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Dropbox

DBX on Nasdaq. Dropbox sells file storage and collaboration tools to teams and individuals. Market value $3.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 60 of 100. Price score: not known. Our list needs 70 on quality and 60 on price.

$33.73 a share, 55% above its 1-year low

Over the past year the price has ranged from $21.69 to $38.17.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
0.8
n/a
0.9
n/a
20212022202320242025
Revenue
$2.2bn$2.3bn$2.5bn$2.5bn$2.5bn
Operating margin
12.7%7.8%21.5%19.1%27.3%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.40bn0.36bn0.35bn0.32bn0.27bn

Health checks

  • Free cash flow positive2 of 2 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 7 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsSlow, 5.7% a year
  • Buying back its own sharesYes, 31% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $632 million last quarter, up 1% on a year ago.
  • Profit: $96 million, down 24% on a year ago.
  • It keeps 27 cents of each $1 of sales as operating profit, up from 22 cents a year earlier.
  • 18% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$639m
December 2024$644m
March 2025$625m
June 2025$626m
September 2025$634m
December 2025$636m
March 2026$630m
June 2026$632m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$107m
December 2024$103m
March 2025$150m
June 2025$126m
September 2025$124m
December 2025$109m
March 2026$115m
June 2026$96m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
20 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 452 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 11 sold $58m, $57m of it under preset trading plans.

  • Houston Andrew
    Co-CEO, Director
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    354,300
    Price
    $34.01
    Value
    $12m
  • Schubach Sarah Elizabeth
    Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    30 September 2026
    Shares
    2,025
    Price
    $32.54
    Value
    $65,894
  • Schubach Sarah Elizabeth
    Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    2,025
    Price
    $36.78
    Value
    $74,480
  • Alkarmi Ashraf
    Co-CEO, Director
    Sold
    under a preset trading plan
    Date
    11 September 2026
    Shares
    28,800
    Price
    $35.54
    Value
    $1m
  • Tennenbaum Ross
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    10 September 2026
    Shares
    97,558
    Price
    $35.02
    Value
    $3m
  • Houston Andrew
    Co-CEO, Director
    Sold
    under a preset trading plan
    Date
    10 September 2026
    Shares
    383,800
    Price
    $35.02
    Value
    $13m
  • Yoon William T
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    4 September 2026
    Shares
    12,382
    Price
    $34.78
    Value
    $430,702
  • Campbell Lisa M
    Director
    Sold
    under a preset trading plan
    Date
    4 September 2026
    Shares
    4,598
    Price
    $34.78
    Value
    $159,929
  • Schubach Sarah Elizabeth
    Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    31 August 2026
    Shares
    1,631
    Price
    $35.50
    Value
    $57,901
  • Schubach Sarah Elizabeth
    Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    20 August 2026
    Shares
    1,631
    Price
    $34.01
    Value
    $55,470

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.