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JFrog (FROG) AI Stock Analysis

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JFrog

(NASDAQ:FROG)

Select Model

Neutral 68 (OpenAI - 5.2)

Rating:68Neutral

Price Target:

$91.00

▲(13.52% Upside)

Action:Reiterated

Date:08/07/26

The score is driven primarily by strong financial quality (robust and growing free cash flow, low leverage, and high gross margins) and a bullish earnings update (raised full-year guidance with strong cloud growth and expanding RPO). Offsetting factors are the lack of sustained GAAP profitability (negative P/E) and a mixed near-term technical picture with negative MACD and price just below short-term moving averages.

Positive Factors

Free cash flow strength

Consistent, growing free cash flow (~$170M TTM and a record quarter) provides durable internal funding for R&D, security and cloud expansion. Strong FCF lowers refinancing risk, funds strategic investments, and supports operational resilience even while GAAP profits are still improving.

Negative Factors

Lack of sustained GAAP profitability

Despite improving margins and non-GAAP profitability, persistent GAAP losses mean return metrics remain negative. This constrains long-term capital allocation flexibility, increases sensitivity to cost pressures, and leaves the company reliant on continued margin expansion to demonstrate durable earnings quality.

Read all positive and negative factors

Positive Factors

Negative Factors

Free cash flow strength

Read all positive factors

JFrog Key Performance Indicators (KPIs)

Any

Gross Profit by Segment

Gross Profit by Segment
Shows profitability across various business segments, highlighting strengths and potential areas for cost management or improvement.

Chart InsightsJFrog's Subscription Self-Managed and SaaS segment shows consistent growth, reflecting the company's strategic focus on cloud services, which aligns with the 42% year-over-year cloud revenue increase. The License Self-Managed segment, while more volatile, has recently rebounded, suggesting renewed interest or strategic shifts. The earnings call highlights robust financial health, with a 22% revenue increase and strong cash flow, but also notes challenges like extended sales cycles due to macroeconomic uncertainties. The launch of JFrog ML and partnerships like the one with Hugging Face could drive future growth despite these headwinds.

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JFrog (FROG) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$11.73B

Dividend YieldN/A

Average Volume (3M)3.05M

Price to Earnings (P/E)―

Beta (1Y)0.92

Revenue Growth26.37%

EPS Growth51.51%

CountryUS

Employees1,800

SectorTechnology

Sector Strength88

IndustrySoftware - Application

Share Statistics

EPS (TTM)-0.37

Shares Outstanding123,301,310

10 Day Avg. Volume2,064,564

30 Day Avg. Volume3,051,762

Financial Highlights & Ratios

PEG Ratio63.47

Price to Book (P/B)8.18

Price to Sales (P/S)13.65

P/FCF Ratio51.02

Enterprise Value/Market Cap<0.01

Enterprise Value/Revenue<0.01

Enterprise Value/Gross Profit<0.01

Enterprise Value/Ebitda>-0.01

Forecast

1Y Price Target

$111.55

Price Target Upside39.16% Upside

Rating ConsensusStrong Buy

Number of Analyst Covering21

EPS Forecast (FY)0.98

Revenue Forecast (FY)$651.82M

JFrog Business Overview & Revenue Model

Company Description

JFrog Ltd. delivers a comprehensive DevOps platform to businesses throughout the United States, providing a suite of tools designed to streamline software development and delivery. At the heart of their offerings is JFrog Artifactory, a flexible p...

How the Company Makes Money

JFrog primarily makes money through recurring subscription revenue for access to its software platform, sold to organizations that need to store, manage, secure, and distribute build artifacts (e.g., containers, packages, binaries) as part of soft...

JFrog Earnings Call Summary

Earnings Call Date:Aug 06, 2026

(Q2-2026)

% Change Since: |

Next Earnings Date:Nov 04, 2026

Earnings Call Sentiment Positive

The call highlighted strong, broad-based financial and operational execution: robust revenue growth (+29% YoY), rapid cloud expansion (+53% YoY cloud growth), improving margins, record free cash flow, sizable RPO growth (+38% YoY) and a raised full-year outlook. Security momentum, enterprise upsells and strategic AI partnerships were emphasized as durable growth engines. Offsetting risks include a self-hosted vulnerability incident, rising AI-powered supply-chain attack frequency, significant self-hosted exposure (~47%), and forecasting variability from consumption overages and derisked large deals. Overall, positive execution and financial trends outweigh the noted risks, which management positions as addressable and in some cases accelerants for security and cloud demand.

Positive Updates

Strong Revenue Growth

Total revenue of $163.8M in Q2 2026, up 29% year-over-year, exceeding the high end of guidance across all metrics.

Negative Updates

Self-Hosted Vulnerability Incident

A zero-day vulnerability in self-hosted Artifactory was discovered by an OpenAI model; although remediated quickly and cloud SaaS was not breached, the event highlights operational risk in self-hosted deployments and increased scrutiny from customers.

