DROPBOX, INC.
DBX · Services-Prepackaged Software · 345.6M shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $202M (gross $540M, SBC $338M)
Reference price $26.90 · est. market cap ~$9.3B — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Elite cash machine with top-decile FCF, but flat growth and buyback-driven negative equity.
Strengths
- Elite FCF and profitability — FCF margin 36.9% (96th), FCF $930.8M (83rd), operating margin 27.3% (89th)
- Strong asset returns — ROA 17.9% (93rd)
Risks
- Stalled growth — revenue -1.1% (8th)
- Negative equity, weak liquidity — ROE -28.3%, current ratio 0.63 (7th)
- Mature, commoditizing file-sync market — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
- Weak liquidityCurrent ratio 0.63 (<1)
- Customer concentration~90% of revenue from one customer/distributor — We generate over 90% of our revenue from self-serve channels—users who purchase a subscription through our app or website
- Buying back stockNet buyback — share count -4%/yr over 4y
- Strong balance sheetStrong balance sheet — $1.0B cash & investments
- Insider sellingInsider selling — 34 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$18M, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
80.1%
Operating margin
27.3%
Net margin
20.2%
Return on equity
-28.3%
Return on assets
17.9%
Revenue growth (QoQ)
-1.1%
Net-income growth
12.4%
Current ratio
0.6×
Free cash flow
$931M
Tangible book value
-$2.3B
Cash & investments
$1.0B
Stock comp / revenue
11.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Schubach Sarah Elizabeth | Sell | 1.3K | $26.90 |
| 2026-06-02 | Alkarmi Ashraf | Sell | 23K | $27.86 |
| 2026-06-01 | Alkarmi Ashraf | Grant | 479K | — |
| 2026-06-01 | Schubach Sarah Elizabeth | Sell | 1.3K | $27.66 |
| 2026-05-21 | Campbell Lisa M | Grant | 9.1K | — |
| 2026-05-21 | Parasnis Abhay | Grant | 9.1K | — |
| 2026-05-21 | JENSON WARREN | Grant | 9.1K | — |
| 2026-05-21 | Moore Andrew William | Grant | 9.1K | — |
| 2026-05-21 | Seibel Michael | Grant | 9.1K | — |
| 2026-05-21 | Peacock Karen | Grant | 9.1K | — |
| 2026-05-19 | Schubach Sarah Elizabeth | Sell | 1.3K | $28.14 |
| 2026-05-18 | Moore Andrew William | Sell | 4.7K | $27.80 |
| 2026-05-18 | Houston Andrew | Conversion | 30K | — |
| 2026-05-18 | Houston Andrew | Sell | 30K | $27.50 |
| 2026-05-18 | Yoon William T | Sell | 3.2K | $27.28 |
| 2026-05-18 | Dasdan Ali | Sell | 3.0K | $27.82 |
| 2026-05-18 | Dasdan Ali | Sell | 2.7K | $27.28 |
| 2026-05-18 | Moore Andrew William | Sell | 3.7K | $27.27 |
| 2026-05-18 | Yoon William T | Sell | 4.0K | $27.80 |
| 2026-05-15 | Yoon William T | Tax withheld | 16K | $26.20 |
| 2026-05-15 | Webster Eric T | Tax withheld | 13K | $26.20 |
| 2026-05-15 | Schubach Sarah Elizabeth | Tax withheld | 3.7K | $26.20 |
| 2026-05-15 | Alkarmi Ashraf | Tax withheld | 21K | $26.20 |
| 2026-05-15 | Dasdan Ali | Tax withheld | 19K | $26.20 |
| 2026-05-15 | Tennenbaum Ross | Tax withheld | 20K | $26.20 |
| 2026-05-15 | Peacock Karen | Sell | 4.0K | $26.50 |
| 2026-05-15 | Campbell Lisa M | Sell | 4.2K | $26.51 |
| 2026-05-14 | Houston Andrew | Sell | 37K | $25.96 |
| 2026-05-14 | Houston Andrew | Conversion | 37K | — |
| 2026-04-30 | Schubach Sarah Elizabeth | Sell | 1.8K | $23.95 |
| 2026-04-15 | Schubach Sarah Elizabeth | Sell | 1.4K | $22.99 |
| 2026-04-01 | Houston Andrew | Conversion | 111K | — |
| 2026-04-01 | Houston Andrew | Sell | 111K | $22.89 |
| 2026-04-01 | Yoon William T | Grant | 201K | — |
| 2026-04-01 | Alkarmi Ashraf | Grant | 232K | — |
| 2026-04-01 | Schubach Sarah Elizabeth | Grant | 57K | — |
| 2026-04-01 | Dasdan Ali | Grant | 40K | — |
| 2026-03-31 | Schubach Sarah Elizabeth | Sell | 1.4K | $22.60 |
| 2026-03-16 | Schubach Sarah Elizabeth | Sell | 1.4K | $25.76 |
| 2026-03-11 | Yoon William T | Sell | 8.8K | $25.90 |
| 2026-03-11 | Yoon William T | Sell | 400 | $26.57 |
| 2026-03-11 | Peacock Karen | Sell | 2.0K | $26.50 |
| 2026-03-03 | Alkarmi Ashraf | Sell | 12K | $26.00 |
| 2026-03-02 | Schubach Sarah Elizabeth | Sell | 1.4K | $24.76 |
| 2026-03-02 | Houston Andrew | Conversion | 109K | — |
| 2026-03-02 | Houston Andrew | Sell | 109K | $24.94 |
| 2026-02-26 | Dasdan Ali | Sell | 7.3K | $24.89 |
| 2026-02-18 | Schubach Sarah Elizabeth | Sell | 1.4K | $24.49 |
| 2026-02-17 | Schubach Sarah Elizabeth | Tax withheld | 3.5K | $24.53 |
| 2026-02-17 | Alkarmi Ashraf | Tax withheld | 8.7K | $24.53 |
| 2026-02-17 | Yoon William T | Tax withheld | 7.5K | $24.53 |
| 2026-02-17 | Dasdan Ali | Tax withheld | 14K | $24.53 |
| 2026-02-17 | Tennenbaum Ross | Tax withheld | 14K | $24.53 |
| 2026-02-02 | Houston Andrew | Conversion | 165K | — |
| 2026-02-02 | Houston Andrew | Sell | 165K | $25.66 |
| 2026-01-30 | Schubach Sarah Elizabeth | Sell | 1.5K | $25.79 |
| 2026-01-15 | Schubach Sarah Elizabeth | Sell | 1.2K | $26.84 |
| 2026-01-12 | Houston Andrew | Conversion | 24K | — |
| 2026-01-12 | Houston Andrew | Sell | 24K | $27.51 |
| 2026-01-09 | Houston Andrew | Conversion | 36K | — |
| 2026-01-09 | Houston Andrew | Sell | 36K | $27.54 |
| 2026-01-02 | Houston Andrew | Conversion | 93K | — |
| 2026-01-02 | Houston Andrew | Sell | 79K | $26.79 |
| 2026-01-02 | Houston Andrew | Sell | 13K | $27.58 |
| 2026-01-01 | Tennenbaum Ross | Grant | 814K | — |
| 2025-12-29 | Schubach Sarah Elizabeth | Sell | 1.2K | $27.88 |
| 2025-12-15 | Schubach Sarah Elizabeth | Sell | 1.2K | $28.35 |
| 2025-12-15 | Regan Timothy | Sell | 1.5K | $28.35 |
| 2025-12-03 | Houston Andrew | Sell | 9.2K | $30.00 |
| 2025-12-03 | Houston Andrew | Conversion | 9.2K | — |
| 2025-12-01 | Schubach Sarah Elizabeth | Sell | 1.2K | $29.60 |
| 2025-12-01 | Houston Andrew | Conversion | 92K | — |
| 2025-12-01 | Houston Andrew | Sell | 92K | $29.53 |
| 2025-11-28 | Regan Timothy | Sell | 1.5K | $29.64 |
| 2025-11-24 | Dasdan Ali | Sell | 5.7K | $30.00 |
| 2025-11-20 | Schubach Sarah Elizabeth | Sell | 1.2K | $29.43 |
| 2025-11-18 | Yoon William T | Sell | 4.5K | $28.99 |
| 2025-11-18 | Alkarmi Ashraf | Sell | 6.3K | $28.98 |
| 2025-11-18 | Alkarmi Ashraf | Sell | 3.8K | $29.52 |
| 2025-11-18 | Yoon William T | Sell | 2.6K | $29.53 |
| 2025-11-18 | Dasdan Ali | Sell | 4.0K | $29.04 |
| 2025-11-18 | Dasdan Ali | Sell | 1.7K | $29.55 |
| 2025-11-17 | Schubach Sarah Elizabeth | Tax withheld | 5.0K | $30.36 |
| 2025-11-17 | Dasdan Ali | Tax withheld | 19K | $30.36 |
| 2025-11-17 | Alkarmi Ashraf | Tax withheld | 13K | $30.36 |
| 2025-11-17 | Yoon William T | Tax withheld | 10K | $30.36 |
| 2025-11-17 | Regan Timothy | Tax withheld | 26K | $30.36 |
| 2025-11-14 | Regan Timothy | Sell | 1.5K | $30.25 |
| 2025-11-14 | Houston Andrew | Sell | 101K | $30.23 |
| 2025-11-14 | Houston Andrew | Conversion | 101K | — |
| 2025-10-30 | Schubach Sarah Elizabeth | Sell | 1.1K | $28.40 |
| 2025-10-30 | Regan Timothy | Sell | 1.5K | $28.40 |
| 2025-10-15 | Schubach Sarah Elizabeth | Sell | 1.1K | $28.62 |
| 2025-10-15 | Regan Timothy | Sell | 1.5K | $28.62 |
| 2025-10-01 | Houston Andrew | Sell | 98K | $29.62 |
| 2025-10-01 | Regan Timothy | Sell | 5.0K | $29.76 |
| 2025-10-01 | Houston Andrew | Sell | 3.6K | $30.22 |
| 2025-10-01 | Houston Andrew | Conversion | 101K | — |
| 2025-09-30 | Regan Timothy | Sell | 1.5K | $30.71 |
| 2025-09-30 | Schubach Sarah Elizabeth | Sell | 1.1K | $30.71 |
| 2025-09-15 | Schubach Sarah Elizabeth | Sell | 1.1K | $30.87 |
| 2025-09-15 | Regan Timothy | Sell | 1.5K | $30.87 |
| 2025-09-08 | Peacock Karen | Sell | 2.0K | $30.00 |
| 2025-09-08 | Alkarmi Ashraf | Sell | 10K | $30.00 |
| 2025-09-08 | Yoon William T | Sell | 11K | $30.16 |
| 2025-09-08 | Dasdan Ali | Sell | 13K | $30.00 |
| 2025-09-08 | Houston Andrew | Conversion | 46K | — |
| 2025-09-08 | Houston Andrew | Sell | 46K | $30.04 |
| 2025-09-05 | Parasnis Abhay | Sell | 1.8K | $29.50 |
| 2025-09-02 | Schubach Sarah Elizabeth | Sell | 1.1K | $28.49 |
| 2025-09-02 | Houston Andrew | Conversion | 92K | — |
| 2025-09-02 | Houston Andrew | Sell | 92K | $28.52 |
| 2025-08-29 | Regan Timothy | Sell | 2.5K | $29.01 |
| 2025-08-28 | Moore Andrew William | Sell | 14K | $28.78 |
| 2025-08-20 | Parasnis Abhay | Sell | 3.6K | $28.26 |
| 2025-08-18 | Dasdan Ali | Sell | 5.7K | $27.30 |
| 2025-08-18 | Alkarmi Ashraf | Sell | 10K | $27.30 |
| 2025-08-15 | Alkarmi Ashraf | Tax withheld | 13K | $27.73 |
| 2025-08-15 | Yoon William T | Tax withheld | 11K | $27.73 |
| 2025-08-15 | Regan Timothy | Tax withheld | 26K | $27.73 |
| 2025-08-15 | Regan Timothy | Sell | 2.5K | $27.95 |
| 2025-08-15 | Dasdan Ali | Tax withheld | 19K | $27.73 |
| 2025-08-14 | Houston Andrew | Conversion | 92K | — |
| 2025-08-14 | Houston Andrew | Sell | 92K | $27.83 |
| 2025-08-14 | Dasdan Ali | Sell | 7.1K | $27.82 |
| 2025-07-29 | Regan Timothy | Sell | 2.5K | $27.98 |
| 2025-07-15 | Regan Timothy | Sell | 2.5K | $26.83 |
| 2025-07-01 | Regan Timothy | Sell | 10K | $27.94 |
| 2025-07-01 | Houston Andrew | Conversion | 92K | — |
| 2025-07-01 | Houston Andrew | Sell | 92K | $27.96 |
| 2025-06-30 | Regan Timothy | Sell | 2.5K | $28.40 |
| 2025-06-13 | Alkarmi Ashraf | Sell | 10K | $28.10 |
| 2025-06-13 | Regan Timothy | Sell | 2.5K | $28.10 |
| 2025-06-11 | Houston Andrew | Sell | 135K | $28.48 |
| 2025-06-11 | Houston Andrew | Sell | 184K | $28.48 |
| 2025-06-11 | Houston Andrew | Conversion | 184K | — |
| 2025-06-11 | Houston Andrew | Conversion | 135K | — |
| 2025-05-30 | Regan Timothy | Sell | 2.5K | $28.78 |
| 2025-05-27 | Peacock Karen | Sell | 7.0K | $28.53 |
| 2025-05-16 | Campbell Lisa M | Sell | 5.2K | $28.94 |
| 2025-05-16 | Yoon William T | Sell | 5.4K | $28.94 |
| 2025-05-16 | Cox Eric | Sell | 2.3K | $28.94 |
| 2025-05-15 | Dasdan Ali | Tax withheld | 14K | $29.61 |
| 2025-05-15 | Yoon William T | Tax withheld | 8.1K | $29.61 |
| 2025-05-15 | Alkarmi Ashraf | Tax withheld | 13K | $29.61 |
| 2025-05-15 | Cox Eric | Tax withheld | 13K | $29.61 |
| 2025-05-15 | Regan Timothy | Sell | 2.5K | $29.53 |
| 2025-05-15 | Peacock Karen | Grant | 8.4K | — |
