JFrog Ltd FROG
JFrog's goal is to provide a system of record for the software supply chain in the Artificial Intelligence ("AI") era. As a foundational platform that provides governance, security and trust to enterprise software organizations, JFrog's unified platform ("JFrog Platform") allows companies to successfully unify development speed, volume, security, governance and delivery of software applications across hybrid teams of developers, security professionals, Artificial Intelligence/Machine Learning ("AI/ML") engineers and AI agents. We envision a world where innovative, secure, compliant and trusted software is consumed, built and continuously delivered from any user to any destination; a reality we refer to as "Liquid Software."
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Rest of world
- Israel
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $316.5M | $258.9M | $215.6M |
| Rest of world | $198.9M | $157.3M | $124.9M |
| Israel | $16.4M | $12.3M | $9.3M |
As the company reported it, from the “Revenue Recognition - Summary of Revenue by Region Based on The Shipping Address of Customers as Follows (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $531.8M | $428.5M | $349.9M | $280.0M | $206.7M | $150.8M | $104.7M | $63.5M | — |
| Cost of revenue | $123.5M | $98.3M | $77.0M | $62.3M | $41.8M | $28.5M | $20.0M | $10.7M | — |
| Gross profit | $408.4M | $330.2M | $272.8M | $217.8M | $164.9M | $122.4M | $84.7M | $52.8M | — |
| R&D | $195.1M | $160.9M | $134.6M | $121.2M | $79.6M | $41.1M | $29.7M | $25.9M | — |
| SG&A | $81.2M | $70.0M | $63.1M | $55.6M | $56.7M | $34.5M | $17.8M | $18.8M | — |
| Total operating expenses | $500.2M | $421.3M | $348.4M | $307.6M | $233.2M | $136.6M | $91.6M | $79.7M | — |
| Operating income | -$91.9M | -$91.1M | -$75.5M | -$89.8M | -$68.4M | -$14.2M | -$6.9M | -$26.9M | — |
| Pre-tax income | -$66.0M | -$65.8M | -$54.5M | -$84.7M | -$67.6M | -$12.1M | -$3.8M | -$25.5M | — |
| Income tax | $5.8M | $3.4M | $6.7M | $5.4M | $3.4M | $2.7M | $1.6M | $470.0K | — |
| Net income | -$71.8M | -$69.2M | -$61.3M | -$90.2M | -$64.2M | -$9.4M | -$5.4M | -$26.0M | — |
| EPS, basic | -0.62 | -0.63 | -0.59 | -0.91 | -0.68 | -0.20 | — | — | — |
| EPS, diluted | -0.62 | -0.63 | -0.59 | -0.91 | -0.68 | -0.20 | -0.20 | -1.00 | — |
| Shares, diluted (wtd. avg.) | 116.2M | 109.7M | 103.3M | 99.2M | 94.8M | 46.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $75.8M | $49.9M | $84.8M | $45.6M | $68.5M | $164.7M | $40.9M | $179.8M | $59.8M |
| Short-term investments | $628.6M | $472.1M | $460.2M | $397.6M | $352.8M | $433.6M | $127.3M | — | — |
| Receivables | $119.9M | $90.7M | $76.4M | $62.1M | $50.5M | $37.0M | $24.7M | — | — |
| Total current assets | $873.0M | $649.2M | $645.8M | $532.0M | $499.0M | $652.6M | $198.9M | — | — |
| Property, plant and equipment | $5.5M | $5.7M | $6.7M | $8.0M | $6.7M | $5.0M | $3.5M | — | — |
| Goodwill | $371.5M | $371.5M | $248.0M | $248.0M | $247.8M | $17.3M | $17.3M | $1.6M | — |
| Other intangibles | $39.9M | $60.8M | $25.8M | $37.5M | $48.0M | $4.0M | $5.6M | — | — |
| Total assets | $1.34B | $1.13B | $972.6M | $871.2M | $852.5M | $689.2M | $238.0M | — | — |
| Accounts payable | $14.2M | $10.6M | $17.0M | $14.9M | $10.9M | $9.9M | $5.0M | — | — |
| Total current liabilities | $407.5M | $317.5M | $262.2M | $209.6M | $175.3M | $122.7M | $86.0M | — | — |
| Total liabilities | $453.9M | $356.4M | $293.4M | $246.4M | $213.9M | $135.3M | $95.6M | — | — |
| Retained earnings | -$431.5M | -$359.7M | -$290.4M | -$229.2M | -$139.0M | -$74.8M | -$65.4M | — | — |
| Total equity | $887.4M | $773.5M | $679.1M | $624.8M | $638.6M | $553.9M | -$33.4M | -$38.7M | -$38.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $145.7M | $110.9M | $74.2M | $21.4M | $27.9M | $29.5M | $10.0M | $8.6M | — |
| Depreciation and amortisation | $24.5M | $21.5M | $15.3M | $14.7M | $8.7M | $3.7M | $2.8M | $1.1M | — |
| Stock-based compensation | $156.7M | $131.1M | $95.2M | $68.7M | $56.9M | $23.9M | $9.4M | $20.2M | — |
| Capital expenditure | $3.5M | $3.1M | $2.0M | $4.3M | $4.2M | $3.5M | $1.8M | $2.1M | — |
| Investing cash flow | -$152.3M | -$165.4M | -$53.5M | -$53.3M | -$125.5M | -$311.8M | -$149.6M | -$3.1M | — |
| Financing cash flow | $31.2M | $21.2M | $18.4M | $11.0M | $1.4M | $406.1M | $736.0K | $114.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-145562.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $63.5M | $104.7M | $150.8M | $206.7M | $280.0M | $349.9M | $428.5M | $531.8M |
| Gross profit | — | $52.8M | $84.7M | $122.4M | $164.9M | $217.8M | $272.8M | $330.2M | $408.4M |
| Net income | — | -$26.0M | -$5.4M | -$9.4M | -$64.2M | -$90.2M | -$61.3M | -$69.2M | -$71.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Shareholder vote Item 5.07
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 7372
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| MSFT | MICROSOFT CORP | $3.89T | 29.2x | 17.8% |
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| ORCL | ORACLE CORP | $363.40B | 21.6x | 17.3% |
| CRWD | CrowdStrike Holdings, Inc. | $263.73B | — | 21.7% |
| SHOP | SHOPIFY INC. | $218.48B | 179.4x | 30.1% |
| CRM | Salesforce, Inc. | $204.57B | 31.9x | 9.6% |
| NOW | ServiceNow, Inc. | $164.36B | 95.2x | 20.9% |
| NET | Cloudflare, Inc. | $115.42B | — | 29.8% |