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

DBX • • Industrial / General

TechnologyInfrastructure SoftwareCloud Infrastructure & Data ManagementCloud Storage & Content Management

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 -

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-0.44%

Profit (Net Income) CAGR

10Y-

5Y-

3Y10.44%

TTM-12.88%

EPS CAGR

10Y-

5Y-

3Y18.1%

TTM2.31%

ROCE

10Y Avg-17.55%

5Y Avg12.42%

3Y Avg21.19%

Latest24.96%

Peer Comparison

Cloud Storage & Content Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ADBEAdobe Inc.	127.44B	304.44	24.63	10.8%	30%	61.34%	6.14%	0.43
SNCRSynchronoss Technologies, Inc.	99.99M	8.69	20.21	5.72%	-5.69%	-17.56%	13.36%	4.97
BOXBox, Inc.	3.91B	27.28	20.06	5.05%	19.71%	108.45%	8.44%	3.66
DBXDropbox, Inc.	4.68B	26.84	19.17	1.86%	19.87%		18.62%
CCSIConsensus Cloud Solutions, Inc.	430.86M	22.67	4.92	-3.36%	23.48%		20.5%
TAOPTaoping Inc.	11.92M	1.29	-3.23	-5.08%	-4.96%	-11.46%		0.50
BLZEBackblaze, Inc.	282.05M	4.89	-4.41	25.1%	-24.37%	-41.74%	3.83%	0.60
KLTRKaltura, Inc.	214.25M	1.51	-7.19	2.02%	-7.1%	-72.43%	5.47%	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 %	-	0.4%	0.31%	0.26%	0.19%	0.15%	0.13%	0.08%	0.08%	0.02%
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	0.67%	0.46%	0.33%	0.28%	0.25%	0.22%	0.21%	0.19%	0.19%	0.17%
Gross Profit+	196.4M	454.2M	737.9M	997M	1.25B	1.5B	1.71B	1.88B	2.02B	2.1B
Gross Margin %	0.33%	0.54%	0.67%	0.72%	0.75%	0.78%	0.79%	0.81%	0.81%	0.83%
Gross Profit Growth %	-	1.31%	0.62%	0.35%	0.25%	0.2%	0.14%	0.1%	0.08%	0.04%
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	0.83%	0.77%	0.77%	1.07%	0.8%	0.93%	0.67%	0.73%	0.59%	0.63%
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	0.5%	0.42%	0.43%	0.52%	0.4%	0.34%	0.3%	0.27%	0.28%	0.28%
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	0.33%	0.34%	0.34%	0.55%	0.4%	0.38%	0.35%	0.38%	0.37%	0.36%
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 %	-0.51%	-0.23%	-0.1%	-0.35%	-0.05%	-0.14%	0.13%	0.08%	0.22%	0.19%
Operating Income Growth %	-	0.37%	0.41%	-3.34%	0.84%	-2.44%	1.99%	-0.34%	1.97%	-0.1%
EBITDA+	-156.6M	-1.9M	68.1M	-327.2M	93M	-117.7M	425.8M	338.4M	708.7M	623.5M
EBITDA Margin %	-0.26%	-0%	0.06%	-0.24%	0.06%	-0.06%	0.2%	0.15%	0.28%	0.24%
EBITDA Growth %	-	0.99%	36.84%	-5.8%	1.28%	-2.27%	4.62%	-0.21%	1.09%	-0.12%
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	19.4M	13.9M
Interest Expense	15.2M	16.4M	11M	0	10.3M	10.8M	12.7M	12.4M	0	0
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 %	-0.54%	-0.24%	-0.1%	-0.34%	-0.03%	-0.13%	0.14%	0.08%	0.22%	0.2%
Income Tax+	300K	5.2M	200K	4.8M	700K	6.1M	-36.5M	-360.5M	100.8M	57.5M
Effective Tax Rate %	1%	1.03%	1%	1.01%	1.01%	1.02%	1.12%	2.87%	0.82%	0.89%
Net Income+	-325.9M	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M
Net Margin %	-0.54%	-0.25%	-0.1%	-0.35%	-0.03%	-0.13%	0.16%	0.24%	0.18%	0.18%
Net Income Growth %	-	0.36%	0.47%	-3.34%	0.89%	-3.86%	2.31%	0.65%	-0.18%	-0%
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 %	-	0.66%	0.53%	-3.82%	0.9%	-3.77%	2.37%	0.79%	-0.14%	0.07%
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 %	-	-0.01%	0.02%	0.66%	0.59%	-0.12%	0.29%	0.01%	-0.04%	0.11%
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)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
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	-	-
Total Equity+	185.6M	122.8M	102.9M	676.8M	808.4M	333.8M	-293.9M	-309.4M	-165.8M	-752.4M
Equity Growth %	-	-0.34%	-0.16%	5.58%	0.19%	-0.59%	-1.88%	-0.05%	0.46%	-3.54%
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 %	0.02%	0.3%	0.3%	0.31%	0.32%	0.3%	0.34%	0.34%	0.31%	0.35%
Operating CF Growth %	-	16.07%	0.31%	0.29%	0.24%	0.08%	0.28%	0.09%	-0.02%	0.14%
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	0.14%	0.15%	0.02%	0.05%	0.08%	0.04%	0.01%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
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)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-1.6M	-5.1M	-6.5M	-600K	-93M	54.4M	-119.4M	-135.2M	-216.5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
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 %	-0.11%	0.15%	0.27%	0.26%	0.24%	0.26%	0.32%	0.33%	0.3%	0.34%
FCF Growth %	-	2.88%	1.36%	0.18%	0.09%	0.26%	0.43%	0.09%	-0%	0.15%
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	-	-
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%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	706.5M	854.1M	999.3M	1.13B	1.26B	1.42B	1.45B
UNITED STATES Growth	-	20.89%	17.00%	13.08%	11.88%	12.28%	2.05%
Non-US	685.2M	807.2M	914.6M	1.03B	1.06B	1.08B	1.1B
Non-US Growth	-	17.81%	13.31%	12.39%	3.19%	2.03%	1.62%

