Dropbox (DBX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Dropbox

NasdaqGS•Technology•Software - Infrastructure

$33.81-1.02(-0.03%)Pre-market

Market Cap

$8.20B

P/E

18.5x

P/S

3.2x

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.

How this company scores

WeakMetricSide Score: 49/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Cash & Earnings Quality (23/25); weakest: Growth (7/25).

Profitability8/25

Growth7/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality23/25

Strengths

Strong marginsCash-backed earningsConsistent free cash flowNet cash position

Grade capped at D

Negative equity — the balance sheet is insolvent.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 18.5x5y range 11.2x – 27.9x

Currently near its 19-quarter median.

P/S · 3.2x5y range 2.1x – 5.4x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Revenue Decline

Watch

Revenue has softened, declining in 4 quarters. Watch for further erosion.

Price & Volume

Market Cap $8.20B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.53B
Q. Revenue: $631.50M
TTM EBITDA: $674.50M
TTM Op. Income: $674.50M
Q. Op. Income: $164.80M
TTM Net Income: $442.80M
Q. Net Income: $95.80M
EPS: $0.43
Shares Out.: $224.80M

$2.53B in TTM revenue declined 0.0% YoY, reaching $631.50M last quarter. TTM EBITDA of $674.50M and TTM operating income of $674.50M show growth is flowing through to the bottom line. TTM net income of $442.80M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 80.2%
EBITDA Margin: 26.1%
Op. Margin: 26.1%
Net Margin: 15.2%

Op. margin of 26.1% is down 0.8% YoY — costs are rising relative to revenue. Net margin at 15.2% and gross margin of 80.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 3% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 18.5x
P/S Ratio: 3.2x
P/B Ratio: N/A

At 18.5x P/E, the stock trades within typical market levels. P/S of 3.2x and P/B of 0.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 15% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.83B
Cash: $1.06B
Long-Term Debt: $690.70M
Book Value: $-2.19B
D/E Ratio: N/A
Debt/EBITDA: 4.2

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $238.50M
TTM Free Cash Flow: $957.10M
FCF Margin: 37.8%
FCF / Net Income: 2.2

TTM FCF of $957.10M on $238.50M in operating cash flow. The FCF / Net Income ratio of 2.2x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 7% — a weakening trend.