10 years of historical data (2015–2024) · Technology · Software - Infrastructure
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Dropbox, Inc. trades at 17.9x earnings, 18% below its 5-year average of 21.9x, sitting at the 25th percentile of its historical range. Compared to the Technology sector median P/E of 25.2x, the stock trades at a discount of 29%. On a free-cash-flow basis, the stock trades at 2.2x P/FCF, 84% below the 5-year average of 13.6x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.9B | $9.7B | $10.2B | $8.1B | $9.7B | $9.2B | $7.4B | $7.3B | — | — | — |
| Enterprise Value | $3.6B | $11.4B | $11.6B | $10.2B | $11.5B | $10.0B | $7.8B | $7.0B | — | — | — |
| P/E Ratio → | 17.85 | 21.46 | 22.50 | 14.72 | 28.87 | — | — | — | — | — | — |
| P/S Ratio | 0.76 | 3.81 | 4.07 | 3.50 | 4.50 | 4.80 | 4.44 | 5.26 | — | — | — |
| P/B Ratio | — | — | — | — | — | 27.54 | 9.12 | 10.82 | — | — | — |
| P/FCF | 2.22 | 11.15 | 13.42 | 10.66 | 13.86 | 18.74 | 18.87 | 20.38 | — | — | — |
| P/OCF | 2.17 | 10.87 | 13.00 | 10.20 | 13.31 | 16.11 | 13.95 | 17.22 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Dropbox, Inc.'s enterprise value stands at 5.8x EBITDA, 75% below its 5-year average of 23.0x. The Technology sector median is 15.7x, placing the stock at a 63% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.47 | 4.64 | 4.38 | 5.35 | 5.22 | 4.71 | 5.01 | — | — | — |
| EV / EBITDA | 5.78 | 18.26 | 16.37 | 30.12 | 27.12 | — | 84.16 | — | — | — | — |
| EV / EBIT | 7.41 | 23.41 | 30.26 | 28.59 | 37.78 | 82.49 | — | — | — | — | — |
| EV / FCF | — | 13.06 | 15.29 | 13.37 | 16.48 | 20.38 | 20.03 | 19.40 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Dropbox, Inc. earns an operating margin of 19.1%. Operating margins have expanded from 7.8% to 19.1% over the past 3 years, signaling improving operational efficiency. ROIC of 33.7% represents excellent returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.5% | 82.5% | 80.9% | 80.9% | 79.4% | 78.3% | 75.3% | 71.6% | 66.7% | 53.8% | 32.5% |
| Operating Margin | 19.1% | 19.1% | 21.5% | 7.8% | 12.7% | -14.5% | -4.8% | -35.5% | -10.3% | -22.9% | -50.7% |
| Net Profit Margin | 17.7% | 17.7% | 18.1% | 23.8% | 15.6% | -13.4% | -3.2% | -34.8% | -10.1% | -24.9% | -54.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | 1683.2% | -44.9% | -7.1% | -124.4% | -99.0% | -136.3% | -175.6% |
| ROA | 14.3% | 14.3% | 14.9% | 17.8% | 12.3% | -10.1% | -2.4% | -35.7% | -11.0% | -20.9% | -32.3% |
| ROIC | 33.7% | 33.7% | 26.9% | 8.3% | 15.4% | -17.3% | -7.6% | -440.0% | — | -181.2% | -172.8% |
| ROCE | 25.0% | 25.0% | 29.2% | 9.5% | 17.1% | -18.6% | -6.3% | -86.8% | -35.0% | -45.6% | -63.9% |
Solvency and debt-coverage ratios — lower is generally safer
Dropbox, Inc. carries a Debt/EBITDA ratio of 4.8x, which is highly leveraged (62% above the sector average of 3.0x). Net debt stands at $1.7B ($3.0B total debt minus $1.3B cash). Interest coverage of 19.4x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 3.35 | 1.25 | 0.24 | 1.69 | 2.09 | 1.64 |
