GitLab (GTLB)


Market Price (10/4/2026): $49.72 | Market Cap: $8.4 BilSector: Information Technology | Industry: Systems Software

GitLab (GTLB)


Market Price (10/4/2026): $49.72
Market Cap: $8.4 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Cloud Computing, Cybersecurity, and Digital Transformation & Software Innovation. Themes include Software as a Service (SaaS), Show more.

Key risks
GTLB key risks include [1] competitive pressure from AI tools undermining its core seat-based revenue model and [2] a history of unprofitability creating pressure to justify its high-growth valuation.

0 Megatrend and thematic drivers
Megatrends include Cloud Computing, Cybersecurity, and Digital Transformation & Software Innovation. Themes include Software as a Service (SaaS), Show more.
1 Key risks
GTLB key risks include [1] competitive pressure from AI tools undermining its core seat-based revenue model and [2] a history of unprofitability creating pressure to justify its high-growth valuation.

GTLB in ETFs

Weight = GTLB's share of each fund

VTI0.01%
ITOT0.01%
IWB0.01%
VB0.08%
ARKW1.6%
IGV0.24%
VBK0.19%
SCHA0.18%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

GitLab (GTLB) stock has gained about 65% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2027 Financial Outperformance and Upgraded Full-Year Guidance.

GitLab reported robust financial results for its second quarter fiscal year 2027, which ended July 31, 2026, on September 1, 2026. The company delivered an adjusted earnings per share (EPS) of $0.24, significantly surpassing the consensus estimate of $0.18 by 33.63%. Revenue for the quarter reached $286.3 million, marking a 21% year-over-year increase and exceeding analysts' expectations of $273.13 million by 4.72%. Furthermore, GitLab raised its full fiscal year 2027 revenue guidance to $1.129 billion-$1.133 billion, representing an 18-19% year-over-year growth, and its non-GAAP diluted EPS guidance to $0.85-$0.87.

2. Robust Growth in Key Business Metrics and Customer Adoption.

The company demonstrated strong underlying business momentum in fiscal Q2 2027, reporting record gross bookings and net Annual Recurring Revenue (ARR) growth exceeding 40% year-over-year. GitLab's Dollar-Based Net Retention Rate increased to 117%, marking its first sequential acceleration since 2024. The customer base with over $100,000 in ARR expanded by 17% year-over-year, reaching 1,571 customers. Additionally, total Remaining Performance Obligations (RPO) grew 16% year-over-year to $1.2 billion, with current RPO increasing by 20% to $744.7 million.

Show more
Updated on 10/1/2026

GitLab (GTLB) stock has gained about 65% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2027 Financial Outperformance and Upgraded Full-Year Guidance.

GitLab reported robust financial results for its second quarter fiscal year 2027, which ended July 31, 2026, on September 1, 2026. The company delivered an adjusted earnings per share (EPS) of $0.24, significantly surpassing the consensus estimate of $0.18 by 33.63%. Revenue for the quarter reached $286.3 million, marking a 21% year-over-year increase and exceeding analysts' expectations of $273.13 million by 4.72%. Furthermore, GitLab raised its full fiscal year 2027 revenue guidance to $1.129 billion-$1.133 billion, representing an 18-19% year-over-year growth, and its non-GAAP diluted EPS guidance to $0.85-$0.87.

2. Robust Growth in Key Business Metrics and Customer Adoption.

The company demonstrated strong underlying business momentum in fiscal Q2 2027, reporting record gross bookings and net Annual Recurring Revenue (ARR) growth exceeding 40% year-over-year. GitLab's Dollar-Based Net Retention Rate increased to 117%, marking its first sequential acceleration since 2024. The customer base with over $100,000 in ARR expanded by 17% year-over-year, reaching 1,571 customers. Additionally, total Remaining Performance Obligations (RPO) grew 16% year-over-year to $1.2 billion, with current RPO increasing by 20% to $744.7 million.

3. Positive Momentum from AI Innovation and Early Adoption of GitLab Duo Agent Platform and Flex.

GitLab has strategically positioned its platform around AI-driven software development, with its GitLab Duo Agent Platform highlighted as a multi-year growth driver. The company saw early success with its "Flex" offering in fiscal Q2 2027, with over 130 customers committing more than $20 million, and the paid consumption run rate reaching over $40 million, up from $15 million in fiscal Q1 2027. This indicates strong initial adoption of new AI-powered features designed to enhance developer productivity and workflow automation, further emphasized by the release of GitLab 19.4 in September 2026, which introduced new "Agentic Automation at a Lower Cost."

4. Ongoing Share Repurchase Program.

GitLab's commitment to returning value to shareholders and expressing confidence in its long-term outlook was demonstrated by its $400 million share repurchase program, authorized by the Board of Directors in March 2026. The company actively executed this program in fiscal Q2 2027, repurchasing approximately 3.5 million shares, which signals ongoing management confidence in the company's valuation and future prospects.

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Stock Movement Drivers

Fundamental Drivers

The 63.6% change in GTLB stock from 6/30/2026 to 10/1/2026 was primarily driven by a 54.7% change in the company's P/S Multiple.
(LTM values as of)630202610012026Change
Stock Price ($)30.5349.9563.6%
Change Contribution By: 
Total Revenues ($ Mil)1,0051,0555.0%
P/S Multiple5.28.054.7%
Shares Outstanding (Mil)1701690.7%
Cumulative Contribution63.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/1/2026
ReturnCorrelation
GTLB63.6% 
Market (SPY)2.3%20.7%
Sector (XLK)3.8%3.4%

Fundamental Drivers

The 130.8% change in GTLB stock from 3/31/2026 to 10/1/2026 was primarily driven by a 108.3% change in the company's P/S Multiple.
(LTM values as of)331202610012026Change
Stock Price ($)21.6449.95130.8%
Change Contribution By: 
Total Revenues ($ Mil)9551,05510.5%
P/S Multiple3.88.0108.3%
Shares Outstanding (Mil)1691690.3%
Cumulative Contribution130.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/1/2026
ReturnCorrelation
GTLB130.8% 
Market (SPY)17.8%7.6%
Sector (XLK)49.0%7.3%

Fundamental Drivers

The 10.8% change in GTLB stock from 9/30/2025 to 10/1/2026 was primarily driven by a 23.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510012026Change
Stock Price ($)45.0849.9510.8%
Change Contribution By: 
Total Revenues ($ Mil)8581,05523.0%
P/S Multiple8.78.0-8.4%
Shares Outstanding (Mil)166169-1.6%
Cumulative Contribution10.8%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/1/2026
ReturnCorrelation
GTLB10.8% 
Market (SPY)15.6%18.7%
Sector (XLK)40.9%19.6%

Fundamental Drivers

The 10.5% change in GTLB stock from 9/30/2023 to 10/1/2026 was primarily driven by a 110.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310012026Change
Stock Price ($)45.2249.9510.5%
Change Contribution By: 
Total Revenues ($ Mil)5021,055110.0%
P/S Multiple13.88.0-42.3%
Shares Outstanding (Mil)154169-8.9%
Cumulative Contribution10.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/1/2026
ReturnCorrelation
GTLB10.5% 
Market (SPY)84.9%39.3%
Sector (XLK)145.6%38.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GTLB Return-16%-48%39%-10%-33%24%-55%
Peers Return37%-44%63%3%14%39%105%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
GTLB Win Rate33%33%42%58%25%56% 
Peers Win Rate58%32%60%48%47%56% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
GTLB Max Drawdown--62%-54%-47%-49%-49% 
Peers Max Drawdown-32%-53%-26%-33%-37%-38% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, TEAM, DDOG, FROG, DT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)

How Low Can It Go

EventGTLBS&P 500
2024 Yen Carry Trade Unwind
  % Loss-19.4%-7.8%
  % Gain to Breakeven24.1%8.5%
  Time to Breakeven27 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.6%-9.5%
  % Gain to Breakeven18.4%10.5%
  Time to Breakeven20 days24 days
2023 SVB Regional Banking Crisis
  % Loss-38.1%-6.7%
  % Gain to Breakeven61.5%7.1%
  Time to Breakeven33 days31 days

Compare to MSFT, TEAM, DDOG, FROG, DT

In The Past

GitLab's stock fell -19.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 24.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventGTLBS&P 500
2023 SVB Regional Banking Crisis
  % Loss-38.1%-6.7%
  % Gain to Breakeven61.5%7.1%
  Time to Breakeven33 days31 days

Compare to MSFT, TEAM, DDOG, FROG, DT

In The Past

GitLab's stock fell -19.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 24.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About GitLab (GTLB)

GitLab Inc. (GTLB) provides a comprehensive software platform designed to streamline and accelerate the entire software development lifecycle for organizations. At its core, GitLab offers a single, integrated DevOps platform that helps teams manage every stage of software creation, from planning and building to securing and deploying. This unified approach aims to improve efficiency and visibility throughout the development process.

The GitLab platform empowers businesses to develop software faster, enhance control, and gain insights across their operations. By consolidating various tools and processes into one application, it helps drive better business outcomes by enabling more efficient and secure software delivery. Beyond the core platform, GitLab also supports its customers with related training and professional services to ensure effective implementation and and utilization of its solutions.

GitLab serves a broad range of organizations globally, helping them to modernize and optimize their software development practices. Its customer base spans across the United States, Europe, and the Asia Pacific region, catering to any business that needs to plan, build, secure, and deploy software effectively.

AI Analysis | Feedback

1. It's like Salesforce for software development teams, providing an all-in-one platform for planning, building, securing, and deploying software.

2. Think of it as the Microsoft Office suite for software developers, bringing all the necessary tools (like project management, code hosting, and security scans) into one integrated application instead of separate programs.

3. It's like Microsoft Azure DevOps or GitHub, but designed from the ground up as a truly unified, end-to-end platform for the entire software development lifecycle.

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  • GitLab (DevOps Platform): A single application that covers the entire software development lifecycle, enhancing visibility and control while speeding up development cycles.
  • Training Services: Educational programs designed to help users effectively utilize the GitLab platform.
  • Professional Services: Expert support and consulting services related to the implementation and optimization of the GitLab platform.

