Check Point is the most profitable of five public Israeli tech companies on 2025 GAAP operating margin (30.5%), ahead of NICE (21.9%) and Wix (0.1%). monday.com and JFrog posted operating losses. All figures come from 2025 annual filings.
Among five selected publicly traded Israeli technology companies, Check Point is the most profitable on 2025 GAAP operating margin, at 30.5% of revenue, followed by NICE at 21.9%. Wix stayed barely profitable at 0.1%, while monday.com (-0.1%) and JFrog (-17.3%) reported operating losses, according to the companies' annual filings. The ranking covers this five-company sample only.
Key findings
- Check Point leads with a 30.5% GAAP operating margin, down from 34.2% in 2024.
- NICE ranks second at 21.9%, up from 20.0%.
- Wix fell the furthest, from 5.7% to 0.1%, as operating income dropped from $100.1 million to $1.8 million.
- monday.com came close to break-even, narrowing its operating loss from $21.0 million to $1.7 million.
- JFrog improved its margin by 4.0 percentage points to -17.3%, even though its dollar loss grew slightly.
Which Israeli tech companies are most profitable?
Check Point is the most profitable of the five on GAAP operating margin, with $831.1 million of operating income on $2,725.4 million of revenue in 2025, or 30.5%. NICE follows at 21.9%, then Wix at 0.1%, monday.com at -0.1% and JFrog at -17.3%.
| Rank | Company | 2025 revenue | 2025 operating income | 2025 margin | 2024 margin | Change (pp) |
|---|---|---|---|---|---|---|
| 1 | Check Point | 2,725.4 | 831.1 | +30.5% | +34.2% | -3.7 |
| 2 | NICE | 2,945.4 | 645.8 | +21.9% | +20.0% | +2.0 |
| 3 | Wix | 1,993.0 | 1.8 | +0.1% | +5.7% | -5.6 |
| 4 | monday.com | 1,232.0 | -1.7 | -0.1% | -2.2% | +2.0 |
| 5 | JFrog | 531.8 | -91.9 | -17.3% | -21.3% | +4.0 |
Dollar figures are rounded for display. Changes in percentage points (pp) are calculated from unrounded figures, so they can differ by 0.1 from the difference between the rounded margins shown.
All five companies trade on Nasdaq and report December 31 fiscal year ends, which keeps the 2025 and 2024 comparisons on the same calendar. Olam tracks the wider group of Israeli Nasdaq companies in its Olam Nasdaq 20 list.
Why did Check Point's margin fall while it still leads?
Check Point's GAAP operating margin declined from 34.2% in 2024 to 30.5% in 2025, a drop of 3.7 percentage points, yet it remains the highest in the sample. Revenue rose about 6.3% in the same year, according to Check Point's 2025 Form 20-F.
In the companion R&D ranking, Check Point's R&D expense rose 15.6%, more than twice as fast as its revenue. Olam does not attribute the margin decline to any single cost line, because the filing does not allocate it that way.
Which company improved its margin the most?
JFrog improved its GAAP operating margin the most, by 4.0 percentage points, from -21.3% in 2024 to -17.3% in 2025. NICE and monday.com each improved by about 2.0 percentage points.
NICE moved from 20.0% to 21.9% on revenue growth of about 7.7%, according to its 2025 Form 20-F. Its net R&D expense was essentially flat over the same period, and NICE says higher software-development capitalization affected that figure.
What happened to Wix's operating profit?
Wix's GAAP operating income fell from $100.1 million in 2024 to $1.8 million in 2025, which cut its margin from 5.7% to 0.1% while revenue rose about 13.2%, according to its 2025 Form 20-F. That is a decline of $98.3 million, the sharpest margin deterioration in the sample.
Wix's annual report attributes $113.8 million of its R&D expense increase primarily to acquisition-related expenses, principally Base44, as covered in Olam's Israeli tech R&D spending ranking. Olam does not split Wix's operating decline by cause, so the two figures are shown side by side and not linked as cause and effect.
