Latest Ratios: P/E Ratio 15.5x · EV/EBITDA 12.2x · ROE N/A. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.3B | $7.6B | $9.7B | $10.2B | $8.1B | $9.7B | $9.2B | $7.4B | $7.3B | — | — |
| Enterprise Value | $10.4B | $10.6B | $11.4B | $11.6B | $10.2B | $11.5B | $10.0B | $7.8B | $7.0B | — | — |
| P/E Ratio → | 15.51 | 14.95 | 21.46 | 22.50 | 14.72 | 28.87 | — | — | — | — | — |
| P/S Ratio | 2.91 | 3.01 | 3.81 | 4.07 | 3.50 | 4.50 | 4.80 | 4.44 | 5.26 | — | — |
| P/B Ratio | — | — | — | — | — | — | 27.54 | 9.12 | 10.82 | — | — |
| P/FCF | 7.89 | 8.15 | 11.15 | 13.42 | 10.66 | 13.86 | 18.74 | 18.87 | 20.38 | — | — |
| P/OCF | 7.71 | 7.97 | 10.87 | 13.00 | 10.20 | 13.31 | 16.11 | 13.95 | 17.22 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.22 | 4.47 | 4.64 | 4.38 | 5.35 | 5.22 | 4.71 | 5.01 | — | — |
| EV / EBITDA | 12.24 | 12.53 | 18.26 | 16.37 | 30.12 | 27.12 | — | 84.16 | — | — | — |
| EV / EBIT | 15.03 | 14.52 | 23.41 | 30.26 | 28.59 | 37.78 | 82.49 | — | — | — | — |
| EV / FCF | — | 11.43 | 13.06 | 15.29 | 13.37 | 16.48 | 20.38 | 20.03 | 19.40 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.1% | 80.1% | 82.5% | 80.9% | 80.9% | 79.4% | 78.3% | 75.3% | 71.6% | 66.7% | 53.8% |
| Operating Margin | 27.4% | 27.4% | 19.1% | 21.5% | 7.8% | 12.7% | -14.5% | -4.8% | -35.5% | -10.3% | -22.9% |
| Net Profit Margin | 20.2% | 20.2% | 17.7% | 18.1% | 23.8% | 15.6% | -13.4% | -3.2% | -34.8% | -10.1% | -24.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | 1683.2% | -44.9% | -7.1% | -124.4% | -99.0% | -136.3% |
| ROA | 16.3% | 16.3% | 14.3% | 14.9% | 17.8% | 12.3% | -10.1% | -2.4% | -35.7% | -11.0% | -20.9% |
| ROIC | 47.8% | 47.8% | 33.7% | 26.9% | 8.3% | 15.4% | -17.3% | -7.6% | -440.0% | — | -181.2% |
| ROCE | 44.1% | 44.1% | 25.0% | 29.2% | 9.5% | 17.1% | -18.6% | -6.3% | -86.8% | -35.0% | -45.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 3.35 | 1.25 | 0.24 | 1.69 | 2.09 |
| Debt / EBITDA | 4.64 | 4.64 | 4.81 | 2.87 | 6.78 | 5.56 | — | 10.82 | — | 2.56 | — |
| Net Debt / Equity | — | — | — | — | — | — | 2.41 | 0.56 | -0.53 | -2.48 | -0.78 |
| Net Debt / EBITDA | 3.59 | 3.59 | 2.68 | 2.00 | 6.09 | 4.31 | — | 4.90 | — | -3.75 | — |
| Debt / FCF | — | 3.28 | 1.91 | 1.86 | 2.70 | 2.62 | 1.64 | 1.17 | -0.99 | -0.84 | -0.74 |
| Interest Coverage | 6.38 | 6.38 | 19.37 | 25.23 | 28.75 | 24.07 | 11.22 | -7.82 | — | -10.34 | -11.80 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.62 | 0.62 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 | 1.23 | 1.45 | 0.70 | 0.65 |
| Quick Ratio | 0.62 | 0.62 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 | 1.23 | 1.45 | 0.70 | 0.65 |
| Cash Ratio | 0.55 | 0.55 | 1.32 | 1.13 | 1.12 | 1.46 | 1.03 | 1.14 | 1.30 | 0.58 | 0.56 |
| Asset Turnover | — | 0.86 | 0.77 | 0.84 | 0.75 | 0.70 | 0.80 | 0.62 | 0.82 | 1.09 | 0.84 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 11.45 | 10.08 | 10.02 | 8.45 | 8.39 | 8.28 | 8.06 | 7.50 | 9.66 | 5.70 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 6.7% | 4.7% | 4.4% | 6.8% | 3.5% | — | — | — | — | — |
| FCF Yield | 12.7% | 12.3% | 9.0% | 7.5% | 9.4% | 7.2% | 5.3% | 5.3% | 4.9% | — | — |
| Buyback Yield | 23.3% | 22.6% | 12.8% | 5.3% | 9.8% | 10.9% | 4.3% | 0.0% | 4.8% | — | — |
| Total Shareholder Yield | 23.3% | 22.6% | 12.8% | 5.3% | 9.8% | 10.9% | 4.3% | 0.0% | 4.8% | — | — |
| Shares Outstanding | — | $273M | $323M | $346M | $363M | $396M | $414M | $412M | $359M | $393M | $359M |
Negative equity and leverage
Based on current market data, Dropbox trades at a forward P/E of 8.62, which suggests that investors are pricing the firm as a mature cash-harvesting entity rather than a growth-oriented SaaS provider, especially when contrasted with the significantly higher multiples commanded by peers like Box and DigitalOcean.
The compression in valuation multiples appears to be a direct response to the company's recent -1.07% revenue growth, which signals that the market has largely discounted the potential for a major top-line turnaround. While the low P/E ratio might appear attractive, it likely reflects a lack of confidence in the company's ability to expand its user base or successfully monetize new product categories in a competitive landscape.
As reported in recent financial statements, Dropbox's ROIC has fluctuated significantly, peaking at 15.7% in 2023Q4 before declining to 10.6% by 2025Q4, a trend that indicates a weakening ability to generate high returns on invested capital as the company's equity base has turned negative.
The decline in ROIC suggests that the company's capital allocation strategy, heavily weighted toward share repurchases, is failing to drive incremental value creation relative to the capital deployed. Investors should monitor whether this trend continues, as a sustained decay in returns on capital often precedes a period of reduced operational flexibility and diminished competitive advantage.
According to quarterly filings, Dropbox maintains a consistent DSO of approximately 11 days, which indicates that the company's subscription-based revenue model continues to provide highly predictable and efficient cash collection cycles despite the broader stagnation in top-line growth observed over the last ten quarters.
The stability in DSO suggests that the company's core billing processes remain robust and that there is no immediate evidence of customer payment friction or credit deterioration. However, the lack of improvement in asset turnover, which remains near 0.22, highlights the capital-intensive nature of the proprietary infrastructure that the company must maintain to support its user base.
Based on the most recent balance sheet data, the current ratio has compressed from 1.26 in 2023Q4 to 0.62 in 2025Q4, signaling a tightening of short-term liquidity that warrants caution regarding the company's ability to navigate unexpected operational or macroeconomic shocks without external financing.
This contraction in the current ratio appears to be a byproduct of the company's aggressive capital return programs, which have prioritized shareholder payouts over the maintenance of a robust cash cushion. While the company's strong free cash flow generation provides some mitigation, the declining liquidity profile suggests a reduced margin of safety for the business.
The most commonly misapplied metric for Dropbox is the traditional P/E ratio, which obscures the significant impact of stock-based compensation and aggressive share buybacks on the company's reported earnings, potentially leading to an inaccurate assessment of the firm's true underlying cash-generating power.
Because Dropbox utilizes substantial share repurchases to manage its equity base, the P/E ratio is frequently distorted by the resulting reduction in share count, which can artificially inflate EPS growth. Analysts should instead focus on free cash flow yield or EV/EBITDA, as these metrics provide a clearer view of the company's operational performance independent of its capital structure and non-cash accounting adjustments.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying DBX stock.
Dropbox, Inc.'s current P/E ratio is 15.5x. The historical average is 20.5x. This places it at the 40th percentile of its historical range.
Dropbox, Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 31.4x.
Based on historical data, Dropbox, Inc. is trading at a P/E of 15.5x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dropbox, Inc. has 80.1% gross margin and 27.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Dropbox, Inc.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.