FROG
JFrog Ltd
Technology • CIK: 0001800667
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Market Cap
$7.26B
P/E (TTM)
-100.7x
Rev Growth (TTM)
+24.1%
Net Margin (TTM)
-13.5%
FCF Yield (TTM)
2.0%
FCF Margin (TTM)
26.8%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$142M
Q4 '25
$50M+73%
Q3 '25
$29M-19%
FCF Margin
TTM26.8%
Q4 '2534.3%+63%
Sector: 10.0%Top 25%
OCF Margin27.4%
OCF/NI-2.03x
CapEx Coverage42.1x
FCF Yield2.0%
FCF Growth (2Y)+102%
Cash Conversion Cycle
27 days
DSO: 65+DIO: 0−DPO: 38
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$142.3M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-12.0%
Stable
+0.0% YoY+0.2%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-18.8%
8Q: -21.1%
Asset Turnover
0.44x
8Q: 0.42x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: -8.2% ≈ -12.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
94.31x
8Q:83.29x
+4426.3%
Invested Cap Turn
0.64x
8Q:0.61x
+9.1%
CapEx Intensity
0.4%
8Q:0.4%
CapEx/Depreciation
0.14x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $531.8M | $145.3M↑6.1% | $136.9M↑7.6% | $127.2M↑3.9% | $122.4M↑5.5% | $116.1M↑6.4% | $109.1M↑5.8% | $103.0M↑2.7% | $100.3M |
Operating Income | $-91.9M | $-21.3M↑1.2% | $-21.6M↑16.9% | $-26.0M↓13.1% | $-23.0M↑9.6% | $-25.4M↑15.1% | $-29.9M↓56.4% | $-19.1M↓15.0% | $-16.6M |
Net Income | $-71.8M | $-15.2M↑7.4% | $-16.4M↑24.2% | $-21.7M↓17.1% | $-18.5M↑20.2% | $-23.2M↓1.1% | $-22.9M↓60.4% | $-14.3M↓62.7% | $-8.8M |
Operating Cash Flow | $145.7M | $50.7M↑68.1% | $30.2M↓16.4% | $36.1M↑25.3% | $28.8M↓41.4% | $49.1M↑77.7% | $27.6M↑65.5% | $16.7M↓4.4% | $17.5M |
Free Cash Flow | $142.3M | $49.9M↑73.0% | $28.8M↓18.7% | $35.5M↑26.0% | $28.1M↓41.9% | $48.5M↑81.6% | $26.7M↑67.3% | $16.0M↓4.0% | $16.6M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-100.7x
Volatile
8Q: -259.9x-650%
Valuation Lenses
Earnings
-100.7x
vs – sector
Cash Flow
46.7x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -12.0%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$7.26B
EV$6.65B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
6/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
-8.7%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-12.0%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -18.8%
Asset Turnover: 0.44x
Earnings Quality
Cash Conversion
-2.03x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin76.8%
Capital Efficiency
Invested Capital Turnover0.64x
Working Capital
Cash Conversion Cycle27 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
24.1%
OpInc Growth YoY
16.1%
EPS Growth YoY
1.6%
FCF 3Y CAGR
101.7%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
76.8%
Operating
-17.3%
Top 25% in sector
Net
-13.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+40.3 pts
FCF: 26.8% | Net: -13.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $705.13M
Interest Coverage
–
+Net cash position: $705.13M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis