DROPBOX, INC.
DBX· Nasdaq· Services-Prepackaged Software
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 36.9%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +5.7%
We record prices for the companies we cover; DBX is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 272.8M
- Revenue
- $2.5B
- Free cash flow
- $930.8M
- Owner earnings
- $630.0M
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- 80.1%
- Operating
- 27.3%
- Net
- 20.2%
- Free cash flow
- 36.9%
- Owner earnings
- 25.0%
- Stock pay
- 11.9%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- –
- ROE, 5 yr avg
- –
Growth (CAGR)
- Revenue, 3 yr
- 2.7%
- Revenue, 5 yr
- 5.7%
- Revenue, 9 yr
- 12.9%
- Diluted EPS, 3 yr
- 7.0%
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- 6.8%
- Free cash flow, 5 yr
- 13.7%
- Free cash flow, 9 yr
- 23.7%
Financial health · FY2025
- Cash and investments
- $1.0B
- Total debt
- $1.4B
- Net debt
- $347.1M
- Debt/Equity
- –
- Debt/FCF
- 1.5x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- -8.0%
Financials: ten years from the 10-Ks
Revenue
$2.5B
+12.9% a year over 9 years
FY2016FY2025
Margins
Gross80.1%Operating27.3%Net20.2%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$930.8MOwner earnings$630.0M
Free cash flow +23.7% a year
FY2016FY2025
Diluted shares
272.8M
-33.7% over 9 years, net buybacks
FY2016FY2025
Net debt (below zero)
-$347.1M
$347.1M more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $844.8M | $1.1B | $1.4B | $1.7B | $1.9B | $2.2B | $2.3B | $2.5B | $2.5B | $2.5B |
| Revenue growth | – | 31.0% | 25.7% | 19.4% | 15.2% | 12.7% | 7.7% | 7.6% | 1.9% | -1.1% |
| Gross margin | 53.8% | 66.7% | 71.6% | 75.3% | 78.3% | 79.4% | 80.9% | 80.9% | 82.5% | 80.1% |
| Operating margin | -22.9% | -10.3% | -35.5% | -4.8% | -14.5% | 12.7% | 7.8% | 21.5% | 19.1% | 27.3% |
| Net income | -$210.2M | -$111.7M | -$484.9M | -$52.7M | -$256.3M | $335.8M | $553.2M | $453.6M | $452.3M | $508.4M |
| Net margin | -24.9% | -10.1% | -34.8% | -3.2% | -13.4% | 15.6% | 23.8% | 18.1% | 17.7% | 20.2% |
| Diluted EPS | – | – | – | $-0.13 | $-0.62 | $0.85 | $1.52 | $1.31 | $1.40 | $1.86 |
| Return on invested capital? | – | – | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | $252.6M | $330.3M | $425.4M | $528.5M | $570.8M | $729.8M | $797.3M | $783.7M | $894.1M | $951.8M |
| Capital expenditure | $115.2M | $25.3M | $63.0M | $136.1M | $80.1M | $22.1M | $33.8M | $24.3M | $22.5M | $21.0M |
| Free cash flow | $137.4M | $305.0M | $362.4M | $392.4M | $490.7M | $707.7M | $763.5M | $759.4M | $871.6M | $930.8M |
| Stock-based compensation | $147.6M | $164.6M | $650.1M | $261.2M | $261.5M | $287.1M | $330.7M | $338.0M | $346.5M | $300.8M |
| Owner earnings? | -$10.2M | $140.4M | -$287.7M | $131.2M | $229.2M | $420.6M | $432.8M | $421.4M | $525.1M | $630.0M |
| Free cash flow per share | – | – | – | $0.95 | $1.18 | $1.79 | $2.10 | $2.20 | $2.70 | $3.41 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | $0 | $0 | $397.5M | $1.1B | $795.4M | $539.9M | $1.2B | $1.7B |
| Diluted shares | – | – | – | 411.6M | 414.3M | 395.8M | 363.3M | 345.6M | 323.4M | 272.8M |
| Share count change? | – | – | – | – | 0.7% | -4.5% | -8.2% | -4.9% | -6.4% | -15.6% |
| Balance sheet | ||||||||||
| Cash and equivalents | $352.7M | $430.0M | $519.3M | $551.3M | $314.9M | $533.0M | $232.8M | $614.9M | $1.3B | $891.3M |
| Short-term investments | – | $0 | $570.0M | $607.7M | $806.4M | $1.2B | $1.1B | $741.1M | $265.9M | $146.9M |
| Total debt | – | – | – | – | $0 | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B |
| Net debt | – | – | – | – | -$1.1B | -$347.8M | $30.6M | $21.8M | -$212.6M | $347.1M |
| Shareholders' equity | $122.8M | $102.9M | $676.8M | $808.4M | $333.8M | -$293.9M | -$309.4M | -$165.8M | -$752.4M | -$1.8B |
Latest filings
| 2026-10-28 | 8-K | Earnings release |
| 2026-08-07 | 10-Q | Quarterly report |
| 2026-08-06 | 8-K | Earnings release |
| 2026-05-08 | 10-Q | Quarterly report |
| 2026-05-07 | 8-K | Earnings release |
| 2026-04-07 | DEF 14A | Proxy statement |
| 2026-02-20 | 10-K | Annual report |
| 2026-02-19 | 8-K | Earnings release |
| 2025-11-07 | 10-Q | Quarterly report |
| 2025-11-06 | 8-K | Earnings release |
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