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ZYBERNO

Stock Report

Updated Aug 30, 2026

GITLAB INC. (GTLB)

Technology • NASDAQ

$44.87

GitLab Inc. is an American DevSecOps platform company headquartered in San Francisco, California, that provides a single application for the entire software development lifecycle. The company's all-in-one platform covers planning, source code management, continuous integration and delivery (CI/CD), security testing, and monitoring, competing with GitHub (Microsoft) and Atlassian's Bitbucket by offering an integrated alternative to multiple point solutions.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

58.0/100

AVERAGE BUSINESS

GITLAB INC. (GTLB) scores 58/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full GTLB quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+9.8%

Fairly Valued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

22.5%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

4.6%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full GTLB valuation analysis · → View full GTLB Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-2.5%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (-5.1%)

Return on Capital (Capital Efficiency):CRITICAL (-5.5%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

GITLAB INC. (GTLB) stock report — Zyberno Score 58/100 (AVERAGE BUSINESS), Margin of Safety +9.8%, 23% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, GITLAB INC. (GTLB) trades at $44.87 against an estimated intrinsic value per share of $49.75 — a +9.8% Margin of Safety based on Owner Earnings of $271.73M TTM, projected at 63.2% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 22.5% annually.

Over the trailing twelve months, GTLB generated $271.73M in Owner Earnings. Capital was deployed as follows: $50.05M returned via share buybacks, $12.31M invested in capital expenditures. Reinvestment rate: -19.5%. Owner Earnings have grown at 63.2% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:44.87

Market Cap:$7.63B

Valuation Multiples (3)

P/B Ratio:7.39x

P/S Ratio:7.59x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$7.30B

Pfcf Ratio:28.95x

Price Action & Momentum (3)

12-1 Momentum:

-28.6% (15th pctile)

📈 Click to view full GTLB Momentum analysis →

Momentum Percentile:15 / 100

% of 52-Week High:85.7%

B. Profitability Assessment

Return Metrics (5)

ROE:

-2.5%

📊 Click to view full GTLB ROE analysis →

ROA:-1.5%

Roic:

-5.5%

📊 Click to view full GTLB ROIC analysis →

Reinvestment Rate:-19.5%

Fundamental Growth Rate (g):1.1%

Margin Analysis (3)

Operating Margin Ttm:-5.1%

Net Margin Ttm:-2.5%

Ebitda Margin:-3.3%

TTM Performance (3)

Gross Margin Ttm:86.7%

Operating Margin Ttm:-5.1%

Net Margin Ttm:-2.5%

Yield Metrics (3)

Earnings Yield:-$0.33

Owner Earnings Yield:$3.56

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.15

📊 Click to view full GTLB Earnings Surprise analysis →

EPS Surprise vs Expected:77.7%

Latest Earnings Filed:2026-06-02

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):29.4%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):59.7%

Operating Cash Flow Growth Rate (Linear):62.7%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.55x

Quick Ratio:2.55x

Cash Ratio:0.52x

Leverage Analysis (3)

Debt To Equity Ttm:0.00x

Debt-to-Equity Ratio:0.00x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:996,357,000.00

Cash And Cash Equivalents:335,395,000.00

Long Term Debt:$7.11M

Net Debt:-$328.01M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.00B

Linear Growth: 29.4%

📊 Click to view full GTLB Revenue analysis & methodology →

Cost Of Revenue Ttm:$133.20M

Profitability Breakdown (2)

Gross profit TTM: $871.68M

Linear Growth: 28.7%

📊 Click to view full GTLB Gross Profit analysis & methodology →

-$51.62M

Bottom Line Performance (3)

-$25.05M

Income Before Tax:-$59.36M

Ebitda Ttm:-33,140,000.00

Operating Expenses (5)

Operating Expenses:923,297,000.00

R And D Expense:280,646,000.00

Sga Expense:196,155,000.00

Income Tax Expense:$9.99M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:106.2%

Sga To Revenue Percentage:74.3%

Ebitda Margin:-3.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.71B

Current Assets:$1.64B

Ppe Net:12,777,000.00

Goodwill:17,798,000.00

Intangible Assets:$7.76M

Liability Structure (4)

Total Liabilities:674,147,000.00

Current Liabilities:643,048,000.00

Long Term Debt:$7.11M

Short Term Debt:$275.00K

Equity & Capital (3)

Equity:$1.03B

Retained Earnings:-$1.23B

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:200,302,000.00

Inventory:0.00

Accounts Payable:8,847,000.00

Special Items (2)

Contract Liabilities:532,983,000.00

Stock Based Compensation:50,061,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $275.75M

Linear Growth: 62.7%

Free cash flow TTM: $263.44M

Linear Growth: 59.7%

📊 Click to view full GTLB Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$4.16M

Capital Expenditures Ttm:12,308,000.00

Financing Activities (3)

Financing Cash Flow:-$47.84M

Dividends Paid Ttm:0.00

Stock Repurchase:50,048,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:18,480,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.15

-$0.15

Earnings Per Share Ttm:-$0.15

Revenue & Cash Per Share (3)

Sales Per Share Ttm:5.91

Operating Cash Flow Per Share:$1.37

Fcf Per Share Ttm:1.55

Book Value & Capital (2)

Book Value Per Share:$6.07

Cash Per Share:1.97

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.62x

Working Capital Turnover Ttm:1.01x

Receivables Management (2)

Receivables Turnover Ttm:5.02x

Days Sales Outstanding Ttm:72.76

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:24.24

Cash Conversion Cycle:-950.49

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:55.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $271.73M

Linear Growth: 63.2%

📊 Click to view full GTLB Owner Earnings analysis & methodology →

Owner Earnings Per Share:$1.60

Owner Earnings Yield:$3.56

Growth Assessment (1)

Owner Earnings Growth Rate:$63.19

Damodaran Growth Analysis (2)

Reinvestment Rate:-19.5%

Fundamental Growth Rate (g):1.1%

Intrinsic Value Models (1)

Intrinsic Value:

$8.46B

📊 Click to view full GTLB DCF valuation →

Margin of Safety (1)

Margin Of Safety:

9.8%

📊 Click to view full GTLB valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

22.5%

📊 Click to view full GTLB expected return analysis →

Forward Expected Return (Yield + Growth):

4.6%

📊 Click to view full GTLB expected return analysis →

Investment Assessment (1)

Buffett Assessment:Fair value

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):29.4%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):59.7%

Operating Cash Flow Growth Rate (Linear):62.7%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):28.7%

Book Value Growth Rate (Linear):6.4%

Owner Earnings Growth Rate:$63.19

C. Company Profile & Context

Corporate Information (6)

Symbol:GTLB

Company Name:GITLAB INC.

Sector:Technology

Industry:Software

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:169.95M

Shares Outstanding Basic:169.95M

Shares Outstanding Diluted:169.95M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-30 05:26:58 UTC

Data Timestamp:2026-08-30T05:26:58.891137