Frequently Asked Questions

Valuation & Price

Dropbox, Inc. (DBX) has a price-to-earnings (P/E) ratio of 19.2x. This is roughly in line with market averages.

Growth & Financials

Dropbox, Inc. (DBX) reported $2.53B in revenue for fiscal year 2024. This represents a 319% increase from $603.8M in 2015.

Dropbox, Inc. (DBX) grew revenue by 1.9% over the past year. Growth has been modest.

Yes, Dropbox, Inc. (DBX) is profitable, generating $502.5M in net income for fiscal year 2024 (17.7% net margin).

Dividend & Returns

Dropbox, Inc. (DBX) generated $916.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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

DBX • • Industrial / General

TechnologyInfrastructure SoftwareCloud Infrastructure & Data ManagementCloud Storage & Content Management

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 -

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-0.44%

Profit (Net Income) CAGR

10Y-

5Y-

3Y10.44%

TTM-12.88%

EPS CAGR

10Y-

5Y-

3Y18.1%

TTM2.31%

ROCE

10Y Avg-17.55%

5Y Avg12.42%

3Y Avg21.19%

Latest24.96%

Peer Comparison

Cloud Storage & Content Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ADBEAdobe Inc.	127.44B	304.44	24.63	10.8%	30%	61.34%	6.14%	0.43
SNCRSynchronoss Technologies, Inc.	99.99M	8.69	20.21	5.72%	-5.69%	-17.56%	13.36%	4.97
BOXBox, Inc.	3.91B	27.28	20.06	5.05%	19.71%	108.45%	8.44%	3.66
DBXDropbox, Inc.	4.68B	26.84	19.17	1.86%	19.87%		18.62%
CCSIConsensus Cloud Solutions, Inc.	430.86M	22.67	4.92	-3.36%	23.48%		20.5%
TAOPTaoping Inc.	11.92M	1.29	-3.23	-5.08%	-4.96%	-11.46%		0.50
BLZEBackblaze, Inc.	282.05M	4.89	-4.41	25.1%	-24.37%	-41.74%	3.83%	0.60
KLTRKaltura, Inc.	214.25M	1.51	-7.19	2.02%	-7.1%	-72.43%	5.47%	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 %	-	0.4%	0.31%	0.26%	0.19%	0.15%	0.13%	0.08%	0.08%	0.02%
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	0.67%	0.46%	0.33%	0.28%	0.25%	0.22%	0.21%	0.19%	0.19%	0.17%
Gross Profit+	196.4M	454.2M	737.9M	997M	1.25B	1.5B	1.71B	1.88B	2.02B	2.1B
Gross Margin %	0.33%	0.54%	0.67%	0.72%	0.75%	0.78%	0.79%	0.81%	0.81%	0.83%
Gross Profit Growth %	-	1.31%	0.62%	0.35%	0.25%	0.2%	0.14%	0.1%	0.08%	0.04%
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	0.83%	0.77%	0.77%	1.07%	0.8%	0.93%	0.67%	0.73%	0.59%	0.63%
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	0.5%	0.42%	0.43%	0.52%	0.4%	0.34%	0.3%	0.27%	0.28%	0.28%
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	0.33%	0.34%	0.34%	0.55%	0.4%	0.38%	0.35%	0.38%	0.37%	0.36%
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 %	-0.51%	-0.23%	-0.1%	-0.35%	-0.05%	-0.14%	0.13%	0.08%	0.22%	0.19%
Operating Income Growth %	-	0.37%	0.41%	-3.34%	0.84%	-2.44%	1.99%	-0.34%	1.97%	-0.1%
EBITDA+	-156.6M	-1.9M	68.1M	-327.2M	93M	-117.7M	425.8M	338.4M	708.7M	623.5M
EBITDA Margin %	-0.26%	-0%	0.06%	-0.24%	0.06%	-0.06%	0.2%	0.15%	0.28%	0.24%
EBITDA Growth %	-	0.99%	36.84%	-5.8%	1.28%	-2.27%	4.62%	-0.21%	1.09%	-0.12%
