JFrog (FROG)
NASDAQ:FROG
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JFrog
(NASDAQ:FROG)
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Rating:62Neutral
Price Target:
$52.00
▲(5.95% Upside)
Action:ReiteratedDate:02/27/26
The score is primarily supported by strong cash generation and a low-leverage, liquid balance sheet, reinforced by generally positive earnings-call fundamentals (cloud momentum, RPO/retention strength, and non-GAAP profitability). These are tempered by a clearly bearish technical setup and a less supportive valuation signal due to the negative P/E, alongside guidance pointing to slower growth in 2026.
Positive Factors
Strong cash generation
JFrog converts revenue into substantial operating and free cash flow despite GAAP losses. Durable cash generation funds operations, share repurchases, and strategic investments without heavy external financing, giving the company financial optionality across 2–6 months.
Negative Factors
Growth deceleration
Management's lower growth guidance implies reduced top-line momentum and weaker operating leverage. Slower revenue expansion can compress future free cash flow growth, limit reinvestment capacity, and raise scrutiny on long-term growth assumptions across the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
JFrog converts revenue into substantial operating and free cash flow despite GAAP losses. Durable cash generation funds operations, share repurchases, and strategic investments without heavy external financing, giving the company financial optionality across 2–6 months.
Read all positive factors
JFrog (FROG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.87B
Dividend YieldN/A
Average Volume (3M)3.32M
Price to Earnings (P/E)―
Beta (1Y)0.91
Revenue Growth22.69%
EPS Growth-32.47%
CountryUS
Employees1,600
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.22
Shares Outstanding119,628,930
10 Day Avg. Volume2,779,569
30 Day Avg. Volume3,316,765
Financial Highlights & Ratios
PEG Ratio63.67
Price to Book (P/B)8.18
Price to Sales (P/S)13.65
P/FCF Ratio51.02
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue10.93
Enterprise Value/Gross Profit14.25
Enterprise Value/Ebitda-94.05
Forecast
1Y Price Target
$68.64Price Target Upside39.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
EPS Forecast (FY)0.9
Revenue Forecast (FY)$627.70M
JFrog Business Overview & Revenue Model
Company Description
JFrog Ltd. provides DevOps platform in the United States. The company's products include JFrog Artifactory, a package repository that allows teams and organizations to store, update, and manage their software packages at any scale; JFrog Pipelines...
How the Company Makes Money
JFrog primarily makes money by selling subscriptions to its software platform, delivered both as a cloud service (SaaS) and as self-managed software deployed by customers. Revenue is largely recurring and tied to customers paying for access to JFr...
JFrog Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Shows profitability across various business segments, highlighting strengths and potential areas for cost management or improvement.
Shows profitability across various business segments, highlighting strengths and potential areas for cost management or improvement.
Data provided by:
The Fly
The FlyJFrog Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presented a majority of positive operational and financial developments: robust top-line growth driven by cloud, strong RPO and retention, meaningful security ARR and RPO momentum, solid cash balances, and strategic AI/MLOps partnerships. Notable headwinds include guidance deceleration to ~17.5% growth for 2026, cloud usage volatility, FX-related expense pressure, modest near-term revenue contribution from security despite ARR strength, and some margin normalization due to cloud mix. Overall, the company emphasized disciplined guidance, de-risking of large deals, and continued investment in strategic initiatives while converting usage into annual commitments.Positive Updates
Record Annual Revenue Growth
Total revenue for fiscal year 2025 was $531,800,000, up 24% year over year, with Q4 revenue of $145,300,000 up 25% year over year.
Negative Updates
Slower Overall Growth Outlook
Full-year 2026 revenue guidance of $623–$628 million implies ~17.5% year over year growth at the midpoint, a deceleration from 24% growth in FY2025.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue Growth
Total revenue for fiscal year 2025 was $531,800,000, up 24% year over year, with Q4 revenue of $145,300,000 up 25% year over year.
Read all positive updates
Company Guidance
JFrog's 2026 guidance calls for Q1 revenue of $146.0–148.0M, Q1 non‑GAAP operating profit of $25.0–26.0M and Q1 non‑GAAP diluted EPS of $0.20–0.22 (assuming ~127M shares); full‑year 2026 revenue of $623.0–628.0M (≈17.5% YoY at the midpoint), full‑year non‑GAAP operating income of $106–108M and non‑GAAP diluted EPS of $0.88–0.92 (assuming ~128M shares). Management expects baseline cloud growth of 30–32% in 2026, net dollar retention of ~117%, and annual gross margins of ~82–83%, while calling out a FX‑related headwind to operating expenses and reiterating a conservative guidance philosophy that de‑risks large deals and does not bake in upside from cloud usage above contractual commitments.JFrog Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
78
Positive
Cash Flow
85
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 531.84M | 428.49M | 349.89M | 280.04M | 206.68M |
| Gross Profit | 404.98M | 330.19M | 272.84M | 217.75M | 164.86M |
| EBITDA | -59.13M | -69.64M | -60.24M | -75.19M | -59.62M |
| Net Income | -71.82M | -69.24M | -61.26M | -90.18M | -64.20M |
Balance Sheet | |||||
| Total Assets | 1.34B | 1.13B | 972.56M | 871.22M | 852.53M |
| Cash, Cash Equivalents and Short-Term Investments | 705.13M | 522.01M | 545.01M | 443.20M | 421.13M |
| Total Debt | 19.13M | 20.16M | 36.18M | 40.79M | 47.32M |
| Total Liabilities | 453.93M | 356.38M | 293.43M | 246.45M | 213.95M |
| Stockholders Equity | 887.45M | 773.53M | 679.12M | 624.77M | 638.58M |
Cash Flow | |||||
| Free Cash Flow | 142.27M | 107.78M | 72.17M | 16.80M | 23.67M |
| Operating Cash Flow | 145.73M | 110.92M | 74.16M | 21.43M | 27.90M |
| Investing Cash Flow | -152.27M | -165.36M | -53.48M | -53.34M | -125.55M |
| Financing Cash Flow | 31.21M | 21.23M | 18.37M | 11.03M | 1.44M |
JFrog Technical Analysis
Positive
49.08
Price Trends
46.40
Positive
54.19
Negative
50.12
Negative
Market Momentum
1.00
Negative
58.15
Neutral
83.26
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FROG, the sentiment is Positive. The current price of 49.08 is above the 20-day moving average (MA) of 44.61, above the 50-day MA of 46.40, and below the 200-day MA of 50.12, indicating a neutral trend. The MACD of 1.00 indicates Negative momentum. The RSI at 58.15 is Neutral, neither overbought nor oversold. The STOCH value of 83.26 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FROG.
JFrog Risk Analysis
JFrog disclosed 70 risk factors in its most recent earnings report. JFrog reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
JFrog Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $7.12B | -168.64 | -2.19% | ― | 50.91% | 54812.50% | |
69 Neutral | $3.84B | -143.66 | -4.43% | ― | 35.87% | 85.20% | |
63 Neutral | $3.79B | -533.32 | -0.63% | ― | 11.63% | 50.72% | |
62 Neutral | $5.87B | -101.06 | -8.52% | ― | 22.69% | -32.47% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $3.94B | -103.64 | -6.24% | ― | 27.35% | 18.18% | |
56 Neutral | $5.03B | ― | -8.04% | ― | 24.27% | 73.11% |
* Technology Sector Average
FROG
JFrog
49.08
17.53
55.56%
BILL
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38.28
-5.71
-12.98%
COMP
Compass
6.68
-1.36
-16.92%
ZETA
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15.72
2.84
22.05%
CWAN
Clearwater Analytics Holdings
23.92
-0.04
-0.17%
GTLB
Gitlab
23.15
-23.15
-50.00%
JFrog Corporate Events
Business Operations and StrategyStock Buyback
JFrog Announces $300 Million Share Repurchase Program
Positive
Feb 26, 2026
On February 26, 2026, JFrog announced that its board had authorized a share repurchase program of up to $300 million of its ordinary shares, signaling confidence in its strategy and long-term growth prospects. The company plans to fund the buyback...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.