Gitlab Inc.
GTLBdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
Gitlab Inc. earns about -23% on invested capital, below its ~9% cost of capital, but has diluted owners by 109% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $4.93 and $5.24 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $252.7M1 | $424.3M2 | $579.9M3 | $759.2M3 | $955.2M3 |
| Net income | −$155.1M4 | −$173.4M5 | −$425.7M6 | −$6.33M6 | −$56M6 |
| Operating cash flow | −$49.8M7 | −$77.4M8 | $35M9 | −$64M9 | $232.9M9 |
| Capital expenditure | $3.54M10 | $6.07M11 | $1.6M12 | $3.77M12 | $10.8M12 |
| Free cash flow (derived) | −$53.4M7 | −$83.5M8 | $33.4M9 | −$67.7M9 | $222M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $884.7M13 | $295.4M14 | $288M14 | $227.6M15 | $229.6M15 |
| Diluted shares | 79.8M | 148.4M | 154.3M | 160.6M | 166.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $59.4 of net worth that earned you −$3.35 and generated $13.31 of cash last year.
It earned about -23% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 109% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $4.93 and $5.24 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$33.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$33.4M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $4.24 |
| Base | 5.0% | $4.93 |
| Bull | 10.0% | $5.76 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-01-31 · accession 0001628280-24-012963 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-01-31 · accession 0001628280-25-014344 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-01-31 · accession 0001628280-26-018731 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-01-31 · accession 0001628280-24-012963 (NetIncomeLoss)
- 10-K · period ending 2023-01-31 · accession 0001628280-25-014344 (NetIncomeLoss)
- 10-K · period ending 2024-01-31 · accession 0001628280-26-018731 (NetIncomeLoss)
- 10-K · period ending 2022-01-31 · accession 0001628280-24-012963 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-01-31 · accession 0001628280-25-014344 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-01-31 · accession 0001628280-26-018731 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-01-31 · accession 0001628280-24-012963 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-01-31 · accession 0001628280-25-014344 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-01-31 · accession 0001628280-26-018731 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-01-31 · accession 0001628280-24-012963 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-01-31 · accession 0001628280-25-014344 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-01-31 · accession 0001628280-26-018731 (CashAndCashEquivalentsAtCarryingValue)