Dolby vs GitLab
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KIRAβs take AI analyst
I put Dolby and GitLab side by side, using each oneβs latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Dolby
DLB
7/9
Gross marginOperating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change
GitLab
GTLB
2/9
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | DLB FY25 | GTLB 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 |
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.