Dolby Laboratories, Inc. DLB
Founded in 1965, we are in the business of improving entertainment experiences by inventing and innovating technologies that advance audio and video capture, transmission, and playback. We enable highly compelling experiences in movies and TV shows, music, sports and more by meeting the needs of content creators, distributors, and consumer electronics manufacturers. We have been at the forefront of multiple audio and video revolutions over the last sixty years including the transitions from mono to stereo then surround, analog to digital, and terrestrial broadcasting to streaming. Our strength and durability stem from our ability to combine our expertise in signal processing with our close relationships with artists and other industry experts to continually bring to the creative community technology that allows them to express themselves in new and compelling ways.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.35B | $1.27B | $1.30B | $1.25B | $1.28B | $1.16B | $1.24B | $1.05B | $1.08B | $1.03B |
| Cost of revenue | $160.1M | $140.5M | $152.6M | $141.4M | $130.0M | $146.5M | $160.9M | $127.6M | $118.5M | $109.0M |
| Gross profit | $1.19B | $1.13B | $1.15B | $1.11B | $1.15B | $1.02B | $1.08B | $927.0M | $961.6M | $916.8M |
| R&D | $261.8M | $263.7M | $271.5M | $261.2M | $253.6M | $239.0M | $237.9M | $236.8M | $233.3M | $219.6M |
| SG&A | $286.5M | $270.4M | $258.5M | $275.3M | $224.2M | $219.8M | $205.4M | $197.4M | $171.7M | $168.9M |
| Total operating expenses | $924.0M | $874.9M | $931.4M | $905.8M | $806.8M | $796.6M | $823.7M | $743.5M | $714.5M | $685.0M |
| Operating income | $265.0M | $258.3M | $215.8M | $206.6M | $344.4M | $218.7M | $257.1M | $183.5M | $247.1M | $231.8M |
| Interest expense | $15.4M | $34.1M | $28.1M | $6.2M | $3.0M | $186.0K | $170.0K | $198.0K | $127.0K | $125.0K |
| Pre-tax income | $303.5M | $312.5M | $250.1M | $215.3M | $354.5M | $239.7M | $282.3M | $196.4M | $255.1M | $235.9M |
| Income tax | $47.0M | $48.2M | $48.4M | $31.4M | $36.7M | $8.1M | $26.8M | $154.1M | $48.0M | $49.5M |
| Net income | $255.0M | $261.8M | $200.7M | $184.1M | $310.2M | $231.4M | $255.2M | $41.7M | $206.5M | $185.9M |
| EPS, basic | 2.66 | 2.74 | 2.10 | 1.84 | 3.07 | 2.30 | 2.51 | 0.40 | 2.03 | 1.85 |
| EPS, diluted | 2.62 | 2.69 | 2.05 | 1.81 | 2.97 | 2.25 | 2.44 | 0.39 | 2.00 | 1.81 |
| Shares, diluted (wtd. avg.) | $97.5M | $97.3M | $97.7M | $102.0M | $104.6M | $102.9M | $104.6M | $107.0M | $103.3M | $102.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $701.9M | $482.0M | $818.0M | $628.4M | $1.23B | $1.08B | $805.6M | $925.2M | $634.4M | $519.8M |
| Short-term investments | $703.0K | $0 | $139.1M | $189.2M | $38.8M | $46.9M | $119.1M | $178.1M | $247.8M | $121.6M |
| Receivables | $331.1M | $315.5M | $262.2M | $243.6M | $232.6M | $180.3M | $189.1M | $166.1M | $73.8M | $75.7M |
| Inventory | $30.4M | $33.7M | $35.6M | $23.5M | $11.0M | $25.6M | $32.3M | $26.2M | $25.1M | $16.4M |
| Total current assets | $1.39B | $1.19B | $1.49B | $1.31B | $1.76B | $1.55B | $1.38B | $1.50B | $1.01B | $759.7M |
| Property, plant and equipment | $470.6M | $479.1M | $481.6M | $513.5M | $534.4M | $542.0M | $537.4M | $514.2M | $485.3M | $443.7M |
| Goodwill | $529.9M | $533.2M | $408.4M | $365.1M | $340.7M | $336.9M | $334.8M | $328.0M | $311.1M | $309.6M |
| Other intangibles | $397.1M | $434.5M | $167.4M | $112.3M | $122.9M | $152.4M | $180.9M | $184.0M | $189.6M | $215.3M |
| Total assets | $3.23B | $3.11B | $2.98B | $2.69B | $3.11B | $2.92B | $2.82B | $2.87B | $2.53B | $2.31B |
| Accounts payable | $17.8M | $17.4M | $20.9M | $14.2M | $17.8M | $12.6M | $15.2M | $21.9M | $14.4M | $17.5M |
| Total current liabilities | $437.8M | $417.8M | $422.2M | $277.5M | $315.7M | $267.1M | $306.9M | $285.2M | $245.8M | $213.1M |
| Total liabilities | $595.8M | $623.0M | $607.6M | $438.5M | $501.5M | $478.9M | $508.7M | $494.9M | $389.7M | $331.4M |
| Retained earnings | $2.63B | $2.50B | $2.39B | $2.30B | $2.61B | $2.44B | $2.33B | $2.31B | $2.08B | $1.94B |
| Total equity | $2.62B | $2.48B | $2.37B | $2.25B | $2.60B | $2.44B | $2.31B | $2.37B | $2.40B | $2.23B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $472.2M | $327.3M | $367.1M | $318.6M | $447.8M | $343.8M | $327.7M | $352.2M | $377.8M | $360.1M |
| Depreciation and amortisation | $42.5M | $42.4M | $54.0M | $59.5M | $66.4M | $61.4M | $55.5M | $54.8M | $53.4M | $52.0M |
| Stock-based compensation | $128.5M | $119.8M | $118.5M | $114.9M | $99.7M | $86.6M | $76.6M | $71.2M | $65.3M | $67.0M |
| Capital expenditure | $36.3M | $30.0M | $30.3M | $47.9M | $54.5M | $66.3M | $96.3M | $72.8M | $99.6M | $100.8M |
| Investing cash flow | -$10.6M | -$286.3M | $54.2M | -$295.9M | -$44.9M | $134.4M | -$56.2M | $78.1M | -$158.0M | -$282.5M |
| Financing cash flow | -$247.2M | -$287.8M | -$236.8M | -$610.6M | -$252.5M | -$207.8M | -$385.3M | -$133.6M | -$106.8M | -$92.0M |
| Dividends paid | $126.6M | $114.6M | $103.4M | $100.1M | $89.2M | $88.6M | $77.5M | $66.2M | $57.1M | $48.4M |
| Buybacks | $125.0M | $160.0M | $149.3M | $530.5M | $245.9M | $173.7M | $340.6M | $150.5M | $100.0M | $100.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308547-25-000007.
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| RMCO | Royalty Management Holding Corp | $43.1M | — | 513.3% |
| NTIP | NETWORK-1 TECHNOLOGIES, INC. | $36.6M | — | 50.0% |
| REFR | RESEARCH FRONTIERS INC | $14.5M | — | -16.0% |