What is Gitlab Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Gitlab Inc.'s reported free cash flow gives $45.34 per share. The share price was $46.85 on September 25, 2026, 3% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $28.08 | -40% |
| Base | 15.0% | 9.0% | $45.34 | -3% |
| Bull | 20.0% | 8.0% | $77.47 | +65% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $58.41 | $62.48 | $67.46 | $73.68 | $81.69 |
| 8.0% | $48.59 | $51.23 | $54.35 | $58.10 | $62.68 |
| 9.0% | $41.45 | $43.25 | $45.34 | $47.77 | $50.64 |
| 10.0% | $36.03 | $37.32 | $38.77 | $40.44 | $42.36 |
| 11.0% | $31.80 | $32.74 | $33.79 | $34.97 | $36.32 |
Where the presets come from
Base: years 1 to 5 grow at Gitlab Inc.'s revenue growth rate over the last 4 fiscal years (58.3% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions