GitLab vs Strategy
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KIRAβs take AI analyst
I put GitLab and Strategy 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 $477M for Strategy, about 2.0 times as much.
- GitLab grew revenue faster (25.8%, against 3.0%).
- GitLab kept more of each dollar of sales as operating profit (β7.4% operating margin, against β1,140.8%).
- GitLab turned more of its sales into free cash flow (23.2% FCF margin, against β15.8%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
GitLab
GTLB
8/9
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
Strategy
MSTR
0/9
Side by side
Best in the row
| Latest fiscal year | GTLB FY26 | MSTR FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.5B | $51.5B |
| Revenue | $955M | $477M |
| Free cash flow | $222M | β$75.5M |
| Net income | β$56.0M | β$3.8B |
| Growth | ||
| Revenue growth | 25.8% | 3.0% |
| 5-year growth | 44.4% | β0.2% |
| Share count change | 3.9% | 44.2% |
| Profitability | ||
| Gross margin | 87.4% | 68.7% |
| Operating margin | β7.4% | β1,140.8% |
| Net margin | β5.9% | β806.4% |
| FCF margin | 23.2% | β15.8% |
| Return on capital | β | β11.4% |
| Return on equity | β6.3% | β12.3% |
| Balance sheet | ||
| Net debt | β$1.3B | $5.9B |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 4 | 4 |
Ten years
Revenue
FY17
GTLB β
MSTR $504M
FY18
GTLB β
MSTR $498M
FY19
GTLB β
MSTR $486M
FY20
GTLB $81.2M
MSTR $481M
FY21
GTLB $152M
MSTR $511M
FY22
GTLB $253M
MSTR $499M
FY23
GTLB $424M
MSTR $496M
FY24
GTLB $580M
MSTR $464M
FY25
GTLB $759M
MSTR $477M
FY26
GTLB $955M
MSTR β
GTLB
MSTR
Operating margin
FY17
GTLB β
MSTR 14.5%
FY18
GTLB β
MSTR 0.8%
FY19
GTLB β
MSTR β0.2%
FY20
GTLB β158.0%
MSTR β2.8%
FY21
GTLB β140.6%
MSTR β153.6%
FY22
GTLB β51.0%
MSTR β255.5%
FY23
GTLB β49.8%
MSTR β23.2%
FY24
GTLB β32.3%
MSTR β399.8%
FY25
GTLB β18.8%
MSTR β1,140.8%
FY26
GTLB β7.4%
MSTR β
GTLB
MSTR
Free cash flow
FY17
GTLB β
MSTR $74.3M
FY18
GTLB β
MSTR $3.8M
FY19
GTLB β
MSTR $50.7M
FY20
GTLB β$60.2M
MSTR $50.0M
FY21
GTLB β$73.6M
MSTR $91.1M
FY22
GTLB β$53.4M
MSTR $0.7M
FY23
GTLB β$83.5M
MSTR $9.8M
FY24
GTLB $33.4M
MSTR β$56.0M
FY25
GTLB β$67.7M
MSTR β$75.5M
FY26
GTLB $222M
MSTR β
GTLB
MSTR
Return on capital
FY17
GTLB β
MSTR β
FY18
GTLB β
MSTR β
FY19
GTLB β
MSTR β
FY20
GTLB β
MSTR β2.6%
FY21
GTLB β
MSTR β31.4%
FY22
GTLB β
MSTR β40.1%
FY23
GTLB β
MSTR β2.9%
FY24
GTLB β
MSTR β9.9%
FY25
GTLB β
MSTR β11.4%
FY26
GTLB β
MSTR β
GTLB
MSTR
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.