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JFrog
(NASDAQ:FROG)
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Rating:68Neutral
Price Target:
$110.00
▲(18.53% Upside)
Action:Reiterated
Date:10/17/26
The score is driven primarily by strong financial quality (high margins, low leverage, and robust free cash flow) and a positive earnings call with raised guidance and accelerating cloud momentum. Offsetting these strengths are continued GAAP losses (and negative P/E) and a mixed technical picture with near-term weakness versus key moving averages.
Positive Factors
Strong revenue and cloud growth
Rapid revenue growth combined with accelerating cloud penetration supports a durable shift toward recurring, scalable consumption. Greater cloud mix can deepen customer integration, broaden expansion opportunities, and improve operating leverage as the platform grows.
Negative Factors
GAAP profitability remains unproven
Although losses have narrowed and non-GAAP profitability is positive, continued GAAP losses mean the business has not yet demonstrated fully realized earnings power. Sustained operating expenses, including investment in growth and security, could delay conversion of strong cash generation into GAAP profit.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and cloud growth
Rapid revenue growth combined with accelerating cloud penetration supports a durable shift toward recurring, scalable consumption. Greater cloud mix can deepen customer integration, broaden expansion opportunities, and improve operating leverage as the platform grows.
Read all positive factors
JFrog Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business units, revealing which areas drive growth and where strategic focus may be needed.
Breaks down revenue across different business units, revealing which areas drive growth and where strategic focus may be needed.
Data provided by:
The Fly
The FlyJFrog (FROG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.41B
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)―
Beta (1Y)1.03
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. Volume2,120,096
30 Day Avg. Volume1,710,600
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 Cap0.83
Enterprise Value/Revenue17.10
Enterprise Value/Gross Profit21.96
Enterprise Value/Ebitda-557.97
Forecast
1Y Price Target
$112.57Price Target Upside21.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering22
EPS Forecast (FY)0.98
Revenue Forecast (FY)$651.92M
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 by selling subscriptions to its software platform. Revenue is generated mainly through (1) self-managed subscriptions, where customers pay recurring fees to deploy and operate JFrog’s products in their own environments ...
JFrog Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 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
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
86
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
Positive
92.80
Price Trends
93.48
Positive
89.33
Positive
70.77
Positive
Market Momentum
0.66
Negative
57.01
Neutral
66.68
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 92.8 is below the 20-day moving average (MA) of 95.33, below the 50-day MA of 93.48, and above the 200-day MA of 70.77, indicating a bullish trend. The MACD of 0.66 indicates Negative momentum. The RSI at 57.01 is Neutral, neither overbought nor oversold. The STOCH value of 66.68 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $10.86B | 28.34 | 35.31% | ― | 16.18% | ― | |
78 Outperform | $1.38B | 8.57 | 70.79% | ― | 2.30% | ― | |
76 Outperform | $18.51B | 126.00 | 5.72% | 4.32% | 17.94% | -69.28% | |
75 Outperform | $9.38B | -178.44 | -5.51% | ― | 22.99% | -1190.91% | |
68 Neutral | $12.41B | -272.83 | -4.85% | ― | 26.37% | 51.51% | |
66 Neutral | $3.89B | -46.06 | -8.46% | ― | 20.35% | 48.42% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
FROG
JFrog
100.62
50.71
101.60%
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13.75
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16.02%
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.