquidity has narrowed even as the company expanded. The reported debt-to-equity ratio also rose from 0.3x to 0.5x over the same span, indicating a progressively less equity-heavy financing profile.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of JFrog Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
JFrog Ltd. held $704.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $145.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and JFrog Ltd. scores 86/100 among other emerging companies.
JFrog Ltd. had 120M shares outstanding at the end of fiscal year 2025, against 113M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and JFrog Ltd. scores 55/100 among other emerging companies.
JFrog Ltd. spent $195.1M on research and development in fiscal year 2025, which was 31.3% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and JFrog Ltd. scores 63/100 among other emerging companies.
JFrog Ltd. reported revenue of $531.8M in fiscal year 2025, against $428.5M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and JFrog Ltd. scores 66/100 among other emerging companies.
Not available for JFrog Ltd., and counted as zero in the overall score.
JFrog Ltd.'s cash, cash equivalents and investments came to $704.4M at the end of fiscal year 2025, against $453.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and JFrog Ltd. scores 69/100 among other emerging companies.
JFrog Ltd. scores 15.70, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($11.8B) relative to total liabilities ($453.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
JFrog Ltd. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
JFrog Ltd. reported a net loss of $71.8M while generating $145.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
JFrog Ltd. generated $163.8M in revenue in Q2 2026. This represents an increase of 28.7% from the same quarter a year earlier. Against the prior quarter it is up 6.4%.
JFrog Ltd.'s EBITDA was -$7.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 60.0% from the same quarter a year earlier. Against the prior quarter it is down 5.1%.
JFrog Ltd. reported -$4.2M in net income in Q2 2026. This represents an increase of 80.8% from the same quarter a year earlier. Against the prior quarter it is up 49.6%.
JFrog Ltd. earned -$0.03 per diluted share (EPS) in Q2 2026. This represents an increase of 84.2% from the same quarter a year earlier. Against the prior quarter it is up 57.1%.
Cash & Balance Sheet
JFrog Ltd. generated $53.7M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 51.6% from the same quarter a year earlier. Against the prior quarter it is up 44.2%.
JFrog Ltd. held $96.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
JFrog Ltd.'s gross margin was 77.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.
JFrog Ltd.'s operating margin was -8.1% in Q2 2026, reflecting core business profitability. This is up 12.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.
JFrog Ltd.'s net profit margin was -2.5% in Q2 2026, showing the share of revenue converted to profit. This is up 14.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.8 percentage points.
JFrog Ltd.'s ROE was -0.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.
Capital Allocation
JFrog Ltd. invested $54.0M in research and development in Q2 2026. This represents an increase of 13.9% from the same quarter a year earlier. Against the prior quarter it is up 4.3%.
JFrog Ltd. invested $3.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 427.4% from the same quarter a year earlier. Against the prior quarter it is up 209.1%.
Not reported for Q2 2026.
