Among five public Israeli-origin tech companies, JFrog spends the largest share of revenue on R&D (36.7%), Wix spends the most dollars ($645.5M) and monday.com grew R&D fastest (50.1%). All figures come from 2025 filings.
Among five selected publicly traded Israeli-origin technology companies, JFrog invests the most in R&D relative to revenue, at 36.7% of 2025 revenue, according to its 2025 annual report on Form 10-K. Wix invests the most in dollars at $645.5 million, and monday.com grew its R&D expense fastest at 50.1%. The ranking covers this five-company sample only.
Key findings
- JFrog leads on intensity: 36.7% of its revenue went to R&D in 2025.
- Wix leads on dollars: $645.5 million in 2025, up 30.3% from 2024.
- monday.com grew R&D expense 50.1%, about double its revenue growth of roughly 26.7%.
- Check Point raised R&D expense 15.6% while its revenue rose 6.3%.
- NICE held net R&D expense flat at about $360 million while its revenue rose 7.7%.
Which Israeli tech companies invest the most in R&D?
Among the five companies, JFrog invests the largest share of revenue in R&D at 36.7%, followed by Wix at about 32.4%, monday.com at 26.0%, Check Point at 16.8% and NICE at 12.2%. Olam calls this share R&D intensity, which is reported R&D expense divided by reported revenue for the same year.
| Rank | Company | 2025 revenue | 2025 R&D | R&D / revenue | 2024 R&D | R&D growth |
|---|---|---|---|---|---|---|
| 1 | JFrog | 531.8 | 195.1 | 36.7% | 160.9 | +21.3% |
| 2 | Wix | 1,993.0 | 645.5 | 32.4% | 495.3 | +30.3% |
| 3 | monday.com | 1,232.0 | 320.8 | 26.0% | 213.7 | +50.1% |
| 4 | Check Point | 2,725.4 | 456.7 | 16.8% | 394.9 | +15.6% |
| 5 | NICE | 2,945.4 | 360.4 | 12.2% | 360.6 | -0.04% |
Values are rounded for display, and rankings use unrounded inputs where available.
All five companies are listed on Nasdaq, and Olam tracks the wider group in its Olam Nasdaq 20 list. JFrog is the smallest company in the sample by revenue and the largest by intensity. Its R&D expense grew 21.3% in 2025, slightly below the 24% revenue growth JFrog reported in its fiscal 2025 results release.
The two largest companies by revenue, NICE and Check Point, sit at the bottom of the intensity ranking. Growth funds follow the same group of companies closely, and the Qumra Capital profile lists JFrog in that fund's portfolio.
Which company spends the most R&D dollars?
Wix spends the most R&D dollars in the sample, with $645.5 million of reported R&D expense in 2025 on revenue of about $1.99 billion, according to its 2025 Form 20-F. That is $150.2 million, or 30.3%, more than the $495.3 million it reported for 2024.
Ranked by dollars alone, the order is Wix ($645.5 million), Check Point ($456.7 million), NICE ($360.4 million), monday.com ($320.8 million) and JFrog ($195.1 million). That order is almost the reverse of the intensity ranking, which shows why dollars and ratios answer different questions. A large company can spend more dollars on R&D and still devote a smaller share of its revenue to it.
Is Wix's R&D growth organic?
Not entirely. Wix's annual report attributes $113.8 million of the $150.2 million increase primarily to acquisition-related expenses, principally Base44, so the reported increase is materially different from organic engineering expansion.
Illustrative calculation: if the full $113.8 million is set aside, the remaining increase is $36.4 million, or about 7.3% over 2024. With that amount removed, Wix's 2025 R&D expense would be about $531.7 million, or roughly 26.7% of revenue, still just above monday.com's 26.0%. Because the filing says the increase is primarily acquisition-related, this is a sensitivity check and not a restatement of Wix's results.
How fast did monday.com's R&D grow?
monday.com's R&D expense rose 50.1% in 2025, from $213.7 million to $320.8 million, according to its 2025 Form 20-F. That is the fastest increase in the sample.
The increase outpaced monday.com's revenue growth of approximately 26.7%. As a result, its R&D intensity moved from 22.0% in 2024 to 26.0% in 2025, a gain of four percentage points in one year.