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The company GitLab (GTLB) primarily sells its DevOps platform and related services to other companies and organizations, rather than individuals. While GitLab does not disclose specific revenue percentages from individual customers, its customer base includes a wide range of enterprises across various industries globally. Below are examples of prominent public companies that utilize GitLab's platform:

GitLab's major customers include a diverse range of organizations from various sectors. Examples of these enterprise customers are:

  • IBM (Symbol: IBM)
  • NVIDIA (Symbol: NVDA)
  • T-Mobile (Symbol: TMUS)
  • Goldman Sachs (Symbol: GS)
  • Siemens (Symbol: SIEGY)

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  • Alphabet Inc. (GOOGL)

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Bill Staples, Chief Executive Officer

Bill Staples was appointed as GitLab's Chief Executive Officer in December 2024.

Sid Sijbrandij, Co-founder, Executive Chair, and President

Sid Sijbrandij co-founded GitLab, which was established in 2014, and served as its CEO, leading the company's IPO in 2021. Before co-founding GitLab, he spent four years building recreational submarines at U-Boat Worx from 2003 to 2007. He also founded Comcoaster, where he worked from 2008 to 2012. Since 2020, Sijbrandij has been the founder and general partner of Open Core Ventures.

James Shen, Interim Chief Financial Officer

James Shen was appointed as GitLab's Interim Chief Financial Officer effective September 20, 2025, following the departure of Brian Robins. He joined GitLab in January 2021 as Vice President of Finance. Prior to GitLab, Shen held various finance roles at Meta from August 2019 to January 2021 and served in different finance capacities at Rainforest QA from April 2016 to August 2019, where he was most recently SVP Finance. His background also includes roles in finance and investment at GI Partners, a private equity firm, and in investment banking at Morgan Stanley.

Robin Schulman, Chief Legal Officer, Head of Corporate Affairs, and Corporate Secretary

Robin Schulman oversees GitLab's legal strategies and corporate governance. Her previous experience includes overseeing global legal affairs, public policy, and compliance as SVP, Chief Legal Officer, and Corporate Secretary at Couchbase, Inc. She also established, scaled, and led New Relic Inc.'s global legal and compliance organization as General Counsel and Chief Compliance Officer, guiding the company from pre-IPO to a profitable public entity. Earlier in her career, she served as Legal Counsel to Adobe Inc.

Wendy Nice Barnes, Chief People Officer

Wendy Nice Barnes joined GitLab as Chief People Officer in November 2020. She brings over 20 years of talent leadership experience from both pre-IPO and Fortune 500 companies. Her career includes serving as Chief Human Resources Officer at Palo Alto Networks, Vice President of Human Resources at eHealth, and senior HR leadership roles at Netflix and E*TRADE.

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Here are the key risks to GitLab (GTLB):

  1. Intense Competition and the Impact of Artificial Intelligence: GitLab faces significant competitive pressure, particularly from Microsoft's GitHub, which offers competitive pricing and substantial investments in AI-powered coding assistants. The rapid advancement and proliferation of AI tools, coupled with bundled offerings from competitors, threaten GitLab's platform relevance, pricing power, and overall market opportunity. A major challenge stems from the fact that AI agents cannot be sold a "seat," which undermines GitLab's traditional seat-based revenue model and necessitates a strategic shift to a consumption model. There is also concern among investors that generative AI could be more of a threat than an opportunity for the company, and uncertainty exists around AI monetization and potential slower upgrade cycles if customers are hesitant to adopt usage-based AI pricing. Execution risks are also present as GitLab attempts to implement a hybrid pricing model and ensure high adoption rates for its new AI features.
  2. Challenges in Achieving and Sustaining Profitability Amidst Rapid Growth: Despite robust revenue growth, GitLab has consistently struggled to achieve and maintain profitability. The company has a history of losses and projects continued increases in operating expenses. The high valuation multiples often associated with GitLab are contingent upon the company meeting aggressive growth and profitability targets, introducing a significant execution risk. Managing rapid growth effectively is crucial, as any failure to do so could adversely impact its business, financial condition, and operating results. Furthermore, rising regulatory demands and substantial spending on innovation contribute to increased costs, posing challenges to long-term earnings growth and profitability.
  3. Security Incidents and Open-Source Vulnerabilities: As a platform handling sensitive customer data, GitLab is exposed to substantial legal and financial liabilities in the event of a security breach. Its reliance on open-source technology also elevates the risk of supply-chain cyber attacks. The company has previously disclosed critical security vulnerabilities, which led to a stock decline and heightened investor concerns regarding software supply chain risks transforming into financial liabilities. Security and privacy breaches have the potential to significantly harm GitLab's business and reputation.

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The increasing consolidation and integration of DevOps toolchains by major cloud providers, particularly Microsoft with GitHub and Azure DevOps, poses an emerging threat. These providers have the potential to offer similarly comprehensive, deeply integrated, and potentially more cost-effective single-application DevOps platforms within their dominant cloud ecosystems, directly challenging GitLab's core differentiator and market position.

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GitLab Inc. (GTLB) operates in several significant addressable markets related to its comprehensive DevOps platform.

The company itself estimates its total addressable market (TAM) to be $40 billion.

GitLab's main product, a DevOps platform, encompasses various stages of the software development lifecycle, including planning, building, securing, and deploying software. Therefore, the addressable markets for its services include the broader DevOps market, DevSecOps, Continuous Integration/Continuous Delivery (CI/CD), and Application Security Testing (AST).

