Buy Like Buffett

The Moat Index

JFrog Ltd.

FROG · Technology · $10.6B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

50/ 100
Shallow moat

The four filters

Pricing power100

Median gross margin 78.9% over 8y, very stable.

Returns on capital0

Median ROIC -9.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$88.54
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

JFrog Ltd. booked $531.8M of revenue in FY2025 in the Technology sector and kept 76.8% of it as gross profit — a high-margin business by that measure. After every other cost, −13.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $63.5M (FY2018) to $531.8M (FY2025) — about 35.5% a year compounded over 7 years.

It earned −8.9% on invested capital in FY2025, with a median of −9.7% across 6 filed years. The Returns on Capital filter above scores it 0/100.

FROG's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 328.3% between FY2019 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how FROG lands at 50/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2025 · 9 fiscal years, normalized from FROG’s SEC filings

RevenueSales, as filed$531.8M FY2025
$0$200M$400M2017202020232025
Gross marginRevenue kept after cost of goods76.8% FY2025
0%50%2017202020232025
Return on invested capitalOperating profit on the capital employed−8.9% FY2025
−10%−5%0%2017202020232025
Owner earningsCash an owner could take out−$50.8M FY2025
−$50M$02017202020232025

Gaps in a line mean that item isn’t in FROG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FROG has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#194 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #192LAW CS Disco, Inc.49.8Shallow moat
  2. #193GTLB GITLAB INC.49.8Shallow moat
  3. #195MSGM Motorsport Games Inc.49.8Shallow moat
  4. #196NXDR Nextdoor Holdings, Inc49.8Shallow moat

Compare FROG with its nearest peers →All Technology companies on the Index →

Common questions about FROG

Does JFrog Ltd. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores JFrog Ltd. (FROG) 49.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 55, capital discipline 44.
How has FROG's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 49.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
Embed this score on your site

One iframe, no script. The badge shows FROG’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/FROG"
  width="340" height="150" style="border:0"
  title="FROG Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FROG. See the disclaimer.

JFrog Ltd. (FROG) Moat Score — The Moat Index · Buy Like Buffett