Dropbox, Inc. (DBX) 10-Year Financial Performance & Capital Metrics

DBX •

TechnologyInfrastructure SoftwareContent collaboration and file sharing

AboutDropbox, Inc. provides a content collaboration platform worldwide. Its platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. As of December 31, 2021, the company had approximately 700 million registered users. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries. The company was formerly known as Evenflow, Inc. and changed its name to Dropbox, Inc. in October 2009. Dropbox, Inc. was incorporated in 2007 and is headquartered in San Francisco, California.Show more

Revenue $2.55B +1.9%
EBITDA $624M -12.0%
Net Income $452M -0.3%
EPS (Diluted) 1.40 +6.9%
Gross Margin 82.53% +2.1%
EBITDA Margin 24.47% -13.6%
Operating Margin 19.08% -11.4%
Net Margin 17.75% -2.1%
ROE -
ROIC 33.67% +25.1%
Debt/Equity -
Interest Coverage 19.37 -45.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 34.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 6.4% through buybacks
✓Healthy 5Y average net margin of 12.4%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y8.93%

3Y5.7%

TTM-1.07%

Profit (Net Income) CAGR

10Y-

5Y-

3Y10.44%

TTM12.4%

EPS CAGR

10Y-

5Y-

3Y18.1%

TTM31.91%

ROCE

10Y Avg-17.55%

5Y Avg12.42%

3Y Avg21.19%

Latest24.96%

Peer Comparison

Content collaboration and file sharing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ADBEAdobe Inc.	115.72B	262.41	21.23	10.8%	30%	61.34%	6.76%	0.43
SNCRSynchronoss Technologies, Inc.	103.56M	9.00	20.93	5.72%	-5.69%	-17.56%	12.9%	4.97
DBXDropbox, Inc.	1.94B	24.99	17.85	1.86%	20.17%		45%
BOXBox, Inc.	3.4B	23.55	17.32	5.05%	19.71%	108.45%	9.71%	3.66
CCSIConsensus Cloud Solutions, Inc.	633.4M	30.08	6.91	-0.2%	24.17%	6.14%	16.71%	42.14
KLTRKaltura, Inc.	216.09M	1.39	-6.62	2.02%	-7.1%	-72.43%	5.42%	2.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	603.8M	844.8M	1.11B	1.39B	1.66B	1.91B	2.16B	2.32B	2.5B	2.55B
Revenue Growth %	-	39.91%	31.01%	25.74%	19.37%	15.2%	12.75%	7.74%	7.6%	1.86%
Cost of Goods Sold+	407.4M	390.6M	368.9M	394.7M	411M	414.6M	444.2M	444.2M	478.5M	445.1M
COGS % of Revenue	67.47%	46.24%	33.33%	28.36%	24.74%	21.66%	20.58%	19.11%	19.13%	17.47%
Gross Profit+	196.4M	454.2M	737.9M	997M	1.25B	1.5B	1.71B	1.88B	2.02B	2.1B
Gross Margin %	32.53%	53.76%	66.67%	71.64%	75.26%	78.34%	79.42%	80.89%	80.87%	82.53%
Gross Profit Growth %	-	131.26%	62.46%	35.11%	25.41%	19.92%	14.3%	9.74%	7.57%	3.95%
Operating Expenses+	502.6M	647.7M	851.6M	1.49B	1.33B	1.78B	1.44B	1.7B	1.48B	1.62B
OpEx % of Revenue	83.24%	76.67%	76.94%	107.14%	80.11%	92.81%	66.7%	73.1%	59.34%	63.45%
Selling, General & Admin	301M	358M	471.3M	722.8M	668.7M	650.6M	652.1M	632.3M	703.1M	701.9M
SG&A % of Revenue	49.85%	42.38%	42.58%	51.94%	40.25%	33.99%	30.22%	27.2%	28.11%	27.54%
Research & Development	201.6M	289.7M	380.3M	768.2M	662.1M	727.5M	755.9M	891.9M	936.5M	914.9M
R&D % of Revenue	33.39%	34.29%	34.36%	55.2%	39.85%	38.01%	35.03%	38.36%	37.44%	35.9%
Other Operating Expenses	0	0	0	0	0	398.2M	31.3M	175.2M	-155.2M	100K
Operating Income+	-306.2M	-193.5M	-113.7M	-494M	-80.5M	-277M	274.4M	181.3M	538.7M	486.2M
Operating Margin %	-50.71%	-22.9%	-10.27%	-35.5%	-4.85%	-14.47%	12.72%	7.8%	21.53%	19.08%
Operating Income Growth %	-	36.81%	41.24%	-334.48%	83.7%	-244.1%	199.06%	-33.93%	197.13%	-9.75%
EBITDA+	-156.6M	-1.9M	68.1M	-327.2M	93M	-117.7M	425.8M	338.4M	708.7M	623.5M
EBITDA Margin %	-25.94%	-0.22%	6.15%	-23.51%	5.6%	-6.15%	19.73%	14.56%	28.33%	24.47%
EBITDA Growth %	-	98.79%	3684.21%	-580.47%	128.42%	-226.56%	461.77%	-20.53%	109.43%	-12.02%
D&A (Non-Cash Add-back)	149.6M	191.6M	181.8M	166.8M	173.5M	159.3M	151.4M	157.1M	170M	137.3M
EBIT	-306.2M	-193.5M	-113.7M	-494M	-80.5M	121.2M	305.7M	356.5M	383.5M	486.3M
Net Interest Income+	-15.2M	-16.4M	-11M	7.1M	12.5M	1.7M	-5.2M	3.3M	19.4M	13.9M
Interest Income	0	0	0	7.1M	22.8M	12.5M	7.5M	15.7M	34.6M	39M
Interest Expense	15.2M	16.4M	11M	0	10.3M	10.8M	12.7M	12.4M	15.2M	25.1M
Other Income/Expense	-19.4M	-11.5M	2.2M	13.9M	28.5M	26.8M	24.9M	11.4M	15.7M	23.6M
Pretax Income+	-325.6M	-205M	-111.5M	-480.1M	-52M	-250.2M	299.3M	192.7M	554.4M	509.8M
Pretax Margin %	-53.93%	-24.27%	-10.07%	-34.5%	-3.13%	-13.07%	13.87%	8.29%	22.16%	20.01%
Income Tax+	300K	5.2M	200K	4.8M	700K	6.1M	-36.5M	-360.5M	100.8M	57.5M
Effective Tax Rate %	100.09%	102.54%	100.18%	101%	101.35%	102.44%	112.2%	287.08%	81.82%	88.72%
Net Income+	-325.9M	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M
Net Margin %	-53.97%	-24.88%	-10.09%	-34.84%	-3.17%	-13.39%	15.56%	23.79%	18.13%	17.75%
Net Income Growth %	-	35.5%	46.86%	-334.11%	89.13%	-386.34%	231.02%	64.74%	-18%	-0.29%
Net Income (Continuing)	-325.9M	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.74	-0.59	-0.28	-1.35	-0.13	-0.62	0.85	1.52	1.31	1.40
EPS Growth %	-	66.09%	52.54%	-382.14%	90.37%	-376.92%	237.1%	78.82%	-13.82%	6.87%
EPS (Basic)	-1.74	-0.59	-0.28	-1.35	-0.13	-0.62	0.87	1.53	1.33	1.42
Diluted Shares Outstanding	187.33M	358.6M	393.02M	358.6M	411.6M	414.3M	395.8M	363.3M	345.6M	323.4M
Basic Shares Outstanding	187.33M	358.6M	393.02M	358.6M	411.6M	414.3M	388M	361.2M	341.2M	318.2M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	424.2M	413.4M	518.1M	1.21B	1.24B	1.23B	1.85B	1.49B	1.52B	1.74B
Cash & Short-Term Investments	356.9M	352.7M	430M	1.09B	1.16B	1.12B	1.72B	1.34B	1.36B	1.59B
Cash Only	356.9M	352.7M	430M	519.3M	551.3M	314.9M	533M	232.8M	614.9M	1.33B
Short-Term Investments	0	0	0	570M	607.7M	806.4M	1.19B	1.11B	741.1M	265.9M
Accounts Receivable	43M	13.2M	29.3M	28.6M	36.7M	43.4M	49.6M	53.8M	68.7M	70.4M
Days Sales Outstanding	25.99	5.7	9.66	7.5	8.06	8.28	8.39	8.45	10.02	10.08
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	24.3M	0	0	0	0	0	0	92.6M	91.9M	73.8M
Total Non-Current Assets+	586.3M	590.8M	501.8M	483.9M	1.46B	1.16B	1.24B	1.62B	1.47B	1.59B
Property, Plant & Equipment	437.6M	444M	341.9M	310.6M	1.1B	809.2M	735.9M	569M	493M	517.7M
