GitLab Inc.

GTLB
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
TTM ROIC
21%
FY2026 · FCF-based ROE (FCF / Total Equity); economic ROE adjusts for SBC · WACC ~11.25%

Financial Snapshot

ticker: GTLB step: 04 generated: 2026-05-13 source: quick-research

GitLab Inc. (GTLB) — Financial Snapshot

Note: GitLab's fiscal year ends January 31. FY2026 = Feb 2025 – Jan 2026.

Income Statement Summary

Metric FY2024 FY2025 FY2026 YoY
Revenue ~$580M $759.2M $955.2M +26%
Gross Margin ~87% ~88% ~87%
GAAP Operating Margin ~-25% ~-18% ~-12% improving
Non-GAAP Operating Margin ~5% ~10% ~15% improving
GAAP Net Income ~-$0.2B ~-$0.15B ~-$0.1B improving

FY2026: Revenue $955.2M (+26%); ARR crossed $1B milestone. Ultimate tier now >50% of total ARR (vs. Premium). DBNRR 119%. Board authorized $400M share repurchase program. GitLab Duo AI adoption driving Premium → Ultimate upsell.

Cash Flow & Balance Sheet (FY2026)

Metric Value
Operating Cash Flow ~$230M (24% of revenue)
Free Cash Flow $220M (~23% FCF margin)
Capital Expenditures ~$10M
Cash & Equivalents ~$1.2B
Total Debt $0 (debt-free)

GitLab is debt-free with $1.2B+ cash — an unusually clean balance sheet for a high-growth SaaS company. FCF margins of 23% at $955M revenue represent significant operational leverage. $400M buyback authorized signals management confidence. GAAP losses persist from SBC (~15% of revenue) but are declining rapidly.

Key Ratios (approximate)

  • P/E: ~40–50x (non-GAAP FY2027E) | EV/Sales: ~7x | FCF Yield: ~3%
  • Revenue Growth (TTM): ~26% | Non-GAAP Operating Margin: ~15%

Growth Profile

GitLab grew from ~$580M (FY2024) to $955M (FY2026) — growing ~65% in 2 years — with consistent 26–31% annual growth. The path to $2B+ revenue depends on: (1) Premium → Ultimate upsell acceleration via GitLab Duo AI features, (2) new enterprise land deals, and (3) seat expansion within existing accounts. The 24% FCF margin at current scale is a positive signal — GitLab is approaching the "efficient growth" profile that warrants premium multiples.

Forward Estimates

  • FY2027: Revenue guidance ~$1.1–1.15B (+15–20% YoY) — conservative due to go-to-market transition
  • Ultimate tier >50% of ARR: continues to drive ARPU expansion per seat
  • FCF margin: targeting 25–28% as operating leverage accrues
  • Analyst median PT: ~$56.50 (range $44–75); 40-analyst strong buy consensus
  • Share buyback: $400M authorized (~5–6% of market cap) providing EPS support

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $GTLB.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/GTLB/fundamental$1.00 · Bearer token required
Markdown: /stocks/gtlb/financials/md · → thesis · → memo