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Side-by-side financial comparison of JFrog Ltd (FROG) and MARA Holdings, Inc. (MARA). Click either name above to swap in a different company.
MARA Holdings, Inc. is the larger business by last-quarter revenue ($202.3M vs $145.3M, roughly 1.4× JFrog Ltd). JFrog Ltd runs the higher net margin — -10.5% vs -14298.3%, a 14287.8% gap on every dollar of revenue. On growth, JFrog Ltd posted the faster year-over-year revenue change (25.2% vs -5.6%). JFrog Ltd produced more free cash flow last quarter ($49.9M vs $-1.2B). Over the past eight quarters, JFrog Ltd's revenue compounded faster (20.4% CAGR vs 10.7%).
JFrog Ltd is a global DevOps technology provider that delivers end-to-end software release, artifact management, and security solutions. It serves clients across tech, finance, retail, and manufacturing sectors, helping teams streamline development and delivery workflows for cloud, on-premises, and hybrid infrastructure.
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
FROG vs MARA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $145.3M | $202.3M |
| Net Profit | $-15.2M | $-1.7B |
| Gross Margin | 77.9% | — |
| Operating Margin | -14.7% | -11795.9% |
| Net Margin | -10.5% | -14298.3% |
| Revenue YoY | 25.2% | -5.6% |
| Net Profit YoY | 34.4% | -423.5% |
| EPS (diluted) | $-0.13 | $-4.25 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $145.3M | $202.3M | ||
| Q3 25 | $136.9M | $252.4M | ||
| Q2 25 | $127.2M | $238.5M | ||
| Q1 25 | $122.4M | $213.9M | ||
| Q4 24 | $116.1M | $214.4M | ||
| Q3 24 | $109.1M | $131.6M | ||
| Q2 24 | $103.0M | $145.1M | ||
| Q1 24 | $100.3M | $165.2M |
| Q4 25 | $-15.2M | $-1.7B | ||
| Q3 25 | $-16.4M | $123.1M | ||
| Q2 25 | $-21.7M | $808.2M | ||
| Q1 25 | $-18.5M | $-533.4M | ||
| Q4 24 | $-23.2M | $528.5M | ||
| Q3 24 | $-22.9M | $-124.8M | ||
| Q2 24 | $-14.3M | $-199.7M | ||
| Q1 24 | $-8.8M | $337.2M |
| Q4 25 | 77.9% | — | ||
| Q3 25 | 77.4% | — | ||
| Q2 25 | 76.3% | — | ||
| Q1 25 | 75.3% | — | ||
| Q4 24 | 75.4% | -2613.4% | ||
| Q3 24 | 75.0% | -1065.0% | ||
| Q2 24 | 78.8% | -587.6% | ||
| Q1 24 | 79.5% | -289.4% |
| Q4 25 | -14.7% | -11795.9% | ||
| Q3 25 | -15.8% | 18.9% | ||
| Q2 25 | -20.4% | — | ||
| Q1 25 | -18.8% | -253.0% | ||
| Q4 24 | -21.9% | — | ||
| Q3 24 | -27.4% | -130.8% | ||
| Q2 24 | -18.6% | -160.1% | ||
| Q1 24 | -16.6% | — |
| Q4 25 | -10.5% | -14298.3% | ||
| Q3 25 | -12.0% | 48.8% | ||
| Q2 25 | -17.0% | 338.9% | ||
| Q1 25 | -15.1% | -249.4% | ||
| Q4 24 | -20.0% | 5367.4% | ||
| Q3 24 | -21.0% | -94.8% | ||
| Q2 24 | -13.9% | -137.6% | ||
| Q1 24 | -8.8% | 204.1% |
| Q4 25 | $-0.13 | $-4.25 | ||
| Q3 25 | $-0.14 | $0.27 | ||
| Q2 25 | $-0.19 | $1.84 | ||
| Q1 25 | $-0.16 | $-1.55 | ||
