GTLBGitlab Inc.

Services-Prepackaged Software

Revenue: $955M; 26% YoY
Operating margin: -7.4%; 61% YoY
EBITDA: −$67M; 52% YoY
Market cap: $9.2B
Employees: 2,580; $370K revenue each
Net debt / EBITDA: —
AI in 10-K: 12.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
23% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$370K · 37th pct
Bottom quartile of its SIC industry
Quiet on AINo
12.3 per 10K words · 95th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$172M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$253M	$424M	$580M	$759M	$955M	26%
Operating income	−$129M	−$211M	−$187M	−$143M	−$70M	51%
Net income	−$155M	−$172M	−$424M	−$5M	−$59M	1020%
Operating cash flow	−$50M	−$77M	$35M	−$64M	$233M	464%
Capex	$4M	$6M	$2M	$4M	$11M	188%
Stock-based comp	$30M	$123M	$163M	$186M	$215M	16%
Buybacks	$590K	$0	$0	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $501K · 5
Open-market sells, 12 mo: $173M · 54
Net: −$172M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	34	213
FY2025	—	—	70	169
FY2024	—	—	68	133
FY2023	—	—	48	88
FY2022	—	—	62	105