Here are the estimated market sizes for these related products and services:

  • DevOps Market:
    • The global DevOps market was valued at approximately USD 15.8 billion in 2025 and is projected to reach USD 82.4 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 20.15% from 2026 to 2034.
    • North America is a dominant region in the DevOps market, holding over 37% of the market share in 2025.
  • DevSecOps Market:
    • The global DevSecOps market size was estimated at USD 8.84 billion in 2024 and is projected to reach USD 20.24 billion by 2030, with a CAGR of 13.2% from 2025 to 2030.
    • North America held the largest revenue share of 35.2% in the global DevSecOps market in 2024. The U.S. market specifically is valued at USD 3.5 billion by 2026.
    • Another estimate projects the global DevSecOps market to grow from USD 11.49 billion in 2026 to USD 31.96 billion by 2034, exhibiting a CAGR of 13.65%.
  • Continuous Integration/Continuous Delivery (CI/CD) Market:
    • The global CI/CD market is projected to reach approximately $15 billion by 2028, reflecting a CAGR of over 15%. This market was estimated at over $10 billion in 2023.
    • More specifically, the global Continuous Integration (CI) tools market was valued at USD 2.11 billion in 2025 and is projected to grow to USD 12.66 billion by 2034, with a CAGR of 22.02% from 2026 to 2034.
    • The global continuous delivery market is accounted at USD 4.92 billion in 2025 and is predicted to increase to approximately USD 20.17 billion by 2035, representing a CAGR of 15.55% from 2026 to 2035.
    • North America held the highest revenue share of 37.80% in the continuous delivery market in 2025.
  • Application Security Testing (AST) / Application Security Market:
    • The global Application Security Testing Market was valued at USD 11.05 billion in 2025 and is projected to reach USD 25.82 billion by the end of 2030, growing at a CAGR of 18.5% from 2026 to 2030.
    • Another report states the global application security market size was estimated at USD 13.00 billion in 2025 and is expected to rise from USD 14.86 billion in 2026 to USD 43.28 billion by 2034, expanding at a CAGR of 14.30%.
    • North America dominated the application security market with a market share of 35.04% in 2025.

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GitLab Inc. (GTLB) is expected to drive future revenue growth over the next two to three years through several key initiatives:

  1. Expansion within Existing Customer Accounts: GitLab anticipates continued revenue growth by increasing adoption and usage among its current customer base. This includes efforts to drive seat expansion, encourage higher customer yield, and facilitate tier upgrades to more comprehensive plans. The company's dollar-based net retention rate, reported at 118%, indicates success in expanding within existing accounts.
  2. Acquisition of New Customers and Scaling Sales Capacity: The company is focused on reaccelerating growth by rebuilding first-order bookings through a dedicated sales team buildout and enhanced product-led growth efforts. GitLab aims to scale its sales capacity and bring in new customers.
  3. Adoption and Monetization of AI-Driven Features, particularly the GitLab Duo Agent Platform: The anticipated launch and subsequent adoption of the GitLab Duo Agent Platform and other AI initiatives are identified as significant future growth drivers. Management's fiscal year 2027 strategy includes converting AI pilots to production deployments.
  4. Growth in SaaS Offerings: GitLab's SaaS business, including the GitLab Dedicated offering, is becoming a larger portion of its overall revenue mix. The SaaS segment experienced 36% year-over-year growth and now accounts for approximately 31% of total revenue, indicating continued momentum in this area.
  5. Implementation of New Packaging and Hybrid Pricing Models: GitLab is introducing new packaging and a hybrid seat-plus consumption pricing model, which combines a fixed, recurring per-user fee with variable charges based on product usage. This strategic shift in pricing and packaging has the potential to be a long-term driver of revenue growth.

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Share Repurchases

  • GitLab's board authorized an inaugural $400 million share repurchase program for Class A common stock, announced in March 2026, to be funded from existing cash, cash equivalents, short-term investments, and ongoing cash from operations.
  • The company's 5-Year Share Buyback Ratio was -2.90%, suggesting share issuance rather than significant repurchases over the past five years, prior to the recently announced program.

Share Issuance

  • GitLab Inc. completed its Initial Public Offering (IPO) in October 2021, selling 8,420,000 shares of its Class A common stock at $77.00 per share, raising approximately $648.34 million for the company.
  • Stock-based compensation is a significant component of GitLab's capital management strategy, with expenses amounting to $185.9 million for fiscal year 2025 (ending January 31, 2025).
  • The company issued common stock through stock option exercises and its employee stock purchase plan, raising $32.6 million in financing activities during fiscal year 2025.

Inbound Investments

  • The Initial Public Offering (IPO) in October 2021 served as a major inbound investment from public market investors, with GitLab Inc. directly selling shares for approximately $648.34 million.

Outbound Investments

  • GitLab has completed a total of 9 acquisitions, averaging 0.6 acquisitions per year over the last five years (2020–2025).
  • The most recent acquisition was Oxeye, a cloud-based security testing software platform, which GitLab acquired in March 2024.
  • "Change in Acquisitions & Divestments" for GitLab amounted to $241.6 million in Q4 2025, contributing to an annual value of $708.4 million for fiscal year 2025.

