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Dolby Laboratories, Inc. key statistics and ratios

In fiscal 2025, Dolby Laboratories, Inc. had return on equity of 10.0% and a net margin of 18.9%. 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.

Fiscal year2009Sept 20092010Sept 20102011Sept 20112012Sept 20122013Sept 20132014Sept 20142015Sept 20152016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Net margin33.8%30.7%32.2%28.3%20.8%21.5%18.7%18.1%19.1%4.0%20.5%19.9%24.2%14.7%15.4%20.6%18.9%16.7%
Return on equity18.1%20.1%19.7%15.6%11.8%12.9%10.3%9.8%10.1%1.9%10.9%9.8%12.3%7.6%8.7%10.8%10.0%8.7%
Return on assets15.4%17.2%17.2%13.7%10.2%11.1%8.8%8.4%8.5%1.5%9.0%8.1%10.3%6.4%7.1%8.6%8.0%7.1%
Effective tax rate34.2%35.3%29.5%28.1%24.1%24.4%25.4%21.0%18.8%78.5%9.5%3.4%10.3%14.6%19.4%15.4%15.5%17.6%
R&D as % of revenue11.3%11.4%12.9%15.0%18.6%19.1%20.7%21.4%21.6%22.5%19.2%20.6%19.8%20.8%20.9%20.7%19.4%19.6%
Dividends ÷ net income——0.0%0.0%215.7%0.0%22.6%26.0%27.6%158.5%30.4%38.3%28.7%54.4%51.5%43.8%49.6%59.4%

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

2 of 2 checks passed · June 26, 2026
What it owns · $3.2bn
Short-term assets $1.3bnLonger-term assets $1.8bn
What it owes, and who funded it · $3.1bn
Short-term liabilities $416mLonger-term liabilities $148mShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $416m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $148m 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 Dolby Laboratories, 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

72 /100

Strong moat

How hard Dolby Laboratories's competitive advantage looks for rivals to wear away, judged from 10 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 17.4% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 88.3%, moving by 0.9 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 18.7%; its worst year was 16.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 24.7% of revenue.

  • Discipline 11 / 20

    The diluted share count fell 7.4% over five years; stock-based pay has been a median 8.3% 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 (87 before it).

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

Compare with peers

Head to head: DLB vs KCDLB vs KVYODLB vs PCOR

More: Application Software stocks compared, Technology sector, rankings of US companies

Figures from Dolby Laboratories, 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 Dolby Laboratories, Inc.