Among five selected publicly traded Israeli technology companies, Check Point leads on GAAP operating margin (30.5%) and on cash and investments relative to revenue (159.3%). JFrog leads on R&D intensity (36.7%) and stock-based compensation (29.5%), and monday.com leads on sales and marketing spending (51.2%). The 2025 rankings cover this five-company sample only.
Key findings
- Check Point has the highest operating margin and the largest cash pile relative to revenue.
- JFrog ranks first on both R&D and stock-based compensation as a share of revenue, and reported a GAAP operating loss of $91.9 million.
- monday.com spends 51.2% of revenue on sales and marketing, the most in the sample.
- Wix has the largest absolute R&D ($645.5 million) and stock-based compensation ($237.4 million) expenses.
- NICE has the lowest R&D, stock-based compensation and cash ratios, and the second-highest operating margin.
How do the five Israeli tech companies compare on every measure?
Check Point, NICE, Wix, monday.com and JFrog differ sharply across five measures, and no company leads on all of them. Each ratio below divides a 2025 figure by 2025 annual revenue, except operating margin, which divides GAAP operating income by revenue.
| Company | R&D / sales | GAAP operating margin | Cash and investments / sales | Stock-based pay / sales | Sales and marketing / sales |
|---|---|---|---|---|---|
| Check Point | 16.8% | 30.5% | 159.3% | 7.5% | 34.7% |
| NICE | 12.2% | 21.9% | 14.2% | 5.1% | 22.4% |
| Wix | 32.4% | 0.1% | 83.0% | 11.9% | 25.8% |
| monday.com | 26.0% | -0.1% | 135.2% | 14.4% | 51.2% |
| JFrog | 36.7% | -17.3% | 132.5% | 29.5% | 42.1% |
Ratios are rounded. Cash and investments is the gross balance, not net cash. All five companies trade on Nasdaq, and Olam tracks the wider group in its Olam Nasdaq 20 list.
Which Israeli tech company invests the most in R&D?
JFrog invests the largest share of revenue in R&D at 36.7%, or $195.1 million on $531.8 million of revenue in 2025. Wix follows at 32.4% and spends the most in absolute dollars at $645.5 million.
| Rank | Company | 2025 R&D | R&D / revenue |
|---|---|---|---|
| 1 | JFrog | $195.1M | 36.7% |
| 2 | Wix | $645.5M | 32.4% |
| 3 | monday.com | $320.8M | 26.0% |
| 4 | Check Point | $456.7M | 16.8% |
| 5 | NICE | $360.4M | 12.2% |
Wix's annual report attributes $113.8 million of its $150.2 million R&D increase primarily to acquisition-related expenses, principally Base44, so the growth is not the same as organic engineering expansion. The full ranking is in Olam's Israeli tech R&D spending ranking.
Which Israeli tech company has the highest operating margin?
Check Point has the highest GAAP operating margin at 30.5%, with $831.1 million of operating income in 2025. NICE follows at 21.9%, Wix is near break-even at 0.1%, and monday.com and JFrog reported operating losses.
| Rank | Company | 2025 operating income | Margin |
|---|---|---|---|
| 1 | Check Point | $831.1M | 30.5% |
| 2 | NICE | $645.8M | 21.9% |
| 3 | Wix | $1.8M | 0.1% |
| 4 | monday.com | -$1.7M | -0.1% |
| 5 | JFrog | -$91.9M | -17.3% |
Check Point's margin fell from about 34.2% in 2024, while JFrog improved from about -21.3% and remained loss-making. The year-over-year detail is in Olam's profitability ranking.
Which Israeli tech company holds the most cash relative to revenue?
Check Point holds the most cash and investments relative to revenue, at $4,342.0 million or 159.3% of its 2025 revenue, according to its 2025 Form 20-F. monday.com follows at 135.2% and JFrog at 132.5%.
| Rank | Company | 2025 cash and investments | Cash / revenue |
|---|---|---|---|
| 1 | Check Point | $4,342.0M | 159.3% |
| 2 | monday.com | $1,665.4M | 135.2% |
| 3 | JFrog | $704.4M | 132.5% |
| 4 | Wix | $1,654.7M | 83.0% |
| 5 | NICE | $417.4M | 14.2% |
JFrog reported cash, cash equivalents and investments of $704.4 million as of December 31, 2025, in its fiscal 2025 results release. This measure is not liquidity runway or net cash. Check Point issued convertible notes in December 2025 under a Form 6-K, and Wix announced a $1.0 billion convertible notes offering in September 2025, so debt, restrictions and maturity dates matter when reading these balances.
Which Israeli tech company pays the most in stock-based compensation?
