Dropbox

DBX

Software - Infrastructure · Technology

Price

$30.62

+0.17 (+0.56%)

Market Cap

$7.79B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

Dropbox, Inc. provides a content collaboration platform worldwide. Its platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. As of December 31, 2021, the company had approximately 700 million registered users. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries. The

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on DBX in the last 12 months.

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Score breakdown

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Quality

Gross Margin

79.2%

Premium pricing power — 79.2% gross margin

Operating Margin

24.9%

Excellent — 24.9% operating margin

ROCE

10.0%

Below par — 10.0% 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 YoY

-1.1%

Shrinking sales (-1.1% YoY)

EPS YoY

+32.4%

Earnings growing fast (32.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

187%

Turns 187% of profit into real cash

FCF Margin

36.9%

Converts sales into free cash efficiently (36.9%)

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

Debt / Equity

N/A

—

Data not available

Interest Cover

6.02x

Adequate interest coverage (6.0x)

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

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Valuation

P/E Ratio (TTM)

16.3x

Fair value — P/E 16.3

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

P/E vs Forward

+8.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.3 → 8.2)

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Dividends

Not applicable for this business.

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