Dropbox
DBX Nasdaq· Application Software
Last close · Oct 26, 2026
$37.73
KIRA · Stoqly’s AI analyst, in plain words
- Dropbox had $2.5B of revenue in fiscal 2025, down 1.1% on the year before. Over five years, revenue changed +5.7% a year on average.
- Its operating margin was 27.3%, up 8.3 pts: of every 100 in sales, about 27 is left after running the business.
- Dropbox made $508M of net profit in fiscal 2025.
- Free cash flow was $931M in fiscal 2025, 36.9% of revenue.
- Dropbox returned $1.7B to shareholders in fiscal 2025, 184% of free cash flow. The diluted share count fell 15.7%.
- Dropbox owes $693M more than it holds in cash, about 0.8 years of operating profit.
Market cap
$8.6B
P/E
21.0x
Revenue
$2.5B
Net income
$508M
Free cash flow
$931M
Operating margin
27.3%
Dropbox in 30 seconds · fiscal 2025
Are sales growing?
−1.1%
No. Sales fell 1.1% last year.
Does it make a profit?
20.2%
Yes. It keeps 20.2% of every sale as profit.
Does profit turn into cash?
36.9%
Yes. 36.9% of sales ends up as free cash.
Is debt under control?
0.8x
Yes. It could repay its debt with 0.8 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
21.0x
One share costs 21.0 times its yearly profit per share. Typical for its sector: 33.5x.
What Dropbox does
Dropbox sells subscriptions to a cloud service where people and teams store files, share them and work on them together from any device. Anyone can sign up free and upgrade to a paid plan. Its customers range from individuals and families to freelancers, small businesses and large companies. Related products include document signing, document sharing with tracking, backup, and AI-powered search and scheduling tools. Dropbox makes its money from subscription plans. It had 18.08 million paying users at the end of 2025. It says it gets over 90% of its revenue from self-serve sales, meaning users who buy a subscription through its app or website rather than from a sales team. It says no customer accounted for more than 1% of revenue in 2025, 2024 or 2023. Dropbox works with other products, including Microsoft, Zoom, Slack, Atlassian and Google, and lets outside developers build apps that connect to it.
Biggest risks, in its own words
- Slowing growth: its growth rate has fallen and it has had negative growth in past periods.
- Failing to attract and keep users, turn free users into paying ones and get paying users to upgrade.
- Privacy and data security breaches, or service disruptions that cause a loss of customer content.
- Competition in its markets, and the need to keep up with fast technology change.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Legal name
- Dropbox, Inc.
- CIK
- 0001467623
Dropbox · DBX
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $2.2B | $2.3B | $2.5B | $2.5B | $2.5B |
| Revenue growth | 12.8% | 7.7% | 7.6% | 1.9% | −1.1% |
| Gross margin | 79.4% | 80.9% | 80.9% | 82.5% | 80.1% |
| Operating margin | 12.7% | 7.8% | 21.5% | 19.1% | 27.3% |
| Net income | $336M | $553M | $454M | $452M | $508M |
| Net margin | 15.6% | 23.8% | 18.1% | 17.8% | 20.2% |
| Diluted EPS | $0.85 | $1.52 | $1.31 | $1.40 | $1.86 |
| Cash | |||||
| Cash from operations | $730M | $797M | $784M | $894M | $952M |
| Capital expenditure | $22.1M | $33.8M | $24.3M | $22.5M | $21.0M |
| Free cash flow | $708M | $764M | $759M | $872M | $931M |
| FCF margin | 32.8% | 32.8% | 30.4% | 34.2% | 36.9% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $1.1B | $795M | $540M | $1.2B | $1.7B |
| Share count change | −4.5% | −8.2% | −4.9% | −6.4% | −15.7% |
| Debt and strength | |||||
| Cash and short-term investments | $1.7B | $1.3B | $1.4B | $1.6B | $1.0B |
| Debt incl. finance leases | $1.7B | $1.6B | $1.7B | $1.7B | $1.7B |
| Shareholders' equity | −$294M | −$309M | −$166M | −$752M | −$1.8B |
| Net debt / EBITDA | −0.1x | 0.9x | 0.4x | 0.2x | 0.8x |
| Current ratio | 1.6x | 1.3x | 1.3x | 1.4x | 0.6x |
| Interest coverage | 32.3x | 22.1x | 51.3x | 32.0x | 6.5x |
| Returns and quality | |||||
| Piotroski F-score | 8 | 7 | 6 | 9 | 5 |
| Altman Z'' | −1.0 | −2.0 | −1.2 | −1.3 | −4.8 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$58.7M
11 insiders
Of sales under plans
98%
$57.6M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Dropbox · DBX
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Dropbox DBX | $8.6B | −1.1% | 27.3% | 36.9% | — | 21.0x | 5 |
| Tyler Technologies TYL | $16.2B | 9.1% | 15.3% | 27.3% | 9.0% | 51.2x | 6 |
| PTC PTC | $22.3B | 19.2% | 35.9% | 31.3% | 17.4% | 18.9x | 8 |
| Okta OKTA | $39.3B | 11.8% | 5.1% | 30.0% | — | 132.5x | 8 |
| HubSpot HUBS | $13.4B | 19.2% | 0.2% | 22.6% | — | 93.9x | — |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $37.73 a share, the company is worth $8.6B: 21.0 times its earnings of the last four quarters.
Dropbox grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 1 of 4.
Source: SEC EDGAR XBRL filings (CIK 0001467623). Data updated October 16, 2026. For information only — not investment advice. Check the original filings before relying on any figure.