Dropbox, Inc. (DBX) vs UiPath, Inc. (PATH)

Dropbox, Inc. and UiPath, Inc. are both Software Infrastructure companies. Dropbox, Inc. and UiPath, Inc. are of similar size ($7.1B and $6.6B). Dropbox, Inc. trades at the lower P/E: 17.7× against 18.6×. UiPath, Inc. grew revenue faster over the last twelve months: 15.0% against −0.05%. UiPath, Inc. has the higher net margin (21.0% vs 17.5%) and the lower return on invested capital (14.4% vs 271.8%). Across the 20 metrics below, Dropbox, Inc. leads on 11 and UiPath, Inc. on 9.

Valuation

Metric DBX PATH Software Infrastructure median
P/E 17.72 18.60 28.02
P/S 2.86 3.76 3.07
P/B n/m 3.32 3.36
Price to free cash flow 7.60 17.84 17.12
EV/EBITDA 11.06 17.76 14.91
EV/Sales 3.79 3.02 3.03
Earnings yield 5.64% 5.38% 0.13%
Free cash flow yield 13.16% 5.61% 1.15%

Profitability

Metric DBX PATH Software Infrastructure median
Gross margin 79.72% 82.55% 61.23%
Operating margin 26.64% 8.89% 0.00%
Net margin 17.49% 21.03% 0.00%
Free cash flow margin 37.68% 21.09% 1.67%
Return on equity (25.35%) 20.03% 0.59%
Return on assets 15.80% 13.16% 0.00%
Return on invested capital 271.80% 14.42% 0.00%

Growth

Metric DBX PATH Software Infrastructure median
Revenue growth (TTM) (0.05%) 14.98% 13.41%
EPS growth (last fiscal year) 32.86% 500.00% —
Revenue growth, 5-year CAGR 5.66% 21.53% 15.81%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric DBX PATH Software Infrastructure median
Debt to equity (1.58) 0.00 0.06
Current ratio 1.07 2.39 1.55
Net debt to EBITDA 2.26 (8.52) 0.08

Dividend

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

Size

Metric DBX PATH Software Infrastructure median
Market cap 7.10b 6.57b 835.96m

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