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Dropbox Valuation Multiples

Discover revenue and EBITDA valuation multiples for Dropbox and similar public comparables like Nextdc, DUG Tech, and Dubber.

Dropbox Overview

About Dropbox

Dropbox provides cloud storage and content collaboration tools, focusing on individuals and small to midsize businesses. Founded in 2007, Dropbox was a pioneer in the file sync and share market. In recent years, the firm has been emphasizing its Dash product, which facilitates AI-powered universal search across unstructured cloud data.


Founded

2007

HQ

United States of America
Employees

2.2K+

Website

dropbox.com

Financials

LTM Revenue $2.5B

LTM EBITDA $1.1B

EV

$9.7B

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Dropbox Financials

Dropbox has a last 12-month revenue (LTM) of $2.5B and a last 12-month EBITDA of $1.1B.

In the most recent fiscal year, Dropbox achieved revenue of $2.5B and an EBITDA of $624M.

Dropbox expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Dropbox P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $2.5B XXX $2.5B XXX XXX XXX
Gross Profit $2.1B XXX $2.1B XXX XXX XXX
Gross Margin 83% XXX 83% XXX XXX XXX
EBITDA $1.1B XXX $624M XXX XXX XXX
EBITDA Margin 43% XXX 24% XXX XXX XXX
EBIT $940M XXX $486M XXX XXX XXX
EBIT Margin 37% XXX 19% XXX XXX XXX
Net Profit $777M XXX $452M XXX XXX XXX
Net Margin 31% XXX 18% XXX XXX XXX
Net Debt XXX XXX $1.0B XXX XXX XXX

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Dropbox Stock Performance

As of May 30, 2025, Dropbox's stock price is $29.

Dropbox has current market cap of $7.9B, and EV of $9.7B.

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Dropbox Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$9.7B $7.9B XXX XXX XXX XXX $2.55

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Dropbox Valuation Multiples

As of May 30, 2025, Dropbox has market cap of $7.9B and EV of $9.7B.

Dropbox's trades at 3.8x EV/Revenue multiple, and 15.6x EV/EBITDA.

Equity research analysts estimate Dropbox's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Dropbox has a P/E ratio of 10.1x.

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Dropbox Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $7.9B XXX $7.9B XXX XXX XXX
EV (current) $9.7B XXX $9.7B XXX XXX XXX
EV/Revenue 3.9x XXX 3.8x XXX XXX XXX
EV/EBITDA 9.0x XXX 15.6x XXX XXX XXX
EV/EBIT 10.3x XXX 20.0x XXX XXX XXX
EV/Gross Profit 4.6x XXX n/a XXX XXX XXX
P/E 10.1x XXX 17.4x XXX XXX XXX
EV/FCF 11.0x XXX 11.1x XXX XXX XXX

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Dropbox Margins & Growth Rates

Dropbox's last 12 month revenue growth is -2%

Dropbox's revenue per employee in the last FY averaged $1.2M, while opex per employee averaged $0.7M for the same period.

Dropbox's rule of 40 is 21% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Dropbox's rule of X is 39% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Dropbox Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth -2% XXX -1% XXX XXX XXX
EBITDA Margin 43% XXX 24% XXX XXX XXX
EBITDA Growth 3% XXX 42% XXX XXX XXX
Rule of 40 21% XXX 23% XXX XXX XXX
Bessemer Rule of X XXX XXX 39% XXX XXX XXX
Revenue per Employee XXX XXX $1.2M XXX XXX XXX
Opex per Employee XXX XXX $0.7M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 18% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 36% XXX XXX XXX
Opex to Revenue XXX XXX 63% XXX XXX XXX

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Dropbox Public Comps

See public comps and valuation multiples for Cloud Infrastructure and Data Storage comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Dropsuite XXX XXX XXX XXX XXX XXX
Dubber XXX XXX XXX XXX XXX XXX
DUG Tech XXX XXX XXX XXX XXX XXX
Megaport XXX XXX XXX XXX XXX XXX
Nextdc XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Dropbox M&A and Investment Activity

Dropbox acquired  XXX companies to date.

Last acquisition by Dropbox was  XXXXXXXX, XXXXX XXXXX XXXXXX . Dropbox acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Dropbox

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Dropbox

When was Dropbox founded? Dropbox was founded in 2007.
Where is Dropbox headquartered? Dropbox is headquartered in United States of America.
How many employees does Dropbox have? As of today, Dropbox has 2.2K+ employees.
Who is the CEO of Dropbox? Dropbox's CEO is Mr. Andrew W. Houston.
Is Dropbox publicy listed? Yes, Dropbox is a public company listed on NAS.
What is the stock symbol of Dropbox? Dropbox trades under DBX ticker.
When did Dropbox go public? Dropbox went public in 2018.
Who are competitors of Dropbox? Similar companies to Dropbox include e.g. Dropsuite, Dubber, DUG Tech, Megaport.
What is the current market cap of Dropbox? Dropbox's current market cap is $7.9B
What is the current revenue of Dropbox? Dropbox's last 12 months revenue is $2.5B.
What is the current revenue growth of Dropbox? Dropbox revenue growth (NTM/LTM) is -2%.
What is the current EV/Revenue multiple of Dropbox? Current revenue multiple of Dropbox is 3.9x.
Is Dropbox profitable? Yes, Dropbox is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Dropbox? Dropbox's last 12 months EBITDA is $1.1B.
What is Dropbox's EBITDA margin? Dropbox's last 12 months EBITDA margin is 43%.
What is the current EV/EBITDA multiple of Dropbox? Current EBITDA multiple of Dropbox is 9.0x.
What is the current FCF of Dropbox? Dropbox's last 12 months FCF is $884M.
What is Dropbox's FCF margin? Dropbox's last 12 months FCF margin is 35%.
What is the current EV/FCF multiple of Dropbox? Current FCF multiple of Dropbox is 11.0x.

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