Tearsheet
DBX Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About DBX Interactive Breakdown Better Bets vs. DBX Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Dropbox (DBX)

Market Price (4/19/2026): $24.28 | Market Cap: $6.1 Bil
Sector: Information Technology | Industry: Application Software

Dropbox (DBX)

Market Price (4/19/2026): $24.28
Market Cap: $6.1 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 15%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%

Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Remote Work Tools, Show more.

Weak multi-year price returns
2Y Excs Rtn is -34%, 3Y Excs Rtn is -57%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -1.1%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%

Key risks
DBX key risks include [1] intense competition from bundled services offered by tech giants, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 15%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%
3 Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil
4 Low stock price volatility
Vol 12M is 27%
5 Megatrend and thematic drivers
Megatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), Remote Work Tools, Show more.
6 Weak multi-year price returns
2Y Excs Rtn is -34%, 3Y Excs Rtn is -57%
7 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
8 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -1.1%
9 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
10 Key risks
DBX key risks include [1] intense competition from bundled services offered by tech giants, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Dropbox (DBX) stock has lost about 15% since 12/31/2025 because of the following key factors:

1. Weak 2026 Revenue Guidance and Lack of Margin Expansion.

Dropbox projected full-year 2026 revenue to be between $2.485 billion and $2.5 billion, indicating an anticipated year-over-year decline of 0.8% to 1.6%. Furthermore, the company stated that it does not expect margin expansion in 2026 due to significant investments in its new AI product, Dash.

2. Declining User Metrics and Stagnant Annual Recurring Revenue.

The company's Q4 2025 results revealed a contraction in paying users and a reduction in average revenue per user (ARPU) for the full year 2025. While paying users saw a sequential increase of 10,000 to 18.08 million in Q4 2025, the Annual Recurring Revenue (ARR) was reported at approximately $2.526 billion, slightly below prior periods, highlighting ongoing challenges in user growth.

Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -12.7% change in DBX stock from 12/31/2025 to 4/18/2026 was primarily driven by a -17.4% change in the company's P/E Multiple.
(LTM values as of)123120254182026Change
Stock Price ($)27.8024.27-12.7%
Change Contribution By: 
Total Revenues ($ Mil)2,5282,521-0.3%
Net Income Margin (%)19.9%20.2%1.5%
P/E Multiple14.411.9-17.4%
Shares Outstanding (Mil)2612504.4%
Cumulative Contribution-12.7%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/18/2026
ReturnCorrelation
DBX-12.7% 
Market (SPY)-5.4%20.1%
Sector (XLK)7.2%19.6%

Fundamental Drivers

The -19.7% change in DBX stock from 9/30/2025 to 4/18/2026 was primarily driven by a -29.6% change in the company's P/E Multiple.
(LTM values as of)93020254182026Change
Stock Price ($)30.2124.27-19.7%
Change Contribution By: 
Total Revenues ($ Mil)2,5332,521-0.5%
Net Income Margin (%)19.2%20.2%5.2%
P/E Multiple17.011.9-29.6%
Shares Outstanding (Mil)2722509.0%
Cumulative Contribution-19.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/18/2026
ReturnCorrelation
DBX-19.7% 
Market (SPY)-2.9%22.4%
Sector (XLK)9.7%18.1%

Fundamental Drivers

The -9.1% change in DBX stock from 3/31/2025 to 4/18/2026 was primarily driven by a -32.9% change in the company's P/E Multiple.
(LTM values as of)33120254182026Change
Stock Price ($)26.7124.27-9.1%
Change Contribution By: 
Total Revenues ($ Mil)2,5482,521-1.1%
Net Income Margin (%)17.7%20.2%13.6%
P/E Multiple17.811.9-32.9%
Shares Outstanding (Mil)30125020.4%
Cumulative Contribution-9.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/18/2026
ReturnCorrelation
DBX-9.1% 
Market (SPY)16.3%44.7%
Sector (XLK)50.2%38.2%

