Dropbox, Inc. (DBX) Stock Price & Analysis
Dropbox, Inc. (DBX) closed at USD 37.48 on Thursday, October 22, 2026, up 2.43% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 36.59; the Oct 22, 2026 session ranged USD 36.68–37.84 on volume of 2,992,316 shares. Market capitalization is $8.15B, with a 52-week range of USD 21.7–38.17 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:49 UTC.
Also available as compact Markdown for AI agents: nexqual.com/DBX.md
Key facts (DBX)
- Last four reported quarters (through Jun 30, 2026): revenue $2.53B, net income $443M (17.5% margin), free cash flow $957M (SEC filings).
- Valuation: P/E 18.4x (avg 19.6x at the last 3 fiscal year-ends), EV/EBITDA 9.6x, net cash $423M.
- Analysts: Hold (mean 3.29 on a 1–5 scale) (7 analysts), mean target USD 31.8 (range 23–42).
- Total return with dividends: 1Y +27.7% vs S&P 500 +14.9%; 5Y +23.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.73, revenue estimate $629M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (DBX)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.16B | $2.32B | $2.50B | $2.55B | $2.52B | $2.53B |
| Gross profit | $1.71B | $1.88B | $2.02B | $2.10B | $2.02B | — |
| Operating income | $274M | $181M | $539M | $486M | $689M | $675M |
| Net income | $336M | $553M | $454M | $452M | $508M | $443M |
| EPS (diluted) | $0.85 | $1.52 | $1.31 | $1.40 | $1.86 | — |
| Free cash flow | $708M | $764M | $759M | $872M | $931M | $957M |
| Gross margin | 79.4% | 80.9% | 80.9% | 82.5% | 80.1% | — |
| Operating margin | 12.7% | 7.8% | 21.5% | 19.1% | 27.3% | 26.6% |
| Net margin | 15.6% | 23.8% | 18.1% | 17.7% | 20.2% | 17.5% |
| Revenue growth | +12.7% | +7.7% | +7.6% | +1.9% | -1.1% | — |
| Cash + short-term investments | $1.72B | $1.34B | $1.36B | $1.59B | $1.04B | — |
| Total debt | $1.37B | $1.37B | $1.38B | $1.38B | $690M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (DBX)
P/E 18.4x · P/S 3.2x · EV/EBITDA 9.6x · EV/Sales 3.0x · P/FCF 8.5x · FCF yield 11.74% · Earnings yield 5.43% · Buyback yield (TTM) 18.43% · Net cash $423M · EV $7.73B
P/E at fiscal year-ends: Dec 2025 14.9x, Dec 2024 21.5x, Dec 2023 22.5x.
Analysts (DBX)
Consensus Hold (mean 3.29 on a 1–5 scale), 7 analysts; mean target USD 31.8 (low 23, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-24 | Citigroup | Downgrade | Neutral → Sell | $33 → $29 |
| 2026-09-03 | RBC Capital | Reiterated | Outperform | $42 |
| 2026-08-07 | Citigroup | Target raised | Neutral | $28 → $33 |
| 2026-08-07 | William Blair | Upgrade | Underperform → Market Perform |
Total return (dividends reinvested) (DBX)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +27.7% | +23.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +27.8% | +4.3% |
| Volatility (annualized) | 38.0% | 33.1% |
| Max drawdown | -29.1% (Nov 2025→Apr 2026) | -37.3% (Oct 2021→Mar 2023) |
DBX revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $352.9M | 55.9% | -0.3% |
| International | $278.6M | 44.1% | +2.6% |
| Total revenue | $631.5M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
DBX suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Microsoft (MSFT) | “We also integrate seamlessly with other products, integrating with partners including Microsoft, Zoom, Slack (now part of Salesforce), BetterCloud, Atlassian, Google and a variety of productivity, collaboration, data management, and security vendors.” |
| Partner | Salesforce (CRM) | “We also integrate seamlessly with other products, integrating with partners including Microsoft, Zoom, Slack (now part of Salesforce), BetterCloud, Atlassian, Google and a variety of productivity, collaboration, data management, and security vendors.” |
| Partner | Alphabet (Google) (GOOGL) | “We also integrate seamlessly with other products, integrating with partners including Microsoft, Zoom, Slack (now part of Salesforce), BetterCloud, Atlassian, Google and a variety of productivity, collaboration, data management, and security vendors.” |
| Partner | IBM (IBM) | “We also have integrations with Microsoft, Adobe, Apple, Salesforce, Atlassian, Slack (now part of Salesforce), BetterCloud, Google, IBM, Cisco, VMware, Okta, Symantec, Palo Alto Networks, Zoom, and a variety of other productivity, collaboration, data management, and security vendors.” |
| Partner | Cisco (CSCO) | “We also have integrations with Microsoft, Adobe, Apple, Salesforce, Atlassian, Slack (now part of Salesforce), BetterCloud, Google, IBM, Cisco, VMware, Okta, Symantec, Palo Alto Networks, Zoom, and a variety of other productivity, collaboration, data management, and security vendors.” |
| Competitor | Adobe (ADBE) | “Certain features of our platform compete in the cloud storage market with products offered by Microsoft, Amazon, Apple, Google, and Adobe and in the content collaboration market with products offered by Microsoft, Atlassian, Slack (now part of Salesforce) and Google.” |
| Competitor | Apple (AAPL) | “Certain features of our platform compete in the cloud storage market with products offered by Microsoft, Amazon, Apple, Google, and Adobe and in the content collaboration market with products offered by Microsoft, Atlassian, Slack (now part of Salesforce) and Google.” |
| Competitor | Amazon (AMZN) | “Certain features of our platform compete in the cloud storage market with products offered by Microsoft, Amazon, Apple, Google, and Adobe and in the content collaboration market with products offered by Microsoft, Atlassian, Slack (now part of Salesforce) and Google.” |
Quoted from the company's 10-K filed Feb 20, 2026.
