Dropbox, Inc. (DBX)
Fair bewertetFundamental
69
Kurs
$34.13
Marktkapitalisierung
$7.10B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Dropbox sells cloud storage and file-sharing subscriptions: customers pay a monthly or annual fee to keep files synced across devices and shared with others, rather than buying storage as a one-off purchase. Around the core storage product it has added e-signature (Dropbox Sign), document tracking (DocSend), form creation (FormSwift) and an AI-powered search tool (Dash), aiming to keep individuals, freelancers and small businesses inside one subscription instead of losing them to separate point solutions.
Wie das Geld verdient wird
Revenue comes almost entirely from subscriptions billed to individuals, freelancers and small business teams rather than from large enterprise contracts, and the company reports it as a single business rather than in separate segments. Because storage itself has become a commodity that Microsoft and Google give away bundled into Office 365 and Google Workspace, Dropbox's ability to keep or raise prices depends on customers valuing its added tools enough to pay for a stand-alone product.
Wettbewerbsvorteil
Kein erkennbarer Vorteil · KeinerDropbox itself states that competitors with greater name recognition and larger user bases can bundle a broader range of products and undercut it on price, and that less expensive, bundled alternatives have already hurt its user growth. Files stored in Dropbox create some switching friction, but not enough to stop paying users from plateauing as Microsoft and Google give storage away for free inside suites customers already buy.
Was die Nachfrage antreibt
Mäßig zyklischDemand for Dropbox's core service is fairly steady — files and documents need to be stored and shared regardless of the economic cycle — but paying users have plateaued at around 18 million as free, bundled alternatives from Microsoft and Google absorb new demand. Growth now depends more on convincing existing customers to add tools like e-signature or AI search than on winning new storage customers, and small-business customers can also cut software spending in a downturn.
Wichtigste Risiken
- Competition from larger, bundled providers — The company states that competitors such as Microsoft, Google and Amazon have greater name recognition, larger user bases and the ability to bundle storage with broader product suites, and that less expensive, bundled offerings have already hurt user growth.
- Paying user growth has stalled — Paying users have plateaued at around 18 million, and fiscal 2025 revenue actually declined slightly year over year, reflecting weaker performance in Teams and reduced investment in FormSwift.
- Currency exposure — About half of revenue is generated outside the United States and 27% of sales are denominated in currencies other than the U.S. dollar, so a stronger dollar reduces reported revenue relative to costs.
Kundenkonzentration
Die größten Kunden machen 1 % des Umsatzes aus
No single customer accounted for more than 1% of revenue in 2025, 2024 or 2023: revenue is spread across millions of individual and small-business subscribers rather than concentrated in a few large accounts.
Die Argumente dafür
Buyers argue that Dropbox's high operating margins and cash generation let it return capital to shareholders even with flat revenue, that expanding beyond storage into e-signature, document tracking and AI search gives it more to sell to an existing base with almost no customer concentration, and that a stabilized paying-user count of 18 million provides a steady subscription foundation.
Die Argumente dagegen
Sellers worry that free, bundled storage inside Microsoft 365 and Google Workspace has commoditized Dropbox's core product and capped paying-user growth for years, that revenue actually declined slightly in 2025, and that newer tools like Dash AI have yet to prove they can offset churn in the core storage business.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users
OneDrive and SharePoint, bundled into Microsoft 365, target the same business file storage and collaboration budget Dropbox sells into, and Dropbox names Microsoft first among its competitors.
iCloud paid storage tiers capture the consumer and prosumer subscription revenue Dropbox relies on, particularly among Mac and iPhone users who would otherwise pay Dropbox for sync across devices.
Adobe competes with Dropbox both in document workflow and, through Adobe Acrobat Sign, directly against Dropbox Sign for electronic signature subscriptions.
DocuSign is the reference product in electronic signature, the market Dropbox entered with Dropbox Sign and where the two chase the same contract-signing customers.
Dropbox names Box in its 10-K as its competitor for large-enterprise cloud storage deployments, where both sell content collaboration and governance to the same IT buyers.
Google Drive and Google Workspace compete for the same individual and small-business subscribers who pay for online file storage, sharing and document collaboration.
Bilanz & Liquidität
Umsatz
$2.53B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$443M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$931M
Gesamtes Eigenkapital
$-1.80B
Gesamtverbindlichkeiten
$4.64B
Current Ratio
1.07
Zinsdeckungsgrad
-
Schulden/EBITDA
0.85
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$40.59
Aktueller Kurs
$34.13
Sicherheitsmarge
+15.9%
Innerer-Wert-Spanne
$26.38 - $54.79
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
18.81
ROE
-28.3%
P/B-Verhältnis
-
P/FCF
10.35
Bruttomarge
79.7%
ROIC
32.3%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
32.3%
WACC
7.3%
ROIC − WACC
+25.1 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (16)
- EPS shows upward trend
- Price CAGR 6.66%
- ROIC 32.3%
- Gross Margin 79.7%
- P/FCF 10.35
- Operating Margin 26.6%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Revenue Growth 5Y 5.7%
- Earnings Surprise avg 5.4%
- Earnings Quality (OCF/NI) 2.21
- Share Dilution -15.4%
- Piotroski F-Score 6/9
Nicht bestanden (5)
- Low reliance on intangibles
- DCF valuation (Fairly valued)
- ROE -36.8%
- Analyst Consensus 6% Buy
- Net Margin Trend 17.5% vs 19.2%
Nicht verfügbar (6)
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Interest Coverage
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Andrew W. Houston | Co-Founder, Co-CEO & Chairman | 42 |
| Mr. Ashraf Alkarmi | Co-CEO & Director | 46 |
| Mr. Ross Tennenbaum | Chief Financial Officer | 47 |
| Mr. Ali Dasdan | Chief Technology Officer | 55 |
| Mr. William Yoon | Chief Legal Officer | 46 |
| Ms. Sarah Elizabeth Schubach | Chief Accounting Officer | - |
| Ms. Saman Asheer | Chief Communications Officer | - |
| Mr. Boon Lai | Chief Marketing Officer | - |
| Ms. Melanie Rosenwasser | Chief People Officer | - |
| Mr. Eric Webster | Chief Business Officer | 47 |
Prüfungsrisiko
4
Vorstandsrisiko
8
Vergütungsrisiko
8
Aktionärsrechterisiko
10
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-20
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-08-07
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-08-06
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for DBX, sourced from Markets Gazette.
- 3/9/2026NEGATIVEIs Dropbox Stock a Buy or Sell After the CEO Sold Shares Worth $4.2 Million?
Dropbox CEO Drew Houston offloaded 150,000 shares of the cloud storage company's stock for approximately $4.2 million. This significant insider selling, disclosed in a recent SEC filing, raises concerns among investors about the executive's confidence in the company's near-term prospects. While the sale represents a small fraction of Houston's total holdings, such large transactions can sometimes signal a lack of positive catalysts or potential headwinds ahead. Investors often interpret insider selling as a bearish signal, prompting a re-evaluation of their positions.
via Markets Gazette