Forensic Analysis · Technology / Software · as of Aug 11, 2026
Gitlab Inc. (GTLB)
A forensic read on Gitlab Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
11.7
Distress distance
Clean
Earnings quality
5
Forensic signals
-255.8
P / E (ttm)
-5.6%
ROE
$6.9B
Market cap
0.00%
Dividend yield
25.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Gitlab Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.7, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+30.4%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +30.4% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +15% against revenue +26%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 41% of net operating assets, diverging from the balance-sheet accrual read.
-6.6%
FY2026
Return on invested capital.Return on invested capital is -6.6% in the latest fiscal year and rising from -29% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.0%/yr
FY2023–FY2026
Share-count dilution.Diluted share count changed +12% over the last 3 years to FY2026 (+4.0%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~11%.
23% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 23% of revenue and 97% of free cash flow in FY2026 — about $1.29 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 4.0% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
Key fundamentals
Latest Revenue$955.2M
Revenue Growth YoY+25.8%
Revenue CAGR (3yr)+31.1%
Net Margin-5.9%
Free Cash Flow$222.0M
Return on Equity-5.6%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Gitlab Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Gitlab Inc. (GTLB) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
stopped
FY2022→FY2024
Shareholder returns — halted.Capital returns have STOPPED — $590,000 of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash.