Dolby Laboratories, Inc. (DLB) Key Metrics
DLB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.62B
- Enterprise value
- $4.81B
- P/E (TTM)
- 25.5 10-yr median 29.6
- Forward P/E
- 12.6
- PEG ratio
- 2.08
- Price / sales
- 4.1 10-yr median 5.7
- Price / book
- 2.1 10-yr median 2.9
- EV / EBITDA
- 13.2 10-yr median 17.1
- Dividend yield
- 1.52% $1.44 a year
- Beta
- 0.78
DLB key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsDLB valuation Price multiples at each fiscal year-end price.
DLB returns How much profit the business earns on the capital it uses.
DLB per-share figures Results divided by the shares outstanding at year-end.
DLB financial health Debt, liquidity and how easily interest is covered.
DLB efficiency & capital use Working capital cycle and where the cash goes.
DLB valuation history
DLB returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DLB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DLB cash returned to shareholders
DLB price vs earnings per share
DLB key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $7.05B | $7.45B | $7.73B | $6.64B | $9.21B | $6.82B | $6.76B | $7.49B | $5.94B | $5.56B |
| Enterprise value | $6.39B | $6.92B | $6.83B | $5.88B | $8.01B | $5.78B | $5.83B | $6.38B | $5.06B | $4.92B |
| P/E ratio | 27.7 | 28.4 | 40.4 | 36.1 | 29.7 | 29.5 | 26.5 | 179.3 | 29.4 | 29.9 |
| Price / sales | 5.2 | 5.8 | 7.7 | 5.3 | 7.2 | 5.9 | 5.4 | 7.1 | 5.5 | 5.4 |
| Price / book | 2.7 | 3.0 | 3.3 | 3.0 | 3.5 | 2.8 | 2.9 | 3.4 | 2.8 | 2.8 |
| Price / free cash flow | 16.4 | 25.1 | 29.8 | 25.6 | 23.4 | 24.8 | 31.6 | 28.1 | 21.8 | 40.2 |
| Price / operating cash flow | 14.9 | 22.8 | 27.4 | 20.9 | 20.6 | 19.8 | 20.6 | 21.3 | 15.7 | 15.4 |
| EV / sales | 4.7 | 5.4 | 6.8 | 4.7 | 6.2 | 5.0 | 4.7 | 6.1 | 4.7 | 4.8 |
| EV / EBITDA | 16.9 | 17.3 | 31.1 | 18.4 | 17.8 | 16.4 | 15.9 | 23.0 | 14.8 | 15.3 |
| EV / free cash flow | 14.9 | 23.3 | 26.3 | 22.7 | 20.4 | 21.0 | 27.2 | 23.9 | 18.5 | 35.6 |
| Earnings yield | 3.6% | 3.5% | 2.5% | 2.8% | 3.4% | 3.4% | 3.8% | 0.6% | 3.4% | 3.3% |
| Free cash flow yield | 6.1% | 4.0% | 3.4% | 3.9% | 4.3% | 4.0% | 3.2% | 3.6% | 4.6% | 2.5% |
| Dividend yield | 1.8% | 1.5% | 1.0% | 1.5% | 1.0% | 1.3% | 1.1% | 0.9% | 1.0% | 0.9% |
| Shareholder yield (dividends + buybacks) | 4.1% | 4.2% | 3.0% | 10.0% | 4.0% | 4.2% | 6.5% | 3.2% | 2.9% | 2.9% |
| Share price at fiscal year-end | $72.37 | $76.53 | $79.26 | $65.15 | $88.00 | $66.28 | $64.64 | $69.97 | $57.52 | $54.29 |
| Per share | ||||||||||
| Revenue per share | $13.84 | $13.09 | $10.34 | $12.29 | $12.25 | $11.29 | $11.87 | $9.86 | $10.47 | $10.01 |
| Earnings per share | $2.62 | $2.69 | $1.96 | $1.81 | $2.97 | $2.25 | $2.44 | $0.39 | $1.95 | $1.81 |
| Operating cash flow per share | $4.84 | $3.36 | $2.89 | $3.12 | $4.28 | $3.34 | $3.13 | $3.29 | $3.66 | $3.52 |
| Free cash flow per share | $4.41 | $3.05 | $2.66 | $2.54 | $3.76 | $2.67 | $2.05 | $2.49 | $2.64 | $1.35 |
| Cash per share | $7.21 | $5.94 | $9.81 | $8.02 | $12.16 | $10.95 | $8.84 | $10.31 | $8.54 | $6.26 |
| Book value per share | $26.90 | $25.45 | $24.13 | $22.03 | $24.83 | $23.63 | $22.06 | $20.47 | $20.69 | $19.24 |
| Tangible book value per share | $17.39 | $15.51 | $18.23 | $17.34 | $20.40 | $18.88 | $17.13 | $15.68 | $15.84 | $14.11 |
| Dividends per share | $1.30 | $1.18 | $0.80 | $0.98 | $0.85 | $0.86 | $0.74 | $0.62 | $0.55 | $0.47 |
| Capex per share | $0.43 | $0.31 | $0.23 | $0.58 | $0.52 | $0.67 | $1.09 | $0.80 | $1.02 | $2.17 |
| Debt per share | $0.40 | $0.48 | $0.52 | $0.50 | $0.69 | $0.79 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares outstanding | 97.5M | 97.3M | 97.6M | 102.0M | 104.6M | 102.9M | 104.6M | 107.0M | 103.3M | 102.4M |
| Change in shares outstanding | +0.2% | −0.3% | −4.3% | −2.5% | +1.6% | −1.6% | −2.2% | +3.6% | +0.8% | −1.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.0% | 10.8% | 8.3% | 7.6% | 12.3% | 9.8% | 11.3% | 1.9% | 9.8% | 9.8% |
| Return on invested capital (ROIC) | 11.5% | 13.2% | 15.0% | 12.9% | 21.9% | 15.4% | 21.5% | 7.8% | 16.0% | 15.0% |
| Return on assets (ROA) | 8.0% | 8.5% | 6.7% | 6.3% | 10.2% | 8.0% | 9.0% | 1.5% | 8.3% | 8.4% |
| Return on tangible assets | 11.1% | 12.1% | 7.9% | 8.3% | 11.7% | 9.5% | 11.1% | 1.8% | 9.9% | 10.4% |
| Free cash flow margin | 31.9% | 23.3% | 25.8% | 20.7% | 30.7% | 23.7% | 17.2% | 25.3% | 25.2% | 13.5% |
| Income quality (OCF / net income) | 1.85 | 1.25 | 1.47 | 1.73 | 1.44 | 1.49 | 1.28 | 8.44 | 1.87 | 1.94 |
| Financial health | ||||||||||
| Total debt | $38.9M | $47.0M | $50.6M | $50.9M | $72.1M | $81.1M | $0 | $0 | $0 | $0 |
| Cash & short-term investments | $702.6M | $577.8M | $957.1M | $817.6M | $1.27B | $1.13B | $924.7M | $1.10B | $882.1M | $641.4M |
| Net debt | −$663.7M | −$530.8M | −$906.5M | −$766.6M | −$1.20B | −$1.05B | −$924.7M | −$1.10B | −$882.1M | −$641.4M |
| Debt / equity | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / assets | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net debt / EBITDA | −1.75 | −1.33 | −4.13 | −2.40 | −2.66 | −2.97 | −2.52 | −3.97 | −2.59 | −2.00 |
| Current ratio | 3.17 | 2.86 | 3.52 | 4.72 | 5.58 | 5.79 | 4.50 | 4.78 | 4.12 | 3.57 |
| Quick ratio | 3.10 | 2.78 | 3.44 | 4.64 | 5.54 | 5.70 | 4.40 | 4.69 | 4.01 | 3.49 |
| Interest coverage | — | 7.8 | — | 551.3 | 711.4 | — | — | 924.5 | — | — |
| Working capital | $950.5M | $776.6M | $1.07B | $1.03B | $1.44B | $1.28B | $1.07B | $1.03B | $765.7M | $546.6M |
| Invested capital | $1.96B | $1.95B | $1.45B | $1.48B | $1.40B | $1.39B | $1.38B | $1.09B | $1.25B | $1.33B |
| Tangible asset value | $1.70B | $1.52B | $1.80B | $1.77B | $2.14B | $1.95B | $1.80B | $1.86B | $1.64B | $1.45B |
| Net current asset value | $792.4M | $550.7M | $865.4M | $859.7M | $1.24B | $1.05B | $870.5M | $804.2M | $614.3M | $421.9M |
| Graham number | $39.79 | $39.25 | $32.64 | $29.91 | $40.70 | $34.57 | $34.80 | $13.41 | $30.16 | $28.02 |
| Graham net-net per share | $5.19 | $3.45 | $7.03 | $6.79 | $10.23 | $8.71 | $6.88 | $8.13 | $5.37 | $3.61 |
| Capital allocation | ||||||||||
| Dividends paid | $126.6M | $114.6M | $77.6M | $100.1M | $89.2M | $88.6M | $77.5M | $66.2M | $57.1M | $48.4M |
| Share buybacks (net) | $162.2M | $199.1M | $152.9M | $566.9M | $278.1M | $196.8M | $363.4M | $172.6M | $117.7M | $114.5M |
| Dividend payout ratio | 49.6% | 43.8% | 40.5% | 54.4% | 28.7% | 38.3% | 30.4% | 158.5% | 28.3% | 26.0% |
| Dividends + buybacks / free cash flow | 67.1% | 105.5% | 88.7% | 257.4% | 93.4% | 103.8% | 205.9% | 89.5% | 64.0% | 117.8% |
| Capex / revenue | 3.1% | 2.4% | 2.2% | 4.7% | 4.3% | 5.9% | 9.1% | 8.1% | 9.7% | 21.6% |
| Capex / operating cash flow | 8.9% | 9.2% | 7.9% | 18.7% | 12.2% | 20.1% | 34.6% | 24.2% | 27.8% | 61.6% |
| Capex / depreciation | 0.43 | 0.34 | 0.31 | 0.57 | 0.48 | 0.76 | 1.33 | 1.05 | 1.24 | 2.60 |
| Stock-based compensation / revenue | 9.5% | 9.4% | 8.9% | 9.2% | 7.8% | 7.5% | 6.2% | 6.8% | 6.0% | 6.5% |
| R&D / revenue | 19.4% | 20.7% | 19.9% | 20.8% | 19.8% | 20.6% | 19.2% | 22.5% | 21.6% | 21.4% |
| SG&A / revenue | 48.0% | 47.5% | 45.1% | 50.6% | 43.5% | 47.8% | 44.2% | 48.1% | 43.3% | 45.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 138.6 | 137.2 | 156.3 | 121.5 | 107.8 | 114.2 | 105.8 | 71.1 | 25.8 | 33.7 |
| Days of inventory on hand | 73.1 | 90.1 | 92.3 | 44.6 | 51.3 | 72.1 | 66.4 | 73.3 | 63.9 | 50.6 |
| Days payables outstanding | 40.1 | 49.8 | 54.7 | 41.2 | 42.7 | 34.7 | 42.1 | 51.9 | 49.2 | 64.1 |
| Cash conversion cycle (days) | 171.6 | 177.5 | 193.8 | 124.8 | 116.4 | 151.7 | 130.1 | 92.5 | 40.5 | 20.2 |
| Receivables turnover | 2.63 | 2.66 | 2.34 | 3.00 | 3.39 | 3.20 | 3.45 | 5.14 | 14.12 | 10.83 |
| Payables turnover | 9.09 | 7.34 | 6.67 | 8.85 | 8.56 | 10.53 | 8.66 | 7.03 | 7.41 | 5.70 |
| Inventory turnover | 4.99 | 4.05 | 3.96 | 8.19 | 7.12 | 5.06 | 5.50 | 4.98 | 5.71 | 7.21 |
| Asset turnover | 0.42 | 0.42 | 0.35 | 0.43 | 0.42 | 0.40 | 0.44 | 0.39 | 0.45 | 0.46 |
| Average receivables | $512.4M | $478.7M | $432.0M | $417.3M | $378.3M | $363.6M | $360.0M | $205.4M | $76.6M | $94.7M |
| Average payables | $17.6M | $19.2M | $17.5M | $16.0M | $15.2M | $13.9M | $18.6M | $18.1M | $16.0M | $19.1M |
| Average inventory | $32.1M | $34.7M | $29.6M | $17.3M | $18.3M | $28.9M | $29.3M | $25.6M | $20.7M | $15.1M |
| Intangibles / total assets | 28.7% | 30.9% | 19.2% | 17.7% | 14.8% | 16.7% | 18.3% | 17.9% | 19.7% | 22.7% |
Computed from DLB's annual financial statements (latest annual report filed November 18, 2025) 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.
DLB valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), Dolby Laboratories traded at 27.7 times earnings, against a 10-year median of 29.6. Based on the latest twelve months, the trailing P/E is 25.5 and the forward P/E is 12.6. Dolby Laboratories earned a return on equity of 10.0% and a return on invested capital of 11.5% in fiscal 2025. It ended the year with $38.9 million of debt and $702.6 million in cash and short-term investments, a net cash position of $663.7 million. It returned $288.8 million to shareholders: $126.6 million in dividends and $162.2 million in share buybacks, 67% of free cash flow. The share count fell 4.8% from 102.4M to 97.5M over 9 years.
See the DLB income statement, the DLB chart for price history, or the DLB stock overview for the latest quote and news.
DLB key metrics FAQ
What is Dolby Laboratories's P/E ratio?
Dolby Laboratories's trailing P/E ratio is 25.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.6. At the end of fiscal 2025 it was 27.7, compared with a 10-year median of 29.6.
What is Dolby Laboratories's EV/EBITDA?
Dolby Laboratories's enterprise value was 16.9 times EBITDA at the end of fiscal 2025 (enterprise value $6.4 billion, EBITDA $378.6 million); the current EV/EBITDA is 13.2.
What is Dolby Laboratories's return on equity?
Dolby Laboratories's return on equity (ROE) was 10.0% in fiscal 2025: net income of $255.0 million on average shareholders' equity of $2.5 billion.
What is Dolby Laboratories's ROIC?
Dolby Laboratories's return on invested capital was 11.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Dolby Laboratories have?
Dolby Laboratories had total debt of $38.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
What is Dolby Laboratories's dividend yield?
Dolby Laboratories's forward dividend yield is 1.52%. Dolby Laboratories paid $126.6 million in dividends in fiscal 2025 ($1.30 per share), a payout ratio of 49.6%.
Does Dolby Laboratories buy back its shares?
Yes. Dolby Laboratories spent $162.2 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.2% over the year, to 97.5M..
What is Dolby Laboratories's free cash flow yield?
Dolby Laboratories generated $430.3 million of free cash flow in fiscal 2025, a free cash flow yield of 6.1% on its market value at year-end ($7.1 billion).
What is Dolby Laboratories's current ratio?
Dolby Laboratories's current ratio was 3.17 at the end of fiscal 2025: current assets were 3.17 times current liabilities.