Forensic Analysis · Technology / Software · as of Sep 25, 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
13.7
Distress distance
Clean
Earnings quality
4
Forensic signals
-156.1
P / E (ttm)
-5.6%
ROE
$8.2B
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, going concern, valuation). 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 13.7, placing it in the Safe zone. 4 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +15% against revenue +26%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 41% of net operating assets, against an accruals ratio of 30.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-6.6%
FY2026
Return on invested capital.Return on invested capital is -6.6% in the latest fiscal year and rising across FY2024–FY2026 from -41.6%. After-tax operating profit was ($148M) in FY2024 and ($56M) in FY2026, with operating income at -32.3% of revenue in FY2024, -18.8% in FY2025 and -7.4% in FY2026. The capital base behind it grew +136% across FY2024–FY2026, from $356M to $841M, and the return did not fall doing it, so the dollars added over that window earned at least the -41.6% the older base was already earning.
+4.0%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +8% over the last 2 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 FY2024 has been diluted ~7%.
Key fundamentals
Latest Revenue$955.2M
Revenue Growth YoY+25.8%
Revenue CAGR (2yr)+28.3%
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 Sep 25, 2026. Forensic signals flag probability, not certainty.
Gitlab Inc. (GTLB) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 4.0% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.