Dolby Laboratories, Inc.
DLB · Patent Owners & Lessors · 97.7M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $31M (gross $149M, SBC $118M)
Reference price $55.59 · est. market cap ~$5.4B — last insider sale, 2026-06-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B80Dolby Laboratories — high-margin audio/imaging-technology licensor.
Strengths
- Gross margin 88% (90th pct), operating (80th), strong FCF (88th) and cash (90th)
- Wide-moat licensing across cinema, streaming, devices
Risks
- Licensing-renewal and device-volume sensitivity
- Slow top-line growth
Notable findings
- Customer concentration~10% of revenue from one customer/distributor — Fiscal Year Ended Change Products and Services September 26, 2025 September 27, 2024 $ % Revenue $ 101,113 $ 91,927 $ 9,186 10 % Percentage of total revenue 7 % 7 % Cost of products and servic
- Strong balance sheetStrong balance sheet — $783M cash & investments
- Insider sellingInsider selling — 13 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
88.1%
Operating margin
19.6%
Net margin
18.9%
Return on equity
9.7%
Return on assets
7.9%
Revenue growth (QoQ)
14.1%
Net-income growth
-2.6%
Current ratio
3.2×
Free cash flow
$436M
EBITDA
$353M
Tangible book value
$1.7B
Cash & investments
$783M
Stock comp / revenue
9.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Couling John D | Option exercise | 7.7K | $45.50 |
| 2026-06-01 | Couling John D | Sell | 7.2K | $55.59 |
| 2026-06-01 | Couling John D | Sell | 508 | $56.16 |
| 2026-05-22 | Pendleton Todd | Sell | 12K | $54.55 |
| 2026-05-18 | Revankar Shriram | Tax withheld | 4.3K | $54.21 |
| 2026-05-15 | Revankar Shriram | Sell | 3.0K | $54.90 |
| 2026-05-12 | Park Robert J | Sell | 391 | $57.35 |
| 2026-05-12 | Park Robert J | Sell | 4.5K | $56.62 |
| 2026-05-05 | Couling John D | Option exercise | 7.7K | $45.50 |
| 2026-05-05 | Couling John D | Sell | 738 | $58.34 |
| 2026-05-05 | Couling John D | Sell | 6.9K | $57.47 |
| 2026-05-04 | Couling John D | Sell | 4.7K | $58.47 |
| 2026-04-01 | Rollins Emily | Sell | 1.0K | $60.08 |
| 2026-02-25 | Dolby Dagmar | Conversion | 10K | — |
| 2026-02-25 | Dolby Dagmar | Gift | 10K | — |
| 2026-02-17 | Revankar Shriram | Sell | 3.0K | $66.14 |
| 2026-02-13 | Nicholson Ryan | Option exercise | 2.7K | $45.50 |
| 2026-02-13 | Nicholson Ryan | Sell | 2.7K | $66.38 |
| 2026-02-11 | Dolby Dagmar | Gift | 380K | — |
| 2026-02-11 | Dolby Dagmar | Conversion | 380K | — |
| 2026-02-03 | GOTCHER PETER C | Grant | 3.9K | — |
| 2026-02-03 | Sud Anjali | Grant | 3.9K | — |
| 2026-02-03 | Prophet Tony A | Grant | 3.9K | — |
| 2026-02-03 | TEVANIAN AVADIS | Grant | 3.9K | — |
| 2026-02-03 | Dolby David | Grant | 3.9K | — |
| 2026-02-03 | Rollins Emily | Grant | 3.9K | — |
| 2026-02-03 | Segars Simon | Grant | 3.9K | — |
| 2026-02-02 | Couling John D | Sell | 6.7K | $64.89 |
| 2025-12-17 | YEAMAN KEVIN J | Sell | 80 | $67.54 |
| 2025-12-17 | SHERMAN MARK ANDREW | Sell | 2.5K | $67.26 |
| 2025-12-17 | YEAMAN KEVIN J | Sell | 6.7K | $67.24 |
| 2025-12-16 | YEAMAN KEVIN J | Sell | 22K | $66.64 |
| 2025-12-16 | Park Robert J | Tax withheld | 2.3K | $66.62 |
| 2025-12-16 | SHERMAN MARK ANDREW | Sell | 2.4K | $67.17 |
| 2025-12-16 | Couling John D | Tax withheld | 2.6K | $66.62 |
| 2025-12-16 | SHERMAN MARK ANDREW | Sell | 6.7K | $66.58 |
| 2025-12-16 | SHERMAN MARK ANDREW | Tax withheld | 2.5K | $66.62 |
| 2025-12-16 | Nicholson Ryan | Tax withheld | 649 | $66.62 |
| 2025-12-16 | YEAMAN KEVIN J | Tax withheld | 6.9K | $66.62 |
| 2025-12-16 | Revankar Shriram | Tax withheld | 2.3K | $66.62 |
| 2025-12-16 | Pendleton Todd | Tax withheld | 2.0K | $66.62 |
| 2025-12-16 | YEAMAN KEVIN J | Sell | 5.0K | $67.16 |
| 2025-12-15 | Park Robert J | Grant | 23K | — |
| 2025-12-15 | Couling John D | Grant | 26K | — |
| 2025-12-15 | Couling John D | Option exercise | 6.8K | — |
| 2025-12-15 | Couling John D | Tax withheld | 8.2K | $67.54 |
| 2025-12-15 | Nicholson Ryan | Grant | 9.0K | — |
| 2025-12-15 | Nicholson Ryan | Tax withheld | 1.5K | $67.54 |
| 2025-12-15 | Pendleton Todd | Grant | 19K | — |
| 2025-12-15 | Pendleton Todd | Option exercise | 5.2K | — |
| 2025-12-15 | Pendleton Todd | Tax withheld | 6.1K | $67.54 |
| 2025-12-15 | YEAMAN KEVIN J | Grant | 66K | — |
| 2025-12-15 | YEAMAN KEVIN J | Option exercise | 18K | — |
| 2025-12-15 | YEAMAN KEVIN J | Tax withheld | 27K | $67.54 |
| 2025-12-15 | Revankar Shriram | Grant | 23K | — |
| 2025-12-15 | Revankar Shriram | Option exercise | 3.4K | — |
| 2025-12-15 | Revankar Shriram | Tax withheld | 5.0K | $67.54 |
| 2025-12-15 | SHERMAN MARK ANDREW | Grant | 26K | — |
| 2025-12-15 | SHERMAN MARK ANDREW | Option exercise | 5.9K | — |
| 2025-12-15 | SHERMAN MARK ANDREW | Tax withheld | 9.3K | $67.54 |
| 2025-12-15 | Park Robert J | Option exercise | 5.7K | — |
| 2025-12-15 | Park Robert J | Tax withheld | 6.5K | $67.54 |
| 2025-12-11 | Couling John D | Sell | 7.3K | $68.75 |
| 2025-12-09 | YEAMAN KEVIN J | Option exercise | 11K | $64.60 |
| 2025-12-09 | YEAMAN KEVIN J | Option exercise | 24K | $45.50 |
| 2025-12-09 | YEAMAN KEVIN J | Sell | 28K | $66.99 |
| 2025-12-09 | YEAMAN KEVIN J | Sell | 6.2K | $67.51 |
| 2025-12-01 | SHERMAN MARK ANDREW | Option exercise | 4.5K | $64.60 |
| 2025-12-01 | SHERMAN MARK ANDREW | Sell | 4.5K | $67.56 |
| 2025-11-26 | YEAMAN KEVIN J | Gift | 16K | — |
| 2025-11-25 | Prophet Tony A | Sell | 3.3K | $67.85 |
| 2025-11-24 | YEAMAN KEVIN J | Sell | 37K | $66.91 |
| 2025-11-24 | YEAMAN KEVIN J | Option exercise | 12K | $64.60 |
| 2025-11-24 | YEAMAN KEVIN J | Option exercise | 25K | $45.50 |
| 2025-11-21 | Revankar Shriram | Sell | 3.0K | $65.55 |
| 2025-11-20 | Couling John D | Sell | 6.2K | $66.12 |
| 2025-10-14 | YEAMAN KEVIN J | Option exercise | 25K | $45.50 |
| 2025-10-14 | YEAMAN KEVIN J | Sell | 11K | $68.51 |
| 2025-10-14 | YEAMAN KEVIN J | Sell | 14K | $69.17 |
| 2025-09-16 | YEAMAN KEVIN J | Option exercise | 25K | $45.50 |
| 2025-09-16 | YEAMAN KEVIN J | Sell | 25K | $71.66 |
| 2025-08-22 | Revankar Shriram | Sell | 7.0K | $74.92 |
| 2025-08-12 | YEAMAN KEVIN J | Option exercise | 25K | $45.50 |
| 2025-08-12 | YEAMAN KEVIN J | Sell | 25K | $72.31 |
| 2025-07-16 | YEAMAN KEVIN J | Sell | 2.5K | $75.00 |
