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GITLAB INC.

GTLB · Technology · $9.3B mkt cap · FY2026 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

60

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $253M to $955M, increasing; diluted EPS -1.95 to -0.34, increasing.

100

Median gross margin 88.1% over 7y, very stable.

0

Median ROIC -27.8%, above the 12% hurdle in 0% of years.

55

Net cash position — no leverage risk.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$55.94
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

8 years of fundamentals

The business, in plain English

GITLAB INC. booked $955M of revenue in FY2026 in the Technology sector and kept 87.4% of it as gross profit — a high-margin business by that measure. After every other cost, −5.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $81.2M (FY2020) to $955M (FY2026) — about 50.8% a year compounded over 6 years.

It earned −7.3% on invested capital in the latest filed year, FY2026. Across the full 4-year measurable filed record, median ROIC was −27.8%. Over the v3 recent window (4 measurable filed years), median ROIC was −27.8%. The Returns on Capital filter above scores it 0/100.

GTLB's latest filed year, FY2026, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the five filters (100/100) and Returns on Capital the weakest (0/100), which is how GTLB lands at 52/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2019–FY2026 · 8 fiscal years, normalized from GTLB’s SEC filings

Sales, as filed$955M FY2026
$0$500M$1B201920222026
Revenue kept after cost of goods87.4% FY2026
0%50%201920222026
Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out−$56M FY2026
−$400M−$200M$0201920222026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How GITLAB INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$955M · 100%Cost of revenue$121M · 13%Gross profit$834M · 87%Operating income−$70.5M · −7%Income before tax−$48.1M · −5%Income tax$10.5M · 1%Net income−$56M · −6%As of 2026-01-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$955M100%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Cost of revenue$121M13%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
$834M87%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
−$70.5M−7%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Income before tax−$48.1M−5%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Income tax$10.5M1%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
−$56M−6%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
· event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

What GITLAB INC. owns — and owes

GITLAB INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$1.7B100%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Cash and equivalents$230M13%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Stockholders’ equity$991M58%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
· event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives GITLAB INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−6%Tax burden116%net income ÷ pretax incomeInterest burden68%pretax ÷ operating incomeOperating margin−7%operating income ÷ revenueAsset turnover0.61×revenue ÷ average assetsEquity multiplier1.77×average assets ÷ average equityAs of 2026-01-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$56MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Income before tax−$48.1MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Operating income−$70.5MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
$955MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Ending assets$1.7BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Beginning assets$1.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
$991MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
$776MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Source: · event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

Where GITLAB INC.'s cash went

GITLAB INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$233M100%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Depreciation and amortization$3.3M1%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-018731 · filed Mar 17, 2026
· event Jan 31, 2026 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding GITLAB INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 16, 2026

