Asana vs GitLab
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KIRAβs take AI analyst
I put Asana and GitLab side by side, using each oneβs latest annual report. Here is what stands out:
- GitLab is the larger business, with $955M of revenue in fiscal 2026 against $791M for Asana.
- GitLab grew revenue faster (25.8%, against 9.3%).
- GitLab kept more of each dollar of sales as operating profit (β7.4% operating margin, against β25.0%).
- GitLab turned more of its sales into free cash flow (23.2% FCF margin, against 11.0%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Asana
ASAN
2/8
Gross marginShare count change
GitLab
GTLB
6/8
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | ASAN FY26 | GTLB FY26 |
|---|---|---|
| Size | ||
| Market cap | $2.8B | $9.5B |
| Revenue | $791M | $955M |
| Free cash flow | $86.6M | $222M |
| Net income | β$189M | β$56.0M |
| Growth | ||
| Revenue growth | 9.3% | 25.8% |
| 5-year growth | 28.4% | 44.4% |
| Share count change | 3.2% | 3.9% |
| Profitability | ||
| Gross margin | 89.0% | 87.4% |
| Operating margin | β25.0% | β7.4% |
| Net margin | β23.9% | β5.9% |
| FCF margin | 11.0% | 23.2% |
| Return on capital | β | β |
| Return on equity | β99.1% | β6.3% |
| Balance sheet | ||
| Net debt | β | β$1.3B |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $132M | $0.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | β | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.