Dropbox, Inc. (DBX) Key Metrics
DBX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.73B
- Enterprise value
- $10.30B
- P/E (TTM)
- 19.7 10-yr median 21.5
- Forward P/E
- 10.8
- PEG ratio
- 27.12
- Price / sales
- 3.1 10-yr median 4.3
- Price / book
- 29.8 10-yr median 10.8
- EV / EBITDA
- 12.3 10-yr median 19.6
- Dividend yield
- —
- Beta
- 0.63
DBX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDBX valuation Price multiples at each fiscal year-end price.
DBX returns How much profit the business earns on the capital it uses.
DBX per-share figures Results divided by the shares outstanding at year-end.
DBX financial health Debt, liquidity and how easily interest is covered.
DBX efficiency & capital use Working capital cycle and where the cash goes.
DBX valuation history
DBX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DBX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DBX cash returned to shareholders
DBX price vs earnings per share
DBX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $7.58B | $9.71B | $10.19B | $8.13B | $9.71B | $9.19B | $7.37B | $7.33B | — | — |
| Enterprise value | $10.49B | $11.12B | $10.86B | $9.08B | $10.36B | $9.19B | $7.22B | $6.40B | — | — |
| P/E ratio | 14.9 | 21.5 | 22.5 | 14.7 | 28.9 | — | — | — | — | — |
| Price / sales | 3.0 | 3.8 | 4.1 | 3.5 | 4.5 | 4.8 | 4.4 | 5.3 | — | — |
| Price / book | — | — | — | — | — | 27.5 | 9.1 | 10.8 | — | — |
| Price / free cash flow | 8.1 | 11.1 | 13.4 | 10.7 | 13.9 | 18.7 | 18.9 | 20.4 | — | — |
| Price / operating cash flow | 8.0 | 10.9 | 13.0 | 10.2 | 13.3 | 16.1 | 13.9 | 17.2 | — | — |
| EV / sales | 4.2 | 4.4 | 4.3 | 3.9 | 4.8 | 4.8 | 4.3 | 4.6 | — | — |
| EV / EBITDA | 11.8 | 17.8 | 19.6 | 17.7 | 22.7 | 32.8 | 77.6 | — | — | — |
| EV / free cash flow | 11.3 | 12.8 | 14.3 | 11.9 | 14.8 | 18.7 | 18.5 | 17.8 | — | — |
| Earnings yield | 6.7% | 4.7% | 4.5% | 6.8% | 3.5% | −2.8% | −0.7% | −6.6% | — | — |
| Free cash flow yield | 12.3% | 9.0% | 7.5% | 9.4% | 7.2% | 5.3% | 5.3% | 4.9% | — | — |
| Dividend yield | — | — | 0.0% | — | 16.4% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 22.6% | 12.8% | 5.3% | 9.8% | 27.3% | 4.3% | 1.2% | 4.8% | — | — |
| Share price at fiscal year-end | $27.80 | $30.04 | $29.48 | $22.38 | $24.54 | $22.19 | $17.91 | $20.43 | — | — |
| Per share | ||||||||||
| Revenue per share | $9.24 | $7.88 | $7.24 | $6.40 | $5.45 | $4.62 | $4.04 | $3.88 | $2.82 | $2.36 |
| Earnings per share | $1.86 | $1.40 | $1.31 | $1.52 | $0.85 | −$0.62 | −$0.13 | −$1.35 | −$0.28 | −$0.59 |
| Operating cash flow per share | $3.49 | $2.76 | $2.27 | $2.19 | $1.84 | $1.38 | $1.28 | $1.19 | $0.84 | $0.70 |
| Free cash flow per share | $3.41 | $2.70 | $2.20 | $2.10 | $1.77 | $1.18 | $0.95 | $1.00 | $0.77 | $0.36 |
| Cash per share | $3.81 | $4.93 | $3.92 | $3.70 | $4.34 | $2.71 | $2.82 | $3.04 | $1.09 | $0.98 |
| Book value per share | −$6.59 | −$2.33 | −$0.48 | −$0.85 | −$0.74 | $0.81 | $1.96 | $1.89 | $0.26 | $0.34 |
| Tangible book value per share | −$8.38 | −$3.87 | −$1.81 | −$2.20 | −$1.78 | $0.15 | $1.28 | $1.58 | −$0.03 | $0.01 |
| Dividends per share | — | — | $0.00 | — | $4.02 | — | — | — | — | — |
| Capex per share | $0.08 | $0.07 | $0.07 | $0.10 | $0.07 | $0.19 | $0.33 | $0.18 | $0.07 | $0.34 |
