# Dropbox Inc. (DBX) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Technology / Software. Price $34.83, market value $7.6 billion.

## Valuation
- **P/E (trailing): 19.2×** (5-yr avg 20.5×, 3-yr avg 19.6×). Dropbox Inc. trades at 19.2× trailing earnings, close to its own five-year average of 20.5×. The Technology median in the September 2026 study was 32.1×. Forward P/E is 10.5×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.32**. A PEG of 0.32 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 3.0×**. Each dollar of revenue is priced at 3.0×.
- **Free-cash-flow yield: 12.6%** (5-yr avg 9.1%). Free cash flow equals 12.6% of the market value, above its five-year average of 9.1%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 5.2%**. The inverse of the P/E: 5.2% of the price is earned each year.

## Profitability
- **Gross margin: 79.7%**. Dropbox Inc. keeps 79.7% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 26.6%**. 26.6% of revenue is left after running the business, an exceptional level.
- **Net margin: 20.2%**. 20.2% of each dollar of sales reaches the bottom line.
- **Return on equity: -28.3%**. Return on equity is negative because earnings are negative.
- **Return on assets: 15.6%**. Each dollar of assets produces 15.6% of profit.

## Growth
- **Revenue growth (1 yr): -1.1%** (3-yr 2.7%/yr, 5-yr 5.7%/yr). Revenue fell 1.1% over the last year, against 5.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 32.9%** (3-yr 7.0%/yr). Earnings per share rose 32.9%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 6.8%/yr**. Free cash flow has compounded at 6.8% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Current ratio: 0.63** (quick 0.63). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 1.48**. A Z-score of 1.48 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Dropbox Inc. does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): 18.3%** (YTD 25.3%, 3-mo 26.6%). The shares are up 18.3% over twelve months including dividends.
- **From 52-week high: -4.2%** (60.5% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 55**. An RSI of 55 is neutral.
- **Beta (1 yr): 0.43** (volatility 37%). Beta of 0.43 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=DBX · Page: https://foliofundamentals.com/stocks/dbx

Not investment advice.