Fixed Asset Turnover	1.38x	1.90x	3.24x	4.48x	1.51x	2.37x	2.93x	4.09x	5.07x	4.92x
Goodwill	96.1M	96M	98.9M	96.5M	234.5M	236.9M	356.6M	403.3M	402.2M	442.8M
Intangible Assets	33M	24.2M	17M	14.7M	47.4M	33.5M	53.6M	88.3M	58.1M	54.9M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	19.6M	26.6M	44M	62.1M	70.9M	80.1M	54.2M	61M	53.2M	104.7M
Total Assets+	1.01B	1B	1.02B	1.69B	2.7B	2.39B	3.09B	3.11B	2.98B	3.33B
Asset Turnover	0.60x	0.84x	1.09x	0.82x	0.62x	0.80x	0.70x	0.75x	0.84x	0.77x
Asset Growth %	-	-0.62%	1.56%	66.1%	59.33%	-11.56%	29.49%	0.61%	-4.07%	11.45%
Total Current Liabilities+	531.1M	635.3M	738.4M	837.5M	1.01B	1.09B	1.18B	1.2B	1.2B	1.21B
Accounts Payable	17.3M	15.5M	31.9M	33.3M	40.7M	18.7M	25.7M	38.6M	38.5M	36.5M
Days Payables Outstanding	15.5	14.48	31.56	30.79	36.14	16.46	21.12	31.72	29.37	29.93
Short-Term Debt	10.1M	0	0	0	0	0	0	0	0	10M
Deferred Revenue (Current)	266.9M	353M	417.9M	485M	554.2M	610.5M	671.5M	702.6M	725M	727.7M
Other Current Liabilities	503.7M	52.3M	70.7M	121.9M	101.4M	113.6M	139.1M	131.7M	109.2M	105.2M
Current Ratio	0.80x	0.65x	0.70x	1.45x	1.23x	1.13x	1.57x	1.25x	1.26x	1.44x
Quick Ratio	0.80x	0.65x	0.70x	1.45x	1.23x	1.13x	1.57x	1.25x	1.26x	1.44x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	293.8M	246.1M	178.6M	179.8M	876M	965.6M	2.21B	2.22B	1.95B	2.87B
Long-Term Debt	210.7M	0	0	0	0	0	1.37B	1.37B	1.38B	2.34B
Capital Lease Obligations	181.2M	129.6M	71.6M	89.9M	850.1M	931.2M	799.7M	736.9M	479.2M	453.9M
Deferred Tax Liabilities	0	0	0	0	0	0	0	74.1M	0	0
Other Non-Current Liabilities	-98.1M	44M	37.2M	8.9M	25.9M	34.4M	39.4M	112.1M	90.8M	68.4M
Total Liabilities	824.9M	881.4M	917M	1.02B	1.89B	2.05B	3.39B	3.42B	3.15B	4.08B
Total Debt+	304.2M	257.2M	174.3M	163.7M	1.01B	1.12B	2.37B	2.29B	2.03B	3B
Net Debt	-52.7M	-95.5M	-255.7M	-355.6M	455.4M	804.6M	1.84B	2.06B	1.42B	1.67B
Debt / Equity	1.64x	2.09x	1.69x	0.24x	1.25x	3.35x	-	-	-	-
Debt / EBITDA	-	-	2.56x	-	10.82x	-	5.56x	6.78x	2.87x	4.81x
Net Debt / EBITDA	-	-	-3.75x	-	4.90x	-	4.31x	6.09x	2.00x	2.68x
Interest Coverage	-20.14x	-11.80x	-10.34x	-	-7.82x	-25.65x	21.61x	14.62x	35.44x	19.37x
Total Equity+	185.6M	122.8M	102.9M	676.8M	808.4M	333.8M	-293.9M	-309.4M	-165.8M	-752.4M
Equity Growth %	-	-33.84%	-16.21%	557.73%	19.44%	-58.71%	-188.05%	-5.27%	46.41%	-353.8%
Book Value per Share	0.99	0.34	0.26	1.89	1.96	0.81	-0.74	-0.85	-0.48	-2.33
Total Shareholders' Equity	185.6M	122.8M	102.9M	676.8M	808.4M	333.8M	-293.9M	-309.4M	-165.8M	-752.4M
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-727.3M	-937.5M	-1.05B	-1.66B	-1.73B	-2.24B	-2.74B	-2.77B	-2.74B	-3.15B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	297.3M	-1M	4.2M	-1.2M	3.3M	10.9M	-2.6M	-48.9M	-21.5M	-10.1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	14.8M	252.6M	330.3M	425.4M	528.5M	570.8M	729.8M	797.3M	783.7M	894.1M
Operating CF Margin %	2.45%	29.9%	29.84%	30.57%	31.81%	29.82%	33.82%	34.29%	31.33%	35.09%
