Stock

Dropbox

DBX

Software - Infrastructure · Technology

Also trades as: 0SGO.L GBP 0.38 (-0.33%)

Price

$37.83

+0.35 (+0.93%)

Market Cap

$8.23B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Strong

21/30

Growth

Mixed

6/20

Cash Flow

Exceptional

10/10

Stability

Mixed

3/10

Valuation

Strong

7/10

Ownership

Good

10/15

Dividends

Not counted

n/a

57 of 95 counted points = Winston Score 60. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−31.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 395.8M (2021) → 272.8M (2025)

§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.

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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

9.2%

Below par — 9.2% return on capital

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

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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

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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.

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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.

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Valuation

Price vs profit

P/E Ratio (TTM)

20.8x

Growth-priced — P/E 20.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.8 → 11.1)

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Dividends

Not applicable for this business.

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