What is JFrog Ltd worth?
With the base-case assumptions below, a discounted cash flow model on JFrog Ltd's reported free cash flow gives $41.10 per share. The share price was $103.55 on November 10, 2026, 152% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $25.23 | -76% |
| Base | 15.0% | 9.0% | $41.10 | -60% |
| Bull | 20.0% | 8.0% | $70.65 | -32% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $53.12 | $56.86 | $61.44 | $67.17 | $74.53 |
| 8.0% | $44.09 | $46.52 | $49.39 | $52.84 | $57.05 |
| 9.0% | $37.52 | $39.18 | $41.10 | $43.33 | $45.98 |
| 10.0% | $32.54 | $33.72 | $35.06 | $36.59 | $38.36 |
| 11.0% | $28.64 | $29.51 | $30.48 | $31.57 | $32.80 |
Where the presets come from
Base: years 1 to 5 grow at JFrog Ltd's revenue growth rate over the last 5 fiscal years (28.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions