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US/Israeli software company making a platform (Artifactory) that manages and secures software packages through the DevOps pipeline.
US/Israeli software company making a platform (Artifactory) that manages and secures software packages through the DevOps pipeline.
Customers pay subscriptions that rise with how much software they store and move through the platform, so revenue grows as existing customers build more, often in the cloud. Plans range from self-managed licences to a JFrog-hosted cloud service, with the cloud growing in importance. Much of its research and development is in Israel.
Moat: narrow (switching costs, installed base). Artifactory sits at the center of a company's software build/release pipeline, making it costly to swap out.
Headquarters: Sunnyvale, California, US · Founded: 2008 · Employees: 1,800
Size JFrog (FROG) is a United States Information Technology company (Packaged Software) with a market value of $12.5B, the 682nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $100.98 on 6 Nov 2026.
Performance Over six months the shares gained 43.1%, against +29.0% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 26.4% over the last twelve months (peer median +18.9%); the operating margin is -12.9% (peer median 20.4%).
Valuation It trades at 89.6× forward earnings against a peer median of 23.1× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 52.2 points below its cost of capital (11.4% WACC).
Backlog Backlog (remaining performance obligations) was $812M at 30 Sep 2026, up 60% on a year earlier — 1.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 5.8% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $600M | $532M | $428M | $350M | $280M |
| Revenue growth | — | +24% | +22% | +25% | — |
| Gross profit | $465M | $405M | $327M | $271M | $217M |
| EBITDA | -$55.2M | -$59.1M | -$63.9M | -$57.5M | -$52.7M |
| Net income | -$44.1M | -$71.8M | -$69.2M | -$61.3M | -$90.2M |
| Free cash flow | $170M | $142M | $108M | $72.2M | $17.1M |
| Capital expenditure | $6.56M | $3.46M | $3.14M | $1.98M | $4.63M |
| Total debt | $14.6M | $12.5M | $14.0M | $22.2M | $24.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| JFrog FROG | $12.5B | +43% | +26% | -13% | 89.6× | 37.7% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| Gitlab GTLB | $8.01B | +85% | +23% | -8% | 55.0× | 18.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FROG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | +5.4% | 10th lowest of 21 |
| 6-month return | +43.1% | +29.0% | 8th highest of 21 |
| Distance from 52-week high | -4.5% | -14.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +26.4% | +18.9% | 7th highest of 21 |
| Operating margin | -12.9% | 20.4% | 4th lowest of 21 |
| Forward P/E | 89.6× | 23.1× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 37.7% | 18.8% | 2nd most demanding of 20 |
| Growth delivered (Del g) | +28.7% | +23.5% | 7th highest of 20 |
| Hurdle (Req g minus delivered) | +9.1 pp | -4.7 pp | 6th most demanding of 20 |
| ROIC minus cost of capital | -52.2 pp | +8.7 pp | lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| JFrog FROG | United States | $12.5B | +43% | +26% | -13% | 89.6× | 37.7% | +28.7% |
| Dynatrace DT | United States | $12.5B | +7% | +18% | 14% | 22.6× | 18.8% | +23.5% |
| Trimble TRMB | United States | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% | +2.6% |
| Chime Financial CHYM | United States | $11.9B | +70% | +18% | -1% | 35.2× | 18.2% | +24.8% |
| Procore Technologies PCOR | United States | $11.4B | +41% | +16% | -1% | 33.8× | 19.9% | +27.0% |
| Tempus AI TEM | United States | $13.9B | +53% | +37% | -18% | n/a | n/a | n/a |
| Zhejiang Century Huatong 002602.SZ | China | $14.0B | -20% | +28% | 21% | 11.1× | -0.2% | +20.4% |
| Capcom 9697.T | Japan | $11.0B | +25% | +21% | 41% | 27.0× | -2.2% | +15.4% |
| Sage SGE.L | United Kingdom | $14.1B | +33% | +9% | 23% | 23.1× | 3.1% | +5.7% |
| SailPoint SAIL | United States | $11.0B | +57% | +20% | -19% | 53.5× | 42.0% | +24.7% |
| DocuSign DOCU | United States | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% | +17.2% |
| Manhattan Associates MANH | United States | $14.7B | +77% | +8% | 25% | 42.0× | 29.4% | +13.0% |
| Paycom Software PAYC | United States | $10.5B | +73% | +9% | 30% | 15.9× | 3.3% | +19.5% |
| Wisetech Global WTC.AX | Australia | $10.3B | +15% | +71% | 31% | 32.6× | 30.1% | +32.3% |
| Figma FIG | United States | $10.0B | -9% | +43% | -124% | 54.8× | 22.2% | +43.4% |
| HubSpot HUBS | United States | $10.0B | +2% | +21% | 4% | 12.5× | 25.1% | +28.8% |
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% | +31.2% |
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% | +21.3% |
| Oracle Financial Services Software OFSS.NS | India | $9.43B | +8% | +28% | 52% | 22.7× | 22.0% | +9.0% |
| Full Truck Alliance Co. Ltd. Sponsored ADR YMM | United States | $9.35B | +4% | +9% | 34% | 12.8× | -10.9% | +36.0% |
| Hinge Health HNGE | United States | $9.34B | +107% | +50% | 19% | 39.6× | 34.1% | +49.9% |
JFrog reported $812M of remaining performance obligations at 30 Sep 2026, up 60% from a year earlier and up 23% from the previous quarter. That is 1.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.86.