Companies that name DBX in their SEC reports
| Relationship to DBX | Company | Filing | Sentence |
|---|---|---|---|
| partner | Olema Pharmaceuticals, Inc. (OLMA) | 10-K Mar 16, 2026 | “On August 17, 2023, the Company entered into a sublease agreement with Dropbox, Inc. to sublease approximately 6,713 square feet of office space in San Francisco, California (the "Dropbox Sublease Agreement").” |
DBX analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.73 | $0.78 | -7.2% | $629.2M | 7 |
| Next quarter (ends Dec 2026) | $0.82 | $0.78 | +4.2% | $628.5M | 6 |
| Current fiscal year (ends Dec 2026) | $3.06 | $3.07 | -0.3% | $2.52B | 7 |
| Next fiscal year (ends Dec 2027) | $3.30 | $3.41 | -3.0% | $2.51B | 7 |
DBX options: expected move
Options price a move of about ±8.7% (±$3.28) by Nov 6, 2026, which includes earnings on Nov 5, 2026; the earnings reaction alone is priced at about ±5.4%. Over the last 8 reports the stock moved ±6.2% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 43.2% | ±4.5% |
| Nov 6, 2026 | 14 | 53.9% | ±8.7% |
| Nov 13, 2026 | 21 | 49.1% | ±9.7% |
| Nov 20, 2026 | 28 | 49.1% | ±11.1% |
| Nov 27, 2026 | 35 | 43.3% | ±10.8% |
| Dec 4, 2026 | 42 | 43.3% | ±11.7% |
| Dec 18, 2026 | 56 | 42.5% | ±13.4% |
| Jan 15, 2027 | 84 | 40.3% | ±15.5% |
30-day implied volatility 44.5% vs 37.8% realized over the last 30 trading days. Put/call ratio (volume) 0.12. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:49 UTC)
| Price | USD 37.48 |
|---|---|
| Change | ▲ 2.43% (up) |
| Previous Close | USD 36.59 |
| Open | USD 36.84 |
| Day Range | USD 36.68 – 37.84 |
| 52-Week Range | USD 21.7 – 38.17 |
| Volume | 2,992,316 shares |
| Market Cap | $8.15B |
| Exchange | NMS |
Technical Analysis (DBX)
Nexqual's technical model rates DBX "BUY" based on 5 bullish and 1 bearish signals across 127 daily candles, as of October 23, 2026 at 09:49 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 64.46 (neutral) |
| vs SMA50 | Above (USD 34.92) |
| MACD | 0.62 (positive) |
Analyst Ratings (DBX)
Wall Street analysts rate DBX "Hold" based on 7 analysts, with a mean price target of USD 31.8 (range USD 23–42), per Nexqual as of October 23, 2026 at 09:49 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 7 |
| Mean Target | USD 31.8 |
| High Target | USD 42 |
| Low Target | USD 23 |
| Buy / Hold / Sell | 1 / 3 / 3 |
Earnings (DBX)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD 0.73 |
| Revenue Estimate | $629.16M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.75 vs est 0.74 ▲ beat |
| 2026-03-31 | USD 0.76 vs est 0.7 ▲ beat |
| 2025-12-31 | USD 0.68 vs est 0.67 ▲ beat |
| 2025-09-30 | USD 0.74 vs est 0.65 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Financials & Fundamentals (DBX)
| Total Revenue | $2.53B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +0.90% |
| Gross Margin | +79.73% |
| Operating Margin | +26.10% |
| Profit Margin | +17.49% |
| Current Ratio | 1.07 |
| Total Cash | $1.11B |
| Total Debt | $3.98B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $957.10M (37.8% of revenue) |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Financial Health Score (DBX)
Nexqual rates Dropbox, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:49 UTC.