| Debt per share | $14.45 | $9.27 | $5.88 | $6.32 | $5.98 | $2.70 | $2.45 | $0.46 | $0.44 | $0.72 |
| Shares outstanding | 272.8M | 323.4M | 345.6M | 363.3M | 395.8M | 414.3M | 411.6M | 358.6M | 393.0M | 358.6M |
| Change in shares outstanding | −15.6% | −6.4% | −4.9% | −8.2% | −4.5% | +0.7% | +14.8% | −8.8% | +9.6% | +91.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | — | — | — | −44.9% | −7.1% | −124.4% | −99.0% | −136.3% |
| Return on invested capital (ROIC) | 64.8% | 74.4% | 76.6% | 36.3% | 79.7% | −44.3% | −31.2% | — | — | −190.8% |
| Return on assets (ROA) | 16.3% | 14.3% | 14.9% | 17.8% | 12.3% | −10.1% | −2.4% | −35.7% | −11.0% | −20.9% |
| Return on tangible assets | 20.9% | 16.0% | 18.0% | 21.1% | 12.5% | −12.1% | −2.2% | −30.6% | −12.4% | −23.8% |
| Free cash flow margin | 36.9% | 34.2% | 30.3% | 32.8% | 32.5% | 25.6% | 23.5% | 25.8% | 27.5% | 15.3% |
| Income quality (OCF / net income) | 1.87 | 1.98 | 1.73 | 1.44 | 2.17 | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $3.94B | $3.00B | $2.03B | $2.29B | $2.37B | $1.12B | $1.01B | $163.7M | $174.3M | $257.2M |
| Cash & short-term investments | $1.04B | $1.59B | $1.36B | $1.34B | $1.72B | $1.12B | $1.16B | $1.09B | $430.0M | $352.7M |
| Net debt | $2.90B | $1.40B | $674.6M | $951.2M | $650.6M | −$1.8M | −$152.3M | −$925.6M | −$255.7M | −$95.5M |
| Debt / equity | — | — | — | — | — | 3.35 | 1.25 | 0.24 | 1.69 | 2.09 |
| Debt / assets | 1.35 | 0.90 | 0.68 | 0.74 | 0.77 | 0.47 | 0.37 | 0.10 | 0.17 | 0.26 |
| Net debt / EBITDA | 3.26 | 2.25 | 1.22 | 1.85 | 1.42 | −0.01 | −1.64 | — | −3.75 | — |
| Current ratio | 0.62 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 | 1.23 | 1.45 | 0.70 | 0.65 |
| Quick ratio | 0.62 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 | 1.23 | 1.45 | 0.70 | 0.65 |
| Interest coverage | 6.0 | 19.4 | 35.4 | 14.6 | 21.6 | -25.6 | -7.8 | -69.6 | -10.3 | -11.8 |
| Working capital | −$720.1M | $527.6M | $315.1M | $293.3M | $674.0M | $139.7M | $228.4M | $372.7M | −$220.3M | −$221.9M |
| Invested capital | $1.11B | $650.0M | $508.8M | $641.8M | $356.7M | $332.0M | $656.1M | −$248.8M | −$152.8M | $27.3M |
| Tangible asset value | −$2.29B | −$1.25B | −$626.1M | −$801.0M | −$704.1M | $63.4M | $526.5M | $565.6M | −$13.0M | $2.6M |
| Net current asset value | −$3.54B | −$2.34B | −$1.63B | −$1.93B | −$1.54B | −$825.9M | −$647.6M | $192.9M | −$398.9M | −$468.0M |
| Graham net-net per share | −$13.26 | −$7.52 | −$5.04 | −$5.60 | −$4.12 | −$2.17 | −$1.71 | $0.26 | −$1.18 | −$1.45 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $100,000 | — | $1.59B | — | — | — | — | — |
| Share buybacks (net) | $1.71B | $1.24B | $539.9M | $795.4M | $1.06B | $397.5M | $85.4M | $351.9M | $87.9M | $0 |
| Dividend payout ratio | — | — | 0.0% | — | 474.1% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 184.1% | 142.5% | 71.1% | 104.3% | 378.2% | 81.0% | 21.9% | 97.9% | 28.9% | 0.0% |
| Capex / revenue | 0.8% | 0.9% | 1.0% | 1.5% | 1.3% | 4.2% | 8.3% | 4.7% | 2.4% | 14.6% |
| Capex / operating cash flow | 2.2% | 2.5% | 3.1% | 4.4% | 4.0% | 14.1% | 26.1% | 15.5% | 7.9% | 49.0% |
| Capex / depreciation | 0.13 | 0.16 | 0.14 | 0.22 | 0.19 | 0.50 | 0.79 | 0.40 | 0.14 | 0.65 |
| Stock-based compensation / revenue | 11.9% | 13.6% | 13.5% | 14.2% | 13.3% | 13.7% | 15.7% | 46.7% | 14.9% | 17.5% |