FROG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $163.8M+28.7% | $154.0M+25.8% | $145.3M+25.2% | $136.9M+25.5% | $127.2M+23.5% | $122.4M+22.0% | $116.1M+19.3% | $109.1M+23.0% |
| Cost of Revenue | $36.2M+19.7% | $33.6M+11.3% | $32.2M+12.8% | $30.9M+13.2% | $30.2M+38.0% | $30.2M+46.5% | $28.5M+39.6% | $27.3M+38.2% |
| Gross Profit | $127.6M+31.5% | $120.4M+30.5% | $113.1M+29.2% | $106.0M+29.6% | $97.0M+19.6% | $92.2M+15.7% | $87.6M+14.0% | $81.8M+18.7% |
| R&D Expenses | $54.0M+13.9% | $51.8M+19.6% | $53.2M+18.4% | $51.2M+19.0% | $47.4M+27.8% | $43.3M+20.9% | $44.9M+37.0% | $43.0M+28.9% |
| SG&A Expenses | $25.7M+27.6% | $23.7M+24.6% | $21.6M+19.3% | $20.5M+15.4% | $20.1M+16.6% | $19.0M+12.4% | $18.1M-2.2% | $17.7M+13.2% |
| Operating Income | -$13.2M+49.0% | -$12.9M+43.7% | -$21.3M+16.1% | -$21.6M+27.8% | -$26.0M-35.8% | -$23.0M-38.1% | -$25.4M-65.3% | -$29.9M-65.8% |
| EBITDA | -$7.7M+60.0% | -$7.4M+54.7% | -$15.8M+14.7% | -$15.9M+30.7% | -$19.4M-26.4% | -$16.3M-26.6% | -$18.6M-60.1% | -$22.9M-61.3% |
| Income Tax | -$1.4M-170.4% | $2.5M+66.1% | $757K-77.5% | $1.5M+219.5% | $2.0M-3.1% | $1.5M+297.4% | $3.4M+48.8% | -$1.3M-188.8% |
| Net Income | -$4.2M+80.8% | -$8.3M+55.3% | -$15.2M+34.4% | -$16.4M+28.4% | -$21.7M-51.5% | -$18.5M-110.5% | -$23.2M-106.5% | -$22.9M-66.9% |
| EPS (Basic) | -$0.03+84.2% | -$0.07+56.3% | -$0.13+38.1% | -$0.14+33.3% | -$0.19-46.2% | -$0.16-100.0% | -$0.21-110.0% | -$0.21-61.5% |
| EPS (Diluted) | -$0.03+84.2% | -$0.07+56.3% | -$0.13+38.1% | -$0.14+33.3% | -$0.19-46.2% | -$0.16-100.0% | -$0.21-110.0% | -$0.21-61.5% |
| Diluted Shares (Avg) | 122M+5.7% | 120M+5.9% | N/A | 117M+5.9% | 115M+5.8% | 113M+6.0% | N/A | 111M+6.4% |
Not reported in any period shown, so not listed: Interest Expense.
FROG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B+23.3% | $1.4B+18.8% | $1.3B+18.7% | $1.3B+17.1% | $1.2B+18.3% | $1.2B+16.0% | $1.1B+16.2% | $1.1B+17.5% |
| Current Assets | $1.0B+38.0% | $904.8M+32.6% | $873.0M+34.5% | $800.2M+34.9% | $737.2M+4.8% | $682.1M+1.0% | $649.2M+0.5% | $593.4M+1.0% |
| Cash & Equivalents | $96.7M+88.6% | $61.0M+37.5% | $75.8M+52.1% | $78.4M+25.9% | $51.3M-76.5% | $44.4M-37.9% | $49.9M-41.2% | $62.2M+2.1% |
| Short-Term Investments | $727.8M+29.9% | $680.3M+31.0% | $628.6M+33.1% | $572.7M+41.2% | $560.4M+50.2% | $519.2M+2.2% | $472.1M+2.6% | $405.5M-8.1% |
| Accounts Receivable | $136.0M+63.8% | $113.7M+34.9% | $119.9M+32.2% | $104.4M+12.4% | $83.0M+1.2% | $84.3M+26.6% | $90.7M+18.7% | $92.9M+52.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $371.5M0.0% | $371.5M0.0% | $371.5M0.0% | $371.5M0.0% | $371.5M+49.8% | $371.5M+49.8% | $371.5M+49.8% | $371.4M+49.8% |
| Total Liabilities | $528.6M+38.5% | $449.2M+26.1% | $453.9M+27.4% | $406.1M+25.1% | $381.7M+27.4% | $356.2M+23.1% | $356.4M+21.5% | $324.7M+21.8% |
| Current Liabilities | $476.6M+37.5% | $400.2M+25.4% | $407.5M+28.3% | $367.6M+25.8% | $346.7M+28.5% | $319.2M+22.7% | $317.5M+21.1% | $292.2M+24.7% |
| Non-Current Liabilities | $52.0M+48.5% | $49.0M+32.4% | $46.4M+19.4% | $38.5M+18.6% | $35.0M+17.0% | $37.0M+27.4% | $38.9M+24.3% | $32.5M+1.1% |
