Box is an amazing company. It is at $600m-ish ARR and $800m annualized bookings, and cash-flow positive. Amazing. Truly.
https://www.boxinvestorrelations…
But
- Dropbox is >2x larger by revenue, at ~$1.3b in ARR vs. $500m for Box. Both are huge success stories. But more revenue, all things being equal, makes for a higher market cap.
- Dropbox has stronger cashflow.
- Dropbox is growing more quickly, adjusting for ARR. Dropbox is quantitatively growing at about the same rate as Box (both at ~28% Year-over-Year), but Dropbox is at $1.3b+ in ARR vs Box is at $500m in ARR. So normalized for scale, Dropbox is growing “faster”. Put differently, at $500m in ARR Dropbox was growing faster than Box is today, and almost all software companies see their growth slow down over time.