JFrog pays the most in stock-based compensation relative to revenue, at $156.7 million or 29.5% of 2025 revenue. Wix recorded the highest absolute expense at $237.4 million.
| Rank | Company | 2025 stock-based pay | Share of revenue |
|---|---|---|---|
| 1 | JFrog | $156.7M | 29.5% |
| 2 | monday.com | $177.0M | 14.4% |
| 3 | Wix | $237.4M | 11.9% |
| 4 | Check Point | $205.6M | 7.5% |
| 5 | NICE | $150.2M | 5.1% |
Stock-based compensation is a noncash accounting expense when it is recognized. The expense ratio is not itself a measure of share dilution.
Which Israeli tech company spends the most on sales and marketing?
monday.com devotes the highest share of revenue to sales and marketing, at $630.9 million or 51.2% of 2025 revenue, according to its 2025 Form 20-F. Check Point spends the most in absolute dollars at $947.0 million.
| Rank | Company | 2025 sales and marketing | Share of revenue |
|---|---|---|---|
| 1 | monday.com | $630.9M | 51.2% |
| 2 | JFrog | $223.9M | 42.1% |
| 3 | Check Point | $947.0M | 34.7% |
| 4 | Wix | $514.3M | 25.8% |
| 5 | NICE | $661.1M | 22.4% |
Sales and marketing includes compensation, commissions and other costs, not only advertising.
What do the five rankings show when read together?
Read together, the rankings show that the two companies with the largest operating losses or near-zero margins also spend the most on R&D plus sales and marketing combined. Adding the two ratios is Olam's own calculation from the figures above.
| Company | R&D | Sales and marketing | Combined | GAAP operating margin |
|---|---|---|---|---|
| JFrog | 36.7% | 42.1% | 78.8% | -17.3% |
| monday.com | 26.0% | 51.2% | 77.2% | -0.1% |
| Wix | 32.4% | 25.8% | 58.2% | 0.1% |
| Check Point | 16.8% | 34.7% | 51.5% | 30.5% |
| NICE | 12.2% | 22.4% | 34.6% | 21.9% |
JFrog ranks first on both R&D and stock-based compensation, and its high expense ratios coexist with a GAAP operating loss. monday.com pairs a large cash balance with the highest sales and marketing intensity, a different capital allocation profile from Check Point. Wix combines the largest absolute R&D and stock-based compensation expenses with near-break-even operating income.
Cash and profitability also tell different stories. monday.com and JFrog hold cash and investments above 100% of revenue despite negative GAAP operating margins. These are descriptive associations in five companies, not evidence that any one expense causes a margin result.
How did Olam calculate these rankings?
Olam combined its R&D and profitability rankings with three further measures for the fiscal year ended December 31, 2025: cash and investments, stock-based compensation, and sales and marketing expense. R&D, sales and marketing, and stock-based compensation ratios divide the expense by revenue. Operating margin divides GAAP operating income by revenue, and the cash ratio divides year-end cash and investment balances by annual revenue.
The inputs trace to these primary filings:
- Check Point 2025 Form 20-F
- NICE 2025 Form 20-F
- Wix 2025 Form 20-F
- monday.com 2025 Form 20-F
- JFrog 2025 Form 10-K
Worked example: Check Point cash ratio
Cash and investments of $4,342.0 million divided by revenue of $2,725.4 million equals 159.3%.
What are the limits of these rankings?
These are five-company rankings of a deliberately selected sample, not claims about the entire Israeli technology sector. They are not a composite score and should not be described as a universal financial-strength ranking.
- Balance-sheet definitions of cash and investments differ by company.
- Acquisitions, revenue recognition and debt make some comparisons imperfect.
- Gross cash is not net cash, and the cash ratio is not liquidity runway.
- The figures are financial information, not investment advice.
For wider sector context, Olam's Israeli economy reference covers growth, reserves and sector guides, and the biggest Israeli exits list covers the largest sales of Israeli tech companies.
Frequently asked questions
Which Israeli tech company is the most profitable?
Among the five companies Olam examined, Check Point is the most profitable, with a 30.5% GAAP operating margin in 2025.
Which company spends the most on R&D?
JFrog spends the largest share of revenue on R&D at 36.7%, and Wix spends the most dollars at $645.5 million.
Which company has the most cash and investments?
Check Point holds the most, at $4,342.0 million, which is 159.3% of its 2025 revenue. This is a gross figure and not net cash.
Who pays the most in stock-based compensation?
JFrog has the highest share of revenue at 29.5%, and Wix has the highest dollar amount at $237.4 million.
Is this a ranking of all Israeli tech companies?
No. It compares five selected publicly traded Israeli-origin technology companies and does not rank every Israeli technology business.
How should readers use these five rankings?
Readers comparing these five companies should treat each ranking as a separate question, because the company that leads on margin, Check Point, does not lead on R&D, stock-based compensation or sales and marketing intensity. Before relying on any single ratio, read it against the company's own filing and its definition of cash, expense and revenue.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
