Jfrog Ltd Financials
Jfrog Ltd (FROG) reported $531.8M in revenue for fiscal year 2025, up 24.1% from the prior fiscal year. 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 is turning a high-gross-margin software model into rising cash generation while R&D-heavy spending keeps GAAP profit negative.
By FY2025, free cash flow reached$142.3M even though operating income stayed negative at-$91.9M , showing the business now throws off cash well before it clears the accounting-profit line. Free-cash-flow margin widened from20.6% in FY2023 to26.8% in FY2025, so that cash engine is strengthening rather than appearing as a one-year quirk.
Gross margin held in a narrow
Accounts receivable were
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.
Not available for Jfrog Ltd, and counted as zero in the overall score.
Jfrog Ltd scores 13.91, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($10.4B) 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 $531.8M in revenue in fiscal year 2025. This represents an increase of 24.1% from the prior year.
Jfrog Ltd's EBITDA was -$67.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.3% from the prior year.
Jfrog Ltd reported -$71.8M in net income in fiscal year 2025. This represents a decrease of 3.7% from the prior year.
Jfrog Ltd earned -$0.62 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.6% from the prior year.
Cash & Balance Sheet
Jfrog Ltd generated $142.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 32.0% from the prior year.
Jfrog Ltd held $75.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Jfrog Ltd paid $0.00 per share in dividends in fiscal year 2025.
Margins & Returns
Jfrog Ltd's gross margin was 76.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.
Jfrog Ltd's operating margin was -17.3% in fiscal year 2025, reflecting core business profitability. This is up 4.0 percentage points from the prior year.
Jfrog Ltd's net profit margin was -13.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.7 percentage points from the prior year.
Jfrog Ltd's ROE was -8.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.
Capital Allocation
Jfrog Ltd invested $195.1M in research and development in fiscal year 2025. This represents an increase of 21.3% from the prior year.
Jfrog Ltd invested $3.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 10.1% from the prior year.
Not reported for fiscal year 2025.
FROG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $600.0M | $531.8M+24.1% | $428.5M+22.5% | $349.9M+24.9% | $280.0M+35.5% | $206.7M+37.0% | $150.8M+44.0% | $104.7M+64.8% | $63.5M |
| Cost of Revenue | $132.8M | $123.5M+25.6% | $98.3M+27.6% | $77.0M+23.7% | $62.3M+48.9% | $41.8M+47.0% | $28.5M+42.0% | $20.0M+87.1% | $10.7M |
| Gross Profit | $467.1M | $408.4M+23.7% | $330.2M+21.0% | $272.8M+25.3% | $217.8M+32.1% | $164.9M+34.7% | $122.4M+44.5% | $84.7M+60.3% | $52.8M |
| R&D Expenses | $210.2M | $195.1M+21.3% | $160.9M+19.5% | $134.6M+11.0% | $121.2M+52.3% | $79.6M+93.6% | $41.1M+38.3% | $29.7M+15.0% | $25.9M |
| SG&A Expenses | $91.5M | $81.2M+16.0% | $70.0M+10.9% | $63.1M+13.6% | $55.6M-2.0% | $56.7M+64.2% | $34.5M+93.9% | $17.8M-5.5% | $18.8M |
| Operating Income | -$69.1M | -$91.9M-0.8% | -$91.1M-20.6% | -$75.5M+15.9% | -$89.8M-31.4% | -$68.4M-381.7% | -$14.2M-104.6% | -$6.9M+74.2% | -$26.9M |
| Income Tax | $3.3M | $5.8M+69.3% | $3.4M-49.3% | $6.7M+23.9% | $5.4M+258.9% | -$3.4M-24.8% | -$2.7M-268.4% | $1.6M+246.4% | $470K |
| Net Income | -$44.1M | -$71.8M-3.7% | -$69.2M-13.0% | -$61.3M+32.1% | -$90.2M-40.5% | -$64.2M-582.6% | -$9.4M-74.4% | -$5.4M+79.3% | -$26.0M |