| Total Equity | $960.7M+16.2% | $924.0M+15.5% | $887.4M+14.7% | $859.4M+13.6% | $826.5M+14.6% | $800.0M+13.0% | $773.5M+13.9% | $756.2M+15.8% |
| Retained Earnings | -$443.9M-11.0% | -$439.8M-16.3% | -$431.5M-20.0% | -$416.3M-23.7% | -$399.8M-27.5% | -$378.2M-26.4% | -$359.7M-23.8% | -$336.5M-20.5% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
FROG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $57.1M+58.1% | $38.4M+33.2% | $50.7M+3.2% | $30.2M+9.1% | $36.1M+116.1% | $28.8M+64.8% | $49.1M+50.7% | $27.6M+6.4% |
| Depreciation & Amortization | $5.5M-16.7% | $5.6M-17.2% | $5.6M-18.7% | $5.7M-18.6% | $6.6M+73.7% | $6.7M+76.7% | $6.9M+80.8% | $7.0M+82.4% |
| Stock-Based Compensation | $39.6M+4.1% | $39.6M+7.6% | N/A | $40.9M+12.3% | $38.0M+32.6% | $36.8M+35.0% | N/A | $36.4M+41.7% |
| Capital Expenditures | $3.3M+427.4% | $1.1M+65.4% | $840K+32.5% | $1.3M+43.8% | $627K-14.3% | $647K-23.1% | $634K+2.6% | $936K+58.4% |
| Free Cash Flow | $53.7M+51.6% | $37.3M+32.5% | $49.9M+2.8% | $28.8M+7.9% | $35.5M+122.1% | $28.1M+69.3% | $48.5M+51.6% | $26.7M+5.2% |
| Investing Cash Flow | -$50.1M-26.6% | -$53.1M-15.9% | -$55.5M+15.4% | -$11.4M+93.9% | -$39.5M-129.3% | -$45.8M+2.4% | -$65.7M-319.5% | -$188.0M-1100.8% |
| Financing Cash Flow | $29.0M+202.7% | -$150K-101.3% | $2.0M-54.1% | $8.1M+65.1% | $9.6M+305.3% | $11.5M-30.7% | $4.4M-33.3% | $4.9M+20.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FROG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.9%+1.7pp | 78.2%+2.8pp | 77.9%+2.4pp | 77.4%+2.4pp | 76.3%-2.5pp | 75.3%-4.1pp | 75.4%-3.6pp | 75.0%-2.7pp |
| Operating Margin | -8.1%+12.3pp | -8.4%+10.4pp | -14.7%+7.2pp | -15.8%+11.7pp | -20.4%-1.9pp | -18.8%-2.2pp | -21.9%-6.1pp | -27.4%-7.1pp |
| Net Margin | -2.5%+14.5pp | -5.4%+9.8pp | -10.5%+9.5pp | -12.0%+9.0pp | -17.0%-3.2pp | -15.1%-6.4pp | -20.0%-8.4pp | -21.0%-5.5pp |
| Return on Equity | -0.4%+2.2pp | -0.9%+1.4pp | -1.7%+1.3pp | -1.9%+1.1pp | -2.6%-0.6pp | -2.3%-1.1pp | -3.0%-1.3pp | -3.0%-0.9pp |
| Return on Assets | -0.3%+1.5pp | -0.6%+1.0pp | -1.1%+0.9pp | -1.3%+0.8pp | -1.8%-0.4pp | -1.6%-0.7pp | -2.1%-0.9pp | -2.1%-0.6pp |
| Current Ratio | 2.140.0x | 2.26+0.1x | 2.14+0.1x | 2.18+0.1x | 2.13-0.5x | 2.14-0.5x | 2.04-0.4x | 2.03-0.5x |
| Debt-to-Equity | 0.55+0.1x | 0.490.0x | 0.51+0.1x | 0.470.0x | 0.460.0x | 0.450.0x | 0.460.0x | 0.430.0x |
| Asset Turnover | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.100.0x | 0.100.0x |
| FCF Margin | 32.8%+4.9pp | 24.2%+1.2pp | 34.3%-7.5pp | 21.0%-3.5pp | 27.9%+12.4pp | 23.0%+6.4pp | 41.8%+8.9pp | 24.5%-4.2pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| JFrog Ltd. FROG | FY2025 | $531.8M | -$71.8M | -13.5% | $11.8B | 57/100 |
| CCC Intelligent Solutions Holdings Inc. CCCS | FY2025 | $1.1B | $1.7M | 0.2% | $5.7B | 45/100 |
| Clearwater Analytics Holdings, Inc. CWAN | FY2025 | $731.4M | -$38.8M | -5.3% | $7.3B | 49/100 |
| SoundHound AI, Inc. SOUN | FY2025 | $168.9M | -$14K | 0.0% | $2.7B | 52/100 |
| BILL Holdings, Inc. BILL | FY2026 | $1.7B | -$11.2M | -0.7% | $3.6B | 55/100 |
| Q2 Holdings Inc QTWO | FY2025 | $794.8M | $52.0M | 6.5% | $3.5B | 48/100 |
Where JFrog Ltd. Ranks