Capital Expenditures

  • GitLab's latest trailing twelve months (TTM) Capital Expenditures Margin (CapEx % AVG 3YRS) was 0.75% as of September 30, 2025.
  • Over the past five years, the average CapEx % AVG 3YRS for GitLab has been 0.79%.
  • The company plans to continue strategic investments in research and development and leverage its liquidity for working capital and capital expenditure requirements over the next 12 months.

Peer Outperformance in Systems Software

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Share of Systems Software constituents that GTLB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
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insufficient peer history
3Y
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insufficient peer history
5Y
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insufficient peer history
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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

GTLBMSFTTEAMDDOGFROGDTMedian
NameGitLab MicrosoftAtlassianDatadog JFrog Dynatrace 
Mkt Price-517.12-277.71-59.30277.71
Mkt Cap-3,840.1-98.9-17.398.9
Rev LTM-331,839-3,967-2,0963,967
Op Inc LTM-155,237-17-273273
FCF LTM-66,987-1,073-5711,073
FCF 3Y Avg-70,890-866-495866
CFO LTM-182,935-1,229-5981,229
CFO 3Y Avg-145,882-981-524981

Growth & Margins

GTLBMSFTTEAMDDOGFROGDTMedian
NameGitLab MicrosoftAtlassianDatadog JFrog Dynatrace 
Rev Chg LTM-17.8%-31.5%-17.9%17.9%
Rev Chg 3Y Avg-16.1%-27.9%-19.6%19.6%
Rev Chg Q-17.7%-35.6%-16.2%17.7%
QoQ Delta Rev Chg LTM-4.3%-8.0%-3.8%4.3%
Op Inc Chg LTM-20.8%-200.5%-36.7%36.7%
Op Inc Chg 3Y Avg-20.6%-68.2%-36.5%36.5%
Op Mgn LTM-46.8%-0.4%-13.0%13.0%
Op Mgn 3Y Avg-45.7%-0.6%-11.1%11.1%
QoQ Delta Op Mgn LTM--0.0%-1.1%--0.0%-0.0%
CFO/Rev LTM-55.1%-31.0%-28.6%31.0%
CFO/Rev 3Y Avg-50.6%-31.4%-29.4%31.4%
FCF/Rev LTM-20.2%-27.0%-27.2%27.0%
FCF/Rev 3Y Avg-25.3%-27.8%-27.8%27.8%

Valuation

GTLBMSFTTEAMDDOGFROGDTMedian
NameGitLab MicrosoftAtlassianDatadog JFrog Dynatrace 
Mkt Cap-3,840.1-98.9-17.398.9
P/S-11.6-24.9-8.311.6
P/Op Inc-24.7-5,831.4-63.563.5
P/EBIT-22.7-465.3-63.563.5
P/E-28.7-557.1-114.5114.5
P/CFO-21.0-80.5-29.029.0
Total Yield-4.2%-0.2%-0.9%0.9%
Dividend Yield-0.7%-0.0%-0.0%0.0%
FCF Yield 3Y Avg-2.2%-1.5%-3.5%2.2%
D/E-0.0-0.0-0.00.0
Net D/E--0.0--0.0--0.1-0.0

Returns

GTLBMSFTTEAMDDOGFROGDTMedian
NameGitLab MicrosoftAtlassianDatadog JFrog Dynatrace 
1M Rtn-3.2%-24.1%-12.2%12.2%
3M Rtn-32.7%-6.7%-32.5%32.5%
6M Rtn-39.0%-130.7%-57.3%57.3%
12M Rtn-0.3%-81.9%-22.8%22.8%
3Y Rtn-64.5%-202.4%-26.4%64.5%
1M Excs Rtn-2.8%-23.6%-11.7%11.7%
3M Excs Rtn-30.2%-4.2%-30.0%30.0%
6M Excs Rtn-23.8%-117.3%-44.7%44.7%
12M Excs Rtn--14.1%-80.3%-7.8%7.8%
3Y Excs Rtn--10.5%-141.0%--49.4%-10.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Single Segment955759580424 
License-self-managed and other    26
Subscription-self-managed and software-as-a-service (SaaS)    226
Total955759580424253


Price Behavior

Price Behavior
Market Price$49.95 
Market Cap ($ Bil)8.4 
First Trading Date10/14/2021 
Distance from 52W High-2.1% 
   50 Days200 Days
DMA Price$43.06$32.27
DMA Trendupup
Distance from DMA16.0%54.8%
 3M1YR
Volatility55.1%60.2%
Downside Capture27.12106.61
Upside Capture263.60103.49
Correlation (SPY)21.2%18.7%
GTLB Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.951.751.010.370.851.48
Up Beta-2.540.850.32-0.860.271.17
Down Beta1.031.670.00-0.101.061.79
Up Capture160%321%267%197%85%278%
Bmk +ve Days6162766132424
Stock +ve Days10213370120373
Down Capture56%28%-4%-2%104%110%
Bmk -ve Days16263760120328
Stock -ve Days12213156132376

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GTLB
GTLB10.8%60.2%0.40-
Sector ETF (XLK)41.1%26.5%1.2619.6%
Equity (SPY)15.7%13.0%0.8518.7%
Gold (GLD)7.7%29.6%0.251.8%
Commodities (DBC)45.6%20.8%1.69-6.2%
Real Estate (VNQ)1.2%13.6%-0.16-5.6%
Bitcoin (BTCUSD)-25.7%44.5%-0.5418.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GTLB
GTLB-14.2%73.5%0.10-
Sector ETF (XLK)21.2%25.9%0.7345.6%
Equity (SPY)13.0%17.2%0.5745.7%
Gold (GLD)18.6%18.9%0.804.0%
Commodities (DBC)10.6%19.6%0.425.9%
Real Estate (VNQ)0.4%18.9%-0.0831.2%
Bitcoin (BTCUSD)13.6%52.3%0.4326.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GTLB
GTLB-7.3%73.5%0.10-
Sector ETF (XLK)24.8%25.0%0.9045.6%
Equity (SPY)15.3%17.9%0.7245.7%
Gold (GLD)11.6%16.4%0.584.0%
Commodities (DBC)8.4%18.1%0.385.9%
Real Estate (VNQ)4.4%20.7%0.1731.2%
Bitcoin (BTCUSD)64.2%66.2%1.0426.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity14.3 Mil
Short Interest: % Change Since 8312026-10.2%
Average Daily Volume7.5 Mil
Days-to-Cover Short Interest1.9 days
Basic Shares Quantity168.7 Mil
Short % of Basic Shares8.4%

Earnings Returns History

Updated 10/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/1/202610.0%2.8%10.8%
6/2/2026-2.8%-4.8%0.8%
3/3/2026-6.2%-13.1%-17.7%
12/2/2025-12.8%-10.0%-13.5%
9/3/2025-7.4%4.5%-0.9%
6/10/2025-10.6%-13.7%-12.2%
3/3/202511.6%-9.4%-15.3%
12/5/20241.7%-7.6%-8.3%
...
SUMMARY STATS   
# Positive11109
# Negative91011
Median Positive11.4%17.8%13.0%
Median Negative-8.3%-11.6%-13.5%
Max Positive31.2%72.4%48.3%
Max Negative-23.9%-24.2%-24.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/1/202610.0%2.8%10.8%
6/2/2026-2.8%-4.8%0.8%
3/3/2026-6.2%-13.1%-17.7%
12/2/2025-12.8%-10.0%-13.5%
9/3/2025-7.4%4.5%-0.9%
6/10/2025-10.6%-13.7%-12.2%
3/3/202511.6%-9.4%-15.3%
12/5/20241.7%-7.6%-8.3%
9/3/202421.6%25.8%12.4%
6/3/2024-4.9%-5.9%13.0%
3/4/2024-21.0%-24.2%-24.1%
12/4/202311.4%12.8%8.8%
9/5/20230.5%5.2%-10.1%
6/5/202331.2%38.7%40.5%
3/13/2023-23.9%-18.7%-24.1%
12/5/20229.4%28.5%-0.3%
9/6/202214.3%22.8%14.7%
6/6/202228.0%6.7%48.3%
3/14/20227.8%72.4%42.1%
12/6/2021-8.3%-18.4%-22.8%
SUMMARY STATS   
# Positive11109
# Negative91011
Median Positive11.4%17.8%13.0%
Median Negative-8.3%-11.6%-13.5%
Max Positive31.2%72.4%48.3%
Max Negative-23.9%-24.2%-24.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
07/31/202609/02/202610-Q
04/30/202606/02/202610-Q
01/31/202603/17/202610-K
10/31/202512/03/202510-Q
07/31/202509/04/202510-Q
04/30/202506/11/202510-Q
01/31/202503/21/202510-K
10/31/202412/06/202410-Q
07/31/202409/04/202410-Q
04/30/202406/04/202410-Q
01/31/202403/26/202410-K
10/31/202312/05/202310-Q
07/31/202309/06/202310-Q
04/30/202306/06/202310-Q
01/31/202303/30/202310-K
10/31/202212/06/202210-Q
Collapse to Preview
Report DateFiling DateFiling
07/31/202609/02/202610-Q
04/30/202606/02/202610-Q
01/31/202603/17/202610-K
10/31/202512/03/202510-Q
07/31/202509/04/202510-Q
04/30/202506/11/202510-Q
01/31/202503/21/202510-K
10/31/202412/06/202410-Q
07/31/202409/04/202410-Q
04/30/202406/04/202410-Q
01/31/202403/26/202410-K
10/31/202312/05/202310-Q
07/31/202309/06/202310-Q
04/30/202306/06/202310-Q
01/31/202303/30/202310-K
10/31/202212/06/202210-Q
07/31/202209/07/202210-Q
04/30/202206/07/202210-Q
01/31/202204/08/202210-K
10/31/202112/07/202110-Q
07/31/202110/14/2021424B4
01/31/202109/17/2021S-1

Recent Forward Guidance

Updated 9/28/2026

Latest: Q2 2027 Earnings Reported 9/1/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2027 RevenueReported281.00 Mil282.00 Mil283.00 Mil3.3% Higher NewGuidance: 273.00 Mil for Q2 2027
Q3 2027 Non-GAAP operating incomeReported35.00 Mil36.00 Mil37.00 Mil16.1% Higher NewGuidance: 31.00 Mil for Q2 2027
Q3 2027 Non-GAAP diluted net income per shareReported0.190.20.211.4% Higher NewGuidance: 0.18 for Q2 2027
2027 RevenueReported1.13 Bil1.13 Bil1.13 Bil1.4% RaisedGuidance: 1.11 Bil for 2027
2027 Non-GAAP operating incomeReported148.00 Mil150.00 Mil152.00 Mil8.7% RaisedGuidance: 138.00 Mil for 2027
2027 Non-GAAP diluted net income per shareReported0.850.860.876.8% RaisedGuidance: 0.81 for 2027


