Dropbox, Inc.DBX
NasdaqGS•Technology•Software - Infrastructure
Dropbox, Inc. provides a content collaboration platform in the United States and internationally. The company's platform enables individuals, families, teams, and organizations to collaborate for free through its website or app, or through a paid subscription plan for premium features. Its platform consists of various elements, such as unified home for content, global sharing network, and product experiences and integrations. The company serves customers in the professional services, technology, media, education, industrial, consumer and retail, and financial services industries. The company was formerly known as Evenflow, Inc. and changed its name to Dropbox, Inc. in October 2009. Dropbox, Inc. was incorporated in 2007 and is headquartered in San Francisco, California.
Dropbox, Inc. (DBX) reported trailing twelve months revenue of $2.53B as of March 2026, a 0.6% decline year-over-year. Quarterly revenue reached $629.50M, reflecting a contraction in sales.
Dropbox, Inc. generated $472.60M in TTM net income, with quarterly EBITDA of $172.80M. The operating margin contracted from 29.4% to 27.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (27.5%) and net margin (18.2%) indicates moderate non-operating costs. Net margin has narrowed from 24.1% a year ago, reflecting increased costs or interest expense.
DBX trades at a P/E of 13.1x (below the broader market average) and a P/S of 2.5x.
The company generated $203.30M in free cash flow over the trailing twelve months, a 32.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.03B in total assets with $690.30M in long-term debt against $-2.01B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~23.8%, suggesting durable pricing power and cost discipline.
Limited ROE data for a reliable assessment.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~26.8% — no sign of cost or pricing stress.
FCF covers net income by 2.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 27.0% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation