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DROPBOX, INC.（DBX）与Royalty Pharma plc（RPRX）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Royalty Pharma plc的1.0倍（$636.2M vs $622.0M），Royalty Pharma plc净利率更高（34.4% vs 17.1%，领先17.4%），Royalty Pharma plc同比增速更快（4.8% vs -1.1%），过去两年Royalty Pharma plc的营收复合增速更高（4.6% 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。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
DBX vs RPRX — 直观对比
营收规模更大
DBX
是对方的1.0倍
$622.0M
营收增速更快
RPRX
高出5.9%
-1.1%
净利率更高
RPRX
高出17.4%
17.1%
两年增速更快
RPRX
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $622.0M |
| 净利润 | $108.7M | $214.2M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 25.5% | 62.4% |
| 净利率 | 17.1% | 34.4% |
| 营收同比 | -1.1% | 4.8% |
| 净利润同比 | 5.7% | 2.9% |
| 每股收益（稀释后） | $0.43 | $0.49 |
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DBXRPRX
| Q4 25 | $636.2M | $622.0M | ||
| Q3 25 | $634.4M | $609.3M | ||
| Q2 25 | $625.7M | $578.7M | ||
| Q1 25 | $624.7M | $568.2M | ||
| Q4 24 | $643.6M | $593.6M | ||
| Q3 24 | $638.8M | $564.7M | ||
| Q2 24 | $634.5M | $537.3M | ||
| Q1 24 | $631.3M | $568.0M |
净利润DBXRPRX
| Q4 25 | $108.7M | $214.2M | ||
| Q3 25 | $123.8M | $288.2M | ||
| Q2 25 | $125.6M | $30.2M | ||
| Q1 25 | $150.3M | $238.3M | ||
| Q4 24 | $102.8M | $208.2M | ||
| Q3 24 | $106.7M | $544.0M | ||
| Q2 24 | $110.5M | $102.0M | ||
| Q1 24 | $132.3M | $4.8M |
毛利率DBXRPRX
| 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DBXRPRX
| Q4 25 | 25.5% | 62.4% | ||
| Q3 25 | 27.5% | 70.1% | ||
| Q2 25 | 26.9% | 36.3% | ||
| Q1 25 | 29.4% | 94.0% | ||
| Q4 24 | 13.7% | 60.9% | ||
| Q3 24 | 20.0% | — | ||
| Q2 24 | 20.0% | 50.2% | ||
| Q1 24 | 22.7% | -13.0% |
净利率DBXRPRX
| Q4 25 | 17.1% | 34.4% | ||
| Q3 25 | 19.5% | 47.3% | ||
| Q2 25 | 20.1% | 5.2% | ||
| Q1 25 | 24.1% | 41.9% | ||
| Q4 24 | 16.0% | 35.1% | ||
| Q3 24 | 16.7% | 96.3% | ||
| Q2 24 | 17.4% | 19.0% | ||
| Q1 24 | 21.0% | 0.8% |
每股收益（稀释后）DBXRPRX
| Q4 25 | $0.43 | $0.49 | ||
| Q3 25 | $0.47 | $0.67 | ||
| Q2 25 | $0.45 | $0.07 | ||
| Q1 25 | $0.51 | $0.55 | ||
| Q4 24 | $0.33 | $0.46 | ||
| Q3 24 | $0.34 | $1.21 | ||
| Q2 24 | $0.34 | $0.23 | ||
| Q1 24 | $0.39 | $0.01 |
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 | $618.7M |
| 总债务越低越好 | — | $9.0B |
| 股东权益账面价值 | $-1.8B | $9.7B |
| 总资产 | $2.8B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资DBXRPRX
| Q4 25 | $891.3M | $618.7M | ||
| Q3 25 | $730.7M | $938.9M | ||
| Q2 25 | $736.3M | $631.9M | ||
| Q1 25 | $942.2M | $1.1B | ||
| Q4 24 | $1.3B | $929.0M | ||
| Q3 24 | $517.6M | $950.1M | ||
| Q2 24 | $515.1M | $1.8B | ||
| Q1 24 | $548.9M | $843.0M |
总债务DBXRPRX
| Q4 25 | — | $9.0B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | — | $7.6B | ||
| Q1 24 | — | $6.1B |
股东权益DBXRPRX
| Q4 25 | $-1.8B | $9.7B | ||
| Q3 25 | $-1.5B | $9.6B | ||
| Q2 25 | $-1.3B | $9.5B | ||
| Q1 25 | $-1.1B | $9.8B | ||
| Q4 24 | $-752.4M | $10.3B | ||
| Q3 24 | $-546.1M | $10.3B | ||
| Q2 24 | $-371.3M | $9.8B | ||
| Q1 24 | $-277.2M | $9.9B |
总资产DBXRPRX
| Q4 25 | $2.8B | $19.6B | ||
| Q3 25 | $2.8B | $19.3B | ||
| Q2 25 | $2.8B | $18.3B | ||
| Q1 25 | $3.0B | $17.6B | ||
| Q4 24 | $3.3B | $18.2B | ||
| Q3 24 | $2.6B | $18.0B | ||
| Q2 24 | $2.7B | $17.7B | ||
| Q1 24 | $2.8B | $16.1B |
负债/权益比DBXRPRX
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $827.1M |
| 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× | 3.86× |
| 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DBXRPRX
| Q4 25 | $235.4M | $827.1M | ||
| Q3 25 | $302.1M | $702.6M | ||
| Q2 25 | $260.5M | $364.0M | ||
| Q1 25 | $153.8M | $596.1M | ||
| Q4 24 | $213.8M | $742.5M | ||
| Q3 24 | $274.2M | $703.6M | ||
| Q2 24 | $230.6M | $658.2M | ||
| Q1 24 | $175.5M | $664.6M |
自由现金流DBXRPRX
| 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DBXRPRX
| 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DBXRPRX
| 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DBXRPRX
| Q4 25 | 2.17× | 3.86× | ||
| Q3 25 | 2.44× | 2.44× | ||
| Q2 25 | 2.07× | 12.06× | ||
| Q1 25 | 1.02× | 2.50× | ||
| Q4 24 | 2.08× | 3.57× | ||
| Q3 24 | 2.57× | 1.29× | ||
| Q2 24 | 2.09× | 6.45× | ||
| Q1 24 | 1.33× | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
