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US cloud storage and file-sharing company offering sync, collaboration and e-signature (via Dropbox Sign) tools.
US cloud storage and file-sharing company offering sync, collaboration and e-signature (via Dropbox Sign) tools.
Nearly all revenue is subscriptions from individuals and small teams who start on a free plan and upgrade, so the number of paying users and what each pays are what matter. Paying-user growth has slowed, and the company is leaning on higher-priced plans and AI features. Co-founder Drew Houston keeps voting control through extra-vote shares.
Moat: narrow (switching costs, network effects, brand). File-sharing habits and shared folders with collaborators create switching friction, but core storage is commoditized.
Headquarters: San Francisco, California, US · Founded: 2007 · Employees: 2,113
Size Dropbox (DBX) is a United States Information Technology company (Packaged Software) with a market value of $7.54B, the 925th largest of 3,117 United States companies the cockpit tracks. Shares closed at $34.66 on 6 Nov 2026.
Performance Over six months the shares gained 19.9%, against +7.7% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 0.1% over the last twelve months (peer median +21.1%); the operating margin is 26.5% (peer median 6.4%).
Valuation It trades at 11.1× forward earnings against a peer median of 53.4× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 71.7 points above its cost of capital (7.1% WACC).
Credit Dropbox has 1 bond outstanding ($693M).
Short interest Short interest is 16.1% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.53B | $2.52B | $2.55B | $2.50B | $2.32B |
| Revenue growth | — | -1% | +2% | +8% | — |
| Gross profit | $2.01B | $2.02B | $2.10B | $2.02B | $1.88B |
| EBITDA | $827M | $849M | $623M | $554M | $514M |
| Net income | $443M | $508M | $452M | $454M | $553M |
| Free cash flow | $963M | $931M | $872M | $759M | $764M |
| Capital expenditure | $26.7M | $21.4M | $22.7M | $24.6M | $34.9M |
| Total debt | $3.98B | $3.59B | $3.00B | $2.03B | $2.29B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dropbox DBX | $7.54B | +20% | 0% | 26% | 11.1× | -5.0% |
| Alphabet Inc. (Class A) GOOGL | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| Box BOX | $5.76B | +63% | +10% | 9% | 26.0× | 20.3% |
| DocuSign DOCU | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DBX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.5% | -0.4% | 10th highest of 21 |
| 6-month return | +19.9% | +7.7% | 9th highest of 21 |
| Distance from 52-week high | -9.3% | -26.5% | 3rd highest of 21 |
| Revenue growth (TTM) | -0.1% | +21.1% | 3rd lowest of 21 |
| Operating margin | 26.5% | 6.4% | 6th highest of 21 |
| Forward P/E | 11.1× | 53.4× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.0% | 19.5% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +5.7% | +20.2% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | -10.7 pp | -5.7 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +71.7 pp | -6.2 pp | 2nd highest of 19 |
| EV / EBITDA | 12.6× | 22.9× | 3rd cheapest of 12 |
| Net debt / EBITDA | 3.5× | -1.2× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dropbox DBX | United States | $7.54B | +20% | 0% | 26% | 11.1× | -5.0% | +5.7% |
| Clear Secure YOU | United States | $7.55B | -2% | +23% | 26% | 24.2× | 15.8% | +31.3% |
| Duolingo DUOL | United States | $7.51B | +49% | +23% | 12% | 52.6× | 19.8% | +45.0% |
| SentinelOne S | United States | $7.58B | +31% | +21% | -26% | 54.7× | 53.7% | +60.8% |
| Horizon Robotics 9660.HK | Hong Kong | $7.61B | -48% | +46% | -101% | 159.5× | n/a | n/a |
| Technology One TNE.AX | Australia | $7.40B | +15% | +14% | 29% | 56.7× | 33.3% | +14.9% |
| Empyrean Technology 301269.SZ | China | $7.70B | +5% | +15% | -10% | 357.4× | n/a | n/a |
| Oracle Corporation Japan 4716.T | Japan | $7.73B | +10% | +10% | 32% | 17.0× | -6.9% | +6.5% |
| InterDigital IDCC | United States | $7.35B | +2% | -12% | 45% | 41.4× | 13.4% | +18.4% |
| Kunlun Tech 300418.SZ | China | $7.33B | -21% | +48% | -21% | 1,291.3× | n/a | n/a |
| Zeta Global ZETA | United States | $7.79B | +81% | +36% | 3% | 28.2× | 49.7% | +28.8% |
| Sangfor Technologies 300454.SZ | China | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% | +6.9% |
| ServiceTitan TTAN | United States | $7.89B | +36% | +23% | -13% | 55.6× | 20.7% | +27.1% |
| Gitlab GTLB | United States | $8.01B | +85% | +23% | -8% | 55.0× | 18.8% | +44.4% |
| Square Enix 9684.T | Japan | $7.02B | +25% | +1% | 20% | 26.9× | -5.4% | -2.1% |
| Descartes Systems DSG.TO | Canada | $8.10B | +32% | +12% | 33% | 37.9× | 4.4% | +16.8% |
| MiniMax 0100.HK | Hong Kong | $7.00B | -81% | +159% | -407% | n/a | n/a | n/a |
| CD PROJEKT RED Spolka Akcyjna CDR.WA | Poland | $6.80B | +4% | -14% | 54% | 53.4× | 35.0% | -16.5% |
| Xero XRO.AX | Australia | $8.36B | -13% | +27% | 13% | 66.7× | 25.9% | +25.3% |
| UiPath PATH | United States | $6.78B | +20% | +15% | 9% | 15.2× | 19.2% | +21.5% |
| Snap SNAP | United States | $8.39B | -18% | +13% | -5% | 32.3× | 2.7% | +18.8% |
Dropbox has 1 bond outstanding with $693M face value.