DBXDropbox, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.8×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is DBX?
Dropbox, Inc. keeps 27% of every revenue dollar as operating profit, against 5.8% for the median Software - Infrastructure name.
Operating margin · Software - Infrastructure median 5.8% · 12 months to Q2 2026
- Cash conversion
- 1.84×
Cash conversion · 1.77× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −18%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 29%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −14% |
| FY2021 | 13% |
| FY2022 | 7.8% |
| FY2023 | 22% |
| FY2024 | 19% |
| FY2025 | 27% |
Details›
- Gross margin12 months to Q2 2026
- 80%
- Operating margin12 months to Q2 2026
- 27%
- Net margin12 months to Q2 2026
- 17%
- Free cash flow margin
- 38%
- R&D as % of revenue
- 29%
- Revenue, trailing twelve months
- $2.53B
- Free cash flow, trailing twelve months
- $957M
- Net income, trailing twelve months
- $443M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Software, Infrastructure
Ranks #1 of 80 by RyuScore