Read all updates

Q2-2026 Updates

Positive

Negative

Strong Revenue Growth

Total revenue of $163.8M in Q2 2026, up 29% year-over-year, exceeding the high end of guidance across all metrics.

Read all positive updates

Company Guidance

JFrog’s guidance for 2026 called for a Q3 revenue range of $164–$166M, Q3 non‑GAAP operating profit of $27–$29M and Q3 non‑GAAP diluted EPS of $0.22–$0.24 (assuming ~130M shares); full‑year 2026 revenue was raised to $648–$652M (about 22% y/y at the midpoint) with full‑year non‑GAAP operating income of $116–$120M and non‑GAAP diluted EPS of $0.96–$1.00 (assuming ~129M shares). Management reiterated annual gross margin of 82%–83%, raised baseline cloud growth to 41%–43%, set a net‑dollar‑retention floor of 120% for 2026, and noted the outlook excludes any benefit from cloud usage above contractual commitments.

JFrog Financial Statement Overview

Summary

Strong cash generation and improving fundamentals: free cash flow is robust and growing (~$170M TTM) with rising operating cash flow, and the balance sheet has minimal leverage (~$15M debt vs ~$961M equity). Revenue has scaled meaningfully with consistently high gross margins (~77–80% historically; 83% cited on the latest call). The key constraint is still GAAP profitability, with net losses persisting (though narrowing to ~-7% TTM), keeping returns (e.g., ROE) negative.

Income Statement

Neutral

Balance Sheet

Positive

Cash Flow

Very Positive

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	599.96M	531.84M	428.49M	349.89M	280.04M	206.68M
Gross Profit	467.14M	408.39M	330.19M	272.84M	217.75M	164.86M
EBITDA	-18.39M	-41.53M	-44.36M	-39.21M	-70.09M	-58.88M
Net Income	-44.07M	-71.82M	-69.24M	-61.26M	-90.18M	-64.20M
Balance Sheet
Total Assets	1.49B	1.34B	1.13B	972.56M	871.22M	852.53M
Cash, Cash Equivalents and Short-Term Investments	824.49M	705.13M	522.01M	545.01M	443.20M	421.13M
Total Debt	14.57M	19.13M	20.16M	36.18M	40.79M	47.32M
Total Liabilities	528.64M	453.93M	356.38M	293.43M	246.45M	213.95M
Stockholders Equity	960.71M	887.45M	773.53M	679.12M	624.77M	638.58M
Cash Flow
Free Cash Flow	169.70M	142.27M	107.78M	72.17M	16.80M	23.67M
Operating Cash Flow	176.26M	145.73M	110.92M	74.16M	21.43M	27.90M
Investing Cash Flow	-170.07M	-152.27M	-165.36M	-53.48M	-53.34M	-125.55M
Financing Cash Flow	39.00M	31.21M	21.23M	18.37M	11.03M	1.44M

JFrog Technical Analysis

Technical Analysis Sentiment

Positive

Last Price80.16

Price Trends

50DMA

85.19

Positive

100DMA

70.37

Positive

200DMA

62.51

Positive

Market Momentum

MACD

1.23

Negative

RSI

62.58

Neutral

STOCH

64.89

Neutral

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 80.16 is below the 20-day moving average (MA) of 83.85, below the 50-day MA of 85.19, and above the 200-day MA of 62.51, indicating a bullish trend. The MACD of 1.23 indicates Negative momentum. The RSI at 62.58 is Neutral, neither overbought nor oversold. The STOCH value of 64.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FROG.

JFrog Risk Analysis

JFrog disclosed 71 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

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ZETA	77 Outperform	$7.44B	-3,301.14	-0.26%	―	35.91%	94.31%
FROG	68 Neutral	$11.73B	-260.76	-4.85%	―	26.37%	51.51%
GTLB	68 Neutral	$7.32B	-282.44	-2.66%	―	24.90%	-233.01%
BILL	66 Neutral	$5.11B	-15,084.85	<0.01%	―	12.47%	-98.50%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
COMP	54 Neutral	$10.25B	193.18	3.63%	―	67.81%	―

* Technology Sector Average

Performance Comparison

FROG

JFrog

96.17

51.06

113.19%

BILL

Bill.com Holdings

49.78

9.34

23.10%

COMP

Compass

13.02

4.24

48.29%

ZETA

Zeta Global Holdings Corp

29.05

9.92

51.86%

GTLB

Gitlab

42.62

-1.66

-3.75%

JFrog Corporate Events

Executive/Board ChangesShareholder Meetings

JFrog Shareholders Approve Leadership, Compensation at Annual Meeting

Positive

May 22, 2026

On May 20, 2026, JFrog Ltd. held its annual general meeting of shareholders in Sunnyvale, California, with 110,646,098 ordinary shares represented, meeting quorum requirements. Shareholders re-elected Class III directors Yoav Landman, Yossi Sela, ...

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.Date of analysis: Aug 07, 2026