Dropbox, Inc.

AI-generated fair value estimate for this company.

Method: 5-year unlevered FCF DCF: $1.016B base FY2025 unlevered free cash flow; 3% annual FCF growth years 1-3; 2% years 4-5 (revenue roughly flat, FCF growth modestly outpacing via margin discipline); 10% discount rate; 2% terminal growth; $1.80B net debt (convertible notes and term loan taken on in 2025-26 to fund buybacks, less cash and short-term investments of $1.038B); 217.44M diluted shares.

Reasoning: Dropbox is a mature, high-margin cash generator with declining-to-flat revenue, so a conservative low-growth DCF anchored to actual reported free cash flow and current debt-funded-buyback-inflated net debt was used rather than assuming a growth recovery.