Prior: Q1 2027 Earnings Reported 6/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2027 RevenueReported272.00 Mil273.00 Mil274.00 Mil7.5% Higher NewGuidance: 254.00 Mil for Q1 2027
Q2 2027 Non-GAAP operating incomeReported30.00 Mil31.00 Mil32.00 Mil-6.1% Lower NewGuidance: 33.00 Mil for Q1 2027
Q2 2027 Non-GAAP diluted net income per shareReported0.170.180.18-14.6% Lower NewGuidance: 0.21 for Q1 2027
2027 RevenueReported1.11 Bil1.11 Bil1.12 Bil0.6% RaisedGuidance: 1.11 Bil for 2027
2027 Non-GAAP operating incomeReported135.00 Mil138.00 Mil141.00 Mil3.8% RaisedGuidance: 133.00 Mil for 2027
2027 Non-GAAP diluted net income per shareReported0.790.810.823.2% RaisedGuidance: 0.78 for 2027

Q4 2026 Earnings Reported 3/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2027 RevenueReported253.00 Mil254.00 Mil255.00 Mil1.0% Higher NewGuidance: 251.50 Mil for Q4 2026
Q1 2027 Non-GAAP operating incomeReported32.00 Mil33.00 Mil34.00 Mil-14.3% Lower NewGuidance: 38.50 Mil for Q4 2026
Q1 2027 Non-GAAP diluted net income per shareReported0.20.210.21-8.9% Lower NewGuidance: 0.23 for Q4 2026
2027 RevenueReported1.10 Bil1.11 Bil1.12 Bil17.1% Higher NewGuidance: 946.50 Mil for 2026
2027 Non-GAAP operating incomeReported129.00 Mil133.00 Mil137.00 Mil-9.8% Lower NewGuidance: 147.50 Mil for 2026
2027 Non-GAAP diluted net income per shareReported0.760.780.8-18.3% Lower NewGuidance: 0.96 for 2026

Q3 2026 Earnings Reported 12/2/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 RevenueReported251.00 Mil251.50 Mil252.00 Mil   
Q4 2026 Non-GAAP operating incomeReported38.00 Mil38.50 Mil39.00 Mil   
Q4 2026 Non-GAAP diluted net income per shareReported0.220.230.23   
2026 RevenueReported946.00 Mil946.50 Mil947.00 Mil0.8% RaisedGuidance: 939.00 Mil for 2026
2026 Non-GAAP operating incomeReported147.00 Mil147.50 Mil148.00 Mil9.7% RaisedGuidance: 134.50 Mil for 2026
2026 Non-GAAP diluted net income per shareReported0.950.960.9615.8% RaisedGuidance: 0.83 for 2026

