Software Quality Ratings & R&D Return

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See how 130 public software companies (ranked universe) score from 0-100 on revenue growth, profit margins, and R&D payback using SEC filings with zero stock-price inputs.

Medians: 23.99% · $0.41

128 of 130 ranked under Full CapEx Test (2 Not reported)

Advanced Lens & Cohort ControlsFull CapEx Test

Cohort:

Combines GAAP R&D, capitalized software, and physical CapEx (data centers, GPUs, servers) to test true cash reinvestment payback.

Formula & 1-Yr Lag (?)

Full CapEx Test Formula & Lag

M_CapEx = R&D_t-1 / (R&D_t-1 + |CapSoftware_t-1| + |CapEx_t-1|)

Payback = (Gross Profit FY - Gross Profit Prior FY) / Prior FY Spend

Prior-year product engineering spend is matched against current-year incremental gross profit dollars to capture commercialization lag.

Active Medians: 23.99% intensity · $0.41 payback

R&D Return 2×2 (Full CapEx Test)

x = (R&D + Cap. Software + CapEx) % of revenue · y = new GP per cash R&D + CapEx dollar

DBX: Burner (29.87% R&D intensity · $-0.09 return)

vs GEN: Harvester

Hover a dot to inspect · Click to select · Shift+click to compare

Application SaaS peers

▲ 5 above $1.165 beyond 50.84% ▶

DBXDropbox, Inc.

DBX Research

BurnerSEC Filings FY End: 2025-12-31

Multi-year Full CapEx Test history not reported in annual filings.Not reported

Intensity

29.87%

GAAP: 29.04%

R&D Return

$-0.09

GAAP: $-0.09

Rank

#123of 130

GAAP #125

Full DBX report: R&D efficiency drivers, margin bridge & peer deep dive.Unlock

vs Application SaaS Median (36 ranked)Ratings Index

Intensity vs Sector+6.4% ptsMed: 23.44%

Payback vs Sector-$0.38Med: $0.30

CapEx Haircut-2% vs GAAPFull CapEx basis

CapEx TestGAAP $-0.09→+ Cap. Soft Not reported→Full CapEx $-0.09

Scenarios

Compare Peer:

DBXvsGEN

Intensity29.87% / 8.62%

Return$-0.09 / $2.22

Rank#123 / #2

What-If Projections:

Annual SEC Filings Series (USD) · Rule of 40: 41.8%

Revenue (FY):$2.52B

R&D (FY):$732.0M

Gross Profit (FY):$2.02B

GP (Prior FY):$2.10B

R&D (Prior FY):$914.9M

Cap. Soft (Prior FY):Not reported

CapEx (FY):$21.0M

CapEx (Prior FY):$22.5M