Operating CF Growth %	-	1606.76%	30.76%	28.79%	24.24%	8%	27.86%	9.25%	-1.71%	14.09%
Net Income	-325.9M	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M
Depreciation & Amortization	149.6M	191.6M	181.8M	166.8M	173.5M	159.3M	151.4M	157.1M	170M	137.3M
Stock-Based Compensation	66.1M	147.6M	164.6M	650.1M	261.2M	261.5M	287.1M	330.7M	338M	346.5M
Deferred Taxes	0	0	0	0	0	380.7M	31.3M	-396.3M	38.4M	-5.4M
Other Non-Cash Items	1.4M	4.8M	14.3M	10.2M	900K	21.8M	-13.9M	252.5M	-97.6M	60M
Working Capital Changes	123.6M	118.8M	81.3M	83.2M	145.6M	3.8M	-61.9M	-99.9M	-118.7M	-96.6M
Change in Receivables	-9.9M	1M	-14.4M	100K	-7.5M	-5.5M	-6.2M	-5.5M	-14.5M	-2.4M
Change in Inventory	0	0	0	0	7.5M	5.5M	6.2M	5.5M	0	0
Change in Payables	9.2M	5.5M	16.2M	-1.7M	6.4M	-19.9M	7.6M	13M	1.2M	-4.5M
Cash from Investing+	-85.6M	-118M	-23.9M	-633.8M	-320M	-233.6M	-524.8M	-48.5M	395.2M	443.8M
Capital Expenditures	-83.3M	-123.7M	-26.1M	-66M	-137.8M	-80.3M	-28.9M	-34.9M	-24.6M	-22.5M
CapEx % of Revenue	13.8%	14.64%	2.36%	4.74%	8.29%	4.2%	1.34%	1.5%	0.98%	0.88%
Acquisitions	-2.3M	2.1M	0	66M	-173.9M	80.3M	-140M	-64.8M	0	-57.8M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.6M	5.7M	2.2M	-67M	16.2M	-63M	40.2M	19.6M	23.9M	31M
Cash from Financing+	-89.6M	-134.5M	-231.7M	300.8M	-176.7M	-577.7M	16.2M	-1.04B	-799.2M	-586.6M
Debt Issued (Net)	-91.1M	-132.9M	-139.2M	-109.1M	-92.9M	-89.5M	1.01B	-127.5M	-126.6M	870.6M
Equity Issued (Net)	1000K	0	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-87.9M	-351.9M	0	-397.5M	-1.06B	-795.4M	-539.9M	-1.24B
Other Financing	0	-1.6M	-5.1M	-6.5M	-600K	-93M	54.4M	-119.4M	-135.2M	-216.5M
Net Change in Cash	-161.3M	-4.2M	77.3M	89.3M	32M	-236.4M	218.1M	-300.2M	382.1M	745.6M
Free Cash Flow+	-68.5M	128.9M	304.2M	359.4M	390.7M	490.5M	700.9M	762.4M	759.1M	871.6M
FCF Margin %	-11.34%	15.26%	27.48%	25.82%	23.52%	25.63%	32.48%	32.79%	30.34%	34.2%
FCF Growth %	-	288.18%	136%	18.15%	8.71%	25.54%	42.9%	8.77%	-0.43%	14.82%
FCF per Share	-0.37	0.36	0.77	1.00	0.95	1.18	1.77	2.10	2.20	2.70
FCF Conversion (FCF/Net Income)	-0.05x	-1.20x	-2.96x	-0.88x	-10.03x	-2.23x	2.17x	1.44x	1.73x	1.98x
Interest Paid	13.2M	14.9M	10.8M	8.3M	9.8M	9.6M	8.5M	8.2M	10.5M	15.2M
Taxes Paid	200K	1.5M	3.4M	1.4M	600K	5M	4.2M	27.6M	68.2M	61M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-175.59%	-136.32%	-98.98%	-124.38%	-7.1%	-44.88%	1683.21%	-	-	-
Return on Invested Capital (ROIC)	-172.8%	-181.18%	-	-440.02%	-7.62%	-17.3%	15.36%	8.26%	26.91%	33.67%
Gross Margin	32.53%	53.76%	66.67%	71.64%	75.26%	78.34%	79.42%	80.89%	80.87%	82.53%
Net Margin	-53.97%	-24.88%	-10.09%	-34.84%	-3.17%	-13.39%	15.56%	23.79%	18.13%	17.75%
Debt / Equity	1.64x	2.09x	1.69x	0.24x	1.25x	3.35x	-	-	-	-
Interest Coverage	-20.14x	-11.80x	-10.34x	-	-7.82x	-25.65x	21.61x	14.62x	35.44x	19.37x
FCF Conversion	-0.05x	-1.20x	-2.96x	-0.88x	-10.03x	-2.23x	2.17x	1.44x	1.73x	1.98x
Revenue Growth	-	39.91%	31.01%	25.74%	19.37%	15.2%	12.75%	7.74%	7.6%	1.86%

