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Side-by-side financial comparison of JFrog Ltd (FROG) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
JFrog Ltd is the larger business by last-quarter revenue ($145.3M vs $88.4M, roughly 1.6× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -10.5%, a 28.8% gap on every dollar of revenue. On growth, JFrog Ltd posted the faster year-over-year revenue change (25.2% vs 18.7%). JFrog Ltd produced more free cash flow last quarter ($49.9M vs $-13.4M). Over the past eight quarters, JFrog Ltd's revenue compounded faster (20.4% CAGR vs 17.6%).
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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
FROG vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $145.3M | $88.4M |
| Net Profit | $-15.2M | $16.2M |
| Gross Margin | 77.9% | — |
| Operating Margin | -14.7% | 7.5% |
| Net Margin | -10.5% | 18.3% |
| Revenue YoY | 25.2% | 18.7% |
| Net Profit YoY | 34.4% | 401.5% |
| EPS (diluted) | $-0.13 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $136.9M | $77.9M | ||
| Q2 25 | $127.2M | $77.4M | ||
| Q1 25 | $122.4M | $83.0M | ||
| Q4 24 | $116.1M | $74.5M | ||
| Q3 24 | $109.1M | $82.6M | ||
| Q2 24 | $103.0M | $69.8M | ||
| Q1 24 | $100.3M | $64.0M |
| Q4 25 | $-15.2M | $16.2M | ||
| Q3 25 | $-16.4M | $11.4M | ||
| Q2 25 | $-21.7M | $7.6M | ||
| Q1 25 | $-18.5M | $1.3M | ||
| Q4 24 | $-23.2M | $-5.4M | ||
| Q3 24 | $-22.9M | $17.1M | ||
| Q2 24 | $-14.3M | $1.9M | ||
| Q1 24 | $-8.8M | $677.0K |
| Q4 25 | 77.9% | — | ||
| Q3 25 | 77.4% | — | ||
| Q2 25 | 76.3% | — | ||
| Q1 25 | 75.3% | — | ||
| Q4 24 | 75.4% | — | ||
| Q3 24 | 75.0% | — | ||
| Q2 24 | 78.8% | — | ||
| Q1 24 | 79.5% | — |
| Q4 25 | -14.7% | 7.5% | ||
| Q3 25 | -15.8% | 4.6% | ||
| Q2 25 | -20.4% | -1.1% | ||
| Q1 25 | -18.8% | -2.3% | ||
| Q4 24 | -21.9% | -0.5% | ||
| Q3 24 | -27.4% | 14.9% | ||
| Q2 24 | -18.6% | 8.1% | ||
| Q1 24 | -16.6% | 5.6% |
| Q4 25 | -10.5% | 18.3% | ||
| Q3 25 | -12.0% | 14.6% | ||
| Q2 25 | -17.0% | 9.8% | ||
| Q1 25 | -15.1% | 1.5% | ||
| Q4 24 | -20.0% | -7.2% | ||
| Q3 24 | -21.0% | 20.7% | ||
| Q2 24 | -13.9% | 2.7% | ||
| Q1 24 | -8.8% | 1.1% |
| Q4 25 | $-0.13 | $0.08 | ||
| Q3 25 | $-0.14 | $0.05 | ||
| Q2 25 | $-0.19 | $0.03 | ||
| Q1 25 | $-0.16 | $-0.01 | ||
| Q4 24 | $-0.21 | $-0.05 | ||
| Q3 24 | $-0.21 | $0.09 | ||
| Q2 24 | $-0.13 | $-0.01 | ||
| Q1 24 | $-0.08 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $887.4M | $-12.9M |
| Total Assets | $1.3B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $704.4M | $24.4M | ||
| Q3 25 | $651.1M | $29.9M | ||
| Q2 25 | $611.7M | $29.3M | ||
| Q1 25 | $563.5M | $40.1M | ||
| Q4 24 | $522.0M | $24.3M | ||
| Q3 24 | $467.8M | $31.0M | ||
| Q2 24 | $591.3M | $27.6M | ||
| Q1 24 | $579.6M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $887.4M | $-12.9M | ||
| Q3 25 | $859.4M | $7.5M | ||
| Q2 25 | $826.5M | $-25.0M | ||
| Q1 25 | $800.0M | $57.1M | ||
| Q4 24 | $773.5M | $-148.4M | ||
| Q3 24 | $756.2M | $-180.1M | ||
| Q2 24 | $721.4M | $-273.0M | ||
| Q1 24 | $707.8M | $-382.4M |
| Q4 25 | $1.3B | $959.5M | ||
| Q3 25 | $1.3B | $916.7M | ||
| Q2 25 | $1.2B | $905.5M | ||
| Q1 25 | $1.2B | $884.9M | ||
| Q4 24 | $1.1B | $881.1M | ||
| Q3 24 | $1.1B | $831.1M | ||
| Q2 24 | $1.0B | $782.3M | ||
| Q1 24 | $997.1M | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $49.9M | $-13.4M |
| FCF MarginFCF / Revenue | 34.3% | -15.1% |
| Capex IntensityCapex / Revenue | 0.6% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $142.3M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $50.7M | $-3.5M | ||
| Q3 25 | $30.2M | $18.2M | ||
| Q2 25 | $36.1M | $-7.9M | ||
| Q1 25 | $28.8M | $29.7M | ||
| Q4 24 | $49.1M | $-532.0K | ||
| Q3 24 | $27.6M | $17.7M | ||
| Q2 24 | $16.7M | $533.0K | ||
| Q1 24 | $17.5M | $13.7M |
| Q4 25 | $49.9M | $-13.4M | ||
| Q3 25 | $28.8M | $-9.3M | ||
| Q2 25 | $35.5M | $-29.7M | ||
| Q1 25 | $28.1M | $18.1M | ||
| Q4 24 | $48.5M | $-55.0M | ||
| Q3 24 | $26.7M | $-5.4M | ||
| Q2 24 | $16.0M | $-22.5M | ||
| Q1 24 | $16.6M | $-13.0M |
| Q4 25 | 34.3% | -15.1% | ||
| Q3 25 | 21.0% | -11.9% | ||
| Q2 25 | 27.9% | -38.4% | ||
| Q1 25 | 23.0% | 21.8% | ||
| Q4 24 | 41.8% | -73.8% | ||
| Q3 24 | 24.5% | -6.5% | ||
| Q2 24 | 15.5% | -32.2% | ||
| Q1 24 | 16.6% | -20.4% |
| Q4 25 | 0.6% | 11.1% | ||
| Q3 25 | 1.0% | 35.3% | ||
| Q2 25 | 0.5% | 28.2% | ||
| Q1 25 | 0.5% | 13.9% | ||
| Q4 24 | 0.5% | 73.1% | ||
| Q3 24 | 0.9% | 27.9% | ||
| Q2 24 | 0.7% | 32.9% | ||
| Q1 24 | 0.8% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FROG
Segment breakdown not available.
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
