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JFrog Ltd. (FROG) 10-Year Financial Performance & Capital Metrics

FROG • • Industrial / General
TechnologyApplication SoftwareArtificial Intelligence & AnalyticsAI Analytics Platforms
AboutJFrog 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, an integration/continuous delivery tool for automating and orchestrating the movement of software packages; JFrog Xray, which scan JFrog Artifactory; and JFrog Distribution that provides software package distribution with enterprise-grade performance. Its products include JFrog Artifactory Edge that utilizes and leverages metadata from JFrog Artifactory to facilitate the transfer of the incremental changes in software packages from their previous versions; JFrog Mission Control, a platform control panel that provides a view of moving pieces of an organization's software supply chain workflow; JFrog Insight, a DevOps intelligence tool; and JFrog Connect, a device management solution that allows companies to manage software updates and monitor performance across IoT device fleets from anywhere in the world. The company's products also comprise JFrog Pro, JFrog Pro Team, JFrog Pro X, JFrog Enterprise, JFrog Enterprise X, and JFrog Enterprise Plus products that offer ongoing updates, upgrades, and bug fixes, as well as cluster configuration, multi-site replication, and SLA support. It serves technology, financial services, retail, healthcare, and telecommunications organizations. JFrog Ltd. was incorporated in 2008 and is headquartered in Sunnyvale, California.Show more
  • Revenue $428M +22.5%
  • EBITDA -$70M -15.6%
  • Net Income -$69M -13.0%
  • EPS (Diluted) -0.63 -6.8%
  • Gross Margin 77.06% -1.2%
  • EBITDA Margin -16.25% +5.6%
  • Operating Margin -21.26% +1.5%
  • Net Margin -16.16% +7.7%
  • ROE -9.53% -1.5%
  • ROIC -10.09% -8.6%
  • Debt/Equity 0.02 -44.8%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓FCF machine: 25.2% free cash flow margin
  • ✓Strong 5Y sales CAGR of 32.6%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y32.55%
3Y27.51%
TTM22.69%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-39.35%

