Last 41 quarters of trend data · Technology · Enterprise Software
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 17.93 | 16.27 | 16.35 | 11.83 | 16.16 | 16.07 | 15.89 | 13.09 | 22.09 | 18.70 | 16.52 | 15.58 | 11.17 | 20.63 | 51.29 | 27.02 | 6.02 | 22.52 | 30.87 | 27.68 | 19.17 |
| — | +1.3% | +2.9% | -9.6% | -26.8% | -14.1% | -3.8% | -15.9% | +97.8% | -9.4% | -67.8% | -42.4% | +85.6% | -8.4% | +66.2% | -2.4% | -68.6% | -41.4% | -10.4% | -50.2% | — | |
| P/S Ratio | 3.48 | 2.99 | 2.47 | 2.14 | 2.78 | 3.16 | 3.16 | 3.16 | 3.58 | 3.15 | 2.87 | 3.28 | 3.99 | 3.72 | 3.68 | 3.09 | 3.31 | 3.16 | 3.35 | 3.85 | 4.19 |
| — | -5.3% | -22.0% | -32.4% | -22.4% | +0.2% | +10.3% | -3.6% | -10.3% | -15.4% | -22.2% | +6.3% | +20.7% | +17.9% | +9.9% | -20.0% | -21.1% | -40.3% | -40.9% | -27.0% | -7.4% | |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/FCF | 9.64 | 7.57 | 6.62 | 6.61 | 7.86 | 6.82 | 7.64 | 12.88 | 10.95 | 7.45 | 8.09 | 12.45 | 13.34 | 9.56 | 12.42 | 13.66 | 10.90 | 7.61 | 9.32 | 16.58 | 14.83 |
| — | +11.0% | -13.3% | -48.7% | -28.2% | -8.5% | -5.6% | +3.5% | -17.9% | -22.1% | -34.8% | -8.9% | +22.4% | +25.6% | +33.2% | -17.6% | -26.5% | -42.1% | -33.1% | -33.2% | +2.9% | |
| EV / EBITDA | 14.43 | 12.44 | 11.37 | 9.65 | 12.71 | 12.29 | 12.10 | 11.11 | 21.58 | 14.64 | 13.75 | 13.93 | 9.31 | 16.06 | 27.54 | 18.73 | — | 18.27 | 19.74 | 20.53 | 25.43 |
| — | +1.2% | -6.0% | -13.2% | -41.1% | -16.1% | -12.0% | -20.2% | +131.9% | -8.8% | -50.1% | -25.6% | — | -12.1% | +39.5% | -8.8% | — | -36.9% | -29.7% | -49.0% | — | |
| EV / EBIT | 17.17 | 14.48 | 13.64 | 11.01 | 14.44 | 14.83 | 14.59 | 12.66 | 30.92 | 17.35 | 15.83 | 15.65 | 26.26 | 21.19 | 46.54 | 28.20 | 30.40 | 25.11 | 26.31 | 29.57 | 32.01 |
| — | -2.4% | -6.5% | -13.0% | -53.3% | -14.5% | -7.8% | -19.1% | +17.8% | -18.1% | -66.0% | -44.5% | -13.6% | -15.6% | +76.9% | -4.6% | -5.0% | -42.3% | -34.8% | -43.1% | -33.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.1% | 80.6% | 80.2% | 79.7% | 79.2% | 79.8% | 80.2% | 81.3% | 81.2% | 82.5% | 83.1% | 83.2% | 80.8% | 81.1% | 80.7% | 80.9% | 80.7% | 81.4% | 81.5% | 79.9% | 79.5% |
| — | +1.0% | -0.1% | -2.1% | -2.5% | -3.4% | -3.5% | -2.3% | +0.5% | +1.8% | +3.0% | +2.9% | +0.2% | -0.4% | -1.0% | +1.2% | +1.4% | +2.3% | +2.1% | +1.6% | +0.6% | |
| Operating Margin | 27.4% | 27.5% | 26.1% | 27.5% | 24.9% | 27.5% | 27.5% | 29.8% | 13.7% | 20.0% | 20.0% | 22.7% | 42.1% | 20.6% | 9.1% | 13.8% | -13.4% | 15.1% | 14.5% | 15.9% | 12.4% |
| — | -0.2% | -5.2% | -7.9% | +82.2% | +37.6% | +37.5% | +31.1% | -67.6% | -3.1% | +120.5% | +65.2% | +413.6% | +36.6% | -37.3% | -13.5% | -208.2% | +7.5% | -9.0% | +91.6% | +118.1% | |
| Net Margin | 20.2% | 18.2% | 15.2% | 18.2% | 17.1% | 19.5% | 20.1% | 24.1% | 16.0% | 16.7% | 17.4% | 21.0% | 35.8% | 18.0% | 6.9% | 11.3% | 54.8% | 14.1% | 10.8% | 14.2% | 22.0% |
