# GitLab Inc. (GTLB)

> Source: Nexqual · https://nexqual.com/GTLB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, GitLab Inc. (GTLB), nexqual.com/GTLB" · informational, not investment advice.

**Price:** USD 54.53 (-1.66% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 55.45 · day 54.04–56.65 · 52w 18.73–57.89 · market cap $9.09B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $1.06B, net income -$52.7M (-5.0% margin), free cash flow $214M (SEC filings).
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $119M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $248K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.71 on a 1–5 scale) (28 analysts), mean target USD 55.71 (range 45–70).
- Total return with dividends: 1Y +13.3% vs S&P 500 +14.9%; 5Y -54.6% vs S&P 500 +80.3%.
- Next earnings: 2026-12-01, EPS estimate USD 0.2, revenue estimate $283M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $253M | $424M | $580M | $759M | $955M | $1.06B |
| Gross profit | $223M | $373M | $520M | $674M | $834M | — |
| Operating income | -$129M | -$211M | -$187M | -$143M | -$70.5M | -$90.2M |
| Net income | -$155M | -$173M | -$426M | -$6.3M | -$56.0M | -$52.7M |
| EPS (diluted) | -$1.95 | -$1.17 | -$2.76 | -$0.04 | -$0.34 | — |
| Free cash flow | -$53.4M | -$83.5M | $33.4M | -$67.7M | $222M | $214M |
| Gross margin | 88.1% | 87.8% | 89.7% | 88.8% | 87.4% | — |
| Operating margin | -51.0% | -49.8% | -32.3% | -18.8% | -7.4% | -8.5% |
| Net margin | -61.4% | -40.9% | -73.4% | -0.8% | -5.9% | -5.0% |
| Revenue growth | +66.0% | +68.0% | +36.7% | +30.9% | +25.8% | — |
| Cash + short-term investments | $935M | $937M | $1.04B | $992M | $1.26B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/S 8.6x · P/FCF 42.5x · P/B 9.8x · FCF yield 2.35% · Earnings yield -0.58%

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-19 | Sijbrandij Sytse | Director | 116,200 | $6.2M | 0.9% | Yes | Routine (sold in Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-09-28 | Padisetty Sivaprasad | Chief Technology Officer | 51,915 | $2.4M | 12.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-24…2026-09-28 | Sijbrandij Sytse | Director | 2,116,200 | $101M | 14.2% | Yes | Routine (sold in Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-07 | Mundy Simon | Chief Accounting Officer | 8,725 | $332K | 7.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-15 | Sijbrandij Sytse | Director | 116,200 | $3.3M | 0.8% | Yes | Routine (sold in Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-18 | Sijbrandij Sytse | Director | 116,200 | $2.9M | 0.8% | Yes | Routine (sold in Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-04-15 | Sijbrandij Sytse | Director | 116,200 | $2.4M | 100% | Yes | Routine (sold in Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $248K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-30 | Staples William | Chief Executive Officer | 2,677 | $125K | 46.62 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-30 | Staples William | Chief Executive Officer | 4,188 | $123K | 29.36 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Hold (mean 2.71 on a 1–5 scale), 28 analysts; mean target USD 55.71 (low 45, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-02 | William Blair | Upgrade | Underperform → Market Perform |  |
| 2026-09-02 | DA Davidson | Target raised | Neutral | $45 → $55 |
| 2026-09-02 | Canaccord Genuity | Target raised | Buy | $40 → $70 |
| 2026-09-02 | Truist Securities | Target raised | Hold | $40 → $48 |
| 2026-09-02 | Macquarie | Target raised | Neutral | $28 → $45 |
| 2026-09-02 | Wells Fargo | Target raised | Equal-Weight | $40 → $50 |
| 2026-09-02 | UBS | Target raised | Neutral | $40 → $50 |
| 2026-09-02 | Mizuho | Target raised | Neutral | $34 → $47 |
| 2026-09-02 | Barclays | Target raised | Underweight | $25 → $47 |
| 2026-09-02 | RBC Capital | Target raised | Sector Perform | $46 → $60 |
| 2026-09-02 | Guggenheim | Reiterated | Neutral |  |
| 2026-09-02 | Morgan Stanley | Target raised | Equal-Weight | $30 → $57 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +13.3% | -54.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +13.4% | -14.6% |
| Volatility (annualized) | 59.5% | 71.8% |
| Max drawdown | -62.0% (Nov 2025→Apr 2026) | -84.5% (Nov 2021→Apr 2026) |

## Peers (Software - Infrastructure)
NTSK (Netskope, Inc.) USD 22.2 +1.79% · ZETA (Zeta Global Holdings Corp.) USD 33.52 -1.73% · PAYP (PayPay Corporation - American D) USD 15.21 -0.91% · DBX (Dropbox, Inc.) USD 37.48 +2.43% · S (SentinelOne, Inc.) USD 22.5 -1.19% · SAIL (SailPoint, Inc.) USD 20.06 +1.93%

## More
Full page: https://nexqual.com/GTLB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GTLB's own 10-K filed 2026-03-17 (https://www.sec.gov/Archives/edgar/data/1653482/000162828026018731/gtlb-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Alphabet (Google) (GOOGL) | "We have been investing in our global partner ecosystem, composed of hyperscalers and cloud providers, including Google Cloud and AWS, technology and independent software vendor partners, global resellers, and system inte…" |
| Partner | Amazon (AMZN) | "We have been investing in our global partner ecosystem, composed of hyperscalers and cloud providers, including Google Cloud and AWS, technology and independent software vendor partners, global resellers, and system inte…" |
| Competitor | Microsoft (MSFT) | "Our principal competitor is Microsoft Corporation, which owns GitHub." |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription—self-managed and SaaS | $258.3M | 90.2% | +21.5% |
| — Subscription—self-managed (part of Subscription—self-managed and SaaS) | $160.7M | 56.1% | +14.3% |
| — SaaS (part of Subscription—self-managed and SaaS) | $97.6M | 34.1% | +35.5% |
| License—self-managed and other | $27.9M | 9.8% | +20.1% |
| — License—self-managed (part of License—self-managed and other) | $20.7M | 7.2% | +13.9% |
| — Professional services and other (part of License—self-managed and other) | $7.3M | 2.5% | +41.8% |
| Total revenue | $286.3M | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $239.2M | 83.5% | +22.9% |
| Europe | $39.8M | 13.9% | +10.2% |
| Asia Pacific | $7.2M | 2.5% | +38.9% |
| Total revenue | $286.3M | 100% | — |

## Company outlook (8-K filed 2026-09-01)

- "(ET) to discuss its second quarter fiscal year 2027 financial results and its guidance for the third quarter and full fiscal year 2027 ."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.20 | $0.18 | +13.0% | $282.7M | 27 |
| Next quarter (ends 2027-01-31) | $0.19 | $0.23 | -15.0% | $299.3M | 27 |
| Current fiscal year (ends 2027-01-31) | $0.87 | $0.81 | +6.6% | $1.13B | 27 |
| Next fiscal year (ends 2028-01-31) | $1.04 | $1.03 | +0.9% | $1.31B | 27 |