Judgment: HOLD JFrog’s platform breadth and hybrid delivery are well aligned with strong secular tailwinds in software supply chain security and AI governance, supported by solid execution (FY2025 revenue guide $523–$525M, RPO $508M) and strong liquidity ($651M cash) with improving FCF (FY2024 FCF $107.8M). However, valuation offers limited margin of safety (current price above DCF intrinsic ~$55.57, negative GAAP earnings/P-E -86.8) amid intense competition and ongoing SBC-driven dilution, warranting patience for a better entry or clearer operating leverage. WATCH ITEMS: • Growth durability and guidance execution: Q4/FY2025 revenue vs. guidance, NDR (~116%) and Enterprise+ mix. Beat/raise with sustained >20% YoY growth would tilt to BUY; deceleration would push toward SELL. • Profitability and dilution: FCF margin expansion, non-GAAP operating income trajectory, path to GAAP breakeven, and SBC as % of revenue. Clear operating leverage and moderating SBC would shift to BUY; margin/FCF setbacks or persistent dilution to SELL. • Product adoption and cross-sell: Uptake of AppTrust, Runtime Security, and AI Catalog, plus CRA/NIS2-driven compliance wins and attach to Artifactory. Strong attach/ARR and RPO growth support a BUY; weak adoption vs. rivals would keep HOLD or move to SELL.