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DROPBOX, INC.（DBX）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是DROPBOX, INC.的1.4倍（$862.2M vs $636.2M），DROPBOX, INC.净利率更高（17.1% vs 7.1%，领先10.0%），美泰同比增速更快（4.3% vs -1.1%），DROPBOX, INC.自由现金流更多（$224.9M vs $-88.1M），过去两年DROPBOX, INC.的营收复合增速更高（0.4% vs -10.6%）
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
DBX vs MAT — 直观对比
营收规模更大
MAT
是对方的1.4倍
$636.2M
营收增速更快
MAT
高出5.5%
-1.1%
净利率更高
DBX
高出10.0%
7.1%
自由现金流更多
DBX
多$313.0M
$-88.1M
两年增速更快
DBX
近两年复合增速
-10.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $862.2M |
| 净利润 | $108.7M | $61.0M |
| 毛利率 | 79.2% | 44.9% |
| 营业利润率 | 25.5% | — |
| 净利率 | 17.1% | 7.1% |
| 营收同比 | -1.1% | 4.3% |
| 净利润同比 | 5.7% | 251.4% |
| 每股收益（稀释后） | $0.43 | $0.20 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收DBXMAT
| Q1 26 | — | $862.2M | ||
| Q4 25 | $636.2M | $1.8B | ||
| Q3 25 | $634.4M | $1.7B | ||
| Q2 25 | $625.7M | $1.0B | ||
| Q1 25 | $624.7M | $826.6M | ||
| Q4 24 | $643.6M | $1.6B | ||
| Q3 24 | $638.8M | $1.8B | ||
| Q2 24 | $634.5M | $1.1B |
净利润DBXMAT
| Q1 26 | — | $61.0M | ||
| Q4 25 | $108.7M | $106.2M | ||
| Q3 25 | $123.8M | $278.4M | ||
| Q2 25 | $125.6M | $53.4M | ||
| Q1 25 | $150.3M | $-40.3M | ||
| Q4 24 | $102.8M | $140.9M | ||
| Q3 24 | $106.7M | $372.4M | ||
| Q2 24 | $110.5M | $56.9M |
毛利率DBXMAT
| Q1 26 | — | 44.9% | ||
| Q4 25 | 79.2% | 45.9% | ||
| Q3 25 | 79.8% | 50.0% | ||
| Q2 25 | 80.2% | 50.9% | ||
| Q1 25 | 81.3% | 49.4% | ||
| Q4 24 | 81.2% | 50.7% | ||
| Q3 24 | 82.5% | 53.1% | ||
| Q2 24 | 83.1% | 49.2% |
营业利润率DBXMAT
| Q1 26 | — | — | ||
| Q4 25 | 25.5% | 8.0% | ||
| Q3 25 | 27.5% | 21.9% | ||
| Q2 25 | 26.9% | 7.7% | ||
| Q1 25 | 29.4% | -6.4% | ||
| Q4 24 | 13.7% | 9.6% | ||
| Q3 24 | 20.0% | 26.5% | ||
| Q2 24 | 20.0% | 7.7% |
净利率DBXMAT
| Q1 26 | — | 7.1% | ||
| Q4 25 | 17.1% | 6.0% | ||
| Q3 25 | 19.5% | 16.0% | ||
| Q2 25 | 20.1% | 5.2% | ||
| Q1 25 | 24.1% | -4.9% | ||
| Q4 24 | 16.0% | 8.6% | ||
| Q3 24 | 16.7% | 20.2% | ||
| Q2 24 | 17.4% | 5.3% |
每股收益（稀释后）DBXMAT
| Q1 26 | — | $0.20 | ||
| Q4 25 | $0.43 | $0.32 | ||
| Q3 25 | $0.47 | $0.88 | ||
| Q2 25 | $0.45 | $0.16 | ||
| Q1 25 | $0.51 | $-0.12 | ||
| Q4 24 | $0.33 | $0.40 | ||
| Q3 24 | $0.34 | $1.09 | ||
| Q2 24 | $0.34 | $0.17 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $891.3M | $866.0M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $-1.8B | $2.1B |
| 总资产 | $2.8B | $6.3B |
| 负债/权益比越低杠杆越低 | — | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资DBXMAT
| Q1 26 | — | $866.0M | ||
| Q4 25 | $891.3M | $1.2B | ||
| Q3 25 | $730.7M | $691.9M | ||
| Q2 25 | $736.3M | $870.5M | ||
| Q1 25 | $942.2M | $1.2B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $517.6M | $723.5M | ||
| Q2 24 | $515.1M | $722.4M |
总债务DBXMAT
| Q1 26 | — | $2.3B | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
股东权益DBXMAT
| Q1 26 | — | $2.1B | ||
| Q4 25 | $-1.8B | $2.2B | ||
| Q3 25 | $-1.5B | $2.3B | ||
| Q2 25 | $-1.3B | $2.2B | ||
| Q1 25 | $-1.1B | $2.1B | ||
| Q4 24 | $-752.4M | $2.3B | ||
| Q3 24 | $-546.1M | $2.3B | ||
| Q2 24 | $-371.3M | $2.0B |
总资产DBXMAT
| Q1 26 | — | $6.3B | ||
| Q4 25 | $2.8B | $6.6B | ||
| Q3 25 | $2.8B | $6.6B | ||
| Q2 25 | $2.8B | $6.2B | ||
| Q1 25 | $3.0B | $6.2B | ||
| Q4 24 | $3.3B | $6.5B | ||
| Q3 24 | $2.6B | $6.5B | ||
| Q2 24 | $2.7B | $5.9B |
负债/权益比DBXMAT
| Q1 26 | — | 1.11× | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.18× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $235.4M | — |
| 自由现金流经营现金流 - 资本支出 | $224.9M | $-88.1M |
| 自由现金流率自由现金流/营收 | 35.4% | -10.2% |
| 资本支出强度资本支出/营收 | 1.7% | 7.6% |
| 现金转化率经营现金流/净利润 | 2.17× | — |
| 过去12个月自由现金流最近4个季度 | $930.8M | — |
8季度趋势，按日历期对齐
经营现金流DBXMAT
| Q1 26 | — | — | ||
| Q4 25 | $235.4M | $796.6M | ||
| Q3 25 | $302.1M | $72.0M | ||
| Q2 25 | $260.5M | $-300.1M | ||
| Q1 25 | $153.8M | $24.8M | ||
| Q4 24 | $213.8M | $862.1M | ||
| Q3 24 | $274.2M | $155.8M | ||
| Q2 24 | $230.6M | $-252.9M |
自由现金流DBXMAT
| Q1 26 | — | $-88.1M | ||
| 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 | — |
自由现金流率DBXMAT
| Q1 26 | — | -10.2% | ||
| 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% | — |
资本支出强度DBXMAT
| Q1 26 | — | 7.6% | ||
| 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% | — |
现金转化率DBXMAT
| Q1 26 | — | — | ||
| Q4 25 | 2.17× | 7.50× | ||
| Q3 25 | 2.44× | 0.26× | ||
| Q2 25 | 2.07× | -5.62× | ||
| Q1 25 | 1.02× | — | ||
| Q4 24 | 2.08× | 6.12× | ||
| Q3 24 | 2.57× | 0.42× | ||
| Q2 24 | 2.09× | -4.45× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
MAT
暂无分部数据
