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
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.
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