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DROPBOX, INC.（DBX）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
DROPBOX, INC.的季度营收约是ROYAL GOLD INC的1.7倍（$636.2M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs 17.1%，领先7.9%），ROYAL GOLD INC同比增速更快（85.3% vs -1.1%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
DBX vs RGLD — 直观对比
营收规模更大
DBX
是对方的1.7倍
$375.3M
营收增速更快
RGLD
高出86.4%
-1.1%
净利率更高
RGLD
高出7.9%
17.1%
两年增速更快
RGLD
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $375.3M |
| 净利润 | $108.7M | $93.6M |
| 毛利率 | 79.2% | 64.6% |
| 营业利润率 | 25.5% | 56.2% |
| 净利率 | 17.1% | 24.9% |
| 营收同比 | -1.1% | 85.3% |
| 净利润同比 | 5.7% | -12.8% |
| 每股收益（稀释后） | $0.43 | $1.04 |
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DBXRGLD
| Q4 25 | $636.2M | $375.3M | ||
| Q3 25 | $634.4M | $252.1M | ||
| Q2 25 | $625.7M | $209.6M | ||
| Q1 25 | $624.7M | $193.4M | ||
| Q4 24 | $643.6M | $202.6M | ||
| Q3 24 | $638.8M | $193.8M | ||
| Q2 24 | $634.5M | $174.1M | ||
| Q1 24 | $631.3M | $148.9M |
净利润DBXRGLD
| Q4 25 | $108.7M | $93.6M | ||
| Q3 25 | $123.8M | $126.8M | ||
| Q2 25 | $125.6M | $132.3M | ||
| Q1 25 | $150.3M | $113.5M | ||
| Q4 24 | $102.8M | $107.4M | ||
| Q3 24 | $106.7M | $96.2M | ||
| Q2 24 | $110.5M | $81.2M | ||
| Q1 24 | $132.3M | $47.2M |
毛利率DBXRGLD
| Q4 25 | 79.2% | 64.6% | ||
| Q3 25 | 79.8% | 73.6% | ||
| Q2 25 | 80.2% | 72.6% | ||
| Q1 25 | 81.3% | 69.4% | ||
| Q4 24 | 81.2% | 70.3% | ||
| Q3 24 | 82.5% | 66.6% | ||
| Q2 24 | 83.1% | 64.7% | ||
| Q1 24 | 83.2% | 58.4% |
营业利润率DBXRGLD
| Q4 25 | 25.5% | 56.2% | ||
| Q3 25 | 27.5% | 64.4% | ||
| Q2 25 | 26.9% | 67.7% | ||
| Q1 25 | 29.4% | 63.6% | ||
| Q4 24 | 13.7% | 65.9% | ||
| Q3 24 | 20.0% | 61.3% | ||
| Q2 24 | 20.0% | 58.6% | ||
| Q1 24 | 22.7% | 50.7% |
净利率DBXRGLD
| Q4 25 | 17.1% | 24.9% | ||
| Q3 25 | 19.5% | 50.3% | ||
| Q2 25 | 20.1% | 63.1% | ||
| Q1 25 | 24.1% | 58.7% | ||
| Q4 24 | 16.0% | 53.0% | ||
| Q3 24 | 16.7% | 49.7% | ||
| Q2 24 | 17.4% | 46.6% | ||
| Q1 24 | 21.0% | 31.7% |
每股收益（稀释后）DBXRGLD
| Q4 25 | $0.43 | $1.04 | ||
| Q3 25 | $0.47 | $1.92 | ||
| Q2 25 | $0.45 | $2.01 | ||
| Q1 25 | $0.51 | $1.72 | ||
| Q4 24 | $0.33 | $1.63 | ||
| Q3 24 | $0.34 | $1.46 | ||
| Q2 24 | $0.34 | $1.23 | ||
| Q1 24 | $0.39 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-1.8B | $7.2B |
| 总资产 | $2.8B | $9.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DBXRGLD
| Q4 25 | $891.3M | $233.7M | ||
| Q3 25 | $730.7M | $172.8M | ||
| Q2 25 | $736.3M | $248.2M | ||
| Q1 25 | $942.2M | $240.8M | ||
| Q4 24 | $1.3B | $195.5M | ||
| Q3 24 | $517.6M | $127.9M | ||
| Q2 24 | $515.1M | $74.2M | ||
| Q1 24 | $548.9M | $137.9M |
总债务DBXRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益DBXRGLD
| Q4 25 | $-1.8B | $7.2B | ||
| Q3 25 | $-1.5B | $3.4B | ||
| Q2 25 | $-1.3B | $3.3B | ||
| Q1 25 | $-1.1B | $3.2B | ||
| Q4 24 | $-752.4M | $3.1B | ||
| Q3 24 | $-546.1M | $3.0B | ||
| Q2 24 | $-371.3M | $3.0B | ||
| Q1 24 | $-277.2M | $2.9B |
总资产DBXRGLD
| Q4 25 | $2.8B | $9.5B | ||
| Q3 25 | $2.8B | $4.5B | ||
| Q2 25 | $2.8B | $3.6B | ||
| Q1 25 | $3.0B | $3.5B | ||
| Q4 24 | $3.3B | $3.4B | ||
| Q3 24 | $2.6B | $3.3B | ||
| Q2 24 | $2.7B | $3.3B | ||
| Q1 24 | $2.8B | $3.3B |
负债/权益比DBXRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | — |
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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | — |
| 自由现金流率自由现金流/营收 | 35.4% | — |
| 资本支出强度资本支出/营收 | 1.7% | — |
| 现金转化率经营现金流/净利润 | 2.17× | 2.58× |
| 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DBXRGLD
| Q4 25 | $235.4M | $241.7M | ||
| Q3 25 | $302.1M | $174.0M | ||
| Q2 25 | $260.5M | $152.8M | ||
| Q1 25 | $153.8M | $136.4M | ||
| Q4 24 | $213.8M | $141.1M | ||
| Q3 24 | $274.2M | $136.7M | ||
| Q2 24 | $230.6M | $113.5M | ||
| Q1 24 | $175.5M | $138.3M |
自由现金流DBXRGLD
| 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 | — |
自由现金流率DBXRGLD
| 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% | — |
资本支出强度DBXRGLD
| 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% | — |
现金转化率DBXRGLD
| Q4 25 | 2.17× | 2.58× | ||
| Q3 25 | 2.44× | 1.37× | ||
| Q2 25 | 2.07× | 1.15× | ||
| Q1 25 | 1.02× | 1.20× | ||
| Q4 24 | 2.08× | 1.31× | ||
| Q3 24 | 2.57× | 1.42× | ||
| Q2 24 | 2.09× | 1.40× | ||
| Q1 24 | 1.33× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
