JFrog Ltd Stock Research

Market Summary

USD18.80+0.32

Market Closed

1.73%

FROG Alerts

4 major insider sales recently.
Big jump in Revenue (Y/Y)
Losses in recent quarter

FROG Stock Price

FROG RSI Chart

FROG Valuation

Market Cap

1.9B

Price/Earnings (Trailing)

-21.04

Price/Sales (Trailing)

6.77

EV/EBITDA

-26.42

Price/Free Cashflow

110.96

FROG Price/Sales (Trailing)

FROG Profitability

Operating Margin

77.76%

EBT Margin

-30.26%

Return on Equity

-14.43%

Return on Assets

-10.35%

Free Cashflow Yield

0.9%

FROG Fundamentals

FROG Revenue

Revenue (TTM)

280.0M

Revenue Y/Y

29.22%

Revenue Q/Q

6.33%

FROG Earnings

Earnings (TTM)

-90.2M

Earnings Y/Y

-2.03%

Earnings Q/Q

1.69%

Price Action

52 Week Range

16.3628.03

(Low)(High)

Last 7 days

-10.8%

Last 30 days

-20.3%

Last 90 days

-18.5%

Trailing 12 Months

-13.6%

FROG Financial Health

Current Ratio

2.54

FROG Investor Care

Shares Dilution (1Y)

3.70%

Diluted EPS (TTM)

-0.91

Peers (Alternatives to JFrog)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
AAPL	2.4T	387.5B	-0.56%	-0.91%	25.47	6.25	2.44%	-5.35%
MSFT	2.0T	204.1B	-1.92%	-6.89%	29.31	9.69	10.38%	-5.25%
GOOG	1.2T	282.8B	1.63%	-25.54%	20.69	4.39	9.78%	-21.12%
AMZN	985.3B	514.0B	-3.36%	-34.72%	-361.97	1.92	9.40%	-108.16%
MID-CAP
NYMT	3.3B	258.4M	203.99%	176.76%	-11.18	12.92	24.91%	-254.56%
JBLU	2.3B	9.2B	-18.97%	-49.38%	-6.25	0.25	51.67%	-98.90%
SMALL-CAP
PLAY	1.6B	1.7B	-22.36%	-14.62%	13.28	0.94	61.79%	371.82%
TLRY	1.4B	602.5M	-17.77%	-52.80%	-2.5	2.4	18.18%	-18.59%
BYND	1.1B	418.9M	5.51%	-56.16%	-2.97	2.6	-9.85%	-101.06%
CGC	986.8M	478.9M	-11.35%	-65.42%	-0.31	2.06	-31.50%	-634.70%
MFA	954.9M	482.4M	-16.25%	-37.64%	-4.12	1.98	33.15%	-170.42%
NKLA	841.2M	50.8M	-34.66%	-77.56%	-1.07	16.55	1229.98%	-13.59%
GPRO	791.6M	1.1B	-10.56%	-33.33%	27.44	0.72	-5.82%	-92.23%
INO	286.8M	10.3M	-24.84%	-63.38%	-1.02	27.94	478.23%	7.85%

Financials for JFrog

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	6.6%	280,040,000	262,730,000	244,442,000	225,292,000	206,683,000
Gross Profit	6.3%	217,753,000	204,861,000	191,010,000	178,033,000	164,860,000
Operating Expenses	5.2%	307,593,000	292,459,000	276,085,000	254,929,000	233,229,000
S&GA Expenses	4.5%	130,812,000	125,173,000	116,342,000	106,377,000	96,962,000
R&D Expenses	6.6%	121,225,000	113,682,000	105,126,000	92,869,000	79,604,000
EBITDA	1.3%	-70,091,000	-71,026,000	-70,492,000	-64,980,000	-
EBITDA Margin	7.4%	-0.25	-0.27	-0.29	-0.29	-
Earnings Before Taxes	0.8%	-84,746,000	-85,421,000	-84,247,000	-76,239,000	-67,625,000
EBT Margin	6.9%	-0.30	-0.33	-0.34	-0.34	-
Net Income	-0.5%	-90,184,000	-89,724,000	-86,636,000	-76,012,000	-64,203,000
Net Income Margin	5.7%	-0.32	-0.34	-0.35	-0.34	-
Free Cahsflow	-37.4%	17,097,000	27,297,000	4,816,000	19,886,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	2.2%	871	853	858	856	853
Current Assets	4.5%	532	509	510	507	499
Cash Equivalents	-15.5%	46.00	54.00	55.00	60.00	68.00
Net PPE	-0.4%	8.00	8.00	8.00	7.00	7.00
Goodwill	0%	248	248	248	248	248
Liabilities	8.2%	246	228	232	220	214
Current Liabilities	9.0%	210	192	194	183	175
Shareholder's Equity	0.0%	625	625	625	637	639
Retained Earnings	-11.2%	-229	-206	-182	-158	-138
Additional Paid-In Capital	2.6%	856	835	812	796	777
Accumulated Depreciation	9.7%	8.00	7.00	6.00	-	-
Shares Outstanding	0.7%	101	100	99.00	99.00	97.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-32.6%	21.00	32.00	9.00	24.00	28.00
Share Based Compensation	9.7%	69.00	63.00	60.00	59.00	57.00
Cashflow From Investing	27.1%	-53.34	-73.16	-225	-116	-125
Cashflow From Financing	-9.8%	11.00	12.00	12.00	5.00	1.00

