Dropbox, Inc.
- Open
- 30.75
- Day high
- 30.94
- Day low
- 30.36
- Prev close
- 30.45
- Volume
- 3.4M
- Mkt cap
- $7.1B
- P/E (TTM)
- 16.6
- EPS (TTM)
- $1.85
- P/B
- -3.6
- P/S
- 2.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.5M over the last 3 months (0 open-market buys, 18 sales)
- 🏛Institutions mixed (13F)
Dropbox, Inc. (DBX) is a Technology company listed on NASDAQ. The stock is up 13% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 18 sales (SEC Form 4).
Dropbox, Inc. (DBX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DBX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.71 | $0.76 | +7.0% | $630M | +1.4% |
| Feb 19, 2026 | $0.66 | $0.68 | +3.0% | $636M | +3.7% |
| Nov 6, 2025 | $0.65 | $0.74 | +14.2% | $634M | +1.7% |
| Aug 7, 2025 | $0.63 | $0.71 | +12.7% | $626M | +0.9% |
| May 8, 2025 | $0.62 | $0.70 | +12.5% | $625M | +0.7% |
| Feb 20, 2025 | $0.62 | $0.73 | +17.7% | $644M | +0.8% |
| Nov 7, 2024 | $0.53 | $0.60 | +12.8% | $639M | +0.2% |
| May 9, 2024 | $0.50 | $0.58 | +16.8% | $631M | +0.4% |
| Feb 15, 2024 | $0.48 | $0.50 | +4.2% | $635M | +0.6% |
| Nov 2, 2023 | $0.48 | $0.56 | +16.7% | $633M | +0.8% |
| Aug 3, 2023 | $0.45 | $0.51 | +13.3% | $623M | +1.4% |
| May 4, 2023 | $0.35 | $0.42 | +20.0% | $611M | +1.7% |
DBX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 9, 2026 | Peacock Karendirector | Sell | 2,000 | $29.00 |
| Jul 2, 2026 | Schubach Sarah Elizabethofficer: Chief Accounting Officer | Sell | 1,305 | $27.11 |
| Jun 17, 2026 | Schubach Sarah Elizabethofficer: Chief Accounting Officer | Sell | 1,306 | $26.90 |
| Jun 3, 2026 | Alkarmi Ashrafdirector, officer: Co-CEO | Grant | 478,551 | — |
| Jun 3, 2026 | Schubach Sarah Elizabethofficer: Chief Accounting Officer | Sell | 1,305 | $27.66 |
| Jun 3, 2026 | Alkarmi Ashrafdirector, officer: Co-CEO | Sell | 22,700 | $27.86 |
| May 26, 2026 | Parasnis Abhaydirector | Grant | 9,071 | — |
| May 26, 2026 | JENSON WARRENdirector | Grant | 9,071 | — |
| May 26, 2026 | Peacock Karendirector | Grant | 9,071 | — |
| May 26, 2026 | Moore Andrew Williamdirector | Grant | 9,071 | — |
| May 26, 2026 | Seibel Michaeldirector | Grant | 9,071 | — |
| May 26, 2026 | Campbell Lisa Mdirector | Grant | 9,071 | — |
| May 20, 2026 | Houston Andrewdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 30,332 | $27.50 |
| May 20, 2026 | Moore Andrew Williamdirector | Sell | 4,737 | $27.80 |
| May 20, 2026 | Moore Andrew Williamdirector | Sell | 3,706 | $27.27 |
Source: DBX SEC Form 4 filings, latest Jul 9, 2026. For informational purposes only — not investment advice.
See the full DBX insider & 13F page →Dropbox, Inc. company profile
Overview
Dropbox, Inc. (NASDAQ:DBX) is a cloud-based content collaboration and file storage company founded in 2007 and headquartered in San Francisco, California. Originally incorporated as Evenflow, Inc., the company changed its name to Dropbox in October 2009 and went public in March 2018. What began as a simple file synchronization service has evolved into a comprehensive content collaboration platform serving approximately 700 million registered users worldwide, with over 18 million paying subscribers across professional services, technology, media, education, industrial, consumer retail, and financial services industries.
Business
Dropbox operates in the cloud-based content collaboration and file storage industry, providing what is commonly known as File Sync and Share (FSS) services alongside document workflow solutions. The company's core offering allows users to store, synchronize, and share files across multiple devices and platforms, enabling seamless collaboration between individuals, families, teams, and organizations. The company's primary product is its Dropbox platform, which provides cloud storage where users can upload files from their computers, phones, or tablets and access them from any internet-connected device. Beyond basic storage, the platform includes advanced collaboration features such as real-time document editing, version control, and team workspace management. Users can start with free accounts that offer limited storage and upgrade to paid subscription plans for premium features like increased storage capacity, advanced security controls, and administrative tools. Dropbox has expanded beyond core file storage through several complementary business segments. The company operates document workflow businesses including DocSend (for secure document sharing and analytics), Dropbox Sign (electronic signature services), and FormSwift (document creation tools). These acquisitions represent the company's strategy to capture more of the document lifecycle workflow. Additionally, Dropbox has developed Dash, an AI-powered universal search product that helps knowledge workers find and organize content across multiple applications and platforms. The File Sync and Share business represents the vast majority of Dropbox's revenue, generating approximately 90-95% of total revenues based on recent earnings discussions. Document workflow businesses contribute a smaller but growing portion, while newer initiatives like Dash are still in early monetization phases.
Revenue model
Dropbox operates primarily on a subscription-based Software-as-a-Service (SaaS) model, generating revenue through monthly and annual recurring subscriptions from both individual consumers and business customers. The company offers tiered pricing plans ranging from free basic accounts to premium individual, family, and business plans with progressively more storage, features, and administrative controls. The company's paying customers include individual consumers who need personal cloud storage, families requiring shared storage solutions, and businesses of all sizes seeking collaboration tools and secure file management. Business customers typically pay higher per-user fees and represent the most valuable segment, with Average Revenue Per Paying User (ARPU) of approximately $140 annually. Dropbox has been focusing on migrating customers from monthly to annual billing cycles to improve cash flow predictability and reduce churn. Several factors influence Dropbox's profit margins and revenue growth. Positive factors include the company's ability to increase prices periodically, migrate users to higher-tier plans, expand internationally, and cross-sell additional services like electronic signatures and document workflow tools. The subscription model provides predictable recurring revenue with relatively low marginal costs for additional users. Negative factors include intense competition from tech giants like Google, Microsoft, and Amazon who can bundle storage with broader productivity suites, macroeconomic pressures that cause businesses to consolidate software spending, and the commoditization of basic cloud storage. The company also faces ongoing infrastructure costs for data centers and bandwidth, though these scale efficiently with user growth. Dropbox's newest revenue opportunity comes from Dash, its AI-powered universal search product, which the company plans to monetize through subscription fees. This represents a potential expansion beyond traditional file storage into the broader knowledge management market, targeting the estimated one billion knowledge workers globally who struggle to find information across multiple applications and platforms.
Competitive moat
Dropbox's competitive moat is moderate but facing significant challenges from larger technology companies with deeper resources and broader product ecosystems. The company's primary defensive advantages include its large installed base of over 700 million registered users, strong brand recognition in the file storage category, and network effects where teams and organizations standardize on Dropbox for collaboration. The company benefits from switching costs as users accumulate years of files, folder structures, and collaborative workflows within the Dropbox ecosystem. For business customers, administrative controls, security certifications, and integration with existing IT infrastructure create additional friction for switching to competitors. Dropbox has also built expertise in cross-platform synchronization technology and maintains a reputation for reliability and ease of use. However, Dropbox faces formidable competitive threats that limit the strength of its moat. Microsoft, Google, and Amazon offer competing cloud storage services bundled with comprehensive productivity suites (Office 365, Google Workspace, Amazon WorkSpaces) at attractive prices, making standalone file storage services less compelling. These technology giants can afford to offer storage at or below cost to drive adoption of their broader platforms. Additionally, the core file synchronization technology has become increasingly commoditized, with numerous providers offering similar basic functionality. The company is attempting to strengthen its competitive position through its Dash product, which leverages AI to provide universal search across multiple applications - a capability that could differentiate Dropbox from pure storage providers. The success of this strategy will largely determine whether Dropbox can maintain its independent position or continues to face margin pressure from integrated productivity platforms. The company's platform-agnostic approach and focus on privacy and security may provide some differentiation, but the fundamental challenge remains competing against companies with vastly larger resources and broader product portfolios.
Risks & safety
Dropbox demonstrates strong financial stability with solid cash generation and manageable debt levels, though working capital dynamics present some short-term liquidity considerations. • Cash and Liquidity: $1.33 billion in cash and short-term investments as of Q1 2025, providing substantial financial flexibility. However, current ratio of 0.73 indicates current liabilities exceed current assets, primarily due to deferred revenue obligations. • Debt and Solvency: Negative shareholders' equity of approximately -$1.08 billion, but this is largely due to aggressive share repurchases rather than operational losses. The company maintains strong cash flow generation with $872 million in free cash flow for fiscal 2024. • Profitability: Consistent profitability with net income of $452 million in 2024 and operating margins around 37-42%. Strong EBITDA generation of $624 million annually demonstrates underlying business health. • Valuation Metrics: Trading at approximately 12.9x earnings and 12.1x EV/EBITDA based on recent quarters, representing reasonable valuations for a mature SaaS business with modest growth prospects. • Other Considerations: Flat to slightly declining revenue growth presents challenges, but the company's focus on operational efficiency and margin expansion provides some offset. Share repurchase program continues to return capital to shareholders.
Recent development
Over the past two years, Dropbox has undergone significant strategic repositioning centered around three key initiatives. The company conducted a 20% workforce reduction in late 2024 to streamline operations and focus resources on core priorities while simplifying its organizational structure for improved efficiency. The most significant development has been the launch and evolution of Dash, Dropbox's AI-powered universal search product. Initially launched in beta in 2023, Dash was commercially released as "Dash for Business" in October 2024. The product enables knowledge workers to search across multiple applications and platforms from a single interface, addressing the challenge of information fragmentation in modern workplaces. Dropbox has continuously enhanced Dash with improved search capabilities, additional SaaS application connectors, and unique "Protect and Control" governance features that differentiate it from competitors like Glean. The company achieved key compliance certifications including GDPR compliance and ISO 27,001 certification to support enterprise adoption. Dropbox has also focused on strengthening its core File Sync and Share business through product improvements and operational optimization. Key enhancements include a 50% increase in desktop app activations year-over-year, simplified product lineup, accelerated migration to annual billing plans, and improved admin console functionality. The company launched end-to-end encryption, Microsoft co-authoring capabilities, and redesigned mobile experiences to enhance user engagement and retention. The company has strategically scaled back investments in non-core businesses, particularly FormSwift, while maintaining focus on DocSend and Dropbox Sign within its document workflow portfolio. This reflects a more disciplined approach to capital allocation, concentrating resources on areas with the highest potential returns. Looking forward, Dropbox is developing a self-serve version of Dash and exploring deeper integration opportunities between Dash and its existing customer base to create bundling and cross-selling opportunities.
DBX company profile · for informational purposes only — not investment advice.
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