| — | -6.6% | -24.4% | -24.4% | +7.0% | +16.8% | +15.3% | +14.8% | -55.4% | -7.3% | +150.9% | +85.6% | -34.7% | +28.0% | -35.9% | -20.3% | +148.8% | +2.5% | -34.7% | +52.3% | +132.1% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| ROA | 16.3% | 4.1% | 3.3% | 3.9% | 3.8% | 4.4% | 4.4% | 4.8% | 3.5% | 4.0% | 4.0% | 4.6% | 7.6% | 3.8% | 1.5% | 2.3% | 11.3% | 3.0% | 2.2% | 2.7% | 3.9% |
| — | -7.6% | -25.3% | -19.5% | +9.3% | +10.2% | +9.3% | +4.5% | -54.1% | +5.1% | +175.1% | +102.4% | -32.9% | +25.9% | -34.1% | -15.7% | +191.5% | +34.3% | -16.7% | +60.4% | +129.4% | |
| ROIC | 47.8% | 18.8% | 16.3% | 12.7% | 10.6% | 13.1% | 13.0% | 14.6% | 7.0% | 9.2% | 8.3% | 8.8% | 15.7% | 7.4% | 2.9% | 3.8% | -3.9% | 4.9% | 4.3% | 4.5% | 3.3% |
| — | +43.4% | +25.5% | -13.3% | +50.3% | +42.5% | +57.0% | +65.8% | -55.2% | +24.7% | +184.9% | +133.2% | +499.3% | +51.1% | -33.1% | -15.6% | -219.1% | +32.3% | +3.5% | +88.5% | +116.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Debt / EBITDA | 4.64 | 18.79 | 19.76 | 18.92 | 19.81 | 15.19 | 14.41 | 13.42 | 23.76 | 12.40 | 12.59 | 11.52 | 6.54 | 13.11 | 22.86 | 18.00 | — | 17.78 | 18.97 | 18.32 | 21.28 |
| — | +23.7% | +37.1% | +40.9% | -16.6% | +22.4% | +14.5% | +16.5% | +263.3% | -5.4% | -44.9% | -36.0% | — | -26.3% | +20.5% | -1.8% | — | -17.4% | -6.8% | -42.7% | — | |
| Current Ratio | 0.62 | 1.07 | 1.07 | 1.23 | 0.62 | 0.57 | 0.60 | 0.73 | 1.44 | 0.87 | 1.04 | 1.15 | 1.26 | 1.23 | 1.17 | 1.21 | 1.25 | 1.37 | 1.40 | 1.45 | 1.57 |
| — | +87.7% | +78.9% | +69.5% | -56.8% | -34.6% | -42.3% | -36.7% | +13.7% | -29.1% | -11.3% | -5.5% | +1.4% | -10.3% | -16.4% | -16.4% | -20.9% | -21.9% | -23.7% | -23.2% | +39.4% | |
| Quick Ratio | 0.62 | 1.07 | 1.07 | 1.23 | 0.62 | 0.57 | 0.60 | 0.73 | 1.44 | 0.87 | 1.04 | 1.15 | 1.26 | 1.23 | 1.17 | 1.21 | 1.25 | 1.37 | 1.40 | 1.45 | 1.57 |
| — | +87.7% | +78.9% | +69.5% | -56.8% | -34.6% | -42.3% | -36.7% | +13.7% | -29.1% | -11.3% | -5.5% | +1.4% | -10.3% | -16.4% | -16.4% | -20.9% | -21.9% | -23.7% | -23.2% | +39.4% | |
| Interest Coverage | 6.38 | 3.53 | 3.35 | 4.19 | 5.46 | 6.32 | 6.41 | 7.21 | 8.22 | 28.08 | 28.83 | 33.85 | 26.19 | 33.51 | 15.86 | 25.48 | — | 31.10 | 29.55 | 27.97 | 63.14 |
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Includes 30+ ratios · 41 years · Updated daily
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Quick answers to the most common questions about buying DBX stock.
Dropbox, Inc.'s current P/E is 17.9x. The average P/E over the last 4 quarters is 15.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Dropbox, Inc.'s current operating margin is 27.4%. Margins have been expanding 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.