| R&D / revenue | 29.0% | 35.9% | 37.4% | 38.4% | 35.0% | 38.0% | 39.9% | 55.2% | 34.4% | 34.3% |
| SG&A / revenue | 23.8% | 27.5% | 9.5% | 27.2% | 30.2% | 34.0% | 40.3% | 51.9% | 42.6% | 42.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 10.8 | 10.0 | 8.9 | 8.1 | 7.9 | 7.6 | 7.2 | 7.6 | 7.0 | 12.1 |
| Days of inventory on hand | — | — | 0.0 | — | — | — | — | — | — | 0.0 |
| Days payables outstanding | 22.2 | 30.8 | 29.4 | 26.4 | 18.2 | 26.1 | 32.9 | 30.1 | 23.4 | 15.3 |
| Cash conversion cycle (days) | -11.3 | -20.8 | -20.5 | -18.3 | -10.4 | -18.5 | -25.7 | -22.6 | -16.4 | -3.2 |
| Receivables turnover | 33.73 | 36.64 | 40.84 | 44.97 | 46.41 | 47.79 | 50.88 | 48.07 | 52.08 | 30.06 |
| Payables turnover | 16.47 | 11.87 | 12.41 | 13.82 | 20.01 | 13.96 | 11.11 | 12.11 | 15.57 | 23.82 |
| Inventory turnover | — | — | 478,500,000.00 | — | — | — | — | — | — | 390,600,000.00 |
| Asset turnover | 0.81 | 0.81 | 0.82 | 0.75 | 0.79 | 0.75 | 0.76 | 1.03 | 1.09 | 0.84 |
| Average receivables | $74.8M | $69.5M | $61.2M | $51.7M | $46.5M | $40.0M | $32.6M | $28.9M | $21.2M | $28.1M |
| Average payables | $30.4M | $37.5M | $38.5M | $32.1M | $22.2M | $29.7M | $37.0M | $32.6M | $23.7M | $16.4M |
| Average inventory | — | — | $1 | — | — | — | — | — | — | $1 |
| Intangibles / total assets | 16.8% | 15.0% | 15.4% | 15.8% | 13.3% | 11.3% | 10.4% | 6.6% | 11.4% | 12.0% |
Computed from DBX's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DBX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Dropbox traded at 14.9 times earnings, against a 10-year median of 21.5. Based on the latest twelve months, the trailing P/E is 19.7 and the forward P/E is 10.8. Dropbox earned a return on invested capital of 64.8% in fiscal 2025. It ended the year with $3.9 billion of debt and $1.0 billion in cash and short-term investments, net debt of $2.9 billion. It returned $1.7 billion to shareholders: $0 in dividends and $1.7 billion in share buybacks, 184% of free cash flow. The share count fell 23.9% from 358.6M to 272.8M over 9 years.
See the DBX income statement, the DBX chart for price history, or the DBX stock overview for the latest quote and news.
DBX key metrics FAQ
What is Dropbox's P/E ratio?
Dropbox's trailing P/E ratio is 19.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.8. At the end of fiscal 2025 it was 14.9, compared with a 10-year median of 21.5.
What is Dropbox's EV/EBITDA?
Dropbox's enterprise value was 11.8 times EBITDA at the end of fiscal 2025 (enterprise value $10.5 billion, EBITDA $889.8 million); the current EV/EBITDA is 12.3.
What is Dropbox's ROIC?
Dropbox's return on invested capital was 64.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Dropbox have?
Dropbox had total debt of $3.9 billion at the end of fiscal 2025 and $2.9 billion of net debt (3.26 times EBITDA).
Does Dropbox buy back its shares?
Yes. Dropbox spent $1.7 billion on net share repurchases in fiscal 2025 Shares outstanding changed −15.6% over the year, to 272.8M..
What is Dropbox's free cash flow yield?
Dropbox generated $930.8 million of free cash flow in fiscal 2025, a free cash flow yield of 12.3% on its market value at year-end ($7.6 billion).
What is Dropbox's current ratio?
Dropbox's current ratio was 0.62 at the end of fiscal 2025: current assets were 0.62 times current liabilities.