Why do Check Point and NICE look so different?
Check Point raised its R&D expense while NICE held its figure steady, even though both reported revenue growth. Check Point's R&D rose 15.6% to $456.7 million against revenue growth of 6.3%, according to its 2025 Form 20-F.
NICE reported essentially unchanged net R&D expense of about $360 million despite revenue growth of 7.7%, per its 2025 Form 20-F. NICE says higher software-development capitalization affected the net figure. Capitalization means some development costs are recorded on the balance sheet instead of being expensed right away, so a flat expense line does not by itself show flat engineering activity.
Which company grew R&D expense fastest?
monday.com grew R&D expense fastest at 50.1%, ahead of Wix at 30.3%. The full order for 2025 over 2024 is:
- monday.com: +50.1%
- Wix: +30.3%
- JFrog: +21.3%
- Check Point: +15.6%
- NICE: -0.04%
This ranks reported accounting expense growth. It does not measure increases in research staff or innovation output.
How did Olam calculate the ranking?
Olam selected five Israeli-origin, publicly traded technology businesses that published calendar-year 2025 disclosures and calculated two measures from each company's reported figures. R&D intensity is reported 2025 R&D expense divided by reported 2025 revenue. Annual R&D growth is 2025 R&D expense divided by 2024 R&D expense, minus one.
The inputs come from these primary filings:
- Wix 2025 Form 20-F
- monday.com 2025 Form 20-F
- Check Point 2025 Form 20-F
- NICE 2025 Form 20-F
- JFrog 2025 Form 10-K
Olam also compares Israeli defense companies from primary filings in its Elbit, IAI and Rafael comparison.
Worked example: JFrog
R&D intensity: $195.1 million of R&D divided by $531.8 million of revenue equals 36.7%. Annual growth: $195.1 million divided by $160.9 million, minus one, equals 21.3%.
What are the limits of this ranking?
The ranking is accurate for the five-company sample and the stated GAAP expense method, and it supports no broader claim. GAAP means generally accepted accounting principles, the US reporting standard these companies use in their filings.
- The sample is five selected companies, not every Israeli technology company.
- The figures are GAAP operating expense line items, not cash R&D budgets.
- Reported R&D can include stock-based compensation and acquisition costs, and can be affected by capitalization and grants.
- Different product models and accounting choices limit comparability between companies.
- No causal claim is made about innovation, product quality or future growth.
For that reason, the results should not be relabeled as Israel's top five R&D spenders. 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.
This ranking is part of Olam's series on the same five companies. The companion ranking of the most profitable Israeli tech companies sets GAAP operating margin beside the R&D intensity shown here.
Frequently asked questions
Which company spends the highest share on R&D?
Among the five companies Olam examined, JFrog spends the largest share of revenue on R&D. It reported $195.1 million of R&D expense on $531.8 million of revenue in 2025, or 36.7%.
Which Israeli tech company spends the most R&D dollars?
Wix reported the largest R&D expense in the sample at $645.5 million in 2025, up $150.2 million or 30.3% from 2024.
Is this a list of Israel's top five R&D spenders?
No. It ranks five selected publicly traded Israeli-origin technology companies. It does not rank every Israeli technology company, so it should not be read as a list of the country's five largest R&D spenders.
Why did Wix's R&D expense rise 30.3%?
Wix's annual report attributes $113.8 million of the $150.2 million increase primarily to acquisition-related expenses, principally Base44. The reported increase is therefore not the same as organic engineering expansion.
Why was NICE's R&D expense flat in 2025?
NICE reported essentially unchanged net R&D expense of about $360 million despite 7.7% revenue growth. The company says higher software-development capitalization affected the net figure.
What does R&D intensity mean?
R&D intensity is a company's reported research and development expense divided by its reported revenue for the same year. It shows how much of each revenue dollar goes to R&D.
What does the ranking mean for readers comparing these companies?
Readers comparing these five companies should use R&D intensity to compare spending against company size, R&D dollars to compare absolute scale, and each company's own filing to see what sits inside the number. Wix's increase includes $113.8 million tied mainly to acquisitions, and NICE's flat figure reflects capitalization, so neither line should be read as a plain measure of engineering effort.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
