Dropbox Inc DBX

Information TechnologySoftware & IT ServicesUnited States of America

Last close 36.25 USD on Nov 1, 2026, +30.4% year to date

Quant rating

Quant rating B Rank 64 of 389 in Information Technology

Growth C 257 of 389
Valuation A 51 of 389
Quality B 93 of 389
Revisions C 169 of 389
Momentum B 82 of 389

Wall Street consensus Hold (3.44)Average target 29.69 USD −18.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.9B
Enterprise value: 10.4B
52-week range: 21.70 – 38.20
3-year range: 20.76 – 38.20
Dividend yield: –
Beta (5 years): 0.63
Shares outstanding: 217M
Next earnings: Nov 5, 2026

About the company

Dropbox, Inc. provides tools to help distributed teams prioritize, get organized, and keep work moving securely from anywhere. The Company’s products include Dropbox Passwords, Dropbox Backup, Dropbox Sign, DocSend, Dropbox Dash for Business (Dash), Dropbox Replay and FormSwift, among others. Dropbox Passwords allows users to sign in to Websites and apps by creating and storing usernames and passwords across devices. Dropbox Backup automatically syncs folders on a user's computer to the cloud. When turned on, files on the user's personal computer or Mac are continuously backed up on the cloud. Dropbox Sign is an e-signature and document workflow platform that enables customers to easily sign, send and receive documents through its intuitive Web and mobile-based interfaces. DocSend is a secure document sharing and analytics platform. Dropbox Dash is an AI-powered, universal search tool, which enables teams to search, organize, share, and protect content from across their connected apps.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,521	2,548	2,502	2,325	2,158	–
Revenue growth	−1.1%	1.9%	7.6%	7.7%	12.7%	5.7%
EPS (basic, normalized)	2.84	2.49	1.98	1.58	1.54	–
EPS growth	14.1%	25.8%	25.3%	2.6%	–	–
Gross margin	80.2%	82.5%	80.9%	80.9%	79.4%	80.8%
Net margin	20.2%	17.7%	18.1%	23.8%	15.6%	19.1%
ROE	–	–	–	–	1,683.2%	1,683.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,114
Current ratio	1.07x
Long-term debt (mil)	3,430
Net debt (mil)	2,472
Total equity (mil)	−2,188
Net debt / equity	−1.13x
Net debt / EBITDA	2.14x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,521	−1.1%	4.1x	1,158	+9.1%	8.9x	2.84	+14.1%	12.8x
2026	2,520	0.0%	4.1x	1,166	+0.7%	8.9x	3.05	+7.2%	11.9x
2027	2,519	0.0%	4.1x	1,181	+1.3%	8.8x	3.32	+9.1%	10.9x
2028	2,523	+0.2%	4.1x	1,213	+2.7%	8.5x	3.64	+9.6%	10.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,520	0.0%	+0.4%	+0.8%	3.05	+0.1%	−1.4%	+2.4%
2027	2,519	0.0%	+0.5%	+1.1%	3.32	+0.6%	−4.0%	−1.4%
2028	2,523	0.0%	+0.8%	+1.8%	3.64	0.0%	+2.6%	+11.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	631	634	639	644	625	626	634	636	630	632
Sales mean (mil)	629	630	637	639	620	619	624	629	621	627
Surprise	+0.4%	+0.7%	+0.3%	+0.7%	+0.7%	+1.2%	+1.7%	+1.2%	+1.4%	+0.8%
EPS reported	0.58	0.60	0.60	0.73	0.70	0.71	0.74	0.68	0.76	0.75
EPS mean	0.50	0.52	0.53	0.62	0.62	0.63	0.65	0.67	0.70	0.74
Surprise	+16.7%	+14.7%	+12.7%	+16.9%	+12.6%	+12.4%	+14.3%	+1.0%	+9.1%	+1.7%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DBX Dropbox Inc	7.9B	2.14x	20.2%	−3.64x	11.9x	10.9x	8.9x	8.8x
RNG RingCentral, Inc.	6.9B	1.70x	1.7%	36.76x	16.0x	14.7x	10.8x	10.2x
Mean		1.92x	10.9%	16.56x	13.9x	12.8x	9.8x	9.5x
Median		1.92x	10.9%	16.56x	13.9x	12.8x	9.8x	9.5x

Technical analysis

1M+13.6%
3M+13.1%
1Y+23.8%
3Y+39.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Dropbox Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,521	2,548	2,502	2,325	2,158	1,914
Cost of revenue	500	445	478	444	444	415
Gross profit	2,021	2,103	2,023	1,881	1,714	1,499
Selling, general & administrative expenses	573	702	703	631	651	651
Research & development	730	915	936	892	756	728
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.4	0.1	−155	176	32.5	398
Other operating expenses	25.9	0	0	0	0	0
Operating income	689	486	539	181	274	−277
Net interest income (expense)	−78.6	13.9	22.6	3.5	−7.0	−1.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	7.1	9.7	−6.9	7.9	31.9	28.0
Net income before taxes	618	510	554	193	299	−250
Provision for taxes	109	57.5	101	−360	−36.5	6.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	508	452	454	553	336	−256
Extraordinary items	–	–	–	–	–	–
Net income	508	452	454	553	336	−256
EBIT, normalized	692	534	384	358	321	121
EBITDA, normalized	849	671	554	515	472	280
Basic EPS, normalized	2.84	2.49	1.98	1.58	1.54	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Dropbox Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,038	1,594	1,356	1,343	1,718	1,121
Receivables	79.1	70.4	68.7	53.8	49.6	43.4
Total inventory	–	–	–	–	–	–
Prepaid expenses	56.1	52.5	68.5	59.0	51.3	36.1
Other current assets	17.1	21.3	23.4	33.6	30.8	26.7
Total current assets	1,190	1,738	1,517	1,490	1,850	1,228
Property, plant & equipment	649	518	493	569	736	809
Goodwill	455	443	402	403	357	237
Intangibles	33.7	54.9	58.1	88.3	53.6	33.5
Long-term investments	–	–	–	–	–	16.8
Note receivable	2.2	5.0	6.9	6.5	4.1	2.7
Other long-term assets	514	566	507	553	91.3	60.6
Total assets	2,845	3,325	2,984	3,110	3,091	2,387
Liabilities
Accounts payable	24.3	36.5	38.5	38.6	25.7	18.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	279	309	305	340	358	359
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	855	133	116	115	120	99.6
Other current liabilities	736	732	742	703	672	610
Total current liabilities	1,894	1,211	1,202	1,196	1,176	1,088
Long-term debt	2,325	2,548	1,546	1,526	1,538	172
Minority interest	–	–	–	–	–	–
Other liabilities	424	319	402	697	671	794
Total liabilities	4,642	4,078	3,149	3,420	3,385	2,053
Shareholders' equity
Preferred stock	–	–	0	0	0	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	2,012	2,404	2,598	2,512	2,448	2,564
Retained earnings (accumulated deficit)	−3,815	−3,146	−2,742	−2,772	−2,739	−2,241
Treasury stock	–	–	–	–	–	–
Other equity	5.7	−10.1	−21.5	−48.9	−2.6	10.9
Total equity	−1,797	−752	−166	−309	−294	334
Total liabilities & shareholders' equity	2,845	3,325	2,984	3,110	3,091	2,387

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Dropbox Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	508	452	454	553	336	−256
Depreciation, depletion & amortization	157	137	170	157	151	159
Deferred taxes	51.7	−5.4	38.4	−396	–	–
Non-cash items	361	421	268	608	336	664
Changes in working capital	−127	−112	−147	−124	−93.9	3.8
Cash from operations	952	894	784	797	730	571
Investing activities
Capital expenditures	−21.4	−22.7	−24.6	−34.9	−28.9	−80.3
Other investing cash flows	133	466	420	−13.6	−496	−153
Cash from investing	112	444	395	−48.5	−525	−234
Financing activities
Financing cash flow items	−177	−216	−135	−119	−414	−93.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,354	−370	−664	−922	430	−485
Cash from financing	−1,531	−587	−799	−1,042	16.2	−578
Foreign exchange effects	12.4	−5.7	2.4	−7.2	−3.1	4.1
Net change in cash	−455	746	382	−300	218	−236
Free cash flow	930	871	759	762	701	490

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.