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Dropbox, Inc. (DBX) 10-Year Financial Performance & Capital Metrics

DBX •

TechnologyInfrastructure SoftwareContent collaboration and file sharing

Revenue $2.55B +1.9%
EBITDA $624M -12.0%
Net Income $452M -0.3%
EPS (Diluted) 1.40 +6.9%
Gross Margin 82.53% +2.1%
EBITDA Margin 24.47% -13.6%
Operating Margin 19.08% -11.4%
Net Margin 17.75% -2.1%
ROE -
ROIC 33.67% +25.1%
Debt/Equity -
Interest Coverage 19.37 -45.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 34.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 6.4% through buybacks
✓Healthy 5Y average net margin of 12.4%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y8.93%

3Y5.7%

TTM-1.07%

Profit (Net Income) CAGR

10Y-

5Y-

3Y10.44%

TTM12.4%

EPS CAGR

10Y-

5Y-

3Y18.1%

TTM31.91%

ROCE

10Y Avg-17.55%

5Y Avg12.42%

3Y Avg21.19%

Latest24.96%

Peer Comparison

Content collaboration and file sharing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ADBEAdobe Inc.	115.72B	262.41	21.23	10.8%	30%	61.34%	6.76%	0.43
SNCRSynchronoss Technologies, Inc.	103.56M	9.00	20.93	5.72%	-5.69%	-17.56%	12.9%	4.97
DBXDropbox, Inc.	1.94B	24.99	17.85	1.86%	20.17%		45%
BOXBox, Inc.	3.4B	23.55	17.32	5.05%	19.71%	108.45%	9.71%	3.66
CCSIConsensus Cloud Solutions, Inc.	633.4M	30.08	6.91	-0.2%	24.17%	6.14%	16.71%	42.14
KLTRKaltura, Inc.	216.09M	1.39	-6.62	2.02%	-7.1%	-72.43%	5.42%	2.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	603.8M	844.8M	1.11B	1.39B	1.66B	1.91B	2.16B	2.32B	2.5B	2.55B
Revenue Growth %	-	39.91%	31.01%	25.74%	19.37%	15.2%	12.75%	7.74%	7.6%	1.86%
Cost of Goods Sold+	407.4M	390.6M	368.9M	394.7M	411M	414.6M	444.2M	444.2M	478.5M	445.1M
COGS % of Revenue	67.47%	46.24%	33.33%	28.36%	24.74%	21.66%	20.58%	19.11%	19.13%	17.47%
Gross Profit+	196.4M	454.2M	737.9M	997M	1.25B	1.5B	1.71B	1.88B	2.02B	2.1B
Gross Margin %	32.53%	53.76%	66.67%	71.64%	75.26%	78.34%	79.42%	80.89%	80.87%	82.53%
Gross Profit Growth %	-	131.26%	62.46%	35.11%	25.41%	19.92%	14.3%	9.74%	7.57%	3.95%
Operating Expenses+	502.6M	647.7M	851.6M	1.49B	1.33B	1.78B	1.44B	1.7B	1.48B	1.62B
OpEx % of Revenue	83.24%	76.67%	76.94%	107.14%	80.11%	92.81%	66.7%	73.1%	59.34%	63.45%
Selling, General & Admin	301M	358M	471.3M	722.8M	668.7M	650.6M	652.1M	632.3M	703.1M	701.9M
SG&A % of Revenue	49.85%	42.38%	42.58%	51.94%	40.25%	33.99%	30.22%	27.2%	28.11%	27.54%
Research & Development	201.6M	289.7M	380.3M	768.2M	662.1M	727.5M	755.9M	891.9M	936.5M	914.9M
R&D % of Revenue	33.39%	34.29%	34.36%	55.2%	39.85%	38.01%	35.03%	38.36%	37.44%	35.9%
Other Operating Expenses	0	0	0	0	0	398.2M	31.3M	175.2M	-155.2M	100K
Operating Income+	-306.2M	-193.5M	-113.7M	-494M	-80.5M	-277M	274.4M	181.3M	538.7M	486.2M
Operating Margin %	-50.71%	-22.9%	-10.27%	-35.5%	-4.85%	-14.47%	12.72%	7.8%	21.53%	19.08%
Operating Income Growth %	-	36.81%	41.24%	-334.48%	83.7%	-244.1%	199.06%	-33.93%	197.13%	-9.75%