Risks for FROG

What is the probability of a big loss on FROG?

94.7%

Probability that JFrog stock will be more than 20% underwater in next one year

87.0%

Probability that JFrog stock will be more than 30% underwater in next one year.

71.8%

Probability that JFrog stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does FROG drawdown profile look like?

Y-axis is the maximum loss one would have experienced if JFrog was unfortunately bought at previous high price.

Drawdowns

Returns for FROG

Cumulative Returns on FROG

Which funds bought or sold FROG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	BAILLIE GIFFORD & CO	added	10.66	2,342,140	37,015,100	0.04%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	sold off	-100	-1,901,000	-	-%
2023-03-06	Rockefeller Capital Management L.P.	added	325	6,000	8,000	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-	-12,000	-	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	unchanged	-	-1,040	34,960	-%
2023-02-17	Coppell Advisory Solutions Corp.	new	-	2,986	2,986	-%
2023-02-15	Steward Partners Investment Advisory, LLC	reduced	-55.56	-5,734	4,266	-%
2023-02-15	JANE STREET GROUP, LLC	reduced	-1.11	-118,116	2,451,880	-%
2023-02-15	Pier Capital, LLC	reduced	-22.68	-2,098,630	6,163,370	1.01%
2023-02-15	LAZARD ASSET MANAGEMENT LLC	reduced	-3.16	-3,000	38,000	-%

Latest Funds Activity

Are funds buying FROG calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own FROG

No. of Funds

JFrog News

Schedule 13G FIlings of JFrog

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	gemini israel v limited partnership	8.5%	8,490,780	SC 13G/A
Feb 09, 2023	landman yoav	7.2%	7,299,402	SC 13G/A
Feb 09, 2023	shlomi ben haim	5.0%	5,089,800	SC 13G/A
Feb 09, 2023	simon frederic	5.4%	5,423,794	SC 13G/A
Feb 09, 2023	vanguard group inc	5.18%	5,190,640	SC 13G
Feb 14, 2022	simon frederic	5.8%	5,636,675	SC 13G/A
Feb 14, 2022	shlomi ben haim	85%	5,130,363	SC 13G/A
Feb 14, 2022	landman yoav	85%	7,304,757	SC 13G/A
Feb 11, 2022	sapphire ventures, l.l.c.	8.41%	8,102,173	SC 13G/A
Feb 11, 2022	dell technologies inc.	2.3%	2,197,908	SC 13G/A

FROG Fair Value

JFrog fair value in different scenarios

The table shows the Fair Value estimates for JFrog for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	1.93 -89.73%	2.45 -86.97%	4.04 -78.51%	6.60 -64.89%	8.91 -52.61%
Current Inflation	1.90 -89.89%	2.36 -87.45%	3.75 -80.05%	5.94 -68.40%	7.92 -57.87%
Very High Inflation	1.85 -90.16%	2.25 -88.03%	3.40 -81.91%	5.18 -72.45%	6.77 -63.99%

Historical JFrog Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of JFrog

View All Filings

Date Filed	Form Type	Document
Mar 09, 2023	4	Insider Trading
Mar 06, 2023	144/A	144/A
Mar 06, 2023	144/A	144/A
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 06, 2023	4	Insider Trading
Mar 03, 2023	144	Notice of Insider Sale Intent
Mar 03, 2023	144	Notice of Insider Sale Intent
Mar 02, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading

Latest Insider Trading transactions for FROG

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-08	Landman Yoav	sold	-318,802	21.2535	-15,000	chief technology officer
2023-03-03	Shulman Yakov (Jacob)	sold	-84,966	22.7549	-3,734	chief financial officer
2023-03-03	Shlomi Ben Haim	sold	-69,835	22.7552	-3,069	chief executive officer
2023-03-02	Shulman Yakov (Jacob)	sold	-45,917	22.72	-2,021	chief financial officer
2023-03-02	Shlomi Ben Haim	sold	-37,465	22.72	-1,649	chief executive officer
2023-03-02	Notman Tali	sold	-35,988	22.72	-1,584	chief revenue officer
2023-02-22	Simon Frederic	gifted	-	-	-35,000	-
2023-02-22	Sela Yossi	sold	-346,460	22.8656	-15,152	-
2023-02-17	Simon Frederic	sold	-1,040,140	23.1142	-45,000	-
2023-02-15	Shulman Yakov (Jacob)	acquired	15,470	2.38	6,500	chief financial officer

About JFrog

Shlomi B. Haim

www.jfrog.com

1000

JFrog 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.

FROG Income Statement

2022-09-30

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Total subscription revenue	$ 71,991	$ 53,703	$ 203,494	$ 147,447
Cost of revenue:
Total cost of revenue—subscription	15,898	11,461	45,005	28,959
Gross profit	56,093	42,242	158,489	118,488
Operating expenses:
Research and development	31,698	23,142	87,744	53,666
Sales and marketing	33,152	24,321	94,323	66,112
General and administrative	14,682	15,695	41,410	44,469
Total operating expenses	79,532	63,158	223,477	164,247
Operating loss	(23,439)	(20,916)	(64,988)	(45,759)
Interest and other income, net	1,369	20	2,159	726
Loss before income taxes	(22,070)	(20,896)	(62,829)	(45,033)
Income tax expense (benefit)	1,482	(432)	4,200	(3,525)
Net loss	$ (23,552)	$ (20,464)	$ (67,029)	$ (41,508)
Net loss per share, basic and diluted	$ (0.24)	$ (0.21)	$ (0.68)	$ (0.44)
Net loss per share, basic and diluted	$ (0.24)	$ (0.21)	$ (0.68)	$ (0.44)
Weighted-average shares used in computing net loss per share, basic and diluted	99,617,687	95,707,062	98,825,422	94,028,537
Weighted-average shares used in computing net loss per share, basic and diluted	99,617,687	95,707,062	98,825,422	94,028,537
Subscription—self-managed and SaaS
Revenue:
Total subscription revenue	$ 67,750	$ 49,248	$ 190,498	$ 135,898
Cost of revenue:
Total cost of revenue—subscription	15,678	11,262	44,345	28,379
License—self-managed
Revenue:
Total subscription revenue	4,241	4,455	12,996	11,549
Cost of revenue:
Total cost of revenue—subscription	$ 220	$ 199	$ 660	$ 580

FROG Balance Sheet

2022-09-30

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 53,971	$ 68,284
Short-term investments	380,031	352,844
Accounts receivable, net	49,037	50,483
Deferred contract acquisition costs	7,390	5,271
Prepaid expenses and other current assets	18,620	22,140
Total current assets	509,049	499,022
Property and equipment, net	8,050	6,689
Deferred contract acquisition costs, noncurrent	12,471	9,120
Operating lease right-of-use assets	23,738	25,999
Intangible assets, net	40,524	47,980
Goodwill	247,955	247,776
Other assets, noncurrent	10,838	15,942
Total assets	852,625	852,528
Current liabilities:
Accounts payable	13,122	10,868
Accrued expenses and other current liabilities	28,966	27,954
Operating lease liabilities	6,928	7,293
Deferred revenue	143,199	129,149
Total current liabilities	192,215	175,264
Deferred revenue, noncurrent	16,535	17,957
Operating lease liabilities, noncurrent	15,999	20,014
Other liabilities, noncurrent	2,958	712
Total liabilities	227,707	213,947
Commitments and contingencies (Note 10)
Shareholders' equity:
Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of September 30,2022 and December 31, 2021	0	0
Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; 100,184,478 and 97,312,040 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	281	272
Additional paid-in capital	834,900	776,690
Accumulated other comprehensive income (loss)	(4,242)	611
Accumulated deficit	(206,021)	(138,992)
Total shareholders' equity (deficit)	624,918	638,581
Total liabilities and shareholders' equity	$ 852,625	$ 852,528