Dropbox, Inc. (DBX)

Services-Prepackaged Software

Latest Price

$36.25

TTM P/E

20.14

Normalized P/E

23.56

TTM Div Yield

Fwd Div Yield

Book Value

P/B Ratio

Valuation metrics

Norm. op. income: $274M (median of 7yr)

Tax rate: 18%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$11.55

69% downside

Base FCF: $764M (median of recent 5yr)

Growth: 11%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$79.62

+116% upside

EPS: $1.86

Target P/E: 24×

Formula: EPS × P/E

P/E Fair Value

$44.64

+21% upside

78.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	18.45M	$506.0M	8.21%	-2.39M	2026-06-30
Lsv Asset Management	11.52M	$316.0M	5.12%	-165.1K	2026-06-30
Vanguard Portfolio Management LLC	10.58M	$290.0M	4.71%	-1.65M	2026-06-30
UBS Group AG	9.63M	$264.0M	4.29%	-142.7K	2026-06-30
Arrowstreet Capital, Limited Partnership	7.84M	$215.0M	3.49%	-693.7K	2026-06-30
Renaissance Technologies LLC	7.21M	$198.0M	3.21%	-507.4K	2026-06-30
Vanguard Capital Management LLC	6.54M	$179.0M	2.91%	-460.0K	2026-06-30
Morgan Stanley	5.52M	$151.0M	2.45%	-733.9K	2026-06-30
State Street Corp	5.34M	$146.0M	2.38%	-424.2K	2026-06-30
Geode Capital Management, LLC	4.68M	$128.0M	2.08%	+144.4K	2026-06-30