EBITDA+	-156.6M	-1.9M	68.1M	-327.2M	93M	-117.7M	425.8M	338.4M	708.7M	623.5M
EBITDA Margin %	-25.94%	-0.22%	6.15%	-23.51%	5.6%	-6.15%	19.73%	14.56%	28.33%	24.47%
EBITDA Growth %	-	98.79%	3684.21%	-580.47%	128.42%	-226.56%	461.77%	-20.53%	109.43%	-12.02%
D&A (Non-Cash Add-back)	149.6M	191.6M	181.8M	166.8M	173.5M	159.3M	151.4M	157.1M	170M	137.3M
EBIT	-306.2M	-193.5M	-113.7M	-494M	-80.5M	121.2M	305.7M	356.5M	383.5M	486.3M
Net Interest Income+	-15.2M	-16.4M	-11M	7.1M	12.5M	1.7M	-5.2M	3.3M	19.4M	13.9M
Interest Income	0	0	0	7.1M	22.8M	12.5M	7.5M	15.7M	34.6M	39M
Interest Expense	15.2M	16.4M	11M	0	10.3M	10.8M	12.7M	12.4M	15.2M	25.1M
Other Income/Expense	-19.4M	-11.5M	2.2M	13.9M	28.5M	26.8M	24.9M	11.4M	15.7M	23.6M
Pretax Income+	-325.6M	-205M	-111.5M	-480.1M	-52M	-250.2M	299.3M	192.7M	554.4M	509.8M
Pretax Margin %	-53.93%	-24.27%	-10.07%	-34.5%	-3.13%	-13.07%	13.87%	8.29%	22.16%	20.01%
Income Tax+	300K	5.2M	200K	4.8M	700K	6.1M	-36.5M	-360.5M	100.8M	57.5M
Effective Tax Rate %	100.09%	102.54%	100.18%	101%	101.35%	102.44%	112.2%	287.08%	81.82%	88.72%
Net Income+	-325.9M	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M
Net Margin %	-53.97%	-24.88%	-10.09%	-34.84%	-3.17%	-13.39%	15.56%	23.79%	18.13%	17.75%
Net Income Growth %	-	35.5%	46.86%	-334.11%	89.13%	-386.34%	231.02%	64.74%	-18%	-0.29%
Net Income (Continuing)	-325.9M	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.74	-0.59	-0.28	-1.35	-0.13	-0.62	0.85	1.52	1.31	1.40
EPS Growth %	-	66.09%	52.54%	-382.14%	90.37%	-376.92%	237.1%	78.82%	-13.82%	6.87%
EPS (Basic)	-1.74	-0.59	-0.28	-1.35	-0.13	-0.62	0.87	1.53	1.33	1.42
Diluted Shares Outstanding	187.33M	358.6M	393.02M	358.6M	411.6M	414.3M	395.8M	363.3M	345.6M	323.4M
Basic Shares Outstanding	187.33M	358.6M	393.02M	358.6M	411.6M	414.3M	388M	361.2M	341.2M	318.2M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	424.2M	413.4M	518.1M	1.21B	1.24B	1.23B	1.85B	1.49B	1.52B	1.74B
Cash & Short-Term Investments	356.9M	352.7M	430M	1.09B	1.16B	1.12B	1.72B	1.34B	1.36B	1.59B
Cash Only	356.9M	352.7M	430M	519.3M	551.3M	314.9M	533M	232.8M	614.9M	1.33B
Short-Term Investments	0	0	0	570M	607.7M	806.4M	1.19B	1.11B	741.1M	265.9M
Accounts Receivable	43M	13.2M	29.3M	28.6M	36.7M	43.4M	49.6M	53.8M	68.7M	70.4M
Days Sales Outstanding	25.99	5.7	9.66	7.5	8.06	8.28	8.39	8.45	10.02	10.08
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	24.3M	0	0	0	0	0	0	92.6M	91.9M	73.8M
Total Non-Current Assets+	586.3M	590.8M	501.8M	483.9M	1.46B	1.16B	1.24B	1.62B	1.47B	1.59B
Property, Plant & Equipment	437.6M	444M	341.9M	310.6M	1.1B	809.2M	735.9M	569M	493M	517.7M
Fixed Asset Turnover	1.38x	1.90x	3.24x	4.48x	1.51x	2.37x	2.93x	4.09x	5.07x	4.92x
Goodwill	96.1M	96M	98.9M	96.5M	234.5M	236.9M	356.6M	403.3M	402.2M	442.8M
Intangible Assets	33M	24.2M	17M	14.7M	47.4M	33.5M	53.6M	88.3M	58.1M	54.9M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	19.6M	26.6M	44M	62.1M	70.9M	80.1M	54.2M	61M	53.2M	104.7M
