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Licenses audio and imaging technologies (surround sound, Atmos, Vision HDR) used in cinemas, TVs, phones and streaming.
Licenses audio and imaging technologies (surround sound, Atmos, Vision HDR) used in cinemas, TVs, phones and streaming.
Earns a royalty on each TV, phone, PC or set-top box a licensee sells with Dolby technology built in, so income follows device shipments and the formats studios and streamers adopt. A smaller side sells cinema equipment and sound-mixing services. Founder Ray Dolby's family keeps control through Class B shares.
Moat: wide (IP / patents, installed base, brand). Codec standard embedded across the device and content ecosystem, built on decades of patents.
Headquarters: San Francisco, California, United States · Founded: 1965 · Employees: 2,051
Size Dolby Laboratories (DLB) is a United States Information Technology company (Packaged Software) with a market value of $6.07B, the 1054th largest of 3,117 United States companies the cockpit tracks. Shares closed at $64.83 on 6 Nov 2026.
Performance Over six months the shares gained 11.5%, against +8.8% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue grew 0.6% over the last twelve months (peer median +12.6%); the operating margin is 19.3% (peer median 12.8%).
Valuation It trades at 14.3× forward earnings against a peer median of 21.3× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.1 points above its cost of capital (8.7% WACC).
Backlog Backlog (remaining performance obligations) was $57.1M at 26 Jun 2026, down 12% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 10.1% of the free float (15 Oct 2026).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.35B | $1.35B | $1.27B | $1.30B | $1.25B |
| Revenue growth | — | +6% | -2% | +4% | — |
| Gross profit | $1.19B | $1.19B | $1.13B | $1.15B | $1.11B |
| EBITDA | $365M | $379M | $352M | $358M | $321M |
| Net income | $226M | $255M | $262M | $201M | $184M |
| Free cash flow | $393M | $436M | $297M | $337M | $259M |
| Capital expenditure | $93.1M | $41.9M | $30.0M | $30.3M | $59.5M |
| Total debt | $47.5M | $38.9M | $47.0M | $50.6M | $50.9M |
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 |
|---|---|---|---|---|---|---|
| Dolby Laboratories DLB | $6.07B | +11% | +1% | 19% | 14.3× | 10.0% |
| Xperi XPER | n/a | -29% | n/a | n/a | n/a | n/a |
| Sony Group Corporation Sponsored ADR SONY | $147B | +34% | -2% | 13% | 19.3× | 5.0% |
| IMAX IMAX | $2.61B | +35% | +15% | 23% | 18.8× | 12.2% |
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 | DLB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.9% | +4.5% | 5th highest of 21 |
| 6-month return | +11.5% | +8.8% | 10th highest of 20 |
| Distance from 52-week high | -7.3% | -30.4% | 4th highest of 21 |
| Revenue growth (TTM) | +0.6% | +12.6% | 3rd lowest of 21 |
| Operating margin | 19.3% | 12.8% | 9th highest of 21 |
| Forward P/E | 14.3× | 21.3× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 10.0% | 9.1% | 10th least demanding of 19 |
| Growth delivered (Del g) | +3.0% | +16.3% | 3rd lowest of 19 |
| Hurdle (Req g minus delivered) | +6.9 pp | -6.0 pp | 5th most demanding of 19 |
| ROIC minus cost of capital | +2.1 pp | +3.5 pp | 8th lowest of 18 |
| EV / EBITDA | 14.8× | 14.9× | 6th cheapest of 12 |
| Net debt / EBITDA | -1.9× | 0.3× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dolby Laboratories DLB | United States | $6.07B | +11% | +1% | 19% | 14.3× | 10.0% | +3.0% |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |
| Bilibili 9626.HK | Hong Kong | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% | +19.5% |
| ACI Worldwide ACIW | United States | $6.06B | +32% | +7% | 19% | 22.9× | 11.8% | +6.3% |
| RingCentral RNG | United States | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% | +16.3% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| Topicus.com TOI.V | Canada | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% | +26.5% |
| SenseTime 0020.HK | Hong Kong | $6.25B | -44% | +31% | -51% | n/a | n/a | n/a |
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 76.3× | n/a | n/a |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 14.4× | -4.0% | +21.2% |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| Commvault Systems CVLT | United States | $6.48B | +51% | +14% | 10% | 27.6× | 26.9% | +10.3% |
| Sectra SECT-B.ST | Sweden | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% | +16.8% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 23.7× | 4.7% | +13.1% |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |
Dolby Laboratories reported $57.1M of remaining performance obligations at 26 Jun 2026, down 12% from a year earlier and down 9% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.