Dropbox, Inc. (DBX) Financial Ratios
11 years of historical data (2015–2025) · Technology · Software - Infrastructure
EV/EBITDA
↓
11.38
↓-45% vs avg
5yr avg: 20.88
30Y Low12.5·High84.2
P/FCF
↓
7.10
↓-38% vs avg
5yr avg: 11.45
30Y Low8.1·High20.4
P/B Ratio
N/A
—
5yr avg: N/A
30Y Low9.1·High27.5
ROE
N/A
—
5yr avg: 1683.2%
30Y Low-176%·High-7%
Debt/EBITDA
↓
4.64
↓-6% vs avg
5yr avg: 4.93
30Y Low2.6·High10.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DBX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Dropbox, Inc. trades at 14.0x earnings, 32% below its 5-year average of 20.5x, sitting at the 0th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a discount of 52%. On a free-cash-flow basis, the stock trades at 7.1x P/FCF, 38% below the 5-year average of 11.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.6B | $7.6B | $9.7B | $10.2B | $8.1B | $9.7B | $9.2B | $7.4B | $7.3B | — | — |
| Enterprise Value | $9.7B | $10.6B | $11.4B | $11.6B | $10.2B | $11.5B | $10.0B | $7.8B | $7.0B | — | — |
| P/E Ratio → | 13.96 | 14.95 | 21.46 | 22.50 | 14.72 | 28.87 | — | — | — | — | — |
| P/S Ratio | 2.62 | 3.01 | 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 | 7.10 | 8.15 | 11.15 | 13.42 | 10.66 | 13.86 | 18.74 | 18.87 | 20.38 | — | — |
| P/OCF | 6.94 | 7.97 | 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
DBX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Dropbox, Inc.'s enterprise value stands at 11.4x EBITDA, 45% below its 5-year average of 20.9x. The Technology sector median is 16.7x, placing the stock at a 32% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.22 | 4.47 | 4.64 | 4.38 | 5.35 | 5.22 | 4.71 | 5.01 | — | — |
| EV / EBITDA | 11.38 | 12.53 | 18.26 | 16.37 | 30.12 | 27.12 | — | 84.16 | — | — | — |
| EV / EBIT | 13.97 | 14.52 | 23.41 | 30.26 | 28.59 | 37.78 | 82.49 | — | — | — | — |
| EV / FCF | — | 11.43 | 13.06 | 15.29 | 13.37 | 16.48 | 20.38 | 20.03 | 19.40 | — | — |
DBX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Dropbox, Inc. earns an operating margin of 27.4%. Operating margins have expanded from 21.5% to 27.4% over the past 3 years, signaling improving operational efficiency. ROIC of 47.8% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.1% | 80.1% | 82.5% | 80.9% | 80.9% | 79.4% | 78.3% | 75.3% | 71.6% | 66.7% | 53.8% |
| Operating Margin | 27.4% | 27.4% | 19.1% | 21.5% | 7.8% | 12.7% | -14.5% | -4.8% | -35.5% | -10.3% | -22.9% |
| Net Profit Margin | 20.2% | 20.2% | 17.7% | 18.1% | 23.8% | 15.6% | -13.4% | -3.2% | -34.8% | -10.1% | -24.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | 1683.2% | -44.9% | -7.1% | -124.4% | -99.0% | -136.3% |
| ROA | 16.3% | 16.3% | 14.3% | 14.9% | 17.8% | 12.3% | -10.1% | -2.4% | -35.7% | -11.0% | -20.9% |
| ROIC | 47.8% | 47.8% | 33.7% | 26.9% | 8.3% | 15.4% | -17.3% | -7.6% | -440.0% | — | -181.2% |
| ROCE | 44.1% | 44.1% | 25.0% | 29.2% | 9.5% | 17.1% | -18.6% | -6.3% | -86.8% | -35.0% | -45.6% |
DBX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Dropbox, Inc. carries a Debt/EBITDA ratio of 4.6x, which is highly leveraged (58% above the sector average of 2.9x). Net debt stands at $3.1B ($3.9B total debt minus $891M cash). Interest coverage of 6.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 3.35 | 1.25 | 0.24 | 1.69 | 2.09 |
| Debt / EBITDA | 4.64 | 4.64 | 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 |
