A Business at a Glance
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DROPBOX, INC.
DBX
$8.0B
Mkt Cap
$29.19
+2.67%
DROPBOX, INC. (DBX) has a current P/E ratio of 15.7, compared to its historical median P/E of 21.8. The stock is currently considered Cheap based on its historical valuation range.
DROPBOX, INC. (DBX) has a 5-year average return on invested capital (ROIC) of 39.5%. This indicates strong capital allocation and a potential competitive advantage.
DROPBOX, INC. (DBX) has a market capitalization of $6.9B. It is classified as a mid-cap stock.
DROPBOX, INC. (DBX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 22.89%.
Based on historical P/E analysis, DROPBOX, INC. (DBX) appears cheap. The current P/E of 15.7 is 28% below its historical median of 21.8. The estimated fair value CAGR (P/E method) is 38.2%.
DROPBOX, INC. (DBX) operates in the Services-Prepackaged Software industry, within the Technology sector.
DROPBOX, INC. (DBX) reported annual revenue of $2.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Dropbox is a cloud-based content collaboration platform founded in 2007 that enables individuals, teams, and organizations to store, organize, share, and collaborate on files from any device. The company operates a self-serve, bottom-up adoption model where over 90% of revenue comes from users purchasing subscriptions directly through its app or website, with customers ranging from freelancers and small businesses to Fortune 100 companies across professional services, technology, media, education, industrial, consumer, retail, and financial services. Dropbox's core business centers on file synchronization and sharing (FSS), complemented by a suite of integrated products including Dropbox Backup, Dropbox Sign, DocSend, Dropbox Dash (an AI-powered search and content discovery tool), Dropbox Replay, Dropbox Transfer, and Reclaim.ai, which collectively address the full content lifecycle and reduce time spent on "work about work." The platform's competitive advantages include proprietary block-level sync technology for performance, custom-built infrastructure with multiple redundancy layers for security and availability, deep integrations with ecosystem partners such as Microsoft, Zoom, Slack, Atlassian, and Google, and a viral growth dynamic driven by network effects as users benefit from frictionless sharing and collaboration. The company serves 18.08 million paying users globally and generates revenue primarily through tiered subscription plans targeting individuals, families, teams, and enterprises, with a focus on monetizing storage upgrades and expanding feature adoption across its user base.
【Dash scaling and stabilization】 Management is prioritizing the integration of Dash, its AI-powered search and content discovery tool, deeper into the core Dropbox experience to drive future growth, with expanded rollout planned across both new customers and the existing file sync and share user base throughout 2026. The company expects modest sequential declines in average revenue per user driven by the wind-down of FormSwift, lower foreign exchange tailwinds, and growth of its lower-priced Simple plan, while targeting modestly positive net new paying user growth for the full year as retention interventions and funnel improvements in both individuals and teams segments continue to yield results. Gross margin is expected to face modest near-term pressure as Dash and Dropbox scale, partially offset by ongoing infrastructure efficiencies, with quarter-to-quarter variability anticipated as the company works through optimization dynamics and customer adoption timing. Operating margin is expected to remain relatively flat as the company balances continued investment in Dash and core business improvements with cost discipline and efficiency initiatives, while unlevered free cash flow is expected to benefit from lower cash taxes and the absence of one-time 2025 outflows related to the San Francisco lease buyout and reduction in force.
| Metric | Target | Period |
|---|---|---|
| Revenue | $2.497 billion–$2.512 billion | FY2026 |
| Gross Margin | 81.5%–82% | FY2026 |
| Non-GAAP Operating Margin | 39.5%–40% | FY2026 |
| Unlevered Free Cash Flow | at or above $1.055 billion | FY2026 |
| CapEx | $20 million–$25 million | FY2026 |
Revenue (FY2026): “For the full year 2026, we are raising our total revenue guidance by $12 million from a prior range of $2.485 billion-$2.5 billion to a revised range of $2.497 billion-$2.512 billion.”
Gross Margin (FY2026): “We continue to expect gross margin to be in the range of 81.5%-82%.”
Non-GAAP Operating Margin (FY2026): “We are also raising our non-GAAP operating margin by 50 basis points from 39%-39.5% to be in a new range of 39.5%-40%.”
Unlevered Free Cash Flow (FY2026): “We are also raising our unlevered free cash flow guidance, which we now expect to be at or above $1.055 billion.”
CapEx (FY2026): “We continue to expect CapEx to be in the range of $20 million-$25 million”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.5B | 2.5B | 2.5B | 2.5B | 2.3B | 2.2B |
| Net Income | 473M | 508M | 452M | 454M | 553M | 336M |
| EPS | $1.76 | $1.86 | $1.40 | $1.31 | $1.52 | $0.85 |
| Free Cash Flow | 980M | 931M | 872M | 759M | 764M | 708M |
| ROIC | 17.9% | 18.4% | 13.7% | 14.5% | 141.2% | 10.0% |
| Gross Margin | 79.7% | 67.9% | 69.7% | 74.7% | 62.3% | 79.4% |
| Debt/Equity | 0.00 | -1.22 | -2.13 | -3.94 | -4.73 | -5.19 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 678M | 689M | 486M | 539M | 181M | 274M |
| Operating Margin | 26.8% | 27.3% | 19.1% | 21.5% | 7.8% | 12.7% |
| ROE | 0.0% | -39.9% | -98.5% | -190.9% | -183.4% | - |
| Shares Outstanding | 237M | 273M | 323M | 346M | 364M | 395M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 845M | 1.1B | 1.4B | 1.7B | 1.9B | 2.2B | 2.3B | 2.5B | 2.5B | 2.5B | 2.5B |
| Gross Margin | 53.8% | 66.7% | 71.6% | 75.3% | 78.3% | 79.4% | 62.3% | 74.7% | 69.7% | 67.9% | 79.7% |
| R&D | 290M | 380M | 768M | 662M | 728M | 756M | 892M | 937M | 915M | 732M | 738M |
| SG&A | 107M | 157M | 283M | 245M | 228M | 225M | 223M | 237M | 241M | 231M | 234M |
| EBIT | -194M | -114M | -494M | -81M | -277M | 274M | 181M | 539M | 486M | 689M | 678M |
| Op. Margin | -22.9% | -10.3% | -35.5% | -4.8% | -14.5% | 12.7% | 7.8% | 21.5% | 19.1% | 27.3% | 26.8% |
| Net Income | -210M | -112M | -485M | -53M | -256M | 336M | 553M | 454M | 452M | 508M | 473M |
| Net Margin | -24.9% | -10.1% | -34.8% | -3.2% | -13.4% | 15.6% | 23.8% | 18.1% | 17.7% | 20.2% | 18.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||
| ROIC | N/A | -95.7% | -123.2% | -6.5% | -35.3% | 10.0% | 141.2% | 14.5% | 13.7% | 18.4% | 17.9% |
| ROE | N/A | -99.0% | -124.4% | -7.1% | -44.9% | N/A | -183.4% | -190.9% | -98.5% | -39.9% | 0.0% |
| ROA | N/A | -21.5% | -35.7% | -2.4% | -10.1% | 12.3% | 17.8% | 14.9% | 14.3% | 16.5% | 15.6% |
| Cash Flow | |||||||||||
| Op. Cash Flow | 253M | 330M | 425M | 529M | 571M | 730M | 797M | 784M | 894M | 952M | 1.0B |
| Free Cash Flow | 137M | 305M | 362M | 392M | 491M | 708M | 764M | 759M | 872M | 931M | 980M |
| Owner Earnings | -86M | -339M | -389M | 94M | 150M | 291M | 309M | 276M | 411M | 494M | 146M |
| CapEx | 115M | 25M | 63M | 136M | 80M | 22M | 34M | 24M | 23M | 21M | 22M |
| Maint. CapEx | 191M | 505M | 165M | 174M | 159M | 151M | 157M | 170M | 137M | 158M | 551M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 191M | 505M | 165M | 174M | 159M | 151M | 157M | 170M | 137M | 158M | 551M |
| CapEx/OCF | N/A | N/A | 14.8% | 25.8% | 14.0% | 3.0% | 4.2% | 3.1% | 2.5% | 2.2% | 2.2% |
| Capital Allocation | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 100K | 0 | 0 | 0 | 398M | 1.1B | 795M | 540M | 1.2B | 1.7B | 1.6B |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 4.1% | 10.7% | 9.9% | 5.2% | 12.6% | 22.4% | 22.9% |
| Stock-Based Comp | 148M | 165M | 650M | 261M | 262M | 287M | 331M | 338M | 347M | 301M | 305M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 24M | 0 | 100K | 50M | 22M | 22M |
| Balance Sheet | |||||||||||
| Net Debt | -349M | -426M | -1.6B | -704M | -317M | -727M | -114M | -1.3B | -1.3B | 257M | 403M |
| Cash & Equiv. | 353M | 430M | 519M | 551M | 315M | 533M | 233M | 615M | 1.3B | 891M | 2.5B |
| Long-Term Debt | 3.8M | 3.9M | 3.5M | 138M | 172M | 693M | 693M | 169M | 204M | 202M | 181M |
| Debt/Equity | N/A | 0.04 | 0.01 | 1.25 | 3.35 | -5.19 | -4.73 | -3.94 | -2.13 | -1.22 | 0.00 |
| Interest Coverage | -483.8 | -568.5 | -61.8 | -8.8 | -30.4 | 31.2 | 24.2 | 51.3 | 32.9 | 40.3 | 40.3 |
| Equity | N/A | 103M | 677M | 808M | 334M | -294M | -309M | -166M | -752M | -1.8B | -2.0B |
| Total Assets | N/A | 1.0B | 1.7B | 2.7B | 2.4B | 3.1B | 3.1B | 3.0B | 3.3B | 2.8B | 3.0B |
| Total Liabilities | N/A | 917M | 1.0B | 1.9B | 2.1B | 3.4B | 3.4B | 3.1B | 4.1B | 4.6B | 5.0B |
| Intangibles | N/A | 17M | 15M | 47M | 34M | 54M | 88M | 58M | 55M | 34M | 27M |
| Retained Earnings | N/A | -1.0B | -1.7B | -1.7B | -2.2B | -2.7B | -2.8B | -2.7B | -3.1B | -3.8B | -3.9B |
| Working Capital | N/A | -220M | 373M | 228M | 140M | 674M | 293M | 315M | 528M | -703M | 273M |
| Current Assets | N/A | 518M | 1.2B | 1.2B | 1.2B | 1.8B | 1.5B | 1.5B | 1.7B | 1.2B | 1.4B |
| Current Liabilities | 9.3M | 738M | 838M | 1.0B | 1.1B | 1.2B | 1.2B | 1.2B | 1.2B | 1.9B | 1.2B |
| Per Share Data | |||||||||||
| EPS | -1.11 | -0.57 | -1.35 | -0.13 | -0.62 | 0.85 | 1.52 | 1.31 | 1.40 | 1.86 | 1.76 |
| Owner EPS | -0.45 | -1.73 | -1.08 | 0.23 | 0.36 | 0.74 | 0.85 | 0.80 | 1.27 | 1.81 | 0.62 |
| Book Value | N/A | 0.53 | 1.88 | 1.99 | 0.81 | -0.74 | -0.85 | -0.48 | -2.33 | -6.58 | -8.50 |
| Cash Flow/Share | 1.33 | 1.69 | 1.18 | 1.30 | 1.38 | 1.85 | 2.19 | 2.26 | 2.77 | 3.48 | 4.33 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 189.4M | 196.0M | 359.2M | 405.4M | 413.4M | 395.1M | 363.9M | 346.3M | 323.1M | 273.3M | 236.7M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 29.4 | 14.5 | 22.7 | 21.8 | 15.1 | 16.5 |
| P/FCF | N/A | N/A | 20.6 | 18.3 | 19.9 | 14.0 | 10.5 | 13.6 | 11.3 | 8.2 | 7.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 31.2 | 38.8 | 17.3 | 17.9 | 10.3 | 10.8 |
| Price/Book | N/A | N/A | 11.0 | 8.9 | 29.2 | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | 7.2 | 5.3 | 4.3 | 5.0 | 3.5 | 3.4 | 3.2 | 3.1 | 2.7 |
| FCF Yield | N/A | N/A | 4.9% | 5.5% | 5.0% | 7.2% | 9.5% | 7.4% | 8.8% | 12.2% | 14.2% |
| Market Cap | 0 | N/A | 7.5B | 7.2B | 9.8B | 9.9B | 8.0B | 10.3B | 9.9B | 7.7B | 6.9B |
| Avg. Price | 0.00 | N/A | 27.86 | 21.63 | 20.09 | 27.34 | 22.37 | 24.91 | 25.46 | 28.80 | 29.19 |
| Year-End Price | 0.00 | N/A | 20.79 | 17.72 | 23.60 | 25.01 | 21.97 | 29.72 | 30.52 | 28.00 | 29.19 |
DROPBOX, INC. passes 7 of 9 quality checks, indicating strong fundamentals.
DROPBOX, INC. trades at 15.7x trailing earnings, compared to its 15-year median P/E of 21.8x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 5.2x vs a median of 13.8x. The company's 5-year average ROIC is 39.5% with a gross margin of 70.8%. Total shareholder yield (buybacks) is 22.9%. At current prices, the estimated annualized return to fair value is +27.8%.
DROPBOX, INC. (DBX) has a net profit margin of 20.2%. This is a strong margin indicating high profitability.
DROPBOX, INC. (DBX) generated $931 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DROPBOX, INC. (DBX) reported earnings per share (EPS) of $1.86 in its most recent fiscal year.
DROPBOX, INC. (DBX) has a return on equity (ROE) of -39.9%. A negative ROE may indicate losses or negative equity.
DROPBOX, INC. (DBX) has a 5-year average gross margin of 70.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for DROPBOX, INC. (DBX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DROPBOX, INC. (DBX) has a book value per share of $-6.58, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is prioritizing the integration of Dash, its AI-powered search and content discovery tool, deeper into the core Dropbox experience to drive future growth, with expanded rollout planned across both new customers and the existing file sync and share user base throughout 2026. The company expects modest sequential declines in average revenue per user driven by the wind-down of FormSwift, lower foreign exchange tailwinds, and growth of its lower-priced Simple plan, while targeting modestly positive net new paying user growth for the full year as retention interventions and funnel improvements in both individuals and teams segments continue to yield results. Gross margin is expected to face modest near-term pressure as Dash and Dropbox scale, partially offset by ongoing infrastructure efficiencies, with quarter-to-quarter variability anticipated as the company works through optimization dynamics and customer adoption timing. Operating margin is expected to remain relatively flat as the company balances continued investment in Dash and core business improvements with cost discipline and efficiency initiatives, while unlevered free cash flow is expected to benefit from lower cash taxes and the absence of one-time 2025 outflows related to the San Francisco lease buyout and reduction in force.
Based on recent SEC filings and earnings calls, DROPBOX, INC. (DBX) has provided the following forward guidance: Revenue: $2.497 billion–$2.512 billion (FY2026); Gross Margin: 81.5%–82% (FY2026); Non-GAAP Operating Margin: 39.5%–40% (FY2026); Unlevered Free Cash Flow: at or above $1.055 billion (FY2026); CapEx: $20 million–$25 million (FY2026).