Frequently Asked Questions
What is JFrog Ltd.'s annual revenue?
JFrog Ltd. (FROG) reported $531.8M in total revenue for fiscal year 2025. This represents a 24.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is JFrog Ltd.'s revenue growing?
JFrog Ltd. (FROG) revenue grew by 24.1% year-over-year, from $428.5M to $531.8M in fiscal year 2025.
Is JFrog Ltd. profitable?
No, JFrog Ltd. (FROG) reported a net income of -$71.8M in fiscal year 2025, with a net profit margin of -13.5%.
What is JFrog Ltd.'s EBITDA?
JFrog Ltd. (FROG) had EBITDA of -$67.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is JFrog Ltd.'s gross margin?
JFrog Ltd. (FROG) had a gross margin of 76.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is JFrog Ltd.'s operating margin?
JFrog Ltd. (FROG) had an operating margin of -17.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is JFrog Ltd.'s net profit margin?
JFrog Ltd. (FROG) had a net profit margin of -13.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is JFrog Ltd.'s return on equity (ROE)?
JFrog Ltd. (FROG) has a return on equity of -8.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is JFrog Ltd.'s free cash flow?
JFrog Ltd. (FROG) generated $142.3M in free cash flow during fiscal year 2025. This represents a 32.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is JFrog Ltd.'s operating cash flow?
JFrog Ltd. (FROG) generated $145.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are JFrog Ltd.'s total assets?
JFrog Ltd. (FROG) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are JFrog Ltd.'s capital expenditures?
JFrog Ltd. (FROG) invested $3.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does JFrog Ltd. spend on research and development?
JFrog Ltd. (FROG) invested $195.1M in research and development during fiscal year 2025.
What is JFrog Ltd.'s current ratio?
JFrog Ltd. (FROG) had a current ratio of 2.14 as of fiscal year 2025, which is generally considered healthy.
What is JFrog Ltd.'s debt-to-equity ratio?
JFrog Ltd. (FROG) had a debt-to-equity ratio of 0.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is JFrog Ltd.'s return on assets (ROA)?
JFrog Ltd. (FROG) had a return on assets of -5.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is JFrog Ltd.'s P/E ratio?
JFrog Ltd. (FROG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $11.8B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is JFrog Ltd.'s price-to-sales ratio?
JFrog Ltd. (FROG) trades at 19.6x sales, its market capitalization divided by revenue of $600.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $11.8B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is JFrog Ltd.'s Altman Z-Score?
JFrog Ltd. (FROG) has an Altman Z-Score of 15.70, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is JFrog Ltd.'s Piotroski F-Score?
JFrog Ltd. (FROG) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are JFrog Ltd.'s earnings high quality?
JFrog Ltd. (FROG) reported a net loss of $71.8M while generating $145.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is JFrog Ltd.?
JFrog Ltd. (FROG) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.