Flagship explainer

What GITLAB INC. insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

29 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale51.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 16, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Staples WilliamDirector, Chief Executive OfficerOpen-market or private purchase (P)Table I · Acquired · Class A Common Stock2,677$46.62$124,802735,080Sep 30, 2026
1 filed lot
  • Table I · Class A Common Stock: 2,677 shares at $46.62 · code P · owned after 735,080 ·
Padisetty SivaprasadChief Technology OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock51,915$45.7776$2,376,546See lot detailSep 28, 2026
3 filed lots
  • Table I · Class A Common Stock: 12,900 shares at $44.83 · code S · owned after 416,226 ·
  • Table I · Class A Common Stock: 33,095 shares at $46.05 · code S · owned after 383,131 ·
  • Table I · Class A Common Stock: 5,920 shares at $46.32 · code S · owned after 377,211 ·
Sijbrandij SytseDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock430,000$45.8388$19,710,672See lot detailSep 28, 2026
3 filed lots
  • Table I · Class A Common Stock: 90,995 shares at $44.83 · code S · owned after 13,124,856 ·
  • Table I · Class A Common Stock: 295,460 shares at $46.08 · code S · owned after 12,829,396 ·
  • Table I · Class A Common Stock: 43,545 shares at $46.31 · code S · owned after 12,785,851 ·
Sijbrandij SytseDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock705,490$47.7493$33,686,629See lot detailSep 25, 2026
2 filed lots
  • Table I · Class A Common Stock: 281,121 shares at $47.25 · code S · owned after 13,640,220 ·
  • Table I · Class A Common Stock: 424,369 shares at $48.08 · code S · owned after 13,215,851 ·
Sijbrandij SytseDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock980,710$48.6306$47,692,487See lot detailSep 24, 2026
2 filed lots
  • Table I · Class A Common Stock: 842,084 shares at $48.55 · code S · owned after 14,059,967 ·
  • Table I · Class A Common Stock: 138,626 shares at $49.12 · code S · owned after 13,921,341 ·
Padisetty SivaprasadChief Technology OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock30,888$48.77$1,506,408429,126Sep 16, 2026
1 filed lot
  • Table I · Class A Common Stock: 30,888 shares at $48.77 · code F · owned after 429,126 ·
Ross Jessica PChief Financial OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock32,628$48.77$1,591,268498,157Sep 16, 2026
1 filed lot
  • Table I · Class A Common Stock: 32,628 shares at $48.77 · code F · owned after 498,157 ·
Steward IanChief Revenue OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock12,613$48.77$615,136346,403Sep 16, 2026
1 filed lot
  • Table I · Class A Common Stock: 12,613 shares at $48.77 · code F · owned after 346,403 ·
Mundy SimonChief Accounting OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock4,656$48.77$227,073100,676Sep 16, 2026
1 filed lot
  • Table I · Class A Common Stock: 4,656 shares at $48.77 · code F · owned after 100,676 ·
Staples WilliamDirector, Chief Executive OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock26,425$49.25$1,301,431732,403Sep 15, 2026
1 filed lot
  • Table I · Class A Common Stock: 26,425 shares at $49.25 · code F · owned after 732,403 ·
SULLIVAN GODFREYDirectorConversion of derivative security (C)Table I · Acquired · Class A Common Stock · 1 paired event12,500—Conversion of derivative security (C)—154,874Aug 21, 2026
1 filed lot
  • Table I · Class A Common Stock: 12,500 shares at — (Conversion of derivative security (C)) · code C · owned after 154,874 · Paired event: 12,500 Class B Common Stock → 12,500 Class A Common Stock ·
SULLIVAN GODFREYDirectorConversion of derivative security (C)Table II · Disposed · Class B Common Stock · 1 paired event12,500Not disclosedNot disclosed0Aug 21, 2026
1 filed lot
  • Table II · Class B Common Stock: 12,500 shares at Not disclosed · code C · owned after 0 · Paired event: 12,500 Class B Common Stock → 12,500 Class A Common Stock ·
Mundy SimonChief Accounting OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock8,725$38.00$331,550105,332Aug 7, 2026
1 filed lot
  • Table I · Class A Common Stock: 8,725 shares at $38.00 · code S · owned after 105,332 ·

Source-event as of . Retrieved .

Track record

How GITLAB INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2021–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored GTLB on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score50100Indexed price · log scale (2022 = 100)202120222023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, GTLB did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#271 of 752 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #269RBA RB Global, Inc52.0Shallow moat
  2. #270ATDS DATA443 RISK MITIGATION, INC.51.9Shallow moat
  3. #272FROG JFrog Ltd.51.8Shallow moat
  4. #273NXDR Nextdoor Holdings, Inc51.8Shallow moat

Compare GTLB with its nearest peers →All Technology companies on the Index →

Common questions about GTLB

Does GITLAB INC. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores GITLAB INC. (GTLB) 51.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 100, returns on capital 0, balance-sheet safety 55, capital allocation 44.
How has GTLB's Moat Score changed over time?
The record logs 29 readings since Jul 17, 2026; the latest reads 51.8 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell GTLB. See the disclaimer.