Insider Activity

Updated 10/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Staples, WilliamChief Executive OfficerDirectBuy1001202646.622,677124,80234,269,430Form
2Padisetty, SivaprasadChief Technology OfficerDirectSell928202645.7851,9152,376,54617,267,829Form
3Sijbrandij, Sytse TrustSell928202645.84430,00019,710,672586,087,698Form
4Sijbrandij, Sytse TrustSell928202647.75705,49033,686,629631,047,168Form
5Sijbrandij, Sytse TrustSell928202648.63980,71047,692,487677,002,762Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Staples, WilliamChief Executive OfficerDirectBuy1001202646.622,677124,80234,269,430Form
2Padisetty, SivaprasadChief Technology OfficerDirectSell928202645.7851,9152,376,54617,267,829Form
3Sijbrandij, Sytse TrustSell928202645.84430,00019,710,672586,087,698Form
4Sijbrandij, Sytse TrustSell928202647.75705,49033,686,629631,047,168Form
5Sijbrandij, Sytse TrustSell928202648.63980,71047,692,487677,002,762Form
6Mundy, SimonChief Accounting OfficerDirectSell811202638.008,725331,5504,002,616Form
7Staples, WilliamChief Executive OfficerDirectBuy701202629.364,188122,96022,279,190Form
8Sijbrandij, Sytse TrustSell617202628.44116,2003,304,887423,834,670Form
9Sijbrandij, Sytse TrustSell518202624.85116,2002,887,801373,233,357Form
10Sijbrandij, Sytse TrustSell416202620.77116,200  Form
11Staples, WilliamChief Executive OfficerDirectBuy401202621.356,010128,3427,359,953Form
12Bostrom, Susan L DirectSell330202620.3632,500661,700352,615Form
13Jacobson, Matthew ICONIQ Strategic Partners III, L.P.Sell323202622.37325  Form
14Jacobson, Matthew ICONIQ Strategic Partners III-B, L.P.Sell323202622.37347  Form
15Jacobson, Matthew ICONIQ Strategic Partners IV, L.P.Sell323202622.37328  Form
16Jacobson, Matthew ICONIQ Strategic Partners IV-B, L.P.Sell323202622.37543  Form
17Jacobson, Matthew ICONIQ Strategic Partners V, L.P.Sell323202622.379,079  Form
18Jacobson, Matthew ICONIQ Strategic Partners V-B, L.P.Sell323202622.3766,797  Form
19Jacobson, Matthew ICONIQ Strategic Partners VI, L.P.Sell323202622.37193,722  Form
20Jacobson, Matthew ICONIQ Strategic Partners VI-B, L.P.Sell323202622.37188,658  Form
21Jacobson, Matthew ICONIQ Strategic Partners III, L.P.Sell323202622.9549511,3597,458Form
22Jacobson, Matthew ICONIQ Strategic Partners III-B, L.P.Sell323202622.9552912,1397,963Form
23Jacobson, Matthew ICONIQ Strategic Partners IV, L.P.Sell323202622.9549911,4517,527Form
24Jacobson, Matthew ICONIQ Strategic Partners IV-B, L.P.Sell323202622.9582718,97712,460Form
25Jacobson, Matthew ICONIQ Strategic Partners V, L.P.Sell323202622.9549,3491,132,412208,336Form
26Jacobson, Matthew ICONIQ Strategic Partners V-B, L.P.Sell323202622.9566,1831,518,7011,532,791Form
27Jacobson, Matthew ICONIQ Strategic Partners VI, L.P.Sell323202622.95235,3825,401,3114,445,339Form
28Jacobson, Matthew ICONIQ Strategic Partners VI-B, L.P.Sell323202622.95346,8457,959,0524,329,135Form
29Sijbrandij, Sytse TrustSell218202628.4154,300  Form
30Sijbrandij, Sytse TrustSell115202635.9654,300  Form
31Staples, WilliamChief Executive OfficerDirectBuy105202638.083,276124,75013,163,152Form
32Shen, JamesInterim CFODirectSell105202638.082,53896,6471,990,975Form
33Jacobson, Matthew ICONIQ Investment Holdings, LPSell1223202538.08334,827  Form
34Mundy, SimonChief Accounting OfficerDirectSell1218202538.422,756105,8861,812,809Form
35Mundy, SimonChief Accounting OfficerDirectSell1218202538.0072327,4742,005,792Form
36Sijbrandij, Sytse TrustSell1217202538.9554,300  Form
37Bostrom, Susan L DirectSell1210202539.2530,0001,177,5001,955,396Form
38Bostrom, Susan L DirectSell1210202539.5570,0002,768,3003,156,613Form
39Sijbrandij, Sytse TrustSell1119202543.17108,600  Form
40Blasing, Karen DirectSell1016202545.263,250147,0954,407,826Form
41Sijbrandij, Sytse TrustSell1016202544.29108,600  Form
42Mundy, SimonChief Accounting OfficerDirectSell1002202543.995,191228,3522,353,773Form

Investor Activity (13F)

Updated Oct 4, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
HMI Capital Management, L.P.$57.4 Mil7.6%11TRIM -38.2%13F
Impactive Capital LP$84.7 Mil6.1%10New13F
Infinitum Asset Management, LLC$48.7 Mil6.1%21ADD +60.7%13F
Technology Crossover Management X, Ltd.$41.6 Mil5.3%6Hold13F
Light Street Capital Management, LLC$25.3 Mil5.1%23ADD +10.4%13F
Ancient Art, L.P.$16.2 Mil3.5%16New13F
Deltroit Asset Management (UK) LLP$9.0 Mil1.6%39ADD +11.7%13F
Alphabet Inc.$59.0 Mil1.5%27Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Impactive Capital LP$84.7 Mil6.1%10New13F
Ancient Art, L.P.$16.2 Mil3.5%16New13F
Infinitum Asset Management, LLC$48.7 Mil6.1%21ADD +60.7%13F
Deltroit Asset Management (UK) LLP$9.0 Mil1.6%39ADD +11.7%13F
Light Street Capital Management, LLC$25.3 Mil5.1%23ADD +10.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Eminence Capital, LP$289.1 Mil4.6%39ExitedDec 31, 202513F
Atreides Management, LP$119.2 Mil2.5%49ExitedDec 31, 202513F
Think Investments LP$37.1 Mil4.7%22ExitedDec 31, 202513F
Value Aligned Research Advisors, LLC$27.4 Mil0.6%47ExitedDec 31, 202513F
Greenhouse Funds LLLP$8.1 Mil0.3%33ExitedDec 31, 202513F
HMI Capital Management, L.P.$57.4 Mil7.6%11TRIM -38.2%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Impactive Capital LP$84.7 Mil6.1%10New13F
Alphabet Inc.$59.0 Mil1.5%27Hold13F
HMI Capital Management, L.P.$57.4 Mil7.6%11TRIM -38.2%13F
Infinitum Asset Management, LLC$48.7 Mil6.1%21ADD +60.7%13F
Technology Crossover Management X, Ltd.$41.6 Mil5.3%6Hold13F
Light Street Capital Management, LLC$25.3 Mil5.1%23ADD +10.4%13F
Ancient Art, L.P.$16.2 Mil3.5%16New13F
Deltroit Asset Management (UK) LLP$9.0 Mil1.6%39ADD +11.7%13F
Core Cache Last Updated: 10/1/2026