EPS CAGR

10Y-
5Y-
3Y-
TTM-32.08%

ROCE

10Y Avg-10.05%
5Y Avg-9.82%
3Y Avg-11.38%
Latest-11.96%

Peer Comparison

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Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+63.53M104.72M150.83M206.68M280.04M349.89M428.49M
Revenue Growth %-0.65%0.44%0.37%0.35%0.25%0.22%
Cost of Goods Sold+10.82M20.04M28.45M41.82M63.09M77.04M98.3M
COGS % of Revenue0.17%0.19%0.19%0.2%0.23%0.22%0.23%
Gross Profit+52.71M84.68M122.38M164.86M216.95M272.84M330.19M
Gross Margin %0.83%0.81%0.81%0.8%0.77%0.78%0.77%
Gross Profit Growth %-0.61%0.45%0.35%0.32%0.26%0.21%
Operating Expenses+78.8M91.62M136.57M233.23M291.69M348.39M421.29M
OpEx % of Revenue1.24%0.87%0.91%1.13%1.04%1%0.98%
Selling, General & Admin53.03M61.89M95.45M153.63M182.74M213.81M260.42M
SG&A % of Revenue0.83%0.59%0.63%0.74%0.65%0.61%0.61%
Research & Development25.77M29.73M41.11M79.6M108.95M134.58M160.86M
R&D % of Revenue0.41%0.28%0.27%0.39%0.39%0.38%0.38%
Other Operating Expenses0000000
Operating Income+-26.08M-6.94M-14.19M-68.37M-74.75M-75.55M-91.1M
Operating Margin %-0.41%-0.07%-0.09%-0.33%-0.27%-0.22%-0.21%
Operating Income Growth %-0.73%-1.05%-3.82%-0.09%-0.01%-0.21%
EBITDA+-24.96M-4.13M-10.53M-59.62M-52.74M-60.24M-69.64M
EBITDA Margin %-0.39%-0.04%-0.07%-0.29%-0.19%-0.17%-0.16%
EBITDA Growth %-0.83%-1.55%-4.66%0.12%-0.14%-0.16%
D&A (Non-Cash Add-back)1.12M2.81M3.66M8.75M22.01M15.3M21.46M
EBIT-25.55M-6.94M-14.19M-68.37M-84.75M-75.55M-91.1M
Net Interest Income+1.31M3.17M2.04M744K5.09M21.03M25.28M
Interest Income1.31M3.17M2.04M744K5.09M21.03M25.28M
Interest Expense0000000
Other Income/Expense539K3.17M2.04M744K-10M21.03M25.28M
Pretax Income+-25.55M-3.77M-12.15M-67.63M-84.75M-54.52M-65.82M
Pretax Margin %-0.4%-0.04%-0.08%-0.33%-0.3%-0.16%-0.15%
Income Tax+470K1.63M-2.74M-3.42M5.44M6.74M3.42M
Effective Tax Rate %1.02%1.43%0.77%0.95%1.06%1.12%1.05%
Net Income+-26.02M-5.39M-9.4M-64.2M-90.18M-61.26M-69.24M
Net Margin %-0.41%-0.05%-0.06%-0.31%-0.32%-0.18%-0.16%
Net Income Growth %-0.79%-0.74%-5.83%-0.4%0.32%-0.13%
Net Income (Continuing)-26.02M-5.39M-9.4M-64.2M-90.18M-61.26M-69.24M
Discontinued Operations0000000
Minority Interest0000000
EPS (Diluted)+-0.32-0.07-0.20-0.68-0.91-0.59-0.63
EPS Growth %-0.79%-1.98%-2.4%-0.34%0.35%-0.07%
EPS (Basic)-0.32-0.07-0.20-0.68-0.91-0.59-0.63
Diluted Shares Outstanding80.31M80.31M46.49M94.78M99.24M103.32M109.69M
Basic Shares Outstanding80.31M80.31M46.49M94.78M99.24M103.32M109.69M
Dividend Payout Ratio-------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+202.25M198.93M652.56M499.02M532.02M645.8M649.23M
Cash & Short-Term Investments177.88M166.48M598.06M421.13M443.2M545.01M522.01M
Cash Only177.88M39.15M164.46M68.28M45.59M84.77M49.87M
Short-Term Investments0127.33M433.6M352.84M397.61M460.25M472.14M
Accounts Receivable19.79M24.74M37.05M50.48M62.12M76.44M90.71M
Days Sales Outstanding113.7286.2289.6689.1580.9679.7477.27
Inventory0000000
Days Inventory Outstanding-------
Other Current Assets1.61M2.36M3.73M5.27M8.1M24.35M36.51M
Total Non-Current Assets+14.85M39.11M36.67M353.51M339.2M326.75M480.68M
Property, Plant & Equipment3.15M3.53M4.96M32.69M32.62M29.09M19.87M
Fixed Asset Turnover20.19x29.65x30.39x6.32x8.58x12.03x21.56x
Goodwill1.63M17.32M17.32M247.78M247.96M247.96M371.51M
Intangible Assets3.14M5.61M4.05M47.98M37.54M25.77M60.83M
Long-Term Investments1.61M1.78M00000
Other Non-Current Assets6.94M12.65M10.34M25.06M21.08M23.94M28.47M
Total Assets+217.1M238.04M689.23M852.53M871.22M972.56M1.13B
Asset Turnover0.29x0.44x0.22x0.24x0.32x0.36x0.38x
Asset Growth %-0.1%1.9%0.24%0.02%0.12%0.16%
Total Current Liabilities+61.63M86M122.7M175.26M209.57M262.18M317.51M
Accounts Payable3.19M4.99M9.91M10.87M14.87M16.97M10.65M
Days Payables Outstanding107.7390.91127.1594.8586.0180.439.54
Short-Term Debt0000000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities2.25M3M12.24M17.6M20.89M032.86M
Current Ratio3.28x2.31x5.32x2.85x2.54x2.46x2.04x
Quick Ratio3.28x2.31x5.32x2.85x2.54x2.46x2.04x
Cash Conversion Cycle-------
Total Non-Current Liabilities+194.15M185.47M12.64M38.68M36.88M31.26M38.87M
Long-Term Debt0000000
Capital Lease Obligations00020.01M16.83M13.95M6.18M
Deferred Tax Liabilities0000000
Other Non-Current Liabilities175.84M175.84M1.55M712K3.06M4.32M5.62M
Total Liabilities255.78M271.47M135.34M213.95M246.45M293.43M356.38M
Total Debt+00027.31M23.96M22.23M13.98M
Net Debt-177.88M-39.15M-164.46M-40.98M-21.63M-62.54M-35.89M
Debt / Equity---0.04x0.04x0.03x0.02x
Debt / EBITDA-------
Net Debt / EBITDA-------
Interest Coverage-------
Total Equity+-38.68M-33.43M553.89M638.58M624.77M679.12M773.53M
Equity Growth %-0.14%17.57%0.15%-0.02%0.09%0.14%
Book Value per Share-0.48-0.4211.916.746.306.577.05
Total Shareholders' Equity-38.68M-33.43M553.89M638.58M624.77M679.12M773.53M
Common Stock76K80K257K272K283K297K315K
Retained Earnings-59.99M-65.38M-74.79M-138.99M-229.18M-290.43M-359.67M
Treasury Stock-21.24M-31.84M00000
Accumulated OCI035K372K611K-2.77M1.01M655K
Minority Interest0000000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+8.56M10M29.46M27.9M21.43M74.16M110.92M
Operating CF Margin %0.13%0.1%0.2%0.13%0.08%0.21%0.26%
Operating CF Growth %-0.17%1.94%-0.05%-0.23%2.46%0.5%
Net Income-26.02M-5.39M-9.4M-64.2M-90.18M-61.26M-69.24M
Depreciation & Amortization1.12M2.81M3.66M14.85M14.65M15.3M21.46M
Stock-Based Compensation20.17M9.37M23.85M068.66M95.17M131.11M
Deferred Taxes0000000
Other Non-Cash Items27.88M-374K1.91M62.47M11.51M1.63M2.46M
Working Capital Changes13.29M3.59M9.45M14.78M16.78M23.31M25.13M
Change in Receivables-6.96M-4.93M-12.31M-12.81M-11.19M-14.11M-13.51M
Change in Inventory-3.18M-3.01M00000
Change in Payables1.48M1.79M4.92M504K4.1M1.71M-7.32M
Cash from Investing+-3.08M-149.59M-311.8M-125.55M-53.34M-53.48M-165.36M
Capital Expenditures-3.08M-1.8M-3.52M-4.83M-4.63M-1.98M-3.14M
CapEx % of Revenue0.05%0.02%0.02%0.02%0.02%0.01%0.01%
Acquisitions-------
Investments-------
Other Investing-1M0-308.27M0000
Cash from Financing+114.48M736K406.13M1.44M11.03M18.37M21.23M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0000000
Share Repurchases-------
Other Financing23K1.03M12.65M-8.48M-71K18.37M2.13M
Net Change in Cash-------
Free Cash Flow+5.49M8.2M25.94M23.67M16.8M72.17M107.78M
FCF Margin %0.09%0.08%0.17%0.11%0.06%0.21%0.25%
FCF Growth %-0.49%2.16%-0.09%-0.29%3.3%0.49%
FCF per Share0.070.100.560.250.170.700.98
FCF Conversion (FCF/Net Income)-0.33x-1.85x-3.13x-0.43x-0.24x-1.21x-1.60x
Interest Paid0000000
Taxes Paid2.97M2.07M001.71M5M4.24M

