Stock fact sheet · data as of
Dropbox, Inc. (DBX): fair value, margin of safety and Wheel Score
Ticker symbol DBX · Technology · Software - Infrastructure · United States · Class A common stock · Value
DBX is Dropbox, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is DBX undervalued?
DBX has a margin of safety of 52%: the stock closed at 36.10 on 5 Nov 2026 against a GLS average fair value of 74.48. 4 of the 7 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 7 models disagree widely: Lynch gives 17.89 while DCF gives 183.33. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, DBX is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 56, growth score 36, out of 100).
Nine valuation models for DBX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 183.33 | +408% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | 51.36 | +42% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 17.89 | -50% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 34.77 | -4% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 96.15 | +166% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 115.99 | +221% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 21.89 | -39% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -16.28 | -145% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 26.83 | -26% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - DBX passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 6.0 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are high - ROIC 23.7%, ROE -28.3%, ROA 17.4% - with debt at -2.19 times equity and a free-cash-flow yield of 12.2%.
Dropbox, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 10 Sep 2026.
| Piotroski F-score | 6 / 9 | ROIC | 23.7% |
|---|---|---|---|
| GLS Moat | 6.0 / 10 | ROE | -28.3% |
| Debt / equity | -2.19 | ROA | 17.4% |
| Free-cash-flow yield | 12.2% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 83: Good
DBX scores 83 out of 100 on the Wheel Score (Good band, 70-84): it passes all 9 Wheel Trade Filters. How it ranks: value strong, premium strong, moat good, health good, red flags good, option trading fair, stability good; Option trading (fair) holds it back.
Implied volatility is 52% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 13,535 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 3.4M shares a day on a market cap of $7.8B, with a beta of 0.62 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 52% below fair value | |
| Premium | Strong | implied volatility 52% | |
| Moat | Good | moat 6.0/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Good | Red Flags score 85/100 | |
| Option trading | Fair | 2,122 contracts a day, 13,535 open interest | |
| Stability | Good | beta 0.62, $7.8B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Dropbox, Inc. reports earnings on 5 Nov 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Software - Infrastructure
The 12 companies below are the closest to Dropbox, Inc. by market cap within the Software - Infrastructure industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| S SentinelOne, Inc. | 23.49 | 17.69 | -33% | 33Weak | $8.0B |
| QLYS Qualys, Inc. | 210.89 | 177.94 | -19% | 41Weak | $7.3B |
| PATH UiPath Inc. | 13.51 | 19.09 | +29% | 83Good | $7.0B |
| ZVLO zvelo, Inc. | 252.00 | - | - | 15No options | $6.7B |
| NTSK Netskope, Inc. Class A Common Stock | 22.77 | - | - | 23Weak | $9.3B |
| DOCN DigitalOcean Holdings, Inc. | 84.02 | 19.35 | -334% | 29Weak | $9.9B |
| BOX Box, Inc. | 44.05 | 34.44 | -28% | 43Weak | $6.0B |
| ACIW ACI Worldwide, Inc. | 59.19 | 67.27 | +12% | 44Weak | $6.0B |
| WEX WEX Inc. | 180.11 | 170.16 | -6% | 35Weak | $5.9B |
| MBGL Mobility Global Inc | 19.79 | 8.56 | -131% | 35Weak | $5.8B |
| RELY Remitly Global, Inc. | 27.08 | 53.98 | +50% | 49Weak | $5.7B |
| PAYP PayPay Corporation | 15.96 | 38.76 | +59% | 42Weak | $10.8B |
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Start free See the Sunday ScanQuestions about DBX
What kind of share is DBX?
DBX is Dropbox, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is DBX undervalued right now?
By the GLS models, yes: at 36.10 the stock is 52% below the average fair value of 74.48 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of DBX and what does it mean?
DBX scores 83 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for DBX?
74.48 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Dropbox, Inc. report earnings next?
The next earnings report is due on 5 Nov 2026 (after the close), 0 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does DBX have listed options, and how liquid are they?
Yes. The nightly snapshot found 398 listed contracts with 13,535 open interest across all expiries and implied volatility of 52% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.