Dropbox vs Tyler Technologies
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The short version
- Dropbox is the larger business, with $2.5B of revenue in fiscal 2025 against $2.3B for Tyler Technologies.
- Tyler Technologies grew revenue faster (9.1%, against −1.1%).
- Dropbox kept more of each dollar of sales as operating profit (27.3% operating margin, against 15.3%).
- Dropbox turned more of its sales into free cash flow (36.9% FCF margin, against 27.3%).
- Investors pay more for each dollar of Tyler Technologies’s earnings: a P/E of 51.7x against 21.0x for Dropbox.
| Latest fiscal year | DBX · FY25 | TYL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.6B | $16.3B |
| Revenue | $2.5B | $2.3B |
| Free cash flow | $931M | $638M |
| Net income | $508M | $316M |
| Growth | ||
| Revenue growth | −1.1% | 9.1% |
| 5-year growth | 5.7% | 15.9% |
| Share count change | −15.7% | 0.7% |
| Profitability | ||
| Gross margin | 80.1% | 46.5% |
| Operating margin | 27.3% | 15.3% |
| Net margin | 20.2% | 13.5% |
| FCF margin | 36.9% | 27.3% |
| Return on capital | — | 9.0% |
| Return on equity | — | 8.9% |
| Balance sheet | ||
| Net debt | $693M | −$498M |
| Net debt / EBITDA | 0.8x | −1.0x |
| Dividends and buybacks | $1.7B | $175M |
| Valuation & quality | ||
| P/E | 21.0x | 51.7x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
DBX $845M
TYL $760M
FY17
DBX $1.1B
TYL $841M
FY18
DBX $1.4B
TYL $935M
FY19
DBX $1.7B
TYL $1.1B
FY20
DBX $1.9B
TYL $1.1B
FY21
DBX $2.2B
TYL $1.6B
FY22
DBX $2.3B
TYL $1.9B
FY23
DBX $2.5B
TYL $2.0B
FY24
DBX $2.5B
TYL $2.1B
FY25
DBX $2.5B
TYL $2.3B
DBX
TYL
Operating margin
FY16
DBX −22.9%
TYL 18.1%
FY17
DBX −10.3%
TYL 19.4%
FY18
DBX −35.5%
TYL 16.3%
FY19
DBX −4.9%
TYL 14.4%
FY20
DBX −14.5%
TYL 15.5%
FY21
DBX 12.7%
TYL 11.4%
FY22
DBX 7.8%
TYL 11.6%
FY23
DBX 21.5%
TYL 11.2%
FY24
DBX 19.1%
TYL 14.0%
FY25
DBX 27.3%
TYL 15.3%
DBX
TYL
Free cash flow
FY16
DBX $137M
TYL $154M
FY17
DBX $305M
TYL $153M
FY18
DBX $362M
TYL $223M
FY19
DBX $392M
TYL $217M
FY20
DBX $491M
TYL $332M
FY21
DBX $708M
TYL $338M
FY22
DBX $764M
TYL $359M
FY23
DBX $759M
TYL $360M
FY24
DBX $872M
TYL $604M
FY25
DBX $931M
TYL $638M
DBX
TYL
Return on capital
FY16
DBX —
TYL —
FY17
DBX —
TYL —
FY18
DBX —
TYL —
FY19
DBX —
TYL —
FY20
DBX —
TYL —
FY21
DBX —
TYL 8.1%
FY22
DBX —
TYL 5.6%
FY23
DBX —
TYL 5.4%
FY24
DBX —
TYL 7.7%
FY25
DBX —
TYL 9.0%
DBX
TYL
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.