Is the business good?
How good a business is DBX?
Dropbox, Inc. keeps 27% of every revenue dollar as operating profit, against 6.1% for the median Software - Infrastructure name.
27%
Operating margin · Software - Infrastructure median 6.1% · 12 months to Q2 2026
- Cash conversion
- 2.16×
Cash conversion · 1.84× a year ago · every dollar of reported profit arrived as cash, and more
- 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 from the cash flow statement.
Software - Infrastructure
Ranks #17 of 78 by Smart Score