| 2025-07-16 | YEAMAN KEVIN J | Option exercise | 2.5K | $64.60 |
| 2025-07-15 | YEAMAN KEVIN J | Sell | 40K | $74.81 |
| 2025-07-15 | YEAMAN KEVIN J | Sell | 280 | $75.30 |
| 2025-07-15 | YEAMAN KEVIN J | Option exercise | 25K | $45.50 |
| 2025-07-15 | YEAMAN KEVIN J | Option exercise | 15K | $64.60 |
| 2025-06-24 | YEAMAN KEVIN J | Option exercise | 25K | $45.50 |
| 2025-06-24 | YEAMAN KEVIN J | Sell | 25K | $74.02 |
| 2025-06-10 | YEAMAN KEVIN J | Option exercise | 25K | $45.50 |
| 2025-06-10 | YEAMAN KEVIN J | Option exercise | 8.7K | $64.60 |
| 2025-06-10 | YEAMAN KEVIN J | Sell | 34K | $76.22 |
| 2025-06-10 | YEAMAN KEVIN J | Sell | 179 | $76.57 |
| 2025-06-04 | SHERMAN MARK ANDREW | Option exercise | 15K | $64.60 |
| 2025-06-04 | SHERMAN MARK ANDREW | Sell | 15K | $75.02 |
| 2025-05-30 | SHERMAN MARK ANDREW | Sell | 350 | $74.97 |
| 2025-05-16 | Revankar Shriram | Tax withheld | 4.3K | $77.24 |
| 2025-05-05 | Couling John D | Sell | 675 | $75.04 |
| 2025-02-19 | Pendleton Todd | Option exercise | 7.3K | $71.07 |
| 2025-02-19 | Pendleton Todd | Sell | 18K | $83.75 |
| 2025-02-19 | Dolby Dagmar | Conversion | 510K | — |
| 2025-02-19 | Dolby Dagmar | Gift | 510K | — |
| 2025-02-05 | Nicholson Ryan | Option exercise | 7.0K | $33.15 |
| 2025-02-05 | Nicholson Ryan | Sell | 7.0K | $84.07 |
| 2025-02-04 | Segars Simon | Grant | 3.1K | — |
| 2025-02-04 | Rollins Emily | Grant | 3.1K | — |
| 2025-02-04 | Prophet Tony A | Grant | 3.1K | — |
| 2025-02-04 | GOTCHER PETER C | Grant | 3.1K | — |
| 2025-02-04 | Dolby David | Grant | 3.1K | — |
| 2025-02-04 | TEVANIAN AVADIS | Grant | 3.1K | — |
| 2025-01-30 | SHERMAN MARK ANDREW | Option exercise | 40K | $62.32 |
| 2025-01-30 | SHERMAN MARK ANDREW | Sell | 15K | $83.00 |
| 2025-01-30 | Rollins Emily | Sell | 1.0K | $84.90 |
| 2025-01-30 | SHERMAN MARK ANDREW | Sell | 25K | $86.00 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-04-30 | ResultsOtherExhibits | filing ↗ |
| 2026-02-06 | Shareholder vote | filing ↗ |
| 2026-01-29 | ResultsOtherExhibits | filing ↗ |
| 2025-11-18 | ResultsOtherExhibits | filing ↗ |
| 2025-11-14 | Exec/director changeExhibits | filing ↗ |
| 2025-07-31 | ResultsOtherExhibits | filing ↗ |
| 2025-05-01 | ResultsOtherExhibits | filing ↗ |
| 2025-02-07 | 5.03Shareholder voteExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-04-30 | 2026-04-30 | 0001193125-26-197338 ↗ |
| 10-Q | 2026-04-30 | 2026-03-27 | 0001308547-26-000010 ↗ |
| 8-K | 2026-02-06 | 2026-02-03 | 0001193125-26-041211 ↗ |
| 10-Q | 2026-01-29 | 2025-12-26 | 0001308547-26-000005 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0001193125-26-029373 ↗ |
| 8-K | 2025-11-18 | 2025-11-18 | 0001193125-25-286178 ↗ |
| 10-K | 2025-11-18 | 2025-09-26 | 0001308547-25-000007 ↗ |
| 8-K | 2025-11-14 | 2025-11-11 | 0001193125-25-283128 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0001193125-25-170537 ↗ |
| 10-Q | 2025-07-31 | 2025-06-27 | 0001628280-25-037059 ↗ |
| 10-Q | 2025-05-01 | 2025-03-28 | 0001628280-25-021591 ↗ |
| 8-K | 2025-05-01 | 2025-05-01 | 0001193125-25-109982 ↗ |