Latest Ratios: P/E Ratio -152.9x · EV/EBITDA N/A · ROE -8.6%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.5B | $7.3B | $3.2B | $3.6B | $2.1B | $2.8B | $2.9B | — | — |
| Enterprise Value | $11.4B | $7.2B | $3.2B | $3.5B | $2.1B | $2.8B | $2.8B | — | — |
| P/E Ratio → | -152.92 | — | — | — | — | — | — | — | — |
| P/S Ratio | 21.59 | 13.65 | 7.53 | 10.22 | 7.56 | 13.62 | 19.37 | — | — |
| P/B Ratio | 12.41 | 8.18 | 4.17 | 5.27 | 3.39 | 4.41 | 5.27 | — | — |
| P/FCF | 80.72 | 51.02 | 29.93 | 49.55 | 126.03 | 118.91 | 112.62 | — | — |
| P/OCF | 78.80 | 49.80 | 29.08 | 48.22 | 98.80 | 100.89 | 99.15 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.54 | 7.46 | 10.08 | 7.54 | 13.52 | 18.28 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 50.61 | 29.65 | 48.87 | 125.74 | 118.02 | 106.28 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.8% | 76.8% | 77.1% | 78.0% | 77.8% | 79.8% | 81.1% | 80.9% | 83.0% |
| Operating Margin | -16.9% | -16.9% | -21.3% | -21.6% | -32.1% | -33.1% | -9.4% | -6.6% | -41.1% |
| Net Profit Margin | -13.5% | -13.5% | -16.2% | -17.5% | -32.2% | -31.1% | -6.2% | -5.2% | -40.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.6% | -8.6% | -9.5% | -9.4% | -14.3% | -10.8% | -3.6% | — | — |
| ROA | -5.8% | -5.8% | -6.6% | -6.6% | -10.5% | -8.3% | -2.0% | -2.4% | -12.0% |
| ROIC | -8.6% | -8.6% | -9.9% | -9.1% | -10.9% | -10.2% | -6.7% | — | — |
| ROCE | -10.3% | -10.3% | -12.0% | -11.0% | -13.4% | -11.0% | -4.0% | -4.5% | -16.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | 0.05 | 0.07 | 0.07 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.06 | -0.04 | -0.07 | -0.01 | -0.03 | -0.30 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.40 | -0.28 | -0.67 | -0.29 | -0.89 | -6.34 | -4.78 | -32.47 |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($77M) exceeds total debt ($19M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.09 | 2.09 | 2.04 | 2.46 | 2.54 | 2.85 | 5.32 | 2.31 | 3.28 |
| Quick Ratio | 2.09 | 2.09 | 2.04 | 2.46 | 2.54 | 2.85 | 5.32 | 2.31 | 3.28 |
| Cash Ratio | 1.73 | 1.73 | 1.65 | 2.08 | 2.11 | 2.40 | 4.87 | 1.94 | 2.89 |
| Asset Turnover | — | 0.40 | 0.38 | 0.36 | 0.32 | 0.24 | 0.22 | 0.44 | 0.29 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 82.32 | 77.27 | 79.74 | 80.96 | 89.15 | 89.66 | 86.22 | 113.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.2% | 2.0% | 3.3% | 2.0% | 0.8% | 0.8% | 0.9% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $116M | $110M | $103M | $99M | $95M | $46M | $80M | $80M |
Persistent GAAP operating losses
Based on current market data, JFrog trades at a price-to-sales multiple of 19.95, which suggests that investors are pricing in significant long-term expansion despite the company's current lack of GAAP profitability and the inherent volatility associated with its transition toward consumption-based cloud revenue models.
The forward P/E of 91.81 implies that the market expects a rapid pivot to earnings, likely driven by operating leverage as the company scales its platform. This valuation appears to command a premium relative to slower-growing infrastructure peers, though it remains sensitive to discount rate fluctuations given the long-duration nature of its projected cash flows.
As reported in recent financial statements, JFrog's ROIC has remained in negative territory, hovering around -1.3% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital during this aggressive growth phase.
The persistent negative ROIC trend suggests that the capital deployed into R&D and market expansion has yet to yield a self-sustaining return profile. Investors should monitor whether the company can improve its asset turnover, which has remained stagnant at 0.11, to demonstrate that its platform strategy is effectively converting capital into durable earning power.
According to quarterly filings, JFrog's days sales outstanding (DSO) fluctuated between 60 and 74 over the last ten quarters, reflecting the inherent complexity of managing enterprise-level billing cycles and the potential impact of shifting toward consumption-based cloud pricing on cash collection timelines.
The variability in DSO suggests that the company's working capital efficiency is sensitive to the timing of large enterprise contract renewals. While the asset-light model supports a lean balance sheet, the lack of consistent improvement in the cash conversion cycle warrants further investigation into the company's ability to optimize its receivables management.
Based on the most recent balance sheet data, JFrog maintains a current ratio of 2.20, which provides a robust liquidity buffer that appears sufficient to sustain operations and fund strategic initiatives without the immediate need for external debt financing in the near term.
With a debt-to-equity ratio of only 0.02, the company's financial position is remarkably conservative, shielding it from interest rate volatility that might otherwise pressure a firm with higher leverage. This liquidity profile allows management the flexibility to prioritize long-term product development over short-term debt service obligations.
The price-to-earnings ratio is frequently misapplied to JFrog's business model, as the metric fails to account for the significant non-cash impact of stock-based compensation and the company's deliberate strategy of prioritizing market share acquisition over immediate GAAP profitability in the competitive DevOps landscape.
Investors should instead focus on free cash flow margins and net dollar retention, as these metrics better capture the underlying economic health of the subscription-based platform. Relying on P/E ratios in this context obscures the company's true cash-generating potential and may lead to an inaccurate assessment of its long-term value creation.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying FROG stock.
JFrog Ltd.'s current P/E ratio is -152.9x. This places it at the 50th percentile of its historical range.
JFrog Ltd.'s return on equity (ROE) is -8.6%. The historical average is -9.4%.
Based on historical data, JFrog Ltd. is trading at a P/E of -152.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
JFrog Ltd. has 76.8% gross margin and -16.9% operating margin.