Dropbox, Inc.

DBX · Technology · $8.4B mkt cap · FY2025 filings · Shallow moat

Doesn't clear the bar

Shallow moat

The four filters

Pricing power90

Median gross margin 78.9% over 10y, stable.

Returns on capital0

Median ROIC -247.8%, above the 9% hurdle in 0% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline64

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

9% above value

Owner earnings (normalized): $429.8M
Est. intrinsic value / share: $28.36
Recent price: $30.82
Discount to value: 9% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell DBX. See the disclaimer.