JFrog
FROG on Nasdaq. JFrog sells software that companies use to build and deliver applications securely. Market value $12.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.40 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -10 cents a year. Above 10 is good.
Quality score: 60 of 100. Price score: 7 of 100. Our list needs 70 on quality and 60 on price.
$98.51 a share, 189% above its 1-year low
Over the past year the price has ranged from $34.05 to $105.76.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $207m | $280m | $350m | $428m | $532m |
| Operating margin | |||||
| Operating margin | -33.1% | -32.1% | -21.6% | -21.3% | -17.3% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.11bn | 0.12bn | 0.12bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt0.00× equity
- Revenue growth, five yearsStrong, 28.7% a year
- Buying back its own sharesNo, 23% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $164 million last quarter, up 29% on a year ago.
- A loss of $4 million, compared with a loss of $22 million a year ago.
- It loses 12 cents on each $1 of sales, compared with 22 cents a year earlier.
- Spare cash over the past 12 months: $170 million, up from $139 million.
- 6% more shares than a year ago. Each share owns a bit less of the company.
- It has $97 million more cash than debt, up from $51 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $109m |
| December 2024 | $116m |
| March 2025 | $122m |
| June 2025 | $127m |
| September 2025 | $137m |
| December 2025 | $145m |
| March 2026 | $154m |
| June 2026 | $164m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$23m |
| December 2024 | -$23m |
| March 2025 | -$19m |
| June 2025 | -$22m |
| September 2025 | -$16m |
| December 2025 | -$15m |
| March 2026 | -$8m |
| June 2026 | -$4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 414 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $45m | 0.4% | Cut |
| Polen CapitalDan Davidowitz | $8m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $480,028 | <0.1% | New |
Largest holders overall
- BlackRock$713mAdded
- Vanguard Portfolio Management$576mAdded
- JPMorgan Chase$467mAdded
- Whale Rock Capital Management$405mCut
- Price T Rowe Associates$401mAdded
- Optimus Prime Fund Management$363mCut
- BNP PARIBAS ASSET MANAGEMENT Holding$349mCut
- First Trust Advisors LP$339mAdded
- Vanguard Capital Management$314mAdded
- FMR$290mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor6.0%Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 6.0% | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 10 sold $403m, $242m of it under preset trading plans.
- Simon FredericDirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 120,000
- Price
- $97.24
- Value
- $12m
- ZWARENSTEIN BARRYDirectorSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 1,250
- Price
- $88.38
- Value
- $110,475
- Notman TaliCHIEF REVENUE OFFICERSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 18,794
- Price
- $86.98
- Value
- $2m
- Shlomi Ben HaimCHIEF EXECUTIVE OFFICER, DirectorSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 45,700
- Price
- $85.35
- Value
- $4m
- Landman YoavCHIEF TECHNOLOGY OFFICER, DirectorSoldunder a preset trading plan
- Date
- 4 September 2026
- Shares
- 45,000
- Price
- $89.27
- Value
- $4m
- Grabscheid EduardCHIEF FINANCIAL OFFICERSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 8,436
- Price
- $91.60
- Value
- $772,719
- Grabscheid EduardCHIEF FINANCIAL OFFICERSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 8,780
- Price
- $90.51
- Value
- $794,678
- Notman TaliCHIEF REVENUE OFFICERSold
- Date
- 2 September 2026
- Shares
- 19,157
- Price
- $90.51
- Value
- $2m
- Shlomi Ben HaimCHIEF EXECUTIVE OFFICER, DirectorSold
- Date
- 2 September 2026
- Shares
- 37,232
- Price
- $90.51
- Value
- $3m
- Simon FredericDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 120,000
- Price
- $93.21
- Value
- $11m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Simon Frederic Director | Sold under a preset trading plan | 120,000 | $97.24 | $12m |
| 14 September 2026 | ZWARENSTEIN BARRY Director | Sold under a preset trading plan | 1,250 | $88.38 | $110,475 |
| 8 September 2026 | Notman Tali CHIEF REVENUE OFFICER | Sold under a preset trading plan | 18,794 | $86.98 | $2m |
| 8 September 2026 | Shlomi Ben Haim CHIEF EXECUTIVE OFFICER, Director | Sold under a preset trading plan | 45,700 | $85.35 | $4m |
| 4 September 2026 | Landman Yoav CHIEF TECHNOLOGY OFFICER, Director | Sold under a preset trading plan | 45,000 | $89.27 | $4m |
| 3 September 2026 | Grabscheid Eduard CHIEF FINANCIAL OFFICER | Sold under a preset trading plan | 8,436 | $91.60 | $772,719 |
| 2 September 2026 | Grabscheid Eduard CHIEF FINANCIAL OFFICER | Sold under a preset trading plan | 8,780 | $90.51 | $794,678 |
| 2 September 2026 | Notman Tali CHIEF REVENUE OFFICER | Sold | 19,157 | $90.51 | $2m |
| 2 September 2026 | Shlomi Ben Haim CHIEF EXECUTIVE OFFICER, Director | Sold | 37,232 | $90.51 | $3m |
| 1 September 2026 | Simon Frederic Director | Sold under a preset trading plan | 120,000 | $93.21 | $11m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.