Total Assets+	1.01B	1B	1.02B	1.69B	2.7B	2.39B	3.09B	3.11B	2.98B	3.33B
Asset Turnover	0.60x	0.84x	1.09x	0.82x	0.62x	0.80x	0.70x	0.75x	0.84x	0.77x
Asset Growth %	-	-0.62%	1.56%	66.1%	59.33%	-11.56%	29.49%	0.61%	-4.07%	11.45%
Total Current Liabilities+	531.1M	635.3M	738.4M	837.5M	1.01B	1.09B	1.18B	1.2B	1.2B	1.21B
Accounts Payable	17.3M	15.5M	31.9M	33.3M	40.7M	18.7M	25.7M	38.6M	38.5M	36.5M
Days Payables Outstanding	15.5	14.48	31.56	30.79	36.14	16.46	21.12	31.72	29.37	29.93
Short-Term Debt	10.1M	0	0	0	0	0	0	0	0	10M
Deferred Revenue (Current)	266.9M	353M	417.9M	485M	554.2M	610.5M	671.5M	702.6M	725M	727.7M
Other Current Liabilities	503.7M	52.3M	70.7M	121.9M	101.4M	113.6M	139.1M	131.7M	109.2M	105.2M
Current Ratio	0.80x	0.65x	0.70x	1.45x	1.23x	1.13x	1.57x	1.25x	1.26x	1.44x
Quick Ratio	0.80x	0.65x	0.70x	1.45x	1.23x	1.13x	1.57x	1.25x	1.26x	1.44x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	293.8M	246.1M	178.6M	179.8M	876M	965.6M	2.21B	2.22B	1.95B	2.87B
Long-Term Debt	210.7M	0	0	0	0	0	1.37B	1.37B	1.38B	2.34B
Capital Lease Obligations	181.2M	129.6M	71.6M	89.9M	850.1M	931.2M	799.7M	736.9M	479.2M	453.9M
Deferred Tax Liabilities	0	0	0	0	0	0	0	74.1M	0	0
Other Non-Current Liabilities	-98.1M	44M	37.2M	8.9M	25.9M	34.4M	39.4M	112.1M	90.8M	68.4M
Total Liabilities	824.9M	881.4M	917M	1.02B	1.89B	2.05B	3.39B	3.42B	3.15B	4.08B
Total Debt+	304.2M	257.2M	174.3M	163.7M	1.01B	1.12B	2.37B	2.29B	2.03B	3B
Net Debt	-52.7M	-95.5M	-255.7M	-355.6M	455.4M	804.6M	1.84B	2.06B	1.42B	1.67B
Debt / Equity	1.64x	2.09x	1.69x	0.24x	1.25x	3.35x	-	-	-	-
Debt / EBITDA	-	-	2.56x	-	10.82x	-	5.56x	6.78x	2.87x	4.81x
Net Debt / EBITDA	-	-	-3.75x	-	4.90x	-	4.31x	6.09x	2.00x	2.68x
Interest Coverage	-20.14x	-11.80x	-10.34x	-	-7.82x	-25.65x	21.61x	14.62x	35.44x	19.37x
Total Equity+	185.6M	122.8M	102.9M	676.8M	808.4M	333.8M	-293.9M	-309.4M	-165.8M	-752.4M
Equity Growth %	-	-33.84%	-16.21%	557.73%	19.44%	-58.71%	-188.05%	-5.27%	46.41%	-353.8%
Book Value per Share	0.99	0.34	0.26	1.89	1.96	0.81	-0.74	-0.85	-0.48	-2.33
Total Shareholders' Equity	185.6M	122.8M	102.9M	676.8M	808.4M	333.8M	-293.9M	-309.4M	-165.8M	-752.4M
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-727.3M	-937.5M	-1.05B	-1.66B	-1.73B	-2.24B	-2.74B	-2.77B	-2.74B	-3.15B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	297.3M	-1M	4.2M	-1.2M	3.3M	10.9M	-2.6M	-48.9M	-21.5M	-10.1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	14.8M	252.6M	330.3M	425.4M	528.5M	570.8M	729.8M	797.3M	783.7M	894.1M
Operating CF Margin %	2.45%	29.9%	29.84%	30.57%	31.81%	29.82%	33.82%	34.29%	31.33%	35.09%
Operating CF Growth %	-	1606.76%	30.76%	28.79%	24.24%	8%	27.86%	9.25%	-1.71%	14.09%
Net Income	-325.9M	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M
Depreciation & Amortization	149.6M	191.6M	181.8M	166.8M	173.5M	159.3M	151.4M	157.1M	170M	137.3M
Stock-Based Compensation	66.1M	147.6M	164.6M	650.1M	261.2M	261.5M	287.1M	330.7M	338M	346.5M
Deferred Taxes	0	0	0	0	0	380.7M	31.3M	-396.3M	38.4M	-5.4M
Other Non-Cash Items	1.4M	4.8M	14.3M	10.2M	900K	21.8M	-13.9M	252.5M	-97.6M	60M
Working Capital Changes	123.6M	118.8M	81.3M	83.2M	145.6M	3.8M	-61.9M	-99.9M	-118.7M	-96.6M
Change in Receivables	-9.9M	1M	-14.4M	100K	-7.5M	-5.5M	-6.2M	-5.5M	-14.5M	-2.4M
Change in Inventory	0	0	0	0	7.5M	5.5M	6.2M	5.5M	0	0
Change in Payables	9.2M	5.5M	16.2M	-1.7M	6.4M	-19.9M	7.6M	13M	1.2M	-4.5M
Cash from Investing+	-85.6M	-118M	-23.9M	-633.8M	-320M	-233.6M	-524.8M	-48.5M	395.2M	443.8M
Capital Expenditures	-83.3M	-123.7M	-26.1M	-66M	-137.8M	-80.3M	-28.9M	-34.9M	-24.6M	-22.5M
CapEx % of Revenue	13.8%	14.64%	2.36%	4.74%	8.29%	4.2%	1.34%	1.5%	0.98%	0.88%
Acquisitions	-2.3M	2.1M	0	66M	-173.9M	80.3M	-140M	-64.8M	0	-57.8M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.6M	5.7M	2.2M	-67M	16.2M	-63M	40.2M	19.6M	23.9M	31M
Cash from Financing+	-89.6M	-134.5M	-231.7M	300.8M	-176.7M	-577.7M	16.2M	-1.04B	-799.2M	-586.6M
Debt Issued (Net)	-91.1M	-132.9M	-139.2M	-109.1M	-92.9M	-89.5M	1.01B	-127.5M	-126.6M	870.6M
Equity Issued (Net)	1000K	0	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	-87.9M	-351.9M	0	-397.5M	-1.06B	-795.4M	-539.9M	-1.24B
Other Financing	0	-1.6M	-5.1M	-6.5M	-600K	-93M	54.4M	-119.4M	-135.2M	-216.5M
Net Change in Cash	-161.3M	-4.2M	77.3M	89.3M	32M	-236.4M	218.1M	-300.2M	382.1M	745.6M
Free Cash Flow+	-68.5M	128.9M	304.2M	359.4M	390.7M	490.5M	700.9M	762.4M	759.1M	871.6M
FCF Margin %	-11.34%	15.26%	27.48%	25.82%	23.52%	25.63%	32.48%	32.79%	30.34%	34.2%
FCF Growth %	-	288.18%	136%	18.15%	8.71%	25.54%	42.9%	8.77%	-0.43%	14.82%
FCF per Share	-0.37	0.36	0.77	1.00	0.95	1.18	1.77	2.10	2.20	2.70
FCF Conversion (FCF/Net Income)	-0.05x	-1.20x	-2.96x	-0.88x	-10.03x	-2.23x	2.17x	1.44x	1.73x	1.98x
Interest Paid	13.2M	14.9M	10.8M	8.3M	9.8M	9.6M	8.5M	8.2M	10.5M	15.2M
Taxes Paid	200K	1.5M	3.4M	1.4M	600K	5M	4.2M	27.6M	68.2M	61M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-175.59%	-136.32%	-98.98%	-124.38%	-7.1%	-44.88%	1683.21%	-	-	-
Return on Invested Capital (ROIC)	-172.8%	-181.18%	-	-440.02%	-7.62%	-17.3%	15.36%	8.26%	26.91%	33.67%
Gross Margin	32.53%	53.76%	66.67%	71.64%	75.26%	78.34%	79.42%	80.89%	80.87%	82.53%
Net Margin	-53.97%	-24.88%	-10.09%	-34.84%	-3.17%	-13.39%	15.56%	23.79%	18.13%	17.75%
Debt / Equity	1.64x	2.09x	1.69x	0.24x	1.25x	3.35x	-	-	-	-
Interest Coverage	-20.14x	-11.80x	-10.34x	-	-7.82x	-25.65x	21.61x	14.62x	35.44x	19.37x
FCF Conversion	-0.05x	-1.20x	-2.96x	-0.88x	-10.03x	-2.23x	2.17x	1.44x	1.73x	1.98x
Revenue Growth	-	39.91%	31.01%	25.74%	19.37%	15.2%	12.75%	7.74%	7.6%	1.86%

Dropbox, Inc. (DBX) 10-Year Financial Performance & Capital Metrics

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Dropbox, Inc. (DBX) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare DBX vs Peers

vs ADBE

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