Last 38 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Dropbox, Inc.'s quarterly P/E stands at 16.2x, down 26.8% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 40.5% YoY to 12.8x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 17.85 | 16.16 | 16.07 | 15.89 | 13.09 | 22.09 | 18.70 | 16.52 | 15.58 | 11.17 | 20.63 | 51.29 | 27.02 |
| — | -26.8% | -14.1% | -3.8% | -15.9% | +97.8% | -9.4% | -67.8% | -42.4% | +85.6% | -8.4% | +66.2% | -2.4% | |
| P/S Ratio | 0.76 | 2.78 | 3.16 | 3.16 | 3.16 | 3.58 | 3.15 | 2.87 | 3.28 | 3.99 | 3.72 | 3.68 | 3.09 |
| — | -22.4% | +0.2% | +10.3% | -3.6% | -10.3% | -15.4% | -22.2% | +6.3% | +20.7% | +17.9% | +9.9% | -20.0% | |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/FCF | 2.22 | 7.86 | 6.82 | 7.64 | 12.88 | 10.95 | 7.45 | 8.09 | 12.45 | 13.34 | 9.56 | 12.42 | 13.66 |
| — | -28.2% | -8.5% | -5.6% | +3.5% | -17.9% | -22.1% | -34.8% | -8.9% | +22.4% | +25.6% | +33.2% | -17.6% | |
| EV / EBITDA | 5.78 | 12.84 | 12.29 | 12.10 | 11.11 | 21.58 | 14.64 | 13.75 | 13.93 | 9.31 | 16.06 | 27.54 | 18.73 |
| — | -40.5% | -16.1% | -12.0% | -20.2% | +131.9% | -8.8% | -50.1% | -25.6% | — | -12.1% | +39.5% | -8.8% | |
| EV / EBIT | 7.41 | — | 14.83 | 14.59 | 12.66 | 30.92 | 18.68 | 17.25 | 16.98 | 26.26 | 21.19 | 46.54 | 28.20 |
| — | — | -20.6% | -15.4% | -25.4% | +17.8% | -11.8% | -62.9% | -39.8% | -13.6% | -15.6% | +76.9% | -4.6% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Dropbox, Inc.'s operating margin was 24.5% in Q4 2025, down 3.0 pp QoQ and up 10.9 pp YoY. The trailing four-quarter average of 27.3% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.5% | 79.2% | 79.8% | 80.2% | 81.3% | 81.2% | 82.5% | 83.1% | 83.2% | 80.8% | 81.1% | 80.7% | 80.9% |
| — | -2.5% | -3.4% | -3.5% | -2.3% | +0.5% | +1.8% | +3.0% | +2.9% | +0.2% | -0.4% | -1.0% | +1.2% | |
| Operating Margin | 19.1% | 24.5% | 27.5% | 27.5% | 29.8% | 13.7% | 20.0% | 20.0% | 22.7% | 42.1% | 20.6% | 9.1% | 13.8% |
| — | +79.7% | +37.6% | +37.5% | +31.1% | -67.6% | -3.1% | +120.5% | +65.2% | +413.6% | +36.6% | -37.3% | -13.5% | |
| Net Margin | 17.7% | 17.1% | 19.5% | 20.1% | 24.1% | 16.0% | 16.7% | 17.4% | 21.0% | 35.8% | 18.0% | 6.9% | 11.3% |
| — | +7.0% | +16.8% | +15.3% | +14.8% | -55.4% | -7.3% | +150.9% | +85.6% | -34.7% | +28.0% | -35.9% | -20.3% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| ROA | 14.3% | 3.9% | 4.4% | 4.4% | 4.8% | 3.5% | 4.0% | 4.0% | 4.6% | 7.6% | 3.8% | 1.5% | 2.3% |
| — | +10.6% | +10.2% | +9.3% | +4.5% | -54.1% | +5.1% | +175.1% | +102.4% | -32.9% | +25.9% | -34.1% | -15.7% | |
| ROIC | 33.7% | 51.2% | 13.1% | 13.0% | 14.6% | 7.0% | 9.2% | 8.3% | 8.8% | 15.7% | 7.4% | 2.9% | 3.8% |
| — | +627.8% | +42.5% | +57.0% | +65.8% | -55.2% | +24.7% | +184.9% | +133.2% | +499.3% | +51.1% | -33.1% | -15.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Dropbox, Inc.'s Debt/EBITDA ratio is 13.3x, down from 15.2x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 56.2% YoY to 0.63x, tightening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Debt / EBITDA | 4.81 | 13.28 | 15.19 | 14.42 | 13.42 | 23.76 | 12.40 | 12.59 | 11.52 | 6.54 | 13.11 | 22.86 | 18.00 |
| — | -44.1% | +22.4% | +14.5% | +16.5% | +263.3% | -5.4% | -44.9% | -36.0% | — | -26.3% | +20.5% | -1.8% | |
| Current Ratio | 1.44 | 0.63 | 0.57 | 0.60 | 0.73 | 1.44 | 0.87 | 1.04 | 1.15 | 1.26 | 1.23 | 1.17 | 1.21 |
| — | -56.2% | -34.6% | -42.3% | -36.7% | +13.7% | -29.1% | -11.3% | -5.5% | +1.4% | -10.3% | -16.4% | -16.4% | |
| Quick Ratio | 1.44 | 0.63 | 0.57 | 0.60 | 0.73 | 1.44 | 0.87 | 1.04 | 1.15 | 1.26 | 1.23 | 1.17 | 1.21 |
| — | -56.2% | -34.6% | -42.3% | -36.7% | +13.7% | -29.1% | -11.3% | -5.5% | +1.4% | -10.3% | -16.4% | -16.4% | |
| Interest Coverage | 19.37 | — | 6.22 | 6.31 | 6.82 | 8.21 | 26.08 | 26.46 | 31.20 | 63.67 | 33.51 | 15.27 | 25.48 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 38 years · Updated daily
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Start ComparisonDropbox, Inc.'s current P/E is 17.9x. The average P/E over the last 4 quarters is 15.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Dropbox, Inc.'s current operating margin is 19.1%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Dropbox, Inc.'s business trajectory between earnings reports.