Dropbox vs HubSpot
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The short version
- HubSpot is the larger business, with $3.1B of revenue in fiscal 2025 against $2.5B for Dropbox.
- HubSpot grew revenue faster (19.2%, against −1.1%).
- Dropbox kept more of each dollar of sales as operating profit (27.3% operating margin, against 0.2%).
- Dropbox turned more of its sales into free cash flow (36.9% FCF margin, against 22.6%).
- Investors pay more for each dollar of HubSpot’s earnings: a P/E of 96.4x against 21.0x for Dropbox.
| Latest fiscal year | DBX · FY25 | HUBS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.6B | $13.7B |
| Revenue | $2.5B | $3.1B |
| Free cash flow | $931M | $708M |
| Net income | $508M | $45.9M |
| Growth | ||
| Revenue growth | −1.1% | 19.2% |
| 5-year growth | 5.7% | 28.8% |
| Share count change | −15.7% | 2.7% |
| Profitability | ||
| Gross margin | 80.1% | 83.8% |
| Operating margin | 27.3% | 0.2% |
| Net margin | 20.2% | 1.5% |
| FCF margin | 36.9% | 22.6% |
| Return on capital | — | — |
| Return on equity | — | 2.3% |
| Balance sheet | ||
| Net debt | $693M | — |
| Net debt / EBITDA | 0.8x | — |
| Dividends and buybacks | $1.7B | $500M |
| Valuation & quality | ||
| P/E | 21.0x | 96.4x |
| Piotroski F-score | 5 | — |
Revenue
FY16
DBX $845M
HUBS $271M
FY17
DBX $1.1B
HUBS $376M
FY18
DBX $1.4B
HUBS $513M
FY19
DBX $1.7B
HUBS $675M
FY20
DBX $1.9B
HUBS $883M
FY21
DBX $2.2B
HUBS $1.3B
FY22
DBX $2.3B
HUBS $1.7B
FY23
DBX $2.5B
HUBS $2.2B
FY24
DBX $2.5B
HUBS $2.6B
FY25
DBX $2.5B
HUBS $3.1B
DBX
HUBS
Operating margin
FY16
DBX −22.9%
HUBS −16.5%
FY17
DBX −10.3%
HUBS −10.7%
FY18
DBX −35.5%
HUBS −9.4%
FY19
DBX −4.9%
HUBS −7.0%
FY20
DBX −14.5%
HUBS −5.8%
FY21
DBX 12.7%
HUBS −4.2%
FY22
DBX 7.8%
HUBS −5.9%
FY23
DBX 21.5%
HUBS −9.3%
FY24
DBX 19.1%
HUBS −2.6%
FY25
DBX 27.3%
HUBS 0.2%
DBX
HUBS
Free cash flow
FY16
DBX $137M
HUBS $3.6M
FY17
DBX $305M
HUBS $29.3M
FY18
DBX $362M
HUBS $62.6M
FY19
DBX $392M
HUBS $78.6M
FY20
DBX $491M
HUBS $51.6M
FY21
DBX $708M
HUBS $210M
FY22
DBX $764M
HUBS $236M
FY23
DBX $759M
HUBS $317M
FY24
DBX $872M
HUBS $561M
FY25
DBX $931M
HUBS $708M
DBX
HUBS
Return on capital
FY16
DBX —
HUBS —
FY17
DBX —
HUBS —
FY18
DBX —
HUBS —
FY19
DBX —
HUBS —
FY20
DBX —
HUBS —
FY21
DBX —
HUBS —
FY22
DBX —
HUBS —
FY23
DBX —
HUBS —
FY24
DBX —
HUBS —
FY25
DBX —
HUBS —
DBX
HUBS
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.