Dropbox, Inc. key statistics and ratios

In fiscal 2025, Dropbox, Inc. had an operating margin of 27.3% and a current ratio of 0.63. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Dropbox, Inc.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	53.8%	66.7%	71.6%	75.3%	78.3%	79.4%	80.9%	80.9%	82.5%	80.1%	79.7%
Operating margin	−22.9%	−10.3%	−35.5%	−4.8%	−14.5%	12.7%	7.8%	21.5%	19.1%	27.3%	26.6%
Net margin	−24.9%	−10.1%	−34.8%	−3.2%	−13.4%	15.6%	23.8%	18.1%	17.7%	20.2%	17.5%
Free-cash-flow margin	16.3%	27.6%	26.0%	23.6%	25.6%	32.8%	32.8%	30.4%	34.2%	36.9%	37.8%
Return on equity	−171.2%	−99.0%	−124.4%	−7.1%	−44.9%	—	—	—	—	—	—
Return on assets	—	−11.0%	−35.7%	−2.4%	−10.1%	12.3%	17.8%	14.9%	14.3%	16.5%	15.6%
Asset turnover	—	1.09	1.03	0.76	0.75	0.79	0.75	0.82	0.81	0.82	0.89
Current ratio	—	0.70	1.45	1.23	1.13	1.57	1.25	1.26	1.44	0.63	1.07
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—	—
Effective tax rate	—	—	—	—	—	−12.2%	—	18.2%	11.3%	17.7%	20.8%
R&D as % of revenue	34.3%	34.4%	55.2%	39.9%	38.0%	35.0%	38.4%	37.4%	35.9%	29.0%	29.3%
Capital spending as % of revenue	13.6%	2.3%	4.5%	8.2%	4.2%	1.0%	1.5%	1.0%	0.9%	0.8%	0.9%
Free cash flow ÷ net income	—	—	—	—	—	210.8%	138.0%	167.4%	192.7%	183.1%	216.1%
Dividends and buybacks ÷ free cash flow	—	—	0.0%	0.0%	81.0%	149.6%	104.2%	71.1%	142.5%	184.1%	156.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Dropbox, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	82.5%	81.2%	81.3%	80.2%	79.8%	79.2%	79.7%	80.2%
Operating margin	20.0%	13.7%	29.4%	26.9%	27.5%	25.5%	27.5%	26.1%
Net margin	16.7%	16.0%	24.1%	20.1%	19.5%	17.1%	18.2%	15.2%
Free-cash-flow margin	42.3%	32.7%	24.6%	41.3%	46.3%	35.4%	32.3%	37.2%
Current ratio	0.87	1.44	0.73	0.60	0.57	0.63	1.23	1.07
R&D as % of revenue	35.3%	37.8%	28.6%	29.5%	28.7%	29.4%	29.3%	29.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 2 checks passed · June 30, 2026

What it owns · $2.8bn

Short-term assets $1.3bnLonger-term assets $1.6bn

What it owes, and who funded it · $5.0bn

Short-term liabilities $1.2bnLonger-term liabilities $3.8bnShareholders' equity $-2.2bn

Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $1.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.3bn short-term assets against $3.8bn of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Dropbox, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

53 /100

Moderate moat

How hard Dropbox's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 43.8% of total assets over 8 years.
Pricing power 18 / 20

Gross margin has been a median 79.7%, moving by 4.1 percentage points (standard deviation) across 9 years.
Durability 1 / 20

Operating margin has been a median 6.2%; its worst year was -42.2%.
Cash conversion 20 / 20

Free cash flow was positive in 9 of 9 years, at a median 32.0% of revenue.
Discipline 10 / 20

The diluted share count fell 39.4% over five years; stock-based pay has been a median 13.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (68 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Dropbox, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dropbox, Inc.