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Dolby Laboratories

DLB Industrials Specialty Business Services

Dolby Laboratories' revenue for fiscal 2025 (year ended September 2025) was $1.3 billion, up 5.92% from fiscal 2024.

Revenue
−3.34%
EPS
−37.5%
Free cash flow
+157.4%

Quarter to June 2026, against a year earlier

64.84 0.18 −0.28%
Market cap
$6.1B
P/E
27.2×
Fwd P/E
20.0×
Dividend yield
2.22%
F-score
6/9
Altman Z
9.17
Beneish M
−2.80
Dividend safety
85/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 11.08
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 4 — 3 — 1 4 1 1 5 1 1 —
Insider Ownership 38.14%

Capital & Financial Ratios $m

Size
Market Cap 6,070.00
Revenue ttm 1,354.36
Net income ttm 228.00
Free cash flow ttm 361.13
Net debt Q (739.54)
Valuation
P/E 27.24
Forward P/E 20.00
Price / sales 4.51
Forward P/S Powerpack
Price / FCF 16.92
Price / book 2.36
Financial health
Current ratio Q 3.19 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (0.38)
Growth
Revenue growth Q −3.34% (below 0%: shrinking)
Operating income growth Q −27.97% (below 0%: shrinking)
EPS, this year +1.92%
EPS, next year A +5.99%
Revenue, next year A +5.70%
EPS, past 5 yrs +3.09%
EPS, next 5 yrs A +6.35%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.0×, against a ten-year median of 5.0×; over the ten years it ranged from 3.1× in 2016 to 7.4× in 2021.
P/E against its own 10 years 33.37%
10-year low 10-year high
P/S against its own 10 years 10.16%
10-year low 10-year high
P/B against its own 10 years 11.26%
10-year low 10-year high
EV/Sales against its own 10 years 12.14%
10-year low 10-year high
EV/FCF against its own 10 years 9.75%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.22%
Annual rate
1.44
Payout ratio
61.3%
Growth, 2017–25
+11.1%/yr
  1. 0.58 ’17
  2. 0.67 ’18 +16
  3. 0.79 ’19 +18
  4. 0.88 ’20 +11
  5. 0.91 ’21 +3
  6. 1.02 ’22 +12
  7. 1.11 ’23 +9
  8. 1.23 ’24 +11
  9. 1.35 ’25 +10
  10. 1.36 ’26e +1
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 957 578 794 740
Receivables 262 315 331 285
Inventory 36 34 30 31
Other 182 197 181 207
1,488 1,194 1,388 1,326
2023 2024 2025 Q'26
Payables 21 17 18 12
ST’ Debt — — — —
Other 32 32 31 34
422 418 438 416

Compound Annual Growth %

10y 5y 3y
Sales 3.35% 3.04% 2.47%
Cash Flow 4.32% 6.55% 14.02%
Earnings 3.47% 1.97% 11.48%
Book Value 3.78% 1.54% 5.35%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.67 Actual 0.69

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.70 0.99 Beat by 0.29
Q1 FY26 0.90 1.06 Beat by 0.16
Q2 FY26 1.31 1.37 Beat by 0.06
Q3 FY26 0.67 0.69 Beat by 0.02
Q4 FY26 1.19 — Reports 17 November 2026

EPS $

Dec Mar Jun Sep Year
’26 0.55 0.99 0.30 — —
’25 0.70 0.94 0.48 0.51 2.62
’24 0.69 1.01 0.40 0.61 2.69
’23 0.82 0.98 0.17 0.09 2.05
’22 0.77 0.36 0.39 0.28 1.81
’21 1.30 0.73 0.52 0.42 2.97
’20 0.47 0.86 0.66 0.26 2.25
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 347 396 305 — —
’25 357 370 316 307 1,349
’24 316 365 289 305 1,274
’23 335 376 298 291 1,300
’22 352 334 290 278 1,254
’21 390 320 287 285 1,281
’20 292 352 247 271 1,162
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 55 93 167 — —
’25 107 175 68 123 472
’24 8 181 21 116 327
’23 56 105 121 85 367
’22 32 63 173 51 319
’21 82 83 172 110 448
’20 31 66 134 113 344
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 56 46 158 — —
’25 100 168 61 101 430
’24 2 172 14 109 297
’23 49 97 114 77 337
’22 6 51 161 41 259
’21 83 70 159 98 410
’20 7 45 120 102 275
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 7.9% a year for ten years. It grew 16.8% a year over the last ten.

Implied
7.9%
10 years, reported
16.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,026 1,080 1,055 1,242 1,162 1,281 1,254 1,300 1,274 1,349 1,354 +3.1% 1,426 1,467 1,535 +4.4%
Gross margin, % 89.38 89.03 87.90 87.04 87.39 89.85 88.73 88.26 88.97 88.13 87.61 (1.3) pt
EBT 236 255 196 282 240 355 215 250 312 303 277 +2.8%
EBT margin, % 23.00 23.62 18.62 22.74 20.63 27.67 17.17 19.24 24.53 22.49 20.44 (0.5) pt
Net income 186 207 42 256 232 318 184 202 264 256 228 +3.6%
Per share, $
Per share, $ Revenue 10.18 10.61 10.20 12.22 11.55 12.66 12.54 13.57 13.33 14.07 14.37 +3.7%
Earnings 1.85 1.98 0.41 2.51 2.30 3.07 1.84 2.10 2.74 2.66 2.38 +4.1%
Cash flow 3.58 3.71 3.41 3.22 3.42 4.42 3.19 3.83 3.43 4.93 4.64 +3.6%
Capex (2.20) (1.03) (0.83) (1.12) (0.69) (0.38) (0.59) (0.32) (0.31) (0.44) (0.81) (16.4%)
Free cash flow 1.37 2.68 2.58 2.11 2.73 4.05 2.59 3.52 3.11 4.49 3.83 +14.1%
Book value 19.65 21.06 22.93 22.76 24.25 25.74 22.51 24.77 26.03 27.45 27.51 +3.8%
Shares, m 101 102 103 102 101 101 100 96 96 96 95 (0.5%)
Valuation, ×
Valuation, × P/E 29.35 29.08 150.83 25.75 28.69 28.66 35.41 38.43 28.03 27.21 27.24 42.1
P/S 5.33 5.45 6.79 5.29 5.74 6.95 5.20 5.95 5.74 5.14 4.51 5.8
P/B 2.76 2.75 3.02 2.84 2.73 3.42 2.89 3.26 2.94 2.64 2.36 2.9
EV/Sales 4.71 4.64 5.75 4.55 4.77 5.96 4.54 5.21 5.29 4.55 3.97 5.0
EV/FCF 34.90 18.35 22.71 26.36 20.15 18.75 21.99 20.82 23.57 14.28 14.87 22.2
Cash, $m
Cash, $m Operating cash flow 360 378 352 328 344 448 319 367 327 472 438 +3.1%
Capex (222) (105) (85) (114) (69) (38) (59) (30) (30) (42) (76) (16.9%)
Free cash flow 138 273 267 214 275 410 259 337 297 430 361 +13.4%
Balance, $m
Balance, $m Working capital 547 766 1,211 1,075 1,280 1,445 1,033 1,066 777 950 910 +6.3%
Net debt (641) (882) (1,103) (925) (1,127) (1,272) (818) (957) (578) (794) (740) +2.4%
Shareholders’ equity 1,979 2,144 2,371 2,313 2,438 2,604 2,251 2,372 2,487 2,632 2,593 +3.2%
Returns, %
Returns, % ROA 8.37 8.53 1.55 8.97 8.06 10.30 6.35 7.08 8.60 8.05 7.12 (0.3) pt
ROIC 10.83 12.24 9.05 11.57 10.42 16.16 9.01 9.53 8.46 9.01 8.06 (1.8) pt
ROE 9.80 10.02 1.85 10.90 9.74 12.30 7.58 8.68 10.78 9.96 8.69 +0.2 pt
People
People Employees 2,030 2,122 2,151 2,193 2,289 2,368 2,336 2,246 2,080 2,051 — +0.1%
Revenue/emp, $m 0.51 0.51 0.49 0.57 0.51 0.54 0.54 0.58 0.61 0.66 — +3.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Business profile

Updated

Dolby Laboratories develops audio and video technologies used to create, distribute and play entertainment. It serves content creators, distributors, electronics manufacturers and cinema operators. Dolby was founded in 1965, is headquartered in San Francisco and is led by President and Chief Executive Officer Kevin Yeaman.

Much of Dolby’s business is based on licensing technology to manufacturers that put it into devices. Its audio codecs compress and decompress sound for delivery and playback. Dolby Atmos adds a three-dimensional sound experience, while Dolby Vision uses high dynamic range imaging to improve pictures. Creators use Dolby tools to make content in these formats, distributors carry that content, and compatible devices play it back.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 1,349 100.00%
Gross margin 88.13%
Operating margin 19.64%
Pre-tax margin 22.49%

Revenue by segment since 2009

Dolby Laboratories vs peers in Specialty Business Services (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
ARMK Aramark $13.3B 34.5× 29.8× +9.33% (above 0%: growing) +37.04% (above 0%: growing) +125.89% (above 0%: growing) 8.51% 4.26% Compare
RTO Rentokil Initial PLC $12.1B 70.5× 27.4× +66.96% (above 0%: growing) +6.36% (above 0%: growing) +7.92% (above 0%: growing) 13.59% 0.00% Compare
DLB Dolby Laboratories $6.1B 27.2× 20.0× −3.34% (below 0%: shrinking) −37.50% (below 0%: shrinking) +157.37% (above 0%: growing) 86.78% 11.25%
AMTM Amentum Holdings, Inc. $5.2B 25.6× 21.0× −1.99% (below 0%: shrinking) +575.00% (above 0%: growing) +35.00% (above 0%: growing) 10.32% 4.93% Compare
UNF Unifirst Corporation $4.2B 38.5× 40.0× +4.97% (above 0%: growing) −13.79% (below 0%: shrinking) −31.08% (below 0%: shrinking) 37.38% 6.46% Compare
FA First Advantage Corporation $4.0B 92.5× 74.9× +13.84% (above 0%: growing) +705.37% (above 0%: growing) −30.88% (below 0%: shrinking) 0.00% 12.90% Compare
AZZ AZZ Inc. $3.7B 21.9× 19.8× +16.68% (above 0%: growing) −34.34% (below 0%: shrinking) +115.52% (above 0%: growing) 25.08% 17.21% Compare
MMS Maximus, Inc. $3.6B 10.2× 9.1× −5.15% (below 0%: shrinking) +4.81% (above 0%: growing) +30.90% (above 0%: growing) 27.27% 12.62% Compare
ABM ABM Industries Incorporated $3.2B 19.3× 15.7× +4.19% (above 0%: growing) +25.37% (above 0%: growing) −13.91% (below 0%: shrinking) 12.35% 3.95% Compare
Median of peers $4.1B 30.1× 24.2× +7.15% +15.86% +19.41% 12.97% 5.70%

All 45 Specialty Business Services stocks →

From the latest earnings call

Updated

  • CEO Kevin Yeaman said Meta and Alibaba joined Dolby’s video distribution patent pool, as the company pursues revenue from content partners beyond device licensing.
  • CFO Robert Park said memory prices affect mobile and PC customers more than TV customers, while mobile minimum-volume commitments can delay the effect on Dolby.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 65.85%
Held by the ten largest 38.64%
Holder Shares Stake Change
Vanguard 8.19m 8.74% −36.93k
BlackRock 6.68m 7.13% +138.55k
BNY 4.82m 5.14% +317.40k
Morgan Stanley 4.60m 4.91% −540.42k
First Trust 2.71m 2.89% +455.29k
State Street 2.32m 2.47% +26.82k
ACADIAN ASSET MANAGEMENT LLC 1.90m 2.03% +326.22k
Geode Capital Management 1.84m 1.97% +77.09k
Fidelity (FMR) 1.59m 1.69% +573.06k
Dimensional Fund Advisors 1.56m 1.66% +236.76k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 December 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.19m 8.67m 119.20
2024 9.68m 5.93m 122.43
2023 9.50m 13.70m 126.43
2022 9.41m 27.52k 102.50
2021 9.63m 23.63m 143.65
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Dolby Laboratories (DLB) Latest News

27 Oct

Impact 3 · · StockStory

7 Oct

Impact 4 · · PR Newswire

6 Oct

Impact 3 · · StockStory

25 Sep

Impact 4 ·

24 Sep

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · Benzinga
Impact 3 ·

23 Sep

Impact 4 ·

15 Sep

Impact 3 ·

10 Sep

Impact 3 ·

27 Aug

Impact 4 ·

11 Aug

Impact 3 ·

8 Aug

Impact 4 ·

6 Aug

Impact 4 ·

3 Aug

Impact 3 ·
Impact 3 ·

1 Aug

Impact 4 ·
Impact 3 ·

31 Jul

Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript

30 Jul

Impact 3 · · Moby transcript
Impact 3 · · The Motley Fool transcript
Impact 3 ·
Impact 3 ·
Impact 3 ·

16 Jul

Impact 3 ·

11 Jun

Impact 4 ·

29 May

Impact 3 · · PR Newswire

DLB metrics, ten years each

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