| EPS (Diluted) | — | -$0.62+1.6% | -$0.63-6.8% | -$0.59+35.2% | -$0.91-33.8% | -$0.68 | -$0.20 | N/A | N/A |
Not reported in any period shown, so not listed: Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FROG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+18.7% | $1.1B+16.2% | $972.6M+11.6% | $871.2M+2.2% | $852.5M+23.7% | $689.2M+189.5% | $238.0M | N/A |
| Current Assets | $873.0M+34.5% | $649.2M+0.5% | $645.8M+21.4% | $532.0M+6.6% | $499.0M-23.5% | $652.6M+228.0% | $198.9M | N/A |
| Cash & Equivalents | $75.8M+52.1% | $49.9M-41.2% | $84.8M+85.9% | $45.6M-33.2% | $68.3M-58.5% | $164.5M+320.1% | $39.1M-78.0% | $177.9M |
| Accounts Receivable | $119.9M+32.2% | $90.7M+18.7% | $76.4M+23.1% | $62.1M+23.0% | $50.5M+36.3% | $37.0M+49.8% | $24.7M | N/A |
| Goodwill | $371.5M0.0% | $371.5M+49.8% | $248.0M0.0% | $248.0M+0.1% | $247.8M+1330.6% | $17.3M0.0% | $17.3M+963.2% | $1.6M |
| Total Liabilities | $453.9M+27.4% | $356.4M+21.5% | $293.4M+19.1% | $246.4M+15.2% | $213.9M+58.1% | $135.3M-50.1% | $271.5M | N/A |
| Current Liabilities | $407.5M+28.3% | $317.5M+21.1% | $262.2M+25.1% | $209.6M+19.6% | $175.3M+42.8% | $122.7M+42.7% | $86.0M | N/A |
| Total Equity | $887.4M+14.7% | $773.5M+13.9% | $679.1M+8.7% | $624.8M-2.2% | $638.6M+15.3% | $553.9M+1756.7% | -$33.4M+13.6% | -$38.7M |
| Retained Earnings | -$431.5M-20.0% | -$359.7M-23.8% | -$290.4M-26.7% | -$229.2M-64.9% | -$139.0M-85.8% | -$74.8M-14.4% | -$65.4M | N/A |
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $176.3M | $145.7M+31.4% | $110.9M+49.6% | $74.2M+246.1% | $21.4M-23.2% | $27.9M-5.3% | $29.5M+194.5% | $10.0M+16.8% | $8.6M |
| Capital Expenditures | $6.6M | $3.5M+10.1% | $3.1M+58.6% | $2.0M-54.2% | $4.3M+2.4% | $4.2M+20.0% | $3.5M+95.3% | $1.8M-13.1% | $2.1M |
| Free Cash Flow | $169.7M | $142.3M+32.0% | $107.8M+49.3% | $72.2M+322.1% | $17.1M-27.8% | $23.7M-8.7% | $25.9M+216.3% | $8.2M+26.4% | $6.5M |
| Investing Cash Flow | -$170.1M | -$152.3M+7.9% | -$165.4M-209.2% | -$53.5M-0.3% | -$53.3M+57.5% | -$125.5M+59.7% | -$311.8M-108.4% | -$149.6M-4764.6% | -$3.1M |
| Financing Cash Flow | $39.0M | $31.2M+47.0% | $21.2M+15.6% | $18.4M+66.6% | $11.0M+663.6% | $1.4M-99.6% | $406.1M+55081.3% | $736K-99.4% | $114.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FROG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.8%-0.3pp | 77.1%-0.9pp | 78.0%+0.2pp | 77.8%-2.0pp | 79.8%-1.4pp | 81.1%+0.3pp | 80.9%-2.3pp | 83.1% |
| Operating Margin | -17.3%+4.0pp | -21.3%+0.3pp | -21.6%+10.5pp | -32.1%+1.0pp | -33.1%-23.7pp | -9.4%-2.8pp | -6.6%+35.7pp | -42.3% |
| Net Margin | -13.5%+2.7pp | -16.2%+1.4pp | -17.5%+14.7pp | -32.2%-1.1pp | -31.1%-24.8pp | -6.2%-1.1pp | -5.1%+35.8pp | -40.9% |
| Return on Equity | -8.1%+0.9pp | -8.9%+0.1pp | -9.0%+5.4pp | -14.4%-4.4pp | -10.1%-8.3pp | -1.7% | N/A | N/A |
| Return on Assets | -5.3%+0.8pp | -6.1%+0.2pp | -6.3%+4.0pp | -10.3%-2.8pp | -7.5%-6.2pp | -1.4%+0.9pp | -2.3% | N/A |
| Current Ratio | 2.14+0.1x | 2.04-0.4x | 2.46-0.1x | 2.54-0.3x | 2.85-2.5x | 5.32+3.0x | 2.31 | N/A |
| Debt-to-Equity | 0.51+0.1x | 0.460.0x | 0.430.0x | 0.39+0.1x | 0.34+0.1x | 0.24 | N/A | N/A |
| FCF Margin | 26.8%+1.6pp | 25.1%+4.5pp | 20.6%+14.5pp | 6.1%-5.3pp | 11.5%-5.7pp | 17.2%+9.4pp | 7.8%-2.4pp | 10.2% |
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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 Altman Z-Score?
Jfrog Ltd (FROG) has an Altman Z-Score of 13.91, 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 52 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.