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DROPBOX, INC.（DBX）与Ubiquiti Inc.（UI）财务数据对比。点击上方公司名可切换其他公司
Ubiquiti Inc.的季度营收约是DROPBOX, INC.的1.3倍（$814.9M vs $636.2M），Ubiquiti Inc.净利率更高（28.7% vs 17.1%，领先11.6%），Ubiquiti Inc.同比增速更快（35.8% vs -1.1%），Ubiquiti Inc.自由现金流更多（$260.3M vs $224.9M），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% 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。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
DBX vs UI — 直观对比
营收规模更大
UI
是对方的1.3倍
$636.2M
营收增速更快
UI
高出37.0%
-1.1%
净利率更高
UI
高出11.6%
17.1%
自由现金流更多
UI
多$35.4M
$224.9M
两年增速更快
UI
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $814.9M |
| 净利润 | $108.7M | $233.6M |
| 毛利率 | 79.2% | 45.9% |
| 营业利润率 | 25.5% | 35.9% |
| 净利率 | 17.1% | 28.7% |
| 营收同比 | -1.1% | 35.8% |
| 净利润同比 | 5.7% | 70.8% |
| 每股收益（稀释后） | $0.43 | $3.86 |
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DBXUI
| Q4 25 | $636.2M | $814.9M | ||
| Q3 25 | $634.4M | $733.8M | ||
| Q2 25 | $625.7M | $759.2M | ||
| Q1 25 | $624.7M | $664.2M | ||
| Q4 24 | $643.6M | $599.9M | ||
| Q3 24 | $638.8M | $550.3M | ||
| Q2 24 | $634.5M | $507.5M | ||
| Q1 24 | $631.3M | $493.0M |
净利润DBXUI
| Q4 25 | $108.7M | $233.6M | ||
| Q3 25 | $123.8M | $207.9M | ||
| Q2 25 | $125.6M | $266.7M | ||
| Q1 25 | $150.3M | $180.4M | ||
| Q4 24 | $102.8M | $136.8M | ||
| Q3 24 | $106.7M | $128.0M | ||
| Q2 24 | $110.5M | $103.8M | ||
| Q1 24 | $132.3M | $76.3M |
毛利率DBXUI
| Q4 25 | 79.2% | 45.9% | ||
| Q3 25 | 79.8% | 46.0% | ||
| Q2 25 | 80.2% | 45.1% | ||
| Q1 25 | 81.3% | 44.5% | ||
| Q4 24 | 81.2% | 41.2% | ||
| Q3 24 | 82.5% | 42.1% | ||
| Q2 24 | 83.1% | 40.2% | ||
| Q1 24 | 83.2% | 35.3% |
营业利润率DBXUI
| Q4 25 | 25.5% | 35.9% | ||
| Q3 25 | 27.5% | 35.7% | ||
| Q2 25 | 26.9% | 34.4% | ||
| Q1 25 | 29.4% | 34.2% | ||
| Q4 24 | 13.7% | 29.8% | ||
| Q3 24 | 20.0% | 30.7% | ||
| Q2 24 | 20.0% | 27.3% | ||
| Q1 24 | 22.7% | 22.6% |
净利率DBXUI
| Q4 25 | 17.1% | 28.7% | ||
| Q3 25 | 19.5% | 28.3% | ||
| Q2 25 | 20.1% | 35.1% | ||
| Q1 25 | 24.1% | 27.2% | ||
| Q4 24 | 16.0% | 22.8% | ||
| Q3 24 | 16.7% | 23.3% | ||
| Q2 24 | 17.4% | 20.5% | ||
| Q1 24 | 21.0% | 15.5% |
每股收益（稀释后）DBXUI
| Q4 25 | $0.43 | $3.86 | ||
| Q3 25 | $0.47 | $3.43 | ||
| Q2 25 | $0.45 | $4.40 | ||
| Q1 25 | $0.51 | $2.98 | ||
| Q4 24 | $0.33 | $2.26 | ||
| Q3 24 | $0.34 | $2.12 | ||
| Q2 24 | $0.34 | $1.72 | ||
| Q1 24 | $0.39 | $1.26 |
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 | $302.8M |
| 总债务越低越好 | — | $47.5M |
| 股东权益账面价值 | $-1.8B | $1.0B |
| 总资产 | $2.8B | $1.6B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资DBXUI
| Q4 25 | $891.3M | $302.8M | ||
| Q3 25 | $730.7M | $177.2M | ||
| Q2 25 | $736.3M | $149.7M | ||
| Q1 25 | $942.2M | $151.0M | ||
| Q4 24 | $1.3B | $133.1M | ||
| Q3 24 | $517.6M | $165.2M | ||
| Q2 24 | $515.1M | $126.3M | ||
| Q1 24 | $548.9M | $102.5M |
总债务DBXUI
| Q4 25 | — | $47.5M | ||
| Q3 25 | — | $133.8M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $340.0M | ||
| Q4 24 | — | $406.3M | ||
| Q3 24 | — | $552.5M | ||
| Q2 24 | — | $708.1M | ||
| Q1 24 | — | $877.5M |
股东权益DBXUI
| Q4 25 | $-1.8B | $1.0B | ||
| Q3 25 | $-1.5B | $828.4M | ||
| Q2 25 | $-1.3B | $668.3M | ||
| Q1 25 | $-1.1B | $436.1M | ||
| Q4 24 | $-752.4M | $290.4M | ||
| Q3 24 | $-546.1M | $188.1M | ||
| Q2 24 | $-371.3M | $95.1M | ||
| Q1 24 | $-277.2M | $25.9M |
总资产DBXUI
| Q4 25 | $2.8B | $1.6B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $2.8B | $1.5B | ||
| Q1 25 | $3.0B | $1.3B | ||
| Q4 24 | $3.3B | $1.2B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.8B | $1.2B |
负债/权益比DBXUI
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.37× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 2.94× | ||
| Q2 24 | — | 7.45× | ||
| Q1 24 | — | 33.92× |
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 | $263.9M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | $260.3M |
| 自由现金流率自由现金流/营收 | 35.4% | 31.9% |
| 资本支出强度资本支出/营收 | 1.7% | 0.4% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $930.8M | $699.5M |
8季度趋势，按日历期对齐
经营现金流DBXUI
| Q4 25 | $235.4M | $263.9M | ||
| Q3 25 | $302.1M | $198.5M | ||
| Q2 25 | $260.5M | $130.4M | ||
| Q1 25 | $153.8M | $123.6M | ||
| Q4 24 | $213.8M | $152.4M | ||
| Q3 24 | $274.2M | $233.7M | ||
| Q2 24 | $230.6M | $231.4M | ||
| Q1 24 | $175.5M | $163.9M |
自由现金流DBXUI
| Q4 25 | $224.9M | $260.3M | ||
| Q3 25 | $293.7M | $193.3M | ||
| Q2 25 | $258.5M | $125.2M | ||
| Q1 25 | $153.7M | $120.7M | ||
| Q4 24 | $210.5M | $150.4M | ||
| Q3 24 | $270.1M | $231.1M | ||
| Q2 24 | $224.7M | $229.5M | ||
| Q1 24 | $166.3M | $160.6M |
自由现金流率DBXUI
| Q4 25 | 35.4% | 31.9% | ||
| Q3 25 | 46.3% | 26.3% | ||
| Q2 25 | 41.3% | 16.5% | ||
| Q1 25 | 24.6% | 18.2% | ||
| Q4 24 | 32.7% | 25.1% | ||
| Q3 24 | 42.3% | 42.0% | ||
| Q2 24 | 35.4% | 45.2% | ||
| Q1 24 | 26.3% | 32.6% |
资本支出强度DBXUI
| Q4 25 | 1.7% | 0.4% | ||
| Q3 25 | 1.3% | 0.7% | ||
| Q2 25 | 0.3% | 0.7% | ||
| Q1 25 | 0.0% | 0.4% | ||
| Q4 24 | 0.5% | 0.3% | ||
| Q3 24 | 0.6% | 0.5% | ||
| Q2 24 | 0.9% | 0.4% | ||
| Q1 24 | 1.5% | 0.7% |
现金转化率DBXUI
| Q4 25 | 2.17× | 1.13× | ||
| Q3 25 | 2.44× | 0.95× | ||
| Q2 25 | 2.07× | 0.49× | ||
| Q1 25 | 1.02× | 0.68× | ||
| Q4 24 | 2.08× | 1.11× | ||
| Q3 24 | 2.57× | 1.83× | ||
| Q2 24 | 2.09× | 2.23× | ||
| Q1 24 | 1.33× | 2.15× |
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% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
