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DROPBOX, INC.（DBX）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是DROPBOX, INC.的1.9倍（$1.2B vs $636.2M），DROPBOX, INC.净利率更高（17.1% vs 9.1%，领先8.0%），利氏兄弟拍卖行同比增速更快（5.4% vs -1.1%），DROPBOX, INC.自由现金流更多（$224.9M vs $186.5M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs 0.4%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
DBX vs RBA — 直观对比
营收规模更大
RBA
是对方的1.9倍
$636.2M
营收增速更快
RBA
高出6.6%
-1.1%
净利率更高
DBX
高出8.0%
9.1%
自由现金流更多
DBX
多$38.4M
$186.5M
两年增速更快
RBA
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $1.2B |
| 净利润 | $108.7M | $109.7M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 25.5% | 14.7% |
| 净利率 | 17.1% | 9.1% |
| 营收同比 | -1.1% | 5.4% |
| 净利润同比 | 5.7% | -7.4% |
| 每股收益（稀释后） | $0.43 | $0.53 |
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DBXRBA
| Q4 25 | $636.2M | $1.2B | ||
| Q3 25 | $634.4M | $1.1B | ||
| Q2 25 | $625.7M | $1.2B | ||
| Q1 25 | $624.7M | $1.1B | ||
| Q4 24 | $643.6M | $1.1B | ||
| Q3 24 | $638.8M | $981.8M | ||
| Q2 24 | $634.5M | $1.1B | ||
| Q1 24 | $631.3M | $1.1B |
净利润DBXRBA
| Q4 25 | $108.7M | $109.7M | ||
| Q3 25 | $123.8M | $95.5M | ||
| Q2 25 | $125.6M | $109.8M | ||
| Q1 25 | $150.3M | $113.4M | ||
| Q4 24 | $102.8M | $118.5M | ||
| Q3 24 | $106.7M | $76.1M | ||
| Q2 24 | $110.5M | $111.1M | ||
| Q1 24 | $132.3M | $107.4M |
毛利率DBXRBA
| 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% | — |
营业利润率DBXRBA
| Q4 25 | 25.5% | 14.7% | ||
| Q3 25 | 27.5% | 14.5% | ||
| Q2 25 | 26.9% | 15.9% | ||
| Q1 25 | 29.4% | 17.1% | ||
| Q4 24 | 13.7% | 18.1% | ||
| Q3 24 | 20.0% | 15.6% | ||
| Q2 24 | 20.0% | 18.4% | ||
| Q1 24 | 22.7% | 18.7% |
净利率DBXRBA
| Q4 25 | 17.1% | 9.1% | ||
| Q3 25 | 19.5% | 8.7% | ||
| Q2 25 | 20.1% | 9.3% | ||
| Q1 25 | 24.1% | 10.2% | ||
| Q4 24 | 16.0% | 10.4% | ||
| Q3 24 | 16.7% | 7.8% | ||
| Q2 24 | 17.4% | 10.1% | ||
| Q1 24 | 21.0% | 10.1% |
每股收益（稀释后）DBXRBA
| Q4 25 | $0.43 | $0.53 | ||
| Q3 25 | $0.47 | $0.43 | ||
| Q2 25 | $0.45 | $0.53 | ||
| Q1 25 | $0.51 | $0.55 | ||
| Q4 24 | $0.33 | $0.58 | ||
| Q3 24 | $0.34 | $0.36 | ||
| Q2 24 | $0.34 | $0.54 | ||
| Q1 24 | $0.39 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $-1.8B | $5.6B |
| 总资产 | $2.8B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资DBXRBA
| Q4 25 | $891.3M | $531.5M | ||
