Dropbox
DBX · Application Software
$37.83
0.9%PTC
PTC · Application Software
$193.80
0.1%The short version
- PTC is the larger business, with $2.7B of revenue in fiscal 2025 against $2.5B for Dropbox.
- PTC grew revenue faster (19.2%, against −1.1%).
- PTC kept more of each dollar of sales as operating profit (35.9% operating margin, against 27.3% operating margin).
- Dropbox turned more of its sales into free cash flow (36.9% FCF margin, against 31.3% FCF margin).
- Investors pay more for each dollar of Dropbox’s earnings: a P/E of 21.0x against 18.9x for PTC.
| Latest fiscal year | DBX · FY25 | PTC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.6B | $22.3B |
| Revenue | $2.5B | $2.7B |
| Free cash flow | $931M | $857M |
| Net income | $508M | $734M |
| Growth | ||
| Revenue growth | −1.1% | 19.2% |
| 5-year growth | 5.7% | 13.4% |
| Share count change | −15.7% | 0.0% |
| Profitability | ||
| Gross margin | 80.1% | 83.8% |
| Operating margin | 27.3% | 35.9% |
| Net margin | 20.2% | 26.8% |
| FCF margin | 36.9% | 31.3% |
| Return on capital | — | 17.4% |
| Return on equity | — | 20.9% |
| Balance sheet | ||
| Net debt | $693M | $988M |
| Net debt / EBITDA | 0.8x | 0.9x |
| Dividends and buybacks | $1.7B | $300M |
| Valuation & quality | ||
| P/E | 21.0x | 18.9x |
| Piotroski F-score | 5 | 8 |
FY16
DBX $845M
PTC $1.1B
FY17
DBX $1.1B
PTC $1.2B
FY18
DBX $1.4B
PTC $1.2B
FY19
DBX $1.7B
PTC $1.3B
FY20
DBX $1.9B
PTC $1.5B
FY21
DBX $2.2B
PTC $1.8B
FY22
DBX $2.3B
PTC $1.9B
FY23
DBX $2.5B
PTC $2.1B
FY24
DBX $2.5B
PTC $2.3B
FY25
DBX $2.5B
PTC $2.7B
DBX
PTC
FY16
DBX −22.9%
PTC −3.3%
FY17
DBX −10.3%
PTC 3.6%
FY18
DBX −35.5%
PTC 5.9%
FY19
DBX −4.9%
PTC 5.0%
FY20
DBX −14.5%
PTC 14.5%
FY21
DBX 12.7%
PTC 21.1%
FY22
DBX 7.8%
PTC 23.1%
FY23
DBX 21.5%
PTC 21.9%
FY24
DBX 19.1%
PTC 25.6%
FY25
DBX 27.3%
PTC 35.9%
DBX
PTC
FY16
DBX $137M
PTC $157M
FY17
DBX $305M
PTC $110M
FY18
DBX $362M
PTC $212M
FY19
DBX $392M
PTC $221M
FY20
DBX $491M
PTC $214M
FY21
DBX $708M
PTC $344M
FY22
DBX $764M
PTC $416M
FY23
DBX $759M
PTC $587M
FY24
DBX $872M
PTC $736M
FY25
DBX $931M
PTC $857M
DBX
PTC
FY16
DBX —
PTC —
FY17
DBX —
PTC —
FY18
DBX —
PTC —
FY19
DBX —
PTC 2.2%
FY20
DBX —
PTC 10.9%
FY21
DBX —
PTC 14.3%
FY22
DBX —
PTC 10.8%
FY23
DBX —
PTC 9.1%
FY24
DBX —
PTC 11.4%
FY25
DBX —
PTC 17.4%
DBX
PTC
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.