| Q4 24 | $-0.21 | $1.60 | ||
| Q3 24 | $-0.21 | $-0.42 | ||
| Q2 24 | $-0.13 | $-0.72 | ||
| Q1 24 | $-0.08 | $1.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $704.4M | $547.1M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $887.4M | $3.5B |
| Total Assets | $1.3B | $7.3B |
| Debt / EquityLower = less leverage | — | 1.04× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $704.4M | $547.1M | ||
| Q3 25 | $651.1M | $826.4M | ||
| Q2 25 | $611.7M | $109.5M | ||
| Q1 25 | $563.5M | $196.2M | ||
| Q4 24 | $522.0M | $391.8M | ||
| Q3 24 | $467.8M | $164.3M | ||
| Q2 24 | $591.3M | $256.0M | ||
| Q1 24 | $579.6M | $324.3M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $618.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $887.4M | $3.5B | ||
| Q3 25 | $859.4M | $5.2B | ||
| Q2 25 | $826.5M | $4.8B | ||
| Q1 25 | $800.0M | $3.7B | ||
| Q4 24 | $773.5M | $4.1B | ||
| Q3 24 | $756.2M | $2.9B | ||
| Q2 24 | $721.4M | $2.6B | ||
| Q1 24 | $707.8M | $2.5B |
| Q4 25 | $1.3B | $7.3B | ||
| Q3 25 | $1.3B | $9.2B | ||
| Q2 25 | $1.2B | $7.7B | ||
| Q1 25 | $1.2B | $6.4B | ||
| Q4 24 | $1.1B | $6.8B | ||
| Q3 24 | $1.1B | $3.6B | ||
| Q2 24 | $1.0B | $3.1B | ||
| Q1 24 | $997.1M | $3.0B |
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | 0.59× | ||
| Q3 24 | — | 0.22× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $50.7M | $-802.7M |
| Free Cash FlowOCF − Capex | $49.9M | $-1.2B |
| FCF MarginFCF / Revenue | 34.3% | -598.0% |
| Capex IntensityCapex / Revenue | 0.6% | 201.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $142.3M | $-2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $50.7M | $-802.7M | ||
| Q3 25 | $30.2M | $-199.0M | ||
| Q2 25 | $36.1M | $-163.4M | ||
| Q1 25 | $28.8M | $-215.5M | ||
| Q4 24 | $49.1M | $-677.0M | ||
| Q3 24 | $27.6M | $-160.1M | ||
| Q2 24 | $16.7M | $-115.2M | ||
| Q1 24 | $17.5M | $-88.3M |
| Q4 25 | $49.9M | $-1.2B | ||
| Q3 25 | $28.8M | $-283.9M | ||
| Q2 25 | $35.5M | $-282.4M | ||
| Q1 25 | $28.1M | $-254.3M | ||
| Q4 24 | $48.5M | $-927.8M | ||
| Q3 24 | $26.7M | $-198.1M | ||
| Q2 24 | $16.0M | $-132.4M | ||
| Q1 24 | $16.6M | $-97.4M |
| Q4 25 | 34.3% | -598.0% | ||
| Q3 25 | 21.0% | -112.5% | ||
| Q2 25 | 27.9% | -118.4% | ||
| Q1 25 | 23.0% | -118.9% | ||
| Q4 24 | 41.8% | -432.8% | ||
| Q3 24 | 24.5% | -150.5% | ||
| Q2 24 | 15.5% | -91.2% | ||
| Q1 24 | 16.6% | -59.0% |
| Q4 25 | 0.6% | 201.2% | ||
| Q3 25 | 1.0% | 33.6% | ||
| Q2 25 | 0.5% | 49.9% | ||
| Q1 25 | 0.5% | 18.2% | ||
| Q4 24 | 0.5% | 117.0% | ||
| Q3 24 | 0.9% | 28.9% | ||
| Q2 24 | 0.7% | 11.9% | ||
| Q1 24 | 0.8% | 5.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.62× | ||
| Q2 25 | — | -0.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
