DBXDROPBOX, INC.
Services-Prepackaged Software
- Revenue
- $2.5B
- 1.1% YoY
- Operating margin
- 27.3%
- 43% YoY
- EBITDA
- $821M
- 38% YoY
- Market cap
- $8.4B
- Employees
- 2,113
- $1M revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 5.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo187% of net incomeCash flow under 80% of net income
- Dilutive SBCYes12% of revenueOver 10% of revenue
- Payouts exceed cash flowYes180% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo16% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 82nd pctBottom quartile of its SIC industry
- Quiet on AINo5.2 per 10K words · 83rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$8.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$59M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.3B | $2.5B | $2.5B | $2.5B | 1.1% |
| Operating income | $274M | $181M | $539M | $486M | $689M | 42% |
| Net income | $336M | $553M | $454M | $452M | $508M | 12% |
| Operating cash flow | $730M | $797M | $784M | $894M | $952M | 6.5% |
| Capex | $22M | $34M | $24M | $23M | $21M | 6.7% |
| Stock-based comp | $287M | $331M | $338M | $347M | $301M | 13% |
| Buybacks | $1.1B | $795M | $540M | $1.2B | $1.7B | 38% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $59M · 72
- Net
- −$59M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $2M | −$42M | 125 | 258 |
| FY2024 | $2M | −$16M | 135 | 201 |
| FY2023 | $2M | $19M | 133 | 147 |
| FY2022 | $1M | −$23M | 101 | 89 |
| FY2021 | $2M | $25M | 111 | 138 |