| Net Debt / EBITDA | 3.59 | 3.59 | 2.68 | 2.00 | 6.09 | 4.31 | — | 4.90 | — | -3.75 | — |
| Debt / FCF | — | 3.28 | 1.91 | 1.86 | 2.70 | 2.62 | 1.64 | 1.17 | -0.99 | -0.84 | -0.74 |
| Interest Coverage | 6.38 | 6.38 | 19.37 | 25.23 | 28.75 | 24.07 | 11.22 | -7.82 | — | -10.34 | -11.80 |
DBX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.62x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.26x to 0.62x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.62 | 0.62 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 | 1.23 | 1.45 | 0.70 | 0.65 |
| Quick Ratio | 0.62 | 0.62 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 | 1.23 | 1.45 | 0.70 | 0.65 |
| Cash Ratio | 0.55 | 0.55 | 1.32 | 1.13 | 1.12 | 1.46 | 1.03 | 1.14 | 1.30 | 0.58 | 0.56 |
| Asset Turnover | — | 0.86 | 0.77 | 0.84 | 0.75 | 0.70 | 0.80 | 0.62 | 0.82 | 1.09 | 0.84 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 11.45 | 10.08 | 10.02 | 8.45 | 8.39 | 8.28 | 8.06 | 7.50 | 9.66 | 5.70 |
DBX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Dropbox, Inc. returns 25.9% to shareholders annually primarily through share buybacks. The earnings yield of 7.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 6.7% | 4.7% | 4.4% | 6.8% | 3.5% | — | — | — | — | — |
| FCF Yield | 14.1% | 12.3% | 9.0% | 7.5% | 9.4% | 7.2% | 5.3% | 5.3% | 4.9% | — | — |
| Buyback Yield | 25.9% | 22.6% | 12.8% | 5.3% | 9.8% | 10.9% | 4.3% | 0.0% | 4.8% | — | — |
| Total Shareholder Yield | 25.9% | 22.6% | 12.8% | 5.3% | 9.8% | 10.9% | 4.3% | 0.0% | 4.8% | — | — |
| Shares Outstanding | — | $273M | $323M | $346M | $363M | $396M | $414M | $412M | $359M | $393M | $359M |
Peer Comparison
Compare DBX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DBXYou | $7B | 14.0 | 11.4 | 7.1 | 80.1% | 27.4% | — | 47.8% | 4.6 |
 BOX | $3B | 42.1 | 34.0 | 9.8 | 79.2% | 7.1% | — | 19.4% | 8.5 |
 DOCN | $18B | 68.8 | 63.0 | 106.5 | 59.9% | 17.4% | — | 15.6% | 2.5 |
 MSFT | $2.8T | 27.8 | 17.8 | 39.4 | 68.8% | 45.6% | 33.3% | 24.9% | 0.7 |
 GOOGL | $4.5T | 34.0 | 29.8 | 60.8 | 59.7% | 32.1% | 35.7% | 25.1% | 0.4 |
 AAPL | $4.4T | 39.9 | 30.8 | 44.3 | 46.9% | 32.0% | 171.4% | 67.4% | 0.8 |
 AMZN | $2.6T | 34.1 | 18.5 | 341.6 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 OTEX | $5B | 12.5 | 6.3 | 7.3 | 72.3% | 20.1% | 10.7% | 8.2% | 4.0 |
 OKTA | $20B | 89.9 | 76.8 | 21.6 | 77.4% | 5.2% | 3.5% | 1.7% | 1.7 |
 ZS | $20B | -462.4 | — | 27.8 | 76.9% | -4.8% | -2.7% | -8.4% | — |
 CSCO | $471B | 46.9 | 33.6 | 35.5 | 64.9% | 20.8% | 22.1% | 13.0% | 1.9 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 11 years · Updated daily
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DBX — Frequently Asked Questions
Quick answers to the most common questions about buying DBX stock.
What is Dropbox, Inc.'s P/E ratio?
Dropbox, Inc.'s current P/E ratio is 14.0x. The historical average is 20.5x.
What is Dropbox, Inc.'s EV/EBITDA?
Dropbox, Inc.'s current EV/EBITDA is 11.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 31.4x.
Is DBX stock overvalued?
Based on historical data, Dropbox, Inc. is trading at a P/E of 14.0x. Compare with industry peers and growth rates for a complete picture.
What are Dropbox, Inc.'s profit margins?
Dropbox, Inc. has 80.1% gross margin and 27.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Dropbox, Inc. have?
Dropbox, Inc.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.