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Dropbox, Inc.

DBX Technology Software Infrastructure

Dropbox, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, down 1.07% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 6.52%, free cash flow fell 10.3% and total debt rose 35.3%, each against the same quarter a year earlier.

35.57 0.97 −2.65%
Market cap
$8.0B
P/E
19.5×
Fwd P/E
15.5×
Dividend yield
—
F-score
7/9
Altman Z
0.48
Beneish M
−3.07
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 58.61
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 8 6 4 3 7 3 8 4 5 4 7 2
Insider Ownership 41.60%

Capital & Financial Ratios $m

Market Cap 7,950.00
Revenue 2,531.60
Net Income 442.80
Free Cash Flow 953.80
Net Debt 2,343.40
Current Ratio 1.07
Debt/Equity (1.58) (negative: negative equity)
P/E ratio 19.54
Fwd P/E 15.50
P/S ratio 3.16
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth 7.71%
Next Y EPS Growth 8.01%
Next Y revenue growth (0.08%) (below 0%: weak)
Next 5Y EPS Growth 8.67%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.1×, against a ten-year median of 4.0×; over the ten years it ranged from 3.0× in 2026 to 7.9× in 2018.
P/E against its own 10 years 65.51%
10-year low 10-year high
P/S against its own 10 years 21.40%
10-year low 10-year high
EV/Sales against its own 10 years 53.39%
10-year low 10-year high
EV/FCF against its own 10 years 26.04%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,356 1,594 1,038 1,114
Receivables 69 70 79 76
Inventory — — — —
Other — — — —
1,517 1,738 1,191 1,266
2023 2024 2025 Q'26
Payables 39 37 24 36
ST’ Debt — 10 710 27
Other — — — —
1,202 1,211 1,894 1,179

Compound Annual Growth %

10y 5y 3y
Sales 15.36% 5.66% 2.74%
Cash Flow 51.65% 10.77% 6.08%
Earnings 0.00% 0.00% (2.78%)
Book Value 0.00% 0.00% 0.00%

Revenue $m

Mar Jun Sep Dec Year
’26 630 632 — — —
’25 625 626 634 636 2,521
’24 631 635 639 644 2,548
’23 611 623 633 635 2,502
’22 562 573 591 599 2,325
’21 512 531 550 566 2,158
’20 455 467 487 504 1,914
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 205 239 — — —
’25 154 261 302 235 952
’24 176 231 274 214 894
’23 140 188 256 200 784
’22 141 210 251 195 797
’21 116 220 232 163 730
’20 53 146 201 171 571
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 203 232 — — —
’25 153 259 294 225 930
’24 166 225 270 211 871
’23 138 185 247 190 759
’22 131 206 245 181 762
’21 109 216 222 155 701
’20 26 120 187 158 491
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.48 0.42 — — —
’25 0.51 0.45 0.47 0.43 1.86
’24 0.39 0.34 0.34 0.34 1.40
’23 0.20 0.13 0.33 0.66 1.31
’22 0.21 0.17 0.23 0.93 1.52
’21 0.12 0.22 0.19 0.32 0.85
’20 0.09 0.04 0.08 (0.84) (0.62)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — 18.50 16.08 14.55 21.57 19.07 18.71 20.68 24.42

Analyst estimates 2026–2028

Powerpack
High — — 43.50 26.49 25.16 33.00 25.81 30.50 33.43 33.33
People
People Employees — 1,858 2,323 2,801 2,760 2,667 3,118 2,693 2,204 2,113
Revenue/emp, $m 0.00 0.60 0.60 0.59 0.69 0.81 0.75 0.93 1.16 1.19
Income, $m
Income, $m Revenue 845 1,107 1,392 1,661 1,914 2,158 2,325 2,502 2,548 2,521
Gross margin, % 53.76 66.67 71.64 75.26 78.34 79.42 80.89 80.87 82.53 80.13
EBT (205) (111) (480) (52) (250) 299 193 554 510 618
EBT margin, % (24.27) (10.07) (34.50) (3.13) (13.07) 13.87 8.29 22.16 20.01 24.50
Net income (210) (112) (485) (53) (256) 336 553 454 452 508
Depreciation 195 188 179 192 184 188 201 213 172 193
Per share, $
Per share, $ Revenue 4.47 5.65 3.88 4.04 4.62 5.56 6.44 7.33 8.01 9.40
Earnings (1.11) (0.57) (1.35) (0.13) (0.62) 0.87 1.53 1.33 1.42 1.89
Cash flow 1.34 1.69 1.19 1.28 1.38 1.88 2.21 2.30 2.81 3.55
Capex (0.65) (0.13) (0.18) (0.33) (0.19) (0.07) (0.10) (0.07) (0.07) (0.08)
Free cash flow 0.68 1.55 1.00 0.95 1.18 1.81 2.11 2.22 2.74 3.47
Book value 0.65 0.53 1.89 1.96 0.81 (0.76) (0.86) (0.49) (2.36) (6.70)
Shares, m 189 196 359 412 414 388 361 341 318 268
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 27.89 14.63 21.49 21.15 14.79
P/S 5.04 5.04 5.26 4.44 4.80 4.41 3.52 3.93 3.75 2.96
P/B 0.00 0.00 10.82 9.12 27.54 0.00 0.00 0.00 0.00 0.00
EV/Sales 4.72 4.72 4.55 3.92 4.41 4.42 3.68 4.08 4.13 3.75
EV/FCF 17.16 17.16 17.63 16.79 17.36 13.71 11.36 13.58 12.08 10.16
Cash, $m
Cash, $m Operating cash flow 253 330 425 529 571 730 797 784 894 952
Capex (124) (26) (66) (138) (80) (29) (35) (25) (23) (21)
Free cash flow 129 304 359 391 491 701 762 759 871 930
Balance, $m
Balance, $m Working capital (222) (220) 373 228 140 674 293 315 528 (703)
Total debt 258 175 164 295 360 1,737 1,710 1,546 2,558 3,036
Net debt (95) (255) (925) (864) (762) 19 366 190 964 1,997
Shareholders’ equity 123 103 677 808 334 (294) (309) (166) (752) (1,797)
Returns, %
Returns, % ROA (41.86) (11.04) (35.73) (2.40) (10.08) 12.26 17.84 14.89 14.34 16.48
ROIC (436.60) 0.00 0.00 0.00 0.00 0.00 199.14 1,374.23 143.74 215.24
ROE 41.85 22.23 (589.90) (7.10) (44.88) 1,683.20 (183.39) (190.91) (98.52) (39.88)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Dropbox, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GTLB GitLab Inc. $9.3B — (loss-making) — (loss-making) +21.31% (above 0%: growing) n/m −107.11% (below 0%: shrinking) 84.06% (19.89%) Compare
ZETA Zeta Global Holdings Corp. $8.4B — (loss-making) 456× +43.55% (above 0%: growing) n/m +69.99% (above 0%: growing) 59.12% 3.82% Compare
NTSK Netskope Inc. $8.4B — (loss-making) — (loss-making) +29.15% (above 0%: growing) n/m −51.62% (below 0%: shrinking) 73.92% (40.72%) Compare
S SentinelOne, Inc. $8.1B — (loss-making) — (loss-making) +20.56% (above 0%: growing) n/m −83.92% (below 0%: shrinking) 72.07% (31.08%) Compare
DBX Dropbox, Inc. $8.0B 19.5× 15.5× +0.93% (above 0%: growing) −6.52% (below 0%: shrinking) −10.29% (below 0%: shrinking) 80.21% 26.10%
PATH UiPath, Inc. $7.2B 19.1× 35.0× +13.42% (above 0%: growing) +2,233.33% (above 0%: growing) −29.52% (below 0%: shrinking) 80.36% 7.70% Compare
QLYS Qualys, Inc. $6.7B 31.2× 19.9× +11.04% (above 0%: growing) +15.38% (above 0%: growing) +72.34% (above 0%: growing) 83.40% 33.98% Compare
DOX Amdocs Limited $6.5B 14.2× 10.2× +2.66% (above 0%: growing) −57.55% (below 0%: shrinking) −18.84% (below 0%: shrinking) 39.76% 8.90% Compare
WEX WEX Inc. $6.2B 17.9× 12.5× +14.24% (above 0%: growing) +58.08% (above 0%: growing) −152.65% (below 0%: shrinking) 61.54% 26.94% Compare
Median of peers $7.6B 18.5× 19.9× +17.40% +36.73% −40.57% 73.00% 5.76%

All 173 Software Infrastructure stocks →

Dropbox, Inc. (DBX) key facts

  • Concern: Dropbox, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, down 1.07% from fiscal 2024.
  • Dropbox, Inc. (DBX) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, DBX traded at $35.57, a market capitalization of $8.0 billion.
  • Return on equity was −39.9% and debt-to-equity -1.58.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 0.48 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/DBX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com