| Growth | Weak — Revenue -1% YoY (annual), declining |
|---|---|
| Profitability | Strong — Gross margin 80%, operating 26% (last 12 months) |
| Balance Sheet | Mixed — $1.11B cash and investments vs $691M debt (Jun 2026, SEC), net cash |
| Cash Flow | Strong — FCF $957M (last 4 quarters to Jun 2026, SEC), 38% margin |
| Efficiency | Mixed — No data |
Ownership (DBX)
| Insider Ownership | +8.68% |
|---|---|
| Institutional Ownership | +129.11% |
| Shares Outstanding | 142.30M |
| Float | 128.95M |
| Short % of Float | +29.87% |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Leadership (DBX)
Dropbox, Inc. is led by Andrew W. Houston, Co-Founder, Co-CEO & Chairman, per Nexqual as of October 23, 2026 at 09:49 UTC.
| Co-Founder, Co-CEO & Chairman | Andrew W. Houston |
|---|---|
| Co-CEO & Director | Ashraf Alkarmi |
| Chief Financial Officer | Ross Tennenbaum |
| Chief Technology Officer | Ali Dasdan |
| Chief Marketing Officer | Boon Lai |
Major Backers & Investors (DBX)
Notable institutional backers of Dropbox, Inc. include LSV Asset Management, Arrowstreet Capital, Limited Partnership, Renaissance Technologies, according to Nexqual as of October 23, 2026 at 09:49 UTC.
Active Investors
| Investor | Stake |
|---|---|
| LSV Asset Management | 7.65% |
| Arrowstreet Capital, Limited Partnership | 5.21% |
| Renaissance Technologies | 4.79% |
| Acadian Asset Management. LLC | 4.03% |
| Morgan Stanley | 3.67% |
| PIMCO Equity Series-PIMCO RAE US Small Fund | 1.33% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 12.25% |
| Vanguard Group | 11.37% |
| State Street | 3.55% |
| Geode Capital | 3.11% |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
From Dropbox, Inc.'s Latest SEC 10-K Filing (filed 2026-02-20)
Key Strengths & Strategy (as disclosed to the SEC)
- As of December 31, 2025, Dropbox received over 75 billion API calls per month and just over 1,000,000 developers had registered and built applications on our platform.
- We also integrate seamlessly with other products, integrating with partners including Microsoft, Zoom, Slack (now part of Salesforce), BetterCloud, Atlassian, Google and a variety of productivity, collaboration, data management, and security vendors.
- Dropbox is built on proprietary, block-level sync technology to achieve industry-leading performance.
- We also utilize Amazon Web Services ("AWS") for the remainder of our users' storage needs and to help deliver our services.
Partnerships
- Certain features of our platform compete in the cloud storage market with products offered by Microsoft, Amazon, Apple, Google, and Adobe and in the content collaboration market with products offered by Microsoft, Atlassian, Slack (now part of Salesforce) and Google.
- The Dropbox badge gives users real-time insight into how others are interacting with their content, bringing modern collaboration features often found only in web-based documents to desktop files.
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to a variety of U.S. and international laws that could subject us to claims, increase the cost of operations, or otherwise harm our business due to changes in the laws, changes in the interpretations of the laws, greater enforcement of the laws, or investigations into compliance with the laws.
- We are also subject to consumer protection laws that may impact our sales and marketing efforts, including laws related to subscriptions, billing, and auto-renewal.
- We are subject to export and import control laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate such laws and regulations.
- Our actual or perceived failure to comply with privacy, data protection, and information security laws, regulations, and obligations could harm our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
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|---|---|---|---|
| S | SentinelOne, Inc. | USD 22.5 | ▼ 1.19% |
| ZETA | Zeta Global Holdings Corp. | USD 33.52 | ▼ 1.73% |
| PATH | UiPath, Inc. | USD 13.94 | ▲ 1.68% |
| NTSK | Netskope, Inc. | USD 22.2 | ▲ 1.79% |
| QLYS | Qualys, Inc. | USD 208.2 | ▲ 5.85% |
| GTLB | GitLab Inc. | USD 54.53 | ▼ 1.66% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:49 UTC. This page is informational and not investment advice.
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