How close is monday.com to operating break-even?
monday.com is within $1.7 million of GAAP operating break-even. Its operating loss narrowed from $21.0 million in 2024 to $1.7 million in 2025 as revenue rose approximately 26.7%, according to its 2025 Form 20-F.
That moved its margin from -2.2% to -0.1%. In the R&D ranking, monday.com also had the fastest R&D expense growth in the sample at 50.1%, so its margin improved while it spent more on R&D in both dollars and share of revenue.
Why did JFrog's margin improve while its loss grew?
JFrog's GAAP operating margin improved because revenue grew faster than its loss. Revenue expanded about 24.1% while the operating loss widened only slightly, from $91.1 million to $91.9 million, so the loss shrank from 21.3% of revenue to 17.3%.
JFrog's fiscal 2025 results release reports a GAAP operating loss of $91.9 million alongside non-GAAP operating income of $92.1 million, a 17.3% non-GAAP margin. The two measures sit far apart because non-GAAP figures leave out certain items that the company defines in its release.
Does higher R&D intensity mean lower margins?
In this sample, the three companies with the highest R&D intensity are the three with the lowest operating margins, but the data does not show that one causes the other. The table below puts the two Olam rankings side by side.
| Company | R&D / revenue | Operating margin | Revenue growth |
|---|---|---|---|
| JFrog | 36.7% | -17.3% | about 24.1% |
| Wix | 32.4% | +0.1% | about 13.2% |
| monday.com | 26.0% | -0.1% | about 26.7% |
| Check Point | 16.8% | +30.5% | about 6.3% |
| NICE | 12.2% | +21.9% | about 7.7% |
The two loss-making companies, monday.com and JFrog, also posted the fastest revenue growth, at about 26.7% and 24.1%. Product maturity, revenue recognition, stock-based compensation, acquisition costs, business mix and go-to-market spending all affect GAAP results, so this comparison is descriptive and not causal evidence.
How did Olam calculate the ranking?
Olam divided each company's 2025 GAAP operating income by its 2025 revenue, then repeated the same formula for 2024 and expressed the change in percentage points. Dollar figures are in US dollars millions, and all five companies report December 31 fiscal year ends.
The inputs come from 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
Operating margin: $831.1 million of operating income divided by $2,725.4 million of revenue equals 30.5%. Change versus 2024: 30.5% minus 34.2% equals a decline of 3.7 percentage points.
What are the limits of this ranking?
The ranking is a comparison of five deliberately selected companies, not a representative cross-section of the Israeli technology sector. GAAP means generally accepted accounting principles, the US reporting standard these companies use in their filings.
- Operating margin is not net profit margin, cash flow or return on invested capital.
- The companies were selected as a small illustrative sample.
- Differences in business models and accounting choices limit comparability.
- The comparison is 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 has the highest operating margin?
Among the five companies Olam examined, Check Point has the highest GAAP operating margin at 30.5% in 2025, down from 34.2% in 2024.
Which Israeli tech companies had operating losses in 2025?
monday.com reported a GAAP operating loss of $1.7 million, or -0.1% of revenue, and JFrog reported a loss of $91.9 million, or -17.3%. Wix stayed slightly positive at $1.8 million.
Which company's margin fell the most?
Wix saw the sharpest deterioration, from 5.7% in 2024 to 0.1% in 2025, as operating income fell from $100.1 million to $1.8 million.
Is this a ranking of all Israeli tech companies?
No. It compares five selected publicly traded Israeli technology companies and does not rank every Israeli technology business.
What is GAAP operating margin?
GAAP operating margin is operating income calculated under generally accepted accounting principles, divided by revenue for the same year. It excludes interest, taxes and other non-operating items, so it differs from net profit margin.
How should readers use this comparison?
Readers comparing these five companies should read GAAP operating margin together with each company's non-GAAP reconciliation and R&D intensity, because JFrog's GAAP operating loss of $91.9 million and non-GAAP operating income of $92.1 million show how much the accounting basis changes the picture. The results describe 2025 filings for this sample and are not a forecast or investment advice.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
