DBX
Dropbox, Inc.
Is DBX Halal?
Cloud file-storage and collaboration software — a permissible SaaS business whose current debt/assets screen fails materially.
What You Should Know
Dropbox operates a cloud file-storage, synchronization and collaboration platform. Its March 31, 2026 Form 10-Q reports assets of $3,030.9 million, debt and lease obligations of $4,008.6 million, cash of $1,207.4 million, short-term investments of $81.4 million, receivables of $74.7 million and quarterly revenue of $629.5 million. Debt/assets is 132.26%, liquidity/assets is 42.52% and receivables plus cash/assets is 42.30%; the asset-based debt screen fails materially. The filing reports $7.6 million of interest income, approximately 1.21% of quarterly revenue, while no universal prohibited-revenue numerator is disclosed.
⚠️ Concerns
- •Known debt/assets is 132.26%, materially above examined limits
- •Liquidity/assets is 42.52% and receivables-plus-cash/assets is 42.30%
- •Disclosed interest income is 1.21% of quarterly revenue; no fixed purification percentage asserted
- •Term-loan, convertible-note and lease obligations expanded the balance sheet
- •No universal prohibited-revenue numerator is disclosed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
4,008.6 / 3,030.9
1,288.8 / 3,030.9
1,282.1 / 3,030.9
7.6 / 629.5
- Financial
- Fails
- Overall
- Fails
Debt/assets is 132.26% and liquidity/assets is 42.52%, above the examined limits; receivables-plus-cash/assets is 42.30% and disclosed interest income is 1.21%.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 132.26%, liquidity/assets is 42.52% and receivables-plus-cash/assets is 42.30%, above the examined MSCI limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 132.26% and liquidity/assets is 42.52%, above the examined Malaysia limits. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; asset-based debt screening already fails.
Business