DROPBOX, Inc. (DBX) intrinsic value & 10-year financials
DROPBOX, Inc. (DBX) has a Graham intrinsic value of $61.78 per share. At $35.57 on Oct 17, 2026, the stock trades 42% below that value. Over the last 10 fiscal years revenue grew 12.9% a year to $2.5B, with an average return on invested capital of -104.4%.
- Graham intrinsic value
- $61.78
- Share price (Oct 17, 2026)
- $35.57
- Price vs Graham value
- 42% below
- Market cap
- $9.7B
- Revenue (FY2025)
- $2.5B
- Revenue growth (10-yr CAGR)
- 12.9%
- ROIC (10-yr avg)
- -104.4%
- Free cash flow (FY2025)
- $930.8M
DBX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.5B | $508.4M | $1.86 | $930.8M | 27.3% | -30.2% |
| FY2024 | $2.5B | $452.3M | $1.40 | $871.6M | 19.1% | -44.7% |
| FY2023 | $2.5B | $453.6M | $1.31 | $759.4M | 21.5% | -825.4% |
| FY2022 | $2.3B | $553.2M | $1.52 | $763.5M | 7.8% | 216.5% |
| FY2021 | $2.2B | $335.8M | $0.85 | $707.7M | 12.7% | 59.5% |
| FY2020 | $1.9B | -$256.3M | -$0.62 | $490.7M | -14.5% | -26.9% |
| FY2019 | $1.7B | -$52.7M | -$0.13 | $392.4M | -4.8% | -7.3% |
| FY2018 | $1.4B | -$484.9M | — | $362.4M | -35.5% | -126.7% |
| FY2017 | $1.1B | -$111.7M | — | $305.0M | -10.3% | -100.8% |
| FY2016 | $844.8M | -$210.2M | — | $137.4M | -22.9% | -157.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
DROPBOX, INC. is a consistent compounder, expanding top-line revenue at 12.9% annually over the past decade.
DROPBOX, INC. has historically struggled to out-earn its cost of capital, averaging just -28.5% ROIC.
DROPBOX, INC. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, DROPBOX, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $61.78 per share.