Bullish (BLSH) vs Dropbox, Inc. (DBX)

Bullish and Dropbox, Inc. are both Software Infrastructure companies. Dropbox, Inc. is the larger, with a market value of $7.1B against $6.0B — 1.2× the size. Bullish has negative trailing earnings, so its P/E is not meaningful; Dropbox, Inc. trades at 17.7×. Dropbox, Inc. grew revenue faster over the last twelve months: −0.05% against −26.5%. Dropbox, Inc. has the higher net margin (17.5% vs −0.72%) and the higher return on invested capital (271.8% vs −56.9%). Across the 17 metrics below, Dropbox, Inc. leads on 13 and Bullish on 4.

Valuation

Metric BLSH DBX Software Infrastructure median
P/E n/m 17.72 28.02
P/S 0.03 2.86 3.07
P/B 2.32 n/m 3.36
Price to free cash flow 49.01 7.60 17.12
EV/EBITDA n/m 11.06 14.91
EV/Sales 0.03 3.79 3.03
Earnings yield (24.53%) 5.64% 0.13%
Free cash flow yield 2.04% 13.16% 1.15%

Profitability

Metric BLSH DBX Software Infrastructure median
Gross margin 0.16% 79.72% 61.23%
Operating margin (0.78%) 26.64% 0.00%
Net margin (0.72%) 17.49% 0.00%
Free cash flow margin 0.06% 37.68% 1.67%
Return on equity (55.08%) (25.35%) 0.59%
Return on assets (43.56%) 15.80% 0.00%
Return on invested capital (56.90%) 271.80% 0.00%

Growth

Metric BLSH DBX Software Infrastructure median
Revenue growth (TTM) (26.47%) (0.05%) 13.41%
EPS growth (last fiscal year) (991.95%) 32.86% —
Revenue growth, 5-year CAGR — 5.66% 15.81%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BLSH DBX Software Infrastructure median
Debt to equity 0.20 (1.58) 0.06
Current ratio 23.52 1.07 1.55
Net debt to EBITDA 1.40 2.26 0.08

Dividend

Metric BLSH DBX Software Infrastructure median
Dividend yield — 0.05% 1.53%
Payout ratio — 0.00 0.00

Size

Metric BLSH DBX Software Infrastructure median
Market cap 5.97b 7.10b 835.96m

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