GTLB vs TEAM: How GitLab and Atlassian Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: TEAM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. GTLB and TEAM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined GTLB and TEAM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

GitLab (GTLB) runs an open-core DevSecOps platform that lets software teams manage source code, run CI/CD pipelines, scan for security vulnerabilities, and deploy applications from a single application. Its differentiation versus Microsoft-owned GitHub centers on flexible deployment (self-managed, cloud, or air-gapped), LLM neutrality, and a workflow-integrated AI layer called GitLab Duo (with a Duo Agent Platform that reached general availability in January 2026). The company crossed $1 billion in annual recurring revenue in fiscal 2026 and was named a leader in Gartner's Magic Quadrant for DevOps Platforms.

Full GTLB guide

Atlassian is an Australian software company that makes collaboration and productivity tools used by software-development teams and, increasingly, teams across whole organizations. Its best-known products are Jira (project and issue tracking widely used by engineering teams), Confluence (team wikis and documentation), and a family of related tools for IT service management (Jira Service Management), agile planning, and developer workflows. Atlassian also owns Trello (visual task boards) and integrates with developer tools across the ecosystem. The company makes money primarily through cloud subscriptions, with revenue increasingly recurring as it migrates customers from self-hosted server products to its cloud platform. Atlassian historically grew with low-touch, product-led adoption (teams sign up and expand without heavy sales effort) and a high-volume, self-service model, though it has added enterprise sales. It is incorporated in the United States with major operations in Sydney, Australia, and serves hundreds of thousands of customers globally, from small teams to large enterprises.

Full TEAM guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• GTLB drivers: Enterprise land-and-expand; AI monetization via GitLab Duo.
• TEAM drivers: Cloud migration and recurring revenue; Land-and-expand product-led growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is competition from GitHub, owned by Microsoft, which has enormous distribution, deep enterprise bundling, and an aggressive AI roadmap around Copilot that leads on raw code generation. For TEAM, atlassian faces strong competition from Microsoft (which bundles GitHub, Azure DevOps, Teams, and Planner), as well as point solutions like Monday.com, Asana, ServiceNow, and Notion.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick GTLB if you believe its drivers more; TEAM if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the GTLB and TEAM guides.

GTLB. GitLab crossed $1 billion in ARR in fiscal 2026 (ended January 31, 2026) and reported about $955 million of revenue, up roughly 26%, followed by about $264 million in Q1 fiscal 2027, up 23%. The company is still GAAP-unprofitable on a trailing basis but generates strong free cash flow and near-87% gross margins. With a market cap around $4 billion against roughly $1 billion of TTM revenue, the shares carry a growth-software valuation that assumes continued expansion and margin improvement.

TEAM. Atlassian trades on growth and free cash flow rather than GAAP earnings, which are weighed down by heavy stock-based compensation and reinvestment. The qualitative profile is an efficient, product-led software franchise migrating customers to the cloud and expanding into the enterprise. The premium valuation makes the stock sensitive to any slowdown in seat growth or cloud migration.

Headline figures (approximate, JULY 2026): GTLB shows revenue (ttm) ~$1.0B, revenue growth (latest q) ~23% YoY, gross margin ~87%, free cash flow (fy2026) ~$220M; TEAM shows revenue (ttm) ~$5 billion, revenue growth high-teens to ~20% year over year, cloud revenue the largest and fastest-growing component, gross margin ~80%, typical of software.

GTLB and TEAM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined GTLB and TEAM exposure against your real portfolio. It is not an investment adviser.