Dropbox

DBX

Software - Infrastructure · Technology

Also trades as: 0SGO.L

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Track this stock — start free trial

Winston Score History

The full picture

Dropbox is a cloud storage and file-sharing company. It lets individuals and businesses store files online and access them from any device, anywhere. The company is best known for its Dropbox storage platform and also offers Dropbox Sign (formerly HelloSign), a tool for signing documents electronically.

Dropbox makes most of its money through subscriptions — users pay monthly or yearly for more storage and extra features. It serves hundreds of millions of registered users across more than 180 countries, with a focus on individual professionals and small-to-medium businesses. Its main competitive advantage is a large, loyal user base built through a "freemium" model, where free users often upgrade to paid plans over time. The key risk is intense competition from much larger rivals like Google, Microsoft, and Apple, all of which bundle cloud storage into products people already use daily.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

80.2%

Premium pricing power — 80.2% gross margin

Profit after running costs

Operating Margin

26.1%

Excellent — 26.1% operating margin

Return on the money invested

ROCE

14.8%

Good — 14.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-0.0%

Shrinking sales (-0.0% YoY)

Profit growth

EPS YoY

+9.6%

Earnings growing (+9.6% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

221%

Turns 221% of profit into real cash

Spare cash per sale

FCF Margin

37.8%

Converts sales into free cash efficiently (37.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

4.34x

Adequate interest coverage (4.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

18.9x

no trend

Fair value — P/E 18.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+9.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.9 → 9.4)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial