DLBNYSEPatent Owners & LessorsFiscal year ends September 27
Dolby Laboratories, Inc.
Financials through Q3 FY2026, quarter ended Jun 26, 2026Last filing: 10-Q on Jul 30, 2026
$61.06+1.11 (+1.85%)
Close on Oct 19, 2026
- Market cap
- $5.77B
- P/E (TTM)
- 26.0
- Dividend yield
- 2.16%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
88.1%+0.7 pts over 5 years
Operating margin
19.6%+0.8 pts over 5 years
Net margin
18.9%−1.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.9% | +2.5% | +3.0% | +3.3% | |
| Gross profit | +4.9% | +2.2% | +3.2% | +3.1% | |
| Operating income | +2.6% | +8.6% | +3.9% | +2.2% | |
| Net income | -2.6% | +11.5% | +2.0% | +3.5% | |
| EPS, diluted | -2.6% | +13.1% | +3.1% | +4.1% | |
| Free cash flow | +46.6% | +17.2% | +9.4% | +11.1% | |
| Dividend per share | +10.0% | +9.7% | +8.4% | +12.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9.8% | 9.8% | 10.0% | |
| Return on assets | 8.4% | 8.1% | 8.0% | |
| Current ratio | 3.57 | 5.79 | 3.17 | |
| Interest coverage | 1854.4× | 1176.0× | – | |
| Inventory turnover | 7.2× | 5.1× | 5.0× | |
| Capex to revenue | 9.8% | 5.7% | 2.7% | |
| Diluted shares | 102M | 103M | 97M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Dolby Laboratories generated $1.93B from operations and spent $1.94B on capital expenditure, dividends and share buybacks. 10% of that went back into the business.
Generated
$1.93B
Used
$1.94B
Capital expenditure$199.08M10%Dividends$533.82M27%Share buybacks$1.21B62%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin18.9%
×Asset turnover0.43×
×Equity multiplier1.24×
=Return on equity, FY202510.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 18.9% | 0.43× | 1.24× | 10.0% |
| FY2024 | 20.6% | 0.42× | 1.26× | 10.8% |
| FY2023 | 15.4% | 0.46× | 1.23× | 8.7% |
| FY2022 | 14.7% | 0.43× | 1.20× | 7.6% |
| FY2021 | 24.2% | 0.43× | 1.20× | 12.3% |
| FY2020 | 19.9% | 0.40× | 1.21× | 9.8% |
| FY2019 | 20.5% | 0.44× | 1.22× | 10.9% |
| FY2018 | 4.0% | 0.39× | 1.20× | 1.9% |
| FY2017 | 19.1% | 0.45× | 1.18× | 10.1% |
| FY2016 | 18.1% | 0.46× | 1.18× | 9.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$255.02M
- Cash generatingOperating cash flow above zero$472.20M
- Return on assets improvedROA up on the prior year8.8% → 8.2%
- Earnings backed by cashOperating cash flow above net income$472.20M vs $255.02M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.86 → 3.17
- No dilutionShare count did not rise97M → 97M
- Gross margin improvedGross margin up on the prior year88.97% → 88.13%
- More efficientAsset turnover rose0.43 → 0.43