Dolby vs GitLab
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The short version
- Dolby is the larger business, with $1.3B of revenue in fiscal 2025 against $955M for GitLab.
- GitLab grew revenue faster (25.8%, against 5.9%).
- Dolby kept more of each dollar of sales as operating profit (19.6% operating margin, against β7.4%).
- Dolby turned more of its sales into free cash flow (32.3% FCF margin, against 23.2%).
| Latest fiscal year | DLB Β· FY25 | GTLB Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $9.5B |
| Revenue | $1.3B | $955M |
| Free cash flow | $436M | $222M |
| Net income | $255M | β$56.0M |
| Growth | ||
| Revenue growth | 5.9% | 25.8% |
| 5-year growth | 3.0% | 44.4% |
| Share count change | 0.2% | 3.9% |
| Profitability | ||
| Gross margin | 88.1% | 87.4% |
| Operating margin | 19.6% | β7.4% |
| Net margin | 18.9% | β5.9% |
| FCF margin | 32.3% | 23.2% |
| Return on capital | 11.4% | β |
| Return on equity | 10.0% | β6.3% |
| Balance sheet | ||
| Net debt | β$703M | β$1.3B |
| Net debt / EBITDA | β2.0x | β |
| Dividends and buybacks | $252M | $0.0M |
| Valuation & quality | ||
| P/E | 26.7x | β |
| Piotroski F-score | 5 | 4 |
Revenue
FY17
DLB $1.1B
GTLB β
FY18
DLB $1.1B
GTLB β
FY19
DLB $1.2B
GTLB β
FY20
DLB $1.2B
GTLB $81.2M
FY21
DLB $1.3B
GTLB $152M
FY22
DLB $1.3B
GTLB $253M
FY23
DLB $1.3B
GTLB $424M
FY24
DLB $1.3B
GTLB $580M
FY25
DLB $1.3B
GTLB $759M
FY26
DLB β
GTLB $955M
DLB
GTLB
Operating margin
FY17
DLB 22.9%
GTLB β
FY18
DLB 17.4%
GTLB β
FY19
DLB 20.7%
GTLB β
FY20
DLB 18.8%
GTLB β158.0%
FY21
DLB 26.9%
GTLB β140.6%
FY22
DLB 16.5%
GTLB β51.0%
FY23
DLB 16.6%
GTLB β49.8%
FY24
DLB 20.3%
GTLB β32.3%
FY25
DLB 19.6%
GTLB β18.8%
FY26
DLB β
GTLB β7.4%
DLB
GTLB
Free cash flow
FY17
DLB $278M
GTLB β
FY18
DLB $279M
GTLB β
FY19
DLB $231M
GTLB β
FY20
DLB $278M
GTLB β$60.2M
FY21
DLB $393M
GTLB β$73.6M
FY22
DLB $271M
GTLB β$53.4M
FY23
DLB $337M
GTLB β$83.5M
FY24
DLB $297M
GTLB $33.4M
FY25
DLB $436M
GTLB β$67.7M
FY26
DLB β
GTLB $222M
DLB
GTLB
Return on capital
FY17
DLB 12.9%
GTLB β
FY18
DLB 6.6%
GTLB β
FY19
DLB 17.4%
GTLB β
FY20
DLB 15.6%
GTLB β
FY21
DLB 23.2%
GTLB β
FY22
DLB 12.7%
GTLB β
FY23
DLB 11.9%
GTLB β
FY24
DLB 12.5%
GTLB β
FY25
DLB 11.4%
GTLB β
FY26
DLB β
GTLB β
DLB
GTLB
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.