Dropbox, Inc. (DBX) P/E Ratio History
Fairly ValuedTrading at 19.6x, near 5Y avg of 22.3x · 65th percentile · In line with own history · Data 2020–2026
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P/E Ratio Analysis
As of September 23, 2026, Dropbox, Inc. (DBX) trades at a price-to-earnings ratio of 19.6x, with a stock price of $36.48 and trailing twelve-month earnings per share of $1.95.
The current P/E is 12% below its 5-year average of 22.3x. Over the past five years, DBX's P/E has ranged from a low of 12.4x to a high of 101.4x, placing the current valuation at the 65th percentile of its historical range.
Compared to the Technology sector median P/E of 29.4x, DBX trades at a 33% discount to its sector peers. The sector includes 367 companies with P/E ratios ranging from 0.0x to 199.8x.
Relative to the broader market, DBX trades at a notable discount to the S&P 500 median P/E of 25.5x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our DBX DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
DBX Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
DBX P/E vs Peers
Content collaboration and file sharing peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $5B | 57.2 | - | -57% | |
| $15B | 51.6 | - | +183% | |
| $3.7T | 27.5 | 1.58 | +32% | |
| $4.2T | 32.3 | 1.08 | +34% | |
| $4.9T | 45.1 | 2.52 | +23% | |
| $2.7T | 35.4 | 1.27 | +30% | |
| $5B | 8.8Lowest | 0.52Best | +56% | |
| $30B | 139.0 | - | +2083%Best | |
| $432B | 32.9 | 5.57 | +31% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
DBX Historical P/E Data (2020–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q2 | - | $27.47 | $1.80 | 15.3x | -58% |
| FY2026 Q1 | - | $22.72 | $1.83 | 12.4x | -66% |
| FY2025 Q4 | Dec 31 2025 | $27.80 | $1.86 | 14.9x | -59% |
| FY2025 Q3 | - | $30.21 | $1.77 | 17.1x | -53% |
| FY2025 Q2 | Jun 30 2025 | $28.60 | $1.64 | 17.4x | -52% |
| FY2025 Q1 | Mar 31 2025 | $26.71 | $1.53 | 17.5x | -52% |
| FY2024 Q4 | - | $30.04 | $1.41 | 21.3x | -41% |
| FY2024 Q3 | Sep 30 2024 | $25.43 | $1.73 | 14.7x | -59% |
| FY2024 Q2 | Jun 30 2024 | $22.47 | $1.72 | 13.1x | -64% |
| FY2024 Q1 | Mar 31 2024 | $24.30 | $1.51 | 16.1x | -55% |
| FY2023 Q4 | Dec 31 2023 | $29.48 | $1.32 | 22.3x | -38% |
| FY2023 Q3 | Sep 30 2023 | $27.23 | $1.59 | 17.1x | -53% |
| FY2023 Q2 | Jun 30 2023 | $26.67 | $1.49 | 17.9x | -50% |
| FY2023 Q1 | Mar 31 2023 | $21.62 | $1.53 | 14.1x | -61% |
| FY2022 Q4 | Dec 31 2022 | $22.38 | $1.54 | 14.5x | -60% |
| FY2022 Q3 | Sep 30 2022 | $20.72 | $0.93 | 22.3x | -38% |
| FY2022 Q2 | - | $20.99 | $0.89 | 23.6x | -35% |
| FY2022 Q1 | - | $23.25 | $0.94 | 24.7x | -31% |
| FY2021 Q4 | Dec 31 2021 | $24.54 | $0.85 | 28.9x | -20% |
| FY2020 Q3 | Sep 30 2020 | $19.26 | $0.19 | 101.4x | +181% |
| FY2020 Q2 | - | $21.77 | $0.07 | 311.0x | +762% |
Average P/E for displayed period: 36.1x
DBX Chart Terminal
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Intrinsic Valuation
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Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
DBX — Frequently Asked Questions
Quick answers to the most common questions about buying DBX stock.
What is DBX's P/E ratio?
Dropbox, Inc. (DBX) trailing twelve-month P/E ratio is 19.6x, based on TTM diluted EPS of $1.95. The 5-year average P/E is 22.3x and the historical range spans 12.4x to 101.4x.
Is DBX stock overvalued or undervalued?
DBX trades at 19.6x P/E, near its 5-year average of 22.3x. The 65th percentile ranking within the 12.4x–101.4x historical range places valuation within normal bounds.
Is DBX stock expensive?
DBX is fairly valued relative to its own history. The current P/E of 19.6x is near the 5-year average of 22.3x (65th percentile of historical range).
What is DBX's historical P/E range?
Over the past 5 years, DBX's P/E ratio has ranged from 12.4x to 101.4x, with a median of 17.4x and an average of 22.3x. The current P/E of 19.6x places the stock at the 65th percentile of this range. Full historical data spans 2020–2026.
How does DBX's P/E compare to the S&P 500?
DBX trades at 19.6x P/E versus the S&P 500 median of 25.5x. The 23% discount to the market suggests lower growth expectations or perceived higher risk.
How does DBX's valuation compare to Technology peers?
Dropbox, Inc. P/E of 19.6x compares to the Technology sector median of 29.4x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is DBX's PEG ratio?
DBX PEG ratio is N/A, based on a P/E of 19.6x and EPS growth of 32.9%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is DBX's earnings yield?
DBX earnings yield is 5.10%, the inverse of its 19.6x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.