Dropbox, Inc. (DBX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+403.1%

$181.95

vs $36.17 price

Levered DCF

$170.65

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.71

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.71×	21.15×	22.17×	14.63×	28.21×	-35.79×	-137.77×	-15.13×
P/B	-4.15×	-12.7×	-60.67×	-26.13×	-32.4×	27.54×	9.12×	10.82×
P/S	2.96×	3.75×	4.02×	3.48×	4.41×	4.8×	4.44×	5.26×
EV / EBITDA	11.81×	18×	20.73×	19.75×	24.85×	35.64×	84.16×	-21.3×
Gross margin	80.1%	82.5%	80.9%	80.9%	79.4%	78.3%	75.3%	71.6%
Operating margin	27.4%	19.1%	21.5%	7.8%	12.7%	-14.5%	-4.8%	-35.5%
Net margin	20.2%	17.7%	18.1%	23.8%	15.6%	-13.4%	-3.2%	-34.8%
Current ratio	0.62×	1.44×	1.26×	1.25×	1.57×	1.13×	1.23×	1.45×
Debt / equity	-2.19×	-3.98×	-12.25×	-7.42×	-8.06×	3.35×	1.25×	0.24×
Interest coverage	6.02×	19.37×	35.44×	14.62×	21.61×	-25.65×	-7.82×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-28.3%	-60.1%	-273.6%	-178.8%	-114.3%	-76.8%	-6.5%	-71.6%
Return on invested capital	29.5%	18.7%	22.5%	8.6%	13.0%	-18.6%	-4.4%	-53.1%
Return on assets	17.4%	13.6%	15.2%	17.8%	10.9%	-10.7%	-2.0%	-28.6%
Free cash flow yield	12.5%	9.1%	7.5%	9.4%	7.4%	5.3%	5.3%	4.9%
Earnings yield	6.8%	4.7%	4.5%	6.8%	3.5%	-2.8%	-0.7%	-6.6%
Enterprise value	$10.5B	$11.2B	$11.5B	$10.1B	$11.4B	$10B	$7.8B	$7B
Net debt / EBITDA	3.43×	2.68×	2.56×	4.01×	4.02×	2.87×	4.9×	1.09×
Cash conversion cycle (days)	-6	-20	-19	-23	-13	-8	-28	-23