| 2025-05-15 | Parasnis Abhay | Grant | 8.4K | — |
| 2025-05-15 | Campbell Lisa M | Grant | 8.4K | — |
| 2025-05-15 | Regan Timothy | Tax withheld | 26K | $29.61 |
| 2025-05-15 | JACOBS PAUL E | Grant | 8.4K | — |
| 2025-05-15 | Seibel Michael | Grant | 8.4K | — |
| 2025-05-15 | Moore Andrew William | Grant | 8.4K | — |
| 2025-05-15 | JENSON WARREN | Grant | 8.4K | — |
| 2025-04-30 | Regan Timothy | Sell | 2.5K | $28.29 |
| 2025-04-15 | Regan Timothy | Sell | 2.5K | $26.94 |
| 2025-04-01 | Regan Timothy | Sell | 10K | $27.00 |
| 2025-04-01 | Yoon William T | Grant | 191K | — |
| 2025-04-01 | Cox Eric | Grant | 84K | — |
| 2025-04-01 | Cox Eric | Grant | 84K | — |
| 2025-04-01 | Dasdan Ali | Grant | 610K | — |
| 2025-04-01 | Regan Timothy | Grant | 210K | — |
| 2025-03-28 | Regan Timothy | Sell | 2.5K | $26.57 |
| 2025-03-14 | Regan Timothy | Sell | 2.5K | $25.27 |
| 2025-03-13 | Yoon William T | Sell | 6.4K | $24.74 |
| 2025-02-28 | Regan Timothy | Sell | 2.5K | $25.88 |
| 2025-02-27 | Cox Eric | Sell | 3.8K | $26.30 |
| 2025-02-18 | Regan Timothy | Tax withheld | 21K | $32.78 |
| 2025-02-18 | Volkmer Bart | Tax withheld | 13K | $32.78 |
| 2025-02-18 | Cox Eric | Tax withheld | 8.6K | $32.78 |
| 2025-02-07 | Regan Timothy | Sell | 2.5K | $32.19 |
| 2025-01-30 | Regan Timothy | Sell | 2.5K | $32.17 |
| 2025-01-21 | Houston Andrew | Sell | 80K | $30.97 |
| 2025-01-21 | Houston Andrew | Conversion | 80K | — |
| 2025-01-17 | JENSON WARREN | Grant | 2.7K | — |
| 2025-01-15 | Regan Timothy | Sell | 2.5K | $30.37 |
| 2025-01-06 | Houston Andrew | Sell | 30K | $30.07 |
| 2025-01-06 | Houston Andrew | Conversion | 30K | — |
| 2025-01-03 | Houston Andrew | Conversion | 4.3K | — |
| 2025-01-03 | Houston Andrew | Sell | 4.3K | $30.00 |
| 2025-01-02 | Regan Timothy | Sell | 10K | $29.65 |
| 2025-01-02 | Houston Andrew | Conversion | 500K | — |
| 2025-01-02 | Houston Andrew | Sell | 500K | $29.65 |
| 2024-12-30 | Regan Timothy | Sell | 2.5K | $30.38 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-01 | Material agreementDebt obligationReg FDOtherExhibits | filing ↗ |
| 2026-05-26 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-05-26 | Shareholder voteExhibits | filing ↗ |
| 2026-05-07 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-19 | ResultsReg FDExhibits | filing ↗ |
| 2025-12-10 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-11-06 | ResultsReg FDExhibits | filing ↗ |
| 2025-09-09 | Material agreementDebt obligationReg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-01 | 2026-06-01 | 0001467623-26-000040 ↗ |
| 8-K | 2026-05-26 | 2026-05-21 | 0001467623-26-000034 ↗ |
| 8-K | 2026-05-26 | 2026-05-21 | 0001467623-26-000036 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001467623-26-000031 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001467623-26-000027 ↗ |
| 10-K | 2026-02-20 | 2025-12-31 | 0001467623-26-000008 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001467623-26-000003 ↗ |
| 8-K | 2025-12-10 | 2025-12-05 | 0001467623-25-000131 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001467623-25-000129 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001467623-25-000127 ↗ |
| 8-K | 2025-09-09 | 2025-09-09 | 0001467623-25-000123 ↗ |
| 8-K | 2025-08-25 | 2025-08-21 | 0001467623-25-000119 ↗ |