JFrog Ltd.FROG
NasdaqGS•Technology•Software - Application
JFrog Ltd. provides software supply chain platform in the United States, Israel, India, and internationally. The company offers JFrog Artifactory, a package repository that allows teams and organizations to store, update, and manage software packages; JFrog Curation functions as a guardian outside the software development pipeline, controlling the admission of packages into an organization, from open source or public repositories; JFrog Xray, scans JFrog Artifactory to secure all software packages; JFrog Advanced Security, an optional add-on for select JFrog subscriptions; and JFrog Runtime Security, an optional add-on for select JFrog subscriptions to work with other JFrog Security solutions. It also provides JFrog ML, a platform-integrated solution designed for data science and MLOps teams to transform and store data, build, train, and deploy models, and monitor the entire Machine Learning pipeline; JFrog AI Catalog, an extension of JFrog Curation functionality that allows companies to secure, govern, consume and deploy AI technologies; JFrog AppTrust, an optional component with application risk governance of DevGovOps requirements; JFrog Distribution that provides software package distribution; and JFrog Connect, a device management solution that allows companies to manage software updates and monitor performance in IoT device fleets. In addition, the company offers JFrog Pro that provides access to the universal version of JFrog Artifactory and ongoing updates, upgrades, and bug fixes; JFrog Pro X, a self-managed-only subscription; JFrog Enterprise X, offers cluster configuration, federated repositories, multi-region replication, larger enterprise-scale deployments, service-level agreement support, and deeper security; and JFrog Enterprise Plus, a full platform subscription option. It serves technology, financial services, retail, healthcare, and telecommunications organizations. JFrog Ltd. was incorporated in 2008 and is headquartered in Sunnyvale, California.
JFrog Ltd. (FROG) reported trailing twelve months revenue of $563.41M as of March 2026, a 25.0% increase year-over-year. Quarterly revenue reached $153.98M, reflecting continued top-line momentum.
JFrog Ltd. reported a TTM net loss of $61.58M, with quarterly EBITDA of $-7.37M. The operating margin expanded from -18.8% to -8.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-8.4%) and net margin (-5.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -15.1% a year ago, signaling stronger bottom-line efficiency.
FROG trades at a P/S of 17.3x. The price-to-book ratio of 10.6x indicates a significant premium over book value.
The company generated $37.29M in free cash flow over the trailing twelve months, a 32.5% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $1.37B in total assets with no in long-term debt against $924.00M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -18.2%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~44.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg -2.1x) — earnings may be inflated by non-cash items or aggressive accounting.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 10.3% — significant dilution, likely from stock compensation or capital raises.