| Q3 25 | $730.7M | $674.7M | ||
| Q2 25 | $736.3M | $710.2M | ||
| Q1 25 | $942.2M | $578.1M | ||
| Q4 24 | $1.3B | $533.9M | ||
| Q3 24 | $517.6M | $650.7M | ||
| Q2 24 | $515.1M | $599.5M | ||
| Q1 24 | $548.9M | $462.8M |
总债务DBXRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益DBXRBA
| Q4 25 | $-1.8B | $5.6B | ||
| Q3 25 | $-1.5B | $5.5B | ||
| Q2 25 | $-1.3B | $5.5B | ||
| Q1 25 | $-1.1B | $5.3B | ||
| Q4 24 | $-752.4M | $5.2B | ||
| Q3 24 | $-546.1M | $5.2B | ||
| Q2 24 | $-371.3M | $5.2B | ||
| Q1 24 | $-277.2M | $5.1B |
总资产DBXRBA
| Q4 25 | $2.8B | $12.1B | ||
| Q3 25 | $2.8B | $12.2B | ||
| Q2 25 | $2.8B | $12.2B | ||
| Q1 25 | $3.0B | $11.9B | ||
| Q4 24 | $3.3B | $11.8B | ||
| Q3 24 | $2.6B | $11.9B | ||
| Q2 24 | $2.7B | $12.1B | ||
| Q1 24 | $2.8B | $12.0B |
负债/权益比DBXRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | $186.5M |
| 自由现金流率自由现金流/营收 | 35.4% | 15.5% |
| 资本支出强度资本支出/营收 | 1.7% | 5.7% |
| 现金转化率经营现金流/净利润 | 2.17× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $930.8M | $719.2M |
8季度趋势，按日历期对齐
经营现金流DBXRBA
| Q4 25 | $235.4M | $255.2M | ||
| Q3 25 | $302.1M | $239.7M | ||
| Q2 25 | $260.5M | $326.5M | ||
| Q1 25 | $153.8M | $156.8M | ||
| Q4 24 | $213.8M | $184.5M | ||
| Q3 24 | $274.2M | $285.4M | ||
| Q2 24 | $230.6M | $337.3M | ||
| Q1 24 | $175.5M | $124.8M |
自由现金流DBXRBA
| Q4 25 | $224.9M | $186.5M | ||
| Q3 25 | $293.7M | $188.5M | ||
| Q2 25 | $258.5M | $241.7M | ||
| Q1 25 | $153.7M | $102.5M | ||
| Q4 24 | $210.5M | $127.9M | ||
| Q3 24 | $270.1M | $248.5M | ||
| Q2 24 | $224.7M | $308.6M | ||
| Q1 24 | $166.3M | $79.6M |
自由现金流率DBXRBA
| Q4 25 | 35.4% | 15.5% | ||
| Q3 25 | 46.3% | 17.3% | ||
| Q2 25 | 41.3% | 20.4% | ||
| Q1 25 | 24.6% | 9.2% | ||
| Q4 24 | 32.7% | 11.2% | ||
| Q3 24 | 42.3% | 25.3% | ||
| Q2 24 | 35.4% | 28.2% | ||
| Q1 24 | 26.3% | 7.5% |
资本支出强度DBXRBA
| Q4 25 | 1.7% | 5.7% | ||
| Q3 25 | 1.3% | 4.7% | ||
| Q2 25 | 0.3% | 7.2% | ||
| Q1 25 | 0.0% | 4.9% | ||
| Q4 24 | 0.5% | 5.0% | ||
| Q3 24 | 0.6% | 3.8% | ||
| Q2 24 | 0.9% | 2.6% | ||
| Q1 24 | 1.5% | 4.2% |
现金转化率DBXRBA
| Q4 25 | 2.17× | 2.33× | ||
| Q3 25 | 2.44× | 2.51× | ||
| Q2 25 | 2.07× | 2.97× | ||
| Q1 25 | 1.02× | 1.38× | ||
| Q4 24 | 2.08× | 1.56× | ||
| Q3 24 | 2.57× | 3.75× | ||
| Q2 24 | 2.09× | 3.04× | ||
| Q1 24 | 1.33× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
