# Dropbox share price today (Dropbox, Inc., DBX)

> Dropbox, Inc.'s balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. DBX · Technology · Software - Infrastructure · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/dbx

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## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: $34.96 (+20.6% in a year)
- P/E: 19.4× (higher than 74% of the last 4.6 years)
- Revenue (Jun 2026): $632 M (+0.9% on a year ago)
- Profit (Jun 2026): $95.8 M (−23.7% on a year ago)
- Operating margin: 26.1% (−1.2 points on a year ago)
- ROE: −28%, FY25
- ROIC: 30.5%, against a 6.0% cost of capital: +24.5 points

Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. ## What is the Dropbox share price today? Dropbox, Inc.'s share price was $34.96 at the close on 3 November 2026. It has been rising for 4 weeks. That is 20.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between $22 and $38, and at that close it sat 82% of the way up from that low. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 20 weeks in a row. Over the last 8.6 years the share price moved +12% while the S&P 500 moved +187%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Dropbox pay? Dropbox, Inc. pays no dividend. In the last 12 reported quarters it declared no dividend per share, so there is no payout history to chart and no yield to show. Companies like this usually keep their earnings in the business, so the cash-flow sections show where that cash goes. ## Which stock lists is Dropbox on? Dropbox is on one of our US lists: US tech stocks. [US tech stocks](https://www.sectoralpha.in/us-tech-stocks)

## Is Dropbox profitable? Dropbox, Inc. earned $95.8 M of net profit in the Jun 2026 quarter, −23.7% on the same quarter a year earlier. Full-year FY25 profit was $508 M. Over 4 years profit has grown 10.9% a year on average. That is 15.2% of the quarter's revenue. The same quarter a year earlier earned $126 M. For the full year, FY25 profit was $508 M (+12.4% on the year before). Why profit moved: revenue changed +0.9% on a year earlier and the margin moved −1.2 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed −6.5% and revenue +0.0%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Dropbox make, and is it growing? Dropbox, Inc. reported $632 M of revenue in the Jun 2026 quarter, +0.9% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 4 years it has grown 4.0% a year on average. The last full year, FY25, came in at $2.5 B. The last four reported quarters add to $2.5 B. FY25 revenue was $2.5 B, −1.1% on the year before. Recent pace: the last four quarters grew +0.0% on average, against 4.0% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +0.0%, against +0.0% a year over the last 8 quarters (stabilising); profit over the last 12 months grew −8.8%, against −12.9% a year (accelerating). ## How much of every $100 of sales does Dropbox keep? Dropbox, Inc.'s operating margin was 26.1% in the Jun 2026 quarter, 1.2 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 5 years it has been between 14.2% and 27.4%. The latest quarter is within that range. Across 5 years it has been between 14.2% and 27.4%, and FY25's 27.4% is the highest of them. Why the margin moved: operating margin changed −1.2 percentage points on the year while gross margin changed +0.0 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is Dropbox's profit turning into cash? Over the last 3 years, 186% of Dropbox, Inc.'s reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $952 M of operating cash against $508 M of profit. After $21.0 M of spending on assets, $931 M was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Dropbox's cash go? Dropbox, Inc. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $67.8 M on assets over the last 3 years. Averaged over those years that is 0.9% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $67.8 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Dropbox's P/E ratio, and how does it compare with its own history? Dropbox, Inc.'s P/E is 19.4×, near the high end of its own history: higher than 74% of past readings. Its usual P/E (the middle reading) is 17.4×, over 4.6 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +32.9% while the price moved +20.6%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 3 years the price moved +10.4% a year; about +4.2% a year came from earnings growth and about +6.2 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Dropbox business getting better or worse? Dropbox, Inc.'s business is giving mixed signals. There is no clear direction across the growth lines; each line tells part of the story. This is based on 12 quarters of 3 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. The return-on-capital line is not shown: net worth is negative, so a return on capital means nothing. The balance sheet is in distress, and this reading uses the growth lines alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## How much does Dropbox earn on its capital? Dropbox, Inc. earned a ROE of −28% in FY25. That is up from a low of −274% in FY23. Its return on capital used (ROIC) is 24.5 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 20.2% net margin and 0.89× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 20.2% net margin × 0.89× asset turnover × −1.58× leverage (assets divided by equity) ≈ −28.4% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 30.5% − 6.0% = +24.5 percentage points. The 6.0% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. A gap this wide means each dollar put back into the business creates more than a dollar of value. The 30.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at 37.1%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Dropbox have too much debt? Dropbox, Inc.'s net worth is negative: it owes more than it owns, so a debt-to-equity ratio means nothing here. Year by year, that ratio went from −8.06 in FY21 to −2.00 in FY25. So the returns on this page come from the business, not from borrowed money. ## What is the Dropbox shareholding pattern? 17.8% of Dropbox, Inc.'s tradable shares are in short positions, which are bets that the price will fall, so a large group of traders is betting against it. At normal trading volumes, closing those positions would take about 5.2 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Dropbox from balance-sheet trouble? For Dropbox, Inc., the Z-score is 0.55. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the danger zone. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 0.55 is inside the danger zone, so the balance sheet is a real risk. ## How does Dropbox rank in its industry? There is no score against its industry: Dropbox, Inc. is not among the largest members shown in this industry comparison for Software - Infrastructure. The score ranks a company within its industry: each measure is scored against the other members. Without that group there is no score, so none is shown. ## Which companies is Dropbox compared with? No sector comparison is shown here, not among the largest members shown in this industry comparison. ## Which companies are close to Dropbox in size? Dropbox is the 36th largest of 117 Software - Infrastructure companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: GitLab Inc., SentinelOne, Inc. and Zeta Global Holdings Corp. Just below it: Qualys, Inc., UiPath, Inc. and Amdocs. ### Software - Infrastructure companies close in size

1. [GitLab Inc.](https://www.sectoralpha.in/us/stocks/gtlb) $8.7 billion
2. [SentinelOne, Inc.](https://www.sectoralpha.in/us/stocks/s) $8 billion
3. [Zeta Global Holdings Corp.](https://www.sectoralpha.in/us/stocks/zeta) $7.8 billion
4. Dropbox, Inc. $7.6 billion
5. [Qualys, Inc.](https://www.sectoralpha.in/us/stocks/qlys) $7.3 billion
6. [UiPath, Inc.](https://www.sectoralpha.in/us/stocks/path) $6.8 billion
7. [Amdocs Limited](https://www.sectoralpha.in/us/stocks/dox) $6.5 billion

[All 117 Software - Infrastructure companies, largest first](https://www.sectoralpha.in/us/sectors/software-infrastructure#all-companies)

### Companies close in size in other industries

1. [The Gap, Inc.](https://www.sectoralpha.in/us/stocks/gap) $7.8 billion · Apparel Retail
2. [Lamb Weston Holdings, Inc.](https://www.sectoralpha.in/us/stocks/lw) $7.8 billion · Packaged Foods
3. Dropbox, Inc. $7.7 billion
4. [MGM Resorts International](https://www.sectoralpha.in/us/stocks/mgm) $7.7 billion · Resorts & Casinos
5. [Pool Corporation](https://www.sectoralpha.in/us/stocks/pool) $7.7 billion · Industrial Distribution

## What else do people ask about Dropbox? ### What were Dropbox's latest quarterly results? Dropbox, Inc. reported revenue of $632 M and net profit of $95.8 M for the Jun 2026 quarter. Revenue rose 0.9% and profit fell 23.7% compared with a year earlier. Earnings per share were $0.42. The operating margin was 26.1%, 1.2 percentage points lower than a year earlier (as of 3 November 2026). ### What is Dropbox's market cap? Dropbox, Inc.'s market capitalisation is $7.6 B at a stock price of $34.96. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Dropbox performing? Dropbox, Inc.'s share price has been rising for 4 weeks. In its latest quarter, revenue rose 0.9% and profit fell 23.7% compared with a year earlier. Over the past 13 weeks it has done better than the S&P 500, for 20 weeks running (as of 3 November 2026). ### Will Dropbox's stock price go up? This page does not forecast Dropbox, Inc.'s stock price. What it shows instead: the stock price is $34.96, and it has been rising for 4 weeks. Its P/E of 19.4× is higher than 74% of its own last 5 years (as of 3 November 2026). ### Where is Dropbox in its business cycle? Dropbox, Inc.'s FY25 operating margin was 27.4%, against a 5-year range of 14.2% to 27.4%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 26.1%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Dropbox story? Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Dropbox a stock worth studying right now? What the numbers show: Dropbox, Inc.'s balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. The main open question: whether the business can earn its way back to positive net worth before new shares or a restructuring get there first. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ## Lists

- US tech stocks: https://www.sectoralpha.in/us-tech-stocks

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