Dropbox, Inc.
In the published model solve dated 2026-Q2, anchored at $35.22, Dropbox, Inc. (DBX) is priced for -1.7% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• With 18.08 million paying users on non-cancelable subscriptions billed in advance, Dropbox converts 27.8% of revenue into operating profit, roughly three times what BOX, DOCU or NTNX manage on the same lens. • The erosion is already in the accounts: the first quarter of 2026 brought a 0.8% revenue increase against a 9.8% rise in cost of revenue, and the company says its paying-user growth rate has declined while revenue per paying user is falling. • Founder and chief executive Drew Houston ann
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405 institutional managers reported holding DBX in 13F filings for the quarter ended 2026-03-31. Together they hold about 76% of the company; the top 10 hold 41%. 42 opened new positions that quarter. Held by BlackRock, Vanguard Group, Arrowstreet Capital, among others. On the short side, 28.9M shares were sold short as of the 2026-06-15 count, about 12% of shares outstanding (7.9 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
DBX has cut its share count 39.4% over the past five years, spending $5.13B on repurchases. It pays no dividend. Cash returned over the past three years: $3.53B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at DBX over the trailing three years. Absence is a fact about the company, not a signal. 17 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
DBX's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-05 | +6.3% | +0.5% |
| 2023-11-04 | -0.6% | +12.2% |
| 2024-02-17 | -22.6% | -8.4% |
| 2024-05-11 | -0.8% | -1.9% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
DBX's latest 8-K filings: 2026-08-06 (items 2.02, 7.01, 9.01); 2026-06-01 (items 1.01, 2.03, 7.01, 8.01, 9.01); 2026-05-26 (items 5.07, 9.01); 2026-05-26 (items 5.02, 7.01, 9.01); 2026-05-07 (items 2.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.