Israeli tech stock-based compensation ranked: JFrog 29.5% of revenue, monday.com 14.4%, Wix 11.9%, Check Point 7.5%, NICE 5.1%, from 2025 annual reports.
JFrog spends the largest share of revenue on stock-based compensation among the five selected Israeli public technology companies: $156.7 million, or 29.5% of its $531.8 million 2025 revenue. monday.com ranks second at 14.4%, followed by Wix at 11.9%, Check Point at 7.5% and NICE at 5.1%, according to Olam's analysis of fiscal 2025 annual reports.
Last updated: . Research snapshot: October 31, 2026. By The Olam Editorial Team.
This is the third ranking in Olam's series on the same five companies, following the Israeli tech R&D spending ranking and the ranking of the most profitable Israeli tech companies, both built from 2025 filings. Stock-based compensation is an accounting expense, not a cash payment and not a direct measure of shareholder dilution, and a five-company sample cannot establish a sector-wide ranking.
How do five Israeli tech companies rank?
JFrog ranks first and NICE ranks fifth when 2025 share-based compensation expense is divided by 2025 GAAP revenue, for fiscal years ended December 31, 2025.
| Rank | Company | 2025 SBC ($M) | 2024 SBC ($M) | Change in SBC | 2025 revenue ($M) | SBC / revenue |
|---|---|---|---|---|---|---|
| 1 | JFrog | 156.7 | 131.1 | +19.5% | 531.8 | 29.5% |
| 2 | monday.com | 177.0 | 147.1 | +20.3% | 1,232.0 | 14.4% |
| 3 | Wix | 237.4 | 240.7 | -1.4% | 1,993.0 | 11.9% |
| 4 | Check Point | 205.6 | 149.7 | +37.3% | 2,725.4 | 7.5% |
| 5 | NICE | 150.2 | 187.1 | -19.7% | 2,945.4 | 5.1% |
The change column is Olam's calculation from the figures shown. All amounts are in US dollars and rounded for display, and the ranking was calculated from the underlying values.
What are the key findings?
JFrog leads the sample on revenue intensity, while Wix leads on absolute expense and Check Point shows the largest increase.
- JFrog recognized $156.7 million of share-based compensation in 2025, equal to 29.5% of revenue. It is the smallest company in the sample by revenue.
- monday.com ranks second at 14.4% of revenue, with $177.0 million expensed in its income statement. Its total including capitalized share-based compensation was $178.8 million.
- Wix has the largest absolute expense at $237.4 million but ranks third at 11.9% of revenue, and its expense fell 1.4% from $240.7 million in 2024.
- Check Point raised stock compensation expense from $149.7 million to $205.6 million, an increase of 37.3%, and ranks fourth at 7.5%.
- NICE cut recognized equity compensation from $187.1 million to $150.2 million, a decline of 19.7%, and ranks fifth at 5.1%.
JFrog also reported a GAAP net loss of $71.8 million for 2025, according to its annual report. For context on these companies, see Olam's coverage of Israeli cybersecurity companies, The Olam Nasdaq 20 and Israeli fintech and public markets.
How does stock compensation compare with R&D and margin?
Ranked by stock compensation intensity, the five companies fall in the same order as in Olam's R&D intensity ranking, except that monday.com and Wix swap second and third place. JFrog is first and NICE is last on both measures.
| Company | SBC / revenue | R&D / revenue | GAAP operating margin | 2025 SBC against operating result |
|---|---|---|---|---|
| JFrog | 29.5% | 36.7% | -17.3% | SBC $156.7M, operating loss $91.9M |
| monday.com | 14.4% | 26.0% | -0.1% | SBC $177.0M, operating loss $1.7M |
| Wix | 11.9% | 32.4% | +0.1% | SBC $237.4M, operating income $1.8M |
| Check Point | 7.5% | 16.8% | +30.5% | SBC $205.6M, operating income $831.1M |
| NICE | 5.1% | 12.2% | +21.9% | SBC $150.2M, operating income $645.8M |
The R&D and margin columns come from Olam's R&D spending ranking and profitability ranking. The three companies with the highest stock compensation intensity are also the three with the lowest GAAP operating margins, and JFrog, monday.com and Wix each recognized more in stock compensation than their GAAP operating result.
Olam does not claim that stock compensation causes these margins. The profitability ranking lists stock-based compensation among several factors that affect GAAP results, and the R&D ranking notes that reported R&D can include stock-based compensation. The ratios therefore overlap and should not be added together.
What does the index not show?
The index shows one accounting measure for five companies in one year, and several factors limit how far it can be read.
- Share-based compensation is an expense recognized under accounting rules. It is not a cash payment and not a direct measurement of shareholder dilution.
- A five-company sample cannot establish a sector-wide ranking.
- Revenue scale, company maturity, grant timing and accounting policies all influence comparisons between companies.
- monday.com's ranking uses the $177.011 million expensed in its income statement and excludes $1.814 million that was capitalized.
- NICE's annual report shows total stock-based compensation of $150.2 million. A reconciliation in its earnings release shows a different adjustment of $152.4 million for the year, so the figure depends on which disclosure is used. Olam uses the annual report.
How was the index calculated?
The ranking divides share-based compensation expense recognized in 2025 by GAAP revenue in 2025 for each company.
Method and sources
- Fiscal year ended December 31, 2025, with amounts in US dollars millions.
- Figures come from each company's annual report and were checked against the filings on October 31, 2026.
- Rankings are calculated from the underlying unrounded values, not the rounded display figures.
- The five companies are the same selected sample used in Olam's R&D and profitability rankings, and they were not chosen to represent the whole sector.
Frequently asked questions
Which company spends most on stock compensation?
Among the five companies in this index, JFrog does relative to revenue, at 29.5% of its 2025 revenue, or $156.7 million. monday.com is second at 14.4%.
Which company has the largest dollar expense?
Wix, at $237.4 million in 2025. It ranks third by revenue intensity at 11.9%, because its revenue is $1,993.0 million.
Is stock-based compensation a cash cost?
No. It is an accounting expense recognized in the income statement, and it is not a cash payment or a direct measurement of shareholder dilution.
Which company increased its expense the most?
Check Point, from $149.7 million in 2024 to $205.6 million in 2025, an increase of 37.3%. NICE reduced its expense by 19.7% over the same period.
How does this relate to Olam's other two rankings?
It covers the same five companies and the same 2025 filings as the R&D spending and profitability rankings. The order by stock compensation intensity matches the R&D order except that monday.com and Wix swap second and third place.
Does the index cover every Israeli tech company?
No. It covers five selected companies, and a sample of that size cannot establish a sector-wide ranking.
Which filings were used?
Each figure comes from the company's annual report for fiscal 2025, linked below.
- JFrog 2025 Form 10-K
- monday.com 2025 Form 20-F
- Wix 2025 Form 20-F
- Check Point 2025 Form 20-F
- NICE 2025 Form 20-F
Olam stories draw on public filings, company disclosures and named sources, checked by editors. See the Olam methodology page.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