| Debt / EBITDA | 4.81 | 4.81 | 2.87 | 6.78 | 5.56 | — | 10.82 | — | 2.56 | — | — |
| Net Debt / Equity | — | — | — | — | — | 2.41 | 0.56 | -0.53 | -2.48 | -0.78 | -0.28 |
| Net Debt / EBITDA | 2.68 | 2.68 | 2.00 | 6.09 | 4.31 | — | 4.90 | — | -3.75 | — | — |
| Debt / FCF | — | 1.91 | 1.86 | 2.70 | 2.62 | 1.64 | 1.17 | -0.99 | -0.84 | -0.74 | — |
| Interest Coverage | 19.37 | 19.37 | 35.44 | 14.62 | 21.61 | -25.65 | -7.82 | — | -10.34 | -11.80 | -20.14 |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.44x means Dropbox, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.25x to 1.44x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.44 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 | 1.23 | 1.45 | 0.70 | 0.65 | 0.80 |
| Quick Ratio | 1.44 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 | 1.23 | 1.45 | 0.70 | 0.65 | 0.80 |
| Cash Ratio | 1.32 | 1.32 | 1.13 | 1.12 | 1.46 | 1.03 | 1.14 | 1.30 | 0.58 | 0.56 | 0.67 |
| Asset Turnover | — | 0.77 | 0.84 | 0.75 | 0.70 | 0.80 | 0.62 | 0.82 | 1.09 | 0.84 | 0.60 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 10.08 | 10.02 | 8.45 | 8.39 | 8.28 | 8.06 | 7.50 | 9.66 | 5.70 | 25.99 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Dropbox, Inc. returns 64.1% to shareholders annually primarily through share buybacks. The earnings yield of 5.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 4.7% | 4.4% | 6.8% | 3.5% | — | — | — | — | — | — |
| FCF Yield | 45.0% | 9.0% | 7.5% | 9.4% | 7.2% | 5.3% | 5.3% | 4.9% | — | — | — |
| Buyback Yield | 64.1% | 12.8% | 5.3% | 9.8% | 10.9% | 4.3% | 0.0% | 4.8% | — | — | — |
| Total Shareholder Yield | 64.1% | 12.8% | 5.3% | 9.8% | 10.9% | 4.3% | 0.0% | 4.8% | — | — | — |
| Shares Outstanding | — | $323M | $346M | $363M | $396M | $414M | $412M | $359M | $393M | $359M | $187M |
Compare DBX with 5 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| DBXYou | $2B | 17.9 | 5.8 | 2.2 | 82.5% | 19.1% | — | 33.7% | 4.8 |
| ADBE | $116B | 21.2 | 15.0 | 14.8 | 89.0% | 31.3% | 36.3% | 38.9% | 0.8 |
| BOX | $3B | 17.3 | 34.3 | 10.3 | 79.1% | 7.3% | 189.4% | 25.8% | 7.1 |
| CCSI | $633M | 6.9 | 6.7 | 6.0 | 79.8% | 43.0% | 613.7% | 22.2% | 3.4 |
| KLTR | $216M | -6.6 | — | 18.5 | 66.6% | -13.5% | -114.5% | -39.2% | — |
| SNCR | $104M | 20.9 | 6.6 | 7.8 | 67.7% | 14.7% | 8.8% | 8.3% | 4.9 |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 10 years · Updated daily
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Start ComparisonDropbox, Inc.'s current P/E ratio is 17.9x. The historical average is 21.9x. This places it at the 25th percentile of its historical range.
Dropbox, Inc.'s current EV/EBITDA is 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.2x.
Based on historical data, Dropbox, Inc. is trading at a P/E of 17.9x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dropbox, Inc. has 82.5% gross margin and 19.1% operating margin. Operating margin between 10-20% is typical for established companies.
Dropbox, Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.