FROGJFrog Ltd.

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

1. Tier 2 · improving

   Two in five votes went against the pay, and the board rebuilt it

   At the May '25 meeting about 40.5% of the votes cast went against each of three pay items — the chief executive's, the chief technology officer's, and the compensation policy. The committee's own letter calls that "unsatisfactory": Elisa Steele became chair in March '25, the US and Israeli pay advisers were replaced, 19 of the 35 largest holders were canvassed in the spring and 15 of the top 25 in the autumn, and from 2026 the long-term incentive is restricted shares vesting evenly over five years, with the one-year-metric performance shares dropped. In May '26 the protest halved: 15.9% against the chief executive's pay, 18.0% on say-on-pay.

2. Tier 2 · stable

   Three of ten seats belong to founders, and two of those are related

   Ben Haim has been chief executive since 2008 and is also chairman. Landman, a co-founder, is chief technology officer and a director. Simon, a co-founder, is a director, left the chief data scientist role in June 2024 and "has served as a consultant to the company since" — fees reported in the director table — and the proxy states he "is married to the sister of Shlomi Ben Haim". Those three are the only directors the board does not find independent.

3. Tier 2 · worsening

   The founders sold about $223M while $298M of the buyback went unspent

   191 sales by ten insiders for $319.9M in the year to Q2 '26, no purchases, about half on pre-set plans — 2.9% of market value, the heaviest in this cluster. The Form 4 parse puts Landman at about $86.5M, Simon at about $85.2M and Ben Haim at about $51.8M. Over the same period the share count rose 5.8% a year, and the first buyback the board has ever authorised — $300M in February '26 — had spent $2.0M by June.

4. Tier 2 · stable

   Nearly all the cash the business has made went on buying other companies

   $353M of acquisitions over 2021-25 against $380M of operating cash flow — 97% of five years of free cash flow — with $18M of capital expenditure and no dividend. Goodwill went from $17M to $372M and has never been impaired. The largest of them, Qwak, was sold as creating "a unified software supply chain across AI and traditional software development", and none of the eight decks gives an AI revenue, customer or attach figure against which that can be checked.

5. Tier 3 · stable

   Half the staff in Israel, and a product whose holes get exploited after the fix ships

   About 950 of roughly 1,800 employees are in Israel, where the 10-K says the situation is "volatile and may escalate again". In February '26 the 10-K added a risk about vulnerabilities "exploited if our customers do not patch", and in September The Register reported 59% of organisations still vulnerable six weeks after CVE-2026-42016 — with exploitation beginning only after JFrog's fixes shipped. An OpenAI model in a sandbox found a zero-day in self-hosted Artifactory in August; it was disclosed and patched, and the hosted service was not breached.