Fundamental Drivers

The 12.3% change in DBX stock from 3/31/2023 to 4/18/2026 was primarily driven by a 40.9% change in the company's Shares Outstanding (Mil).
(LTM values as of)33120234182026Change
Stock Price ($)21.6224.2712.3%
Change Contribution By: 
Total Revenues ($ Mil)2,3252,5218.4%
Net Income Margin (%)23.8%20.2%-15.2%
P/E Multiple13.811.9-13.3%
Shares Outstanding (Mil)35225040.9%
Cumulative Contribution12.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/18/2026
ReturnCorrelation
DBX12.3% 
Market (SPY)63.3%42.2%
Sector (XLK)108.4%38.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DBX Return11%-9%32%2%-7%-13%9%
Peers Return29%-31%37%20%6%-17%28%
S&P 500 Return27%-19%24%23%16%3%87%

Monthly Win Rates [3]
DBX Win Rate58%50%67%67%58%25% 
Peers Win Rate65%30%62%57%45%35% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
DBX Max Drawdown-2%-22%-15%-30%-18%-21% 
Peers Max Drawdown-13%-43%-14%-11%-22%-28% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, GOOGL, BOX, ADBE, DOCU. See DBX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/17/2026 (YTD)

How Low Can It Go

Unique KeyEventDBXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-41.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven71.0%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven315 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-30.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven43.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven60 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-60.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven150.7%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days

Compare to MSFT, GOOGL, BOX, ADBE, DOCU

In The Past

Dropbox's stock fell -41.5% during the 2022 Inflation Shock from a high on 8/9/2021. A -41.5% loss requires a 71.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Dropbox (DBX)

Dropbox, Inc. provides a content collaboration platform worldwide. Its platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. As of December 31, 2021, the company had approximately 700 million registered users. It serves customers in 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.

AI Analysis | Feedback

Here are 1-3 brief analogies for Dropbox (DBX):

  • It's like Google Drive or Microsoft OneDrive, but as an independent, dedicated company.
  • Imagine the Spotify for document storage and collaboration, offering free basic access with paid upgrades for premium features.

AI Analysis | Feedback

  • Content Collaboration Platform (Free Tier): Offers basic cloud storage, file synchronization, and sharing capabilities for individuals.
  • Content Collaboration Platform (Paid Subscription Tiers): Provides enhanced cloud storage, advanced security, team collaboration tools, and premium features for individuals, families, and organizations.

AI Analysis | Feedback

Dropbox (DBX) sells its content collaboration platform to a broad base of users, ranging from individuals to large organizations. Given its vast user base (approximately 700 million registered users) and subscription-based model, its revenue is highly diversified rather than concentrated among a few major corporate customers.

Therefore, Dropbox primarily serves a multitude of customers across the following categories:

  1. Individuals and Families: These users leverage Dropbox for personal cloud storage, file synchronization, sharing, and backup of documents, photos, and videos. Many start with a free plan and upgrade to paid subscriptions for more storage and premium features.
  2. Small to Medium-sized Teams and Businesses: Dropbox Business plans cater to these groups, enabling collaborative workflows, secure file sharing, project management, and team-based content creation. This category includes professional services, technology firms, media companies, and other businesses seeking efficient content collaboration solutions.
  3. Larger Organizations and Enterprises: While specific major corporate customers are not typically disclosed due to the nature of Dropbox's distributed revenue model, the company serves departments and teams within larger organizations across various industries such as education, industrial, consumer and retail, and financial services. These customers utilize Dropbox for secure file access, collaboration, and integration within their existing IT infrastructures.

AI Analysis | Feedback

Amazon.com, Inc. (AMZN)

AI Analysis | Feedback

Drew Houston, Co-founder and CEO
Drew Houston co-founded Dropbox in 2007 and has led its growth from an idea to a global service. He is responsible for the company's direction and product strategy. Prior to Dropbox, he founded Accolade, an SAT prep company, and worked as a Software Engineer at Bit9, Inc. He joined Meta's board of directors in February 2020.

Ross Tennenbaum, Chief Financial Officer
Ross Tennenbaum has served as Dropbox's Chief Financial Officer since December 2025. Before joining Dropbox, he was the President and Chief Financial Officer of Avalara. He also held leadership roles in Software Investment Banking at both Goldman Sachs and Credit Suisse.

