# Dropbox, Inc. (DBX)

> Source: Nexqual · https://nexqual.com/DBX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Dropbox, Inc. (DBX), nexqual.com/DBX" · informational, not investment advice.

**Price:** USD 37.48 (+2.43% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 36.59 · day 36.68–37.84 · 52w 21.7–38.17 · market cap $8.15B · NMS

## Key facts
- 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)
| 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)
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
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)
|  | 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) |

## Peers (Software - Infrastructure)
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%

## More
Full page: https://nexqual.com/DBX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DBX's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1467623/000146762326000008/dbx-20251231.htm):

| 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 man…" |
| 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 man…" |
| 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 man…" |
| 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 pro…" |
| 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 pro…" |
| 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, Atlass…" |
| 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, Atlass…" |
| 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, Atlass…" |

Other companies that name DBX in their own reports (relationship from DBX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Olema Pharmaceuticals, Inc. (OLMA) | 10-K 2026-03-16 | "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 Agr…" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $352.9M | 55.9% | -0.3% |
| International | $278.6M | 44.1% | +2.6% |
| Total revenue | $631.5M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.78 | -7.2% | $629.2M | 7 |
| Next quarter (ends 2026-12-31) | $0.82 | $0.78 | +4.2% | $628.5M | 6 |
| Current fiscal year (ends 2026-12-31) | $3.06 | $3.07 | -0.3% | $2.52B | 7 |
| Next fiscal year (ends 2027-12-31) | $3.30 | $3.41 | -3.0% | $2.51B | 7 |