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	19.4M	13.9M
Interest Expense	15.2M	16.4M	11M	0	10.3M	10.8M	12.7M	12.4M	0	0
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 %	-0.54%	-0.24%	-0.1%	-0.34%	-0.03%	-0.13%	0.14%	0.08%	0.22%	0.2%
Income Tax+	300K	5.2M	200K	4.8M	700K	6.1M	-36.5M	-360.5M	100.8M	57.5M
Effective Tax Rate %	1%	1.03%	1%	1.01%	1.01%	1.02%	1.12%	2.87%	0.82%	0.89%
Net Income+	-325.9M	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M
Net Margin %	-0.54%	-0.25%	-0.1%	-0.35%	-0.03%	-0.13%	0.16%	0.24%	0.18%	0.18%
Net Income Growth %	-	0.36%	0.47%	-3.34%	0.89%	-3.86%	2.31%	0.65%	-0.18%	-0%
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 %	-	0.66%	0.53%	-3.82%	0.9%	-3.77%	2.37%	0.79%	-0.14%	0.07%
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 %	-	-0.01%	0.02%	0.66%	0.59%	-0.12%	0.29%	0.01%	-0.04%	0.11%
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)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
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	-	-
Total Equity+	185.6M	122.8M	102.9M	676.8M	808.4M	333.8M	-293.9M	-309.4M	-165.8M	-752.4M
Equity Growth %	-	-0.34%	-0.16%	5.58%	0.19%	-0.59%	-1.88%	-0.05%	0.46%	-3.54%
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 %	0.02%	0.3%	0.3%	0.31%	0.32%	0.3%	0.34%	0.34%	0.31%	0.35%
Operating CF Growth %	-	16.07%	0.31%	0.29%	0.24%	0.08%	0.28%	0.09%	-0.02%	0.14%
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	0.14%	0.15%	0.02%	0.05%	0.08%	0.04%	0.01%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
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)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-1.6M	-5.1M	-6.5M	-600K	-93M	54.4M	-119.4M	-135.2M	-216.5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
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 %	-0.11%	0.15%	0.27%	0.26%	0.24%	0.26%	0.32%	0.33%	0.3%	0.34%
FCF Growth %	-	2.88%	1.36%	0.18%	0.09%	0.26%	0.43%	0.09%	-0%	0.15%
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	-	-
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%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	706.5M	854.1M	999.3M	1.13B	1.26B	1.42B	1.45B
UNITED STATES Growth	-	20.89%	17.00%	13.08%	11.88%	12.28%	2.05%
Non-US	685.2M	807.2M	914.6M	1.03B	1.06B	1.08B	1.1B
Non-US Growth	-	17.81%	13.31%	12.39%	3.19%	2.03%	1.62%

Frequently Asked Questions

Valuation & Price

Dropbox, Inc. (DBX) has a price-to-earnings (P/E) ratio of 19.2x. This is roughly in line with market averages.

Growth & Financials

Dropbox, Inc. (DBX) reported $2.53B in revenue for fiscal year 2024. This represents a 319% increase from $603.8M in 2015.

Dropbox, Inc. (DBX) grew revenue by 1.9% over the past year. Growth has been modest.

Yes, Dropbox, Inc. (DBX) is profitable, generating $502.5M in net income for fiscal year 2024 (17.7% net margin).

Dividend & Returns

Dropbox, Inc. (DBX) generated $916.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.