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)---3.61%-10.77%-14.28%-9.4%-9.53%
Return on Invested Capital (ROIC)---6.72%-10.39%-9.34%-9.29%-10.09%
Gross Margin82.97%80.87%81.14%79.76%77.47%77.98%77.06%
Net Margin-40.95%-5.15%-6.24%-31.06%-32.2%-17.51%-16.16%
Debt / Equity---0.04x0.04x0.03x0.02x
FCF Conversion-0.33x-1.85x-3.13x-0.43x-0.24x-1.21x-1.60x
Revenue Growth-64.82%44.03%37.03%35.49%24.94%22.46%

Revenue by Segment

20202021202220232024
Selfmanaged Subscription118.21M157.03M200.39M230.56M260.52M
Selfmanaged Subscription Growth-32.85%27.61%15.06%12.99%
Subscription105.36M140.4M181.8M210.87M238.93M
Subscription Growth-33.26%29.49%15.99%13.31%
SaaS32.62M49.65M79.65M119.33M167.97M
SaaS Growth-52.20%60.43%49.81%40.76%
License12.85M16.64M18.59M19.69M21.59M
License Growth-29.48%11.73%5.94%9.61%

Revenue by Geography

20202021202220232024
UNITED STATES96.79M129.5M176.33M215.6M258.91M
UNITED STATES Growth-33.80%36.16%22.27%20.09%
world51.2M72.64M96.81M124.95M157.3M
world Growth-41.86%33.28%29.06%25.89%
ISRAEL2.84M4.54M6.89M9.33M12.28M
ISRAEL Growth-60.13%51.73%35.38%31.54%

Frequently Asked Questions

Growth & Financials

JFrog Ltd. (FROG) reported $502.6M in revenue for fiscal year 2024. This represents a 691% increase from $63.5M in 2018.

JFrog Ltd. (FROG) grew revenue by 22.5% over the past year. This is strong growth.

JFrog Ltd. (FROG) reported a net loss of $79.8M for fiscal year 2024.

Dividend & Returns

JFrog Ltd. (FROG) has a return on equity (ROE) of -9.5%. Negative ROE indicates the company is unprofitable.

JFrog Ltd. (FROG) generated $140.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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