Dropbox vs HubSpot
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KIRAβs take AI analyst
I put Dropbox and HubSpot side by side, using each oneβs latest annual report. Here is what stands out:
- 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 β1.1%).
- 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 HubSpotβs earnings: a P/E of 93.9x against 21.0x for Dropbox.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Dropbox
DBX
4/7
Operating marginNet marginFCF marginShare count change
HubSpot
HUBS
3/7
Revenue growth5-year growthGross margin
Side by side
Best in the row
| Latest fiscal year | DBX FY25 | HUBS FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.6B | $13.4B |
| Revenue | $2.5B | $3.1B |
| Free cash flow | $931M | $708M |
| Net income | $508M | $45.9M |
| Growth | ||
| Revenue growth | β1.1% | 19.2% |
| 5-year growth | 5.7% | 28.8% |
| Share count change | β15.7% | 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 | β | β |
| Return on equity | β | 2.3% |
| Balance sheet | ||
| Net debt | $693M | β |
| Net debt / EBITDA | 0.8x | β |
| Dividends and buybacks | $1.7B | $500M |
| Valuation & quality | ||
| P/E | 21.0x | 93.9x |
| Piotroski F-score | 5 | β |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.