Will Yoon, Chief Legal Officer
Will Yoon was appointed Dropbox's Chief Legal Officer effective March 28, 2025. He previously held the roles of Vice President of Product Counseling & Privacy and Chief Privacy Officer at Dropbox, which he joined in 2013 and founded the company's product counseling team. Yoon has also held legal leadership positions in product counseling and privacy functions at Facebook and Google.

Ali Dasdan, Chief Technology Officer
Ali Dasdan has served as Dropbox's Chief Technology Officer since March 2025. Before his role at Dropbox, he held various leadership positions in engineering and product management at high-technology companies in Silicon Valley, USA, and the UK.

Ashraf Alkarmi, General Manager and Senior Vice President, Core Products
Ashraf Alkarmi has served as General Manager and Senior Vice President, Core Products since November 2024. Previously, he was Chief Product Officer at Vimeo and Head of Product at both Amazon and Meta.

AI Analysis | Feedback

Dropbox (DBX) faces several key risks to its business:

  1. Intense Competition and Stagnating Revenue Growth: Dropbox operates in a highly competitive market, contending with tech giants like Microsoft and Google, who often bundle their cloud storage and collaboration services into broader enterprise offerings. This competitive pressure contributes to challenges in user acquisition and retention, leading to a deceleration in revenue growth. Dropbox has experienced a decline in its growth rate and difficulties in converting free users to paying customers and upgrading them to premium plans. Recent financial reports indicate flat to declining revenue and Annual Recurring Revenue (ARR), highlighting the ongoing struggle to expand its paying user base in a saturated market.

  2. Data Security Breaches and Vulnerabilities: As a cloud storage and collaboration platform, Dropbox is under a constant threat of data breaches and security incidents. The company has a history of security vulnerabilities and breaches, including a notable incident in 2012 where 68 million user accounts were exposed due to a compromised employee password. More recently, in 2024, threat actors gained unauthorized access to Dropbox Sign's production environment, compromising sensitive user data such as emails, phone numbers, and authentication tokens. Common security risks include account compromise, excessive external sharing of sensitive data, vulnerabilities from third-party application integrations, and potential gaps in compliance and data governance.

  3. Challenges in User Acquisition and Retention: Dropbox faces difficulties in expanding its paying user base and retaining existing users. Despite having approximately 700 million registered users, the conversion rate from free to paid subscriptions is a critical factor for revenue growth. Reports indicate a decline or stagnation in paying users, signifying that the freemium model is struggling to convert and retain users at scale. This ongoing challenge directly impacts the company's ability to grow its top line and is exacerbated by the intense competition in the cloud storage market.

AI Analysis | Feedback

The increasing dominance and deep integration of cloud storage and collaboration within major productivity suites offered by tech giants like Microsoft (Microsoft 365, OneDrive) and Google (Google Workspace, Google Drive) represent a clear emerging threat to Dropbox. These comprehensive ecosystems bundle essential tools like email, document creation, video conferencing, and cloud storage into a single, often default, offering. As more individuals and businesses adopt these all-in-one solutions, the demand for a standalone file storage and collaboration platform like Dropbox diminishes, potentially commoditizing its core service and making it less essential in a market that increasingly values integrated, seamless workflows.

AI Analysis | Feedback

The addressable markets for Dropbox's main products and services are significant and continue to grow globally. Dropbox primarily operates within the cloud storage, file sharing, and content collaboration platform markets.

Cloud Storage Market

The global cloud storage market was valued at approximately USD 102.67 billion in 2023 and is projected to reach USD 654.52 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.4% between 2024 and 2032. Another estimate indicates the global cloud storage market size was USD 161.28 billion in 2025 and is projected to grow to USD 809.99 billion by 2034, with a CAGR of 19.30%. North America held a significant share of this market, accounting for 46.40% in 2025. Additionally, the cloud storage market was estimated at USD 23.43 billion in 2024 and is projected to reach USD 200.7 billion by 2035, growing at a CAGR of 21.56% from 2025 to 2035. North America remains the largest market for cloud storage, representing approximately 45% of the global share.

File Sharing Market

The global file sharing market is poised for substantial growth, with projections indicating a market value of USD 235.94 billion in 2024, anticipated to increase to USD 541.32 billion by 2035, at a CAGR of 7.84% from 2025 to 2035.

Content Collaboration Platforms / Enterprise File Synchronization & Sharing (EFSS) Market

The global content collaboration platforms market was valued at USD 9.26 billion in 2023 and is projected to reach USD 60.25 billion by 2031, growing at a CAGR of 18.2% from 2024 to 2031. Similarly, the global enterprise file synchronization and sharing (EFSS) market size was valued at USD 9.50 billion in 2023 and is projected to reach USD 38.45 billion by 2030, growing at a CAGR of 23.2% from 2024 to 2030. The enterprise content collaboration market was valued at USD 9.66 billion in 2021 and is expected to reach USD 36.81 billion by 2029, with a CAGR of 18.20%. North America is a leading region in the content collaboration market, commanding a 40% market share in 2025.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Dropbox (DBX) over the next 2-3 years:

  1. Scaling and Adoption of the Dash Product (AI Integration): Dropbox is strategically investing in and scaling its new AI-powered Dash product, which is viewed as a significant evolution of its core file-sync-and-share experience. This product is designed to enhance user engagement and is expected to be a key driver for future growth.
  2. Growth and Retention within the Individuals Business: The company aims to maintain momentum and achieve steady growth in its individual user segment. This is being pursued through focused innovation, improved user retention strategies, and enhanced conversion efforts via new checkout processes and localization.
  3. Re-accelerating Growth in the Teams Business: Dropbox is concentrating on returning its "Teams" business to positive net license growth. Early tests have shown promising results with improved trial conversion rates and higher first-week engagement for team users, indicating an anticipated increase in revenue from this segment.
  4. Enhancing Average Revenue Per User (ARPU) through Workflow Integration: Dropbox is shifting its focus towards increasing Average Revenue Per User by integrating premium "workflow" features into its platform. This includes leveraging acquisitions like HelloSign (now Dropbox Sign) and DocSend to offer legally binding signatures and document analytics, allowing the company to charge a premium for value-added services beyond basic storage.

AI Analysis | Feedback

Share Repurchases

  • Dropbox authorized a new $1.5 billion share repurchase program on September 9, 2025.
  • The company completed approximately $1.46 billion in share repurchases during 2024-2025.
  • Annual share buybacks amounted to $1.714 billion in 2025 and $1.242 billion in 2024.

Share Issuance

  • Dropbox's shares outstanding have seen a decline, with 0.273 billion shares outstanding in 2025, representing a 15.65% decrease from 2024.
  • Stock-based compensation, which contributes to share issuance, was $347 million in 2024, $338 million in 2023, and $331 million in 2022.

Outbound Investments

  • In Q3 2025, Dropbox acquired Mobius Labs to enhance its AI capabilities.

Capital Expenditures

  • Dropbox's capital expenditures for fiscal years ending December 2020 to 2024 averaged $36.56 million.
  • Annual capital expenditures were $22.5 million in 2024 and $21 million in 2025.
  • The primary focus of these capital expenditures is on funding long-term assets and infrastructure.

Better Bets vs. Dropbox (DBX)

Latest Trefis Analyses

Trade Ideas

Select ideas related to DBX.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PANW_3312026_Insider_Buying_GTE_1Mil_EBITp+DE_V203312026PANWPalo Alto NetworksInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		0.0%0.0%0.0%
ALKT_3312026_Insider_Buying_45D_2Buy_200K03312026ALKTAlkami TechnologyInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
DBX_3272026_Dip_Buyer_FCFYield03272026DBXDropboxDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		2.6%2.6%0.0%
DLB_3272026_Dip_Buyer_FCFYield03272026DLBDolby LaboratoriesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
PTC_3272026_Dip_Buyer_FCFYield03272026PTCPTCDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
DBX_2282023_Dip_Buyer_FCFYield02282023DBXDropboxDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		36.7%16.9%-7.0%

Recent Active Movers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

DBXMSFTGOOGLBOXADBEDOCUMedian
NameDropbox MicrosoftAlphabet Box Adobe Docusign  
Mkt Price24.27422.79341.6823.75244.4545.74145.09
Mkt Cap6.13,141.84,125.43.4100.29.254.7
Rev LTM2,521305,453402,8371,17724,4533,22013,836
Op Inc LTM688142,559129,039838,9612994,824
FCF LTM93077,41273,26631510,3171,0595,688
FCF 3Y Avg85471,62971,8423058,6659554,810
CFO LTM952160,506164,71335610,5071,1655,836
CFO 3Y Avg877129,579130,5863368,8851,0544,969

Growth & Margins

DBXMSFTGOOGLBOXADBEDOCUMedian
NameDropbox MicrosoftAlphabet Box Adobe Docusign  
Rev Chg LTM-1.1%16.7%15.1%8.0%11.0%8.2%9.6%
Rev Chg 3Y Avg2.8%14.4%12.5%5.9%10.8%8.6%9.7%
Rev Chg Q-1.1%16.7%18.0%9.4%12.0%7.8%10.7%
QoQ Delta Rev Chg LTM-0.3%4.0%4.5%2.3%2.9%1.9%2.6%
Op Inc Chg LTM41.4%21.1%14.8%4.5%12.1%30.0%18.0%
Op Inc Chg 3Y Avg25.3%19.9%20.3%33.0%13.7%168.1%22.8%
Op Mgn LTM27.3%46.7%32.0%7.1%36.6%9.3%29.7%
Op Mgn 3Y Avg20.6%45.3%30.5%6.4%36.0%6.4%25.5%
QoQ Delta Op Mgn LTM2.9%0.4%-0.2%1.0%0.0%0.7%0.5%
CFO/Rev LTM37.8%52.5%40.9%30.3%43.0%36.2%39.3%
CFO/Rev 3Y Avg34.7%48.5%36.6%30.5%39.8%35.3%35.9%
FCF/Rev LTM36.9%25.3%18.2%26.8%42.2%32.9%29.8%
FCF/Rev 3Y Avg33.8%27.2%20.5%27.7%38.8%32.0%29.8%

Valuation

DBXMSFTGOOGLBOXADBEDOCUMedian
NameDropbox MicrosoftAlphabet Box Adobe Docusign  
Mkt Cap6.13,141.84,125.43.4100.29.254.7
P/S2.410.310.22.94.12.83.5
P/Op Inc8.822.032.040.811.230.726.4
P/EBIT8.721.125.931.110.826.223.5
P/E11.926.331.229.413.929.727.9
P/CFO6.419.625.09.59.57.99.5
Total Yield8.4%4.6%3.4%3.4%7.2%3.4%4.0%
Dividend Yield0.0%0.8%0.2%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg10.2%2.3%3.0%7.4%6.2%6.7%6.5%
D/E0.60.00.00.20.10.00.0
Net D/E0.4-0.0-0.00.0-0.0-0.1-0.0

Returns

DBXMSFTGOOGLBOXADBEDOCUMedian
NameDropbox MicrosoftAlphabet Box Adobe Docusign  
1M Rtn-3.6%8.7%11.2%-0.5%-0.6%-4.2%-0.5%
3M Rtn-7.1%-7.9%3.6%-8.1%-17.4%-19.3%-8.0%
6M Rtn-16.6%-17.3%35.1%-27.2%-26.6%-32.7%-22.0%
12M Rtn-10.5%15.8%126.8%-19.9%-29.9%-39.4%-15.2%
3Y Rtn10.8%50.0%230.7%-12.6%-35.7%-13.8%-0.9%
1M Excs Rtn-10.7%0.3%3.5%-11.2%-8.2%-14.0%-9.5%
3M Excs Rtn-11.1%-9.8%0.1%-13.2%-22.2%-26.0%-12.1%
6M Excs Rtn-23.0%-24.1%29.5%-34.3%-32.9%-39.5%-28.5%
12M Excs Rtn-41.9%-21.6%87.3%-52.7%-62.3%-73.0%-47.3%
3Y Excs Rtn-57.5%-21.5%155.1%-85.6%-108.1%-90.2%-71.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment2,5482,5022,3252,1581,661
Total2,5482,5022,3252,1581,661


Price Behavior

Price Behavior
Market Price$24.27 
Market Cap ($ Bil)6.1 
First Trading Date03/23/2018 
Distance from 52W High-24.6% 
   50 Days200 Days
DMA Price$24.42$27.47
DMA Trenddowndown
Distance from DMA-0.6%-11.7%
 3M1YR
Volatility29.6%26.9%
Downside Capture0.310.42
Upside Capture41.0747.32
Correlation (SPY)20.5%25.0%
DBX Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta-0.540.270.400.510.660.87
Up Beta-1.260.480.960.220.730.72
Down Beta-1.06-0.42-0.100.370.540.92
Up Capture-114%12%4%20%41%67%
Bmk +ve Days7162765139424
Stock +ve Days8182956121391
Down Capture38%80%97%98%88%101%
Bmk -ve Days12233358110323
Stock -ve Days12213167124346

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with DBX
DBX-9.5%26.9%-0.39-
Sector ETF (XLK)54.6%21.1%1.9620.7%
Equity (SPY)21.1%12.9%1.3226.4%
Gold (GLD)50.9%27.5%1.49-6.6%
Commodities (DBC)25.2%16.2%1.404.4%
Real Estate (VNQ)17.5%13.7%0.9322.2%
Bitcoin (BTCUSD)-7.8%42.6%-0.0823.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with DBX
DBX-1.3%32.1%0.02-
Sector ETF (XLK)17.8%24.7%0.6451.6%
Equity (SPY)10.8%17.1%0.4954.2%
Gold (GLD)22.6%17.8%1.042.6%
Commodities (DBC)11.6%18.8%0.5112.0%
Real Estate (VNQ)4.4%18.8%0.1437.5%
Bitcoin (BTCUSD)5.2%56.5%0.3124.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with DBX
DBX-1.5%38.5%0.07-
Sector ETF (XLK)22.9%24.3%0.8649.7%
Equity (SPY)14.0%17.9%0.6749.0%
Gold (GLD)14.3%15.9%0.753.4%
Commodities (DBC)8.5%17.6%0.4015.4%
Real Estate (VNQ)5.6%20.7%0.2433.1%
Bitcoin (BTCUSD)68.4%66.9%1.0716.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity27.5 Mil
Short Interest: % Change Since 31520265.1%
Average Daily Volume3.4 Mil
Days-to-Cover Short Interest8.2 days
Basic Shares Quantity250.0 Mil
Short % of Basic Shares11.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/19/20263.0%0.4%1.2%
11/6/20257.7%6.0%2.6%
8/7/20252.7%5.8%15.8%
5/8/2025-0.8%-0.8%-0.7%
2/20/2025-16.2%-18.6%-16.9%
10/30/20241.4%3.3%8.4%
8/8/20243.3%4.9%6.5%
5/9/2024-0.0%3.5%-7.8%
...
SUMMARY STATS   
# Positive101115
# Negative13128
Median Positive3.2%4.9%7.1%
Median Negative-2.4%-6.9%-13.4%
Max Positive8.6%10.7%22.0%
Max Negative-22.9%-26.2%-26.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/20/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202402/21/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/16/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/09/202310-Q
12/31/202202/23/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Houston, AndrewChief Executive OfficerSee FootnoteSell106202626.9192,668  Form
2Schubach, Sarah ElizabethChief Accounting OfficerDirectSell1231202527.881,16832,5642,617,096Form
3Schubach, Sarah ElizabethChief Accounting OfficerDirectSell1217202528.351,16833,1132,694,327Form
4Regan, TimothyChief Financial OfficerDirectSell1217202528.351,50042,52512,407,292Form
5Houston, AndrewChief Executive OfficerSee FootnoteSell1205202530.009,167  Form

External Quote Links


Prefer one of these to Trefis? Tell us why.