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Side-by-side financial comparison of DROPBOX, INC. (DBX) and Public Storage (PSA). Click either name above to swap in a different company.
Public Storage is the larger business by last-quarter revenue ($1.2B vs $636.2M, roughly 1.9× DROPBOX, INC.). Public Storage runs the higher net margin — 41.7% vs 17.1%, a 24.6% gap on every dollar of revenue. On growth, Public Storage posted the faster year-over-year revenue change (3.3% vs -1.1%). Over the past eight quarters, Public Storage's revenue compounded faster (2.5% CAGR vs 0.4%).
Dropbox is a file hosting service operated by the American company Dropbox, Inc., headquartered in San Francisco, California, that offers cloud storage, file synchronization, personal cloud, and client software. Dropbox was founded in 2007 by MIT students Drew Houston and Arash Ferdowsi as a startup company, with initial funding from seed accelerator Y Combinator.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
DBX vs PSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $636.2M | $1.2B |
| Net Profit | $108.7M | $507.1M |
| Gross Margin | 79.2% | — |
| Operating Margin | 25.5% | 40.7% |
| Net Margin | 17.1% | 41.7% |
| Revenue YoY | -1.1% | 3.3% |
| Net Profit YoY | 5.7% | -17.5% |
| EPS (diluted) | $0.43 | $2.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $636.2M | $1.2B | ||
| Q3 25 | $634.4M | $1.2B | ||
| Q2 25 | $625.7M | $1.2B | ||
| Q1 25 | $624.7M | $1.2B | ||
| Q4 24 | $643.6M | $1.2B | ||
| Q3 24 | $638.8M | $1.2B | ||
| Q2 24 | $634.5M | $1.2B | ||
| Q1 24 | $631.3M | $1.2B |
| Q4 25 | $108.7M | $507.1M | ||
| Q3 25 | $123.8M | $511.1M | ||
| Q2 25 | $125.6M | $358.4M | ||
| Q1 25 | $150.3M | $407.8M | ||
| Q4 24 | $102.8M | $614.6M | ||
| Q3 24 | $106.7M | $430.3M | ||
| Q2 24 | $110.5M | $518.1M | ||
| Q1 24 | $132.3M | $508.9M |
| Q4 25 | 79.2% | — | ||
| Q3 25 | 79.8% | — | ||
| Q2 25 | 80.2% | — | ||
| Q1 25 | 81.3% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | 82.5% | — | ||
| Q2 24 | 83.1% | — | ||
| Q1 24 | 83.2% | — |
| Q4 25 | 25.5% | 40.7% | ||
| Q3 25 | 27.5% | 42.3% | ||
| Q2 25 | 26.9% | 30.4% | ||
| Q1 25 | 29.4% | 34.8% | ||
| Q4 24 | 13.7% | 52.4% | ||
| Q3 24 | 20.0% | 36.7% | ||
| Q2 24 | 20.0% | 44.6% | ||
| Q1 24 | 22.7% | 44.3% |
| Q4 25 | 17.1% | 41.7% | ||
| Q3 25 | 19.5% | 41.8% | ||
| Q2 25 | 20.1% | 29.8% | ||
| Q1 25 | 24.1% | 34.5% | ||
| Q4 24 | 16.0% | 52.2% | ||
| Q3 24 | 16.7% | 36.2% | ||
| Q2 24 | 17.4% | 44.2% | ||
| Q1 24 | 21.0% | 44.0% |
| Q4 25 | $0.43 | $2.59 | ||
| Q3 25 | $0.47 | $2.62 | ||
| Q2 25 | $0.45 | $1.76 | ||
| Q1 25 | $0.51 | $2.04 | ||
| Q4 24 | $0.33 | $3.22 | ||
| Q3 24 | $0.34 | $2.16 | ||
| Q2 24 | $0.34 | $2.66 | ||
| Q1 24 | $0.39 | $2.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $891.3M | $318.1M |
| Total DebtLower is stronger | — | $10.3B |
| Stockholders' EquityBook value | $-1.8B | $9.2B |
| Total Assets | $2.8B | $20.2B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $891.3M | $318.1M | ||
| Q3 25 | $730.7M | $296.5M | ||
| Q2 25 | $736.3M | $1.1B | ||
| Q1 25 | $942.2M | $287.2M | ||
| Q4 24 | $1.3B | $447.4M | ||
| Q3 24 | $517.6M | $599.0M | ||
| Q2 24 | $515.1M | $542.3M | ||
| Q1 24 | $548.9M | $271.6M |
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | — | $9.1B |
| Q4 25 | $-1.8B | $9.2B | ||
| Q3 25 | $-1.5B | $9.3B | ||
| Q2 25 | $-1.3B | $9.4B | ||
| Q1 25 | $-1.1B | $9.6B | ||
| Q4 24 | $-752.4M | $9.7B | ||
| Q3 24 | $-546.1M | $9.6B | ||
| Q2 24 | $-371.3M | $9.7B | ||
| Q1 24 | $-277.2M | $9.9B |
| Q4 25 | $2.8B | $20.2B | ||
| Q3 25 | $2.8B | $20.1B | ||
| Q2 25 | $2.8B | $20.5B | ||
| Q1 25 | $3.0B | $19.6B | ||
| Q4 24 | $3.3B | $19.8B | ||
| Q3 24 | $2.6B | $19.8B | ||
| Q2 24 | $2.7B | $19.8B | ||
| Q1 24 | $2.8B | $19.6B |
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.91× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $235.4M | $733.6M |
| Free Cash FlowOCF − Capex | $224.9M | — |
| FCF MarginFCF / Revenue | 35.4% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 2.17× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | $930.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $235.4M | $733.6M | ||
| Q3 25 | $302.1M | $875.1M | ||
| Q2 25 | $260.5M | $872.7M | ||
| Q1 25 | $153.8M | $705.1M | ||
| Q4 24 | $213.8M | $768.6M | ||
| Q3 24 | $274.2M | $798.8M | ||
| Q2 24 | $230.6M | $895.3M | ||
| Q1 24 | $175.5M | $665.6M |
| Q4 25 | $224.9M | — | ||
| Q3 25 | $293.7M | — | ||
| Q2 25 | $258.5M | — | ||
| Q1 25 | $153.7M | — | ||
| Q4 24 | $210.5M | — | ||
| Q3 24 | $270.1M | — | ||
| Q2 24 | $224.7M | — | ||
| Q1 24 | $166.3M | — |
| Q4 25 | 35.4% | — | ||
| Q3 25 | 46.3% | — | ||
| Q2 25 | 41.3% | — | ||
| Q1 25 | 24.6% | — | ||
| Q4 24 | 32.7% | — | ||
| Q3 24 | 42.3% | — | ||
| Q2 24 | 35.4% | — | ||
| Q1 24 | 26.3% | — |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 1.5% | — |
| Q4 25 | 2.17× | 1.45× | ||
| Q3 25 | 2.44× | 1.71× | ||
| Q2 25 | 2.07× | 2.43× | ||
| Q1 25 | 1.02× | 1.73× | ||
| Q4 24 | 2.08× | 1.25× | ||
| Q3 24 | 2.57× | 1.86× | ||
| Q2 24 | 2.09× | 1.73× | ||
| Q1 24 | 1.33× | 1.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
