FROG FROG

Name: FROG Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 24, 2026

Price at analysis: $47.13

Crucible Score

53.7

Quality × Value Composite

KQI — Quality

63.2

B-

Fundamental Quality Index

KVI — Value

42.2

Valuation Attractiveness Index

Crucible Verdict — FROG

FROG earns a middling C grade despite an exceptional 92% earnings beat rate and strong growth credentials, dragged down by weak financial quality and poor value metrics. The stock trades at a 12% discount to fair value, but insider selling signals caution from those who know the business best. Monitor whether management can translate growth momentum into improved financial fundamentals.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality⚠

40.7

Growth Profile⚠

84.7

Moat Durability

81.0

Management Effectiveness⚠

55.3

Diversification & Resilience

61.2

Market Position

48.0

Weakest dimension: Financial Quality (40.7)

◆ KVI Value Dimensions

DCF Margin of Safety

55.7

FCF Yield & Cash Returns

27.0

Relative Valuation

44.6

Growth-Adjusted Value

35.0

Historical Valuation

50.0

Macro Context

11.6

◆ DCF Valuation Scenarios

Bear Case

$30.52

Base Case

$52.78

Bull Case

$84.61

Price at Analysis

$47.13

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$30.52	10.0%	15.0%	11.5%
🟢 Base	$52.78	14.0%	20.0%	10.5%
🟢 Bull	$84.61	18.0%	25.0%	9.5%

Key Assumptions: Revenue growth anchored to historical 5-year CAGR of ~21% but decelerating as FROG scales, with bear at 10% and bull at 18% 5-year CAGR. Operating margins transition from current negative levels toward software-industry norms of 15-25% by year 10, reflecting the strong OCF-to-revenue conversion already evident (27% in latest year). WACC uses CAPM with 5.5% ERP and adds a size/profitability premium given ongoing losses, yielding 9.5-11.5% across scenarios. Capex intensity remains minimal at ~0.6% of revenue consistent with asset-light software model.

◆ Financial Snapshot

Profitability

Gross Margin76.7%

Operating Margin-17.7%

Net Margin-13.5%

ROIC-9.3%

ROE3.9%

Balance Sheet

Balance SheetCR: 2.09

Cash Conversion

Capital IntensityCapex/Rev: 0.7%

Altman Z-Score6.81 (Safe)

Piotroski F-Score5/9 (Mixed)

Growth

Revenue CAGR26.7% CAGR

Earnings CAGRInsufficient data

Growth ConsistencyCV: 0.38

Segment Breadth4/4 growing (100%)

Quarterly TrendMargin↑, WC↓, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEO Ownership14.1%

Insider ActivitySelling

Earnings Beat Rate92% (19/22)

◆ Related Companies in Our Universe

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ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 24, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.