FROGJFrog Ltd

Services-Prepackaged Software

Revenue: $532M; 24% YoY
Operating margin: -17.3%; 19% YoY
EBITDA: −$67M; 3.3% YoY
Market cap: $11.6B
Employees: 1,800; $295K revenue each
Net debt / EBITDA: —
AI in 10-K: 24.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
29% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$295K · 22nd pct
Bottom quartile of its SIC industry
Quiet on AINo
24.1 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$407M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$207M	$280M	$350M	$428M	$532M	24%
Operating income	−$68M	−$90M	−$76M	−$91M	−$92M	0.8%
Net income	−$64M	−$90M	−$61M	−$69M	−$72M	3.7%
Operating cash flow	$28M	$21M	$74M	$111M	$146M	31%
Capex	$4M	$4M	$2M	$3M	$3M	10%
Stock-based comp	$57M	$69M	$95M	$131M	$157M	19%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $407M · 230
Net: −$407M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$17M	$39M	99	248
FY2024	$10M	$9M	47	201
FY2023	$7M	$15M	55	148
FY2022	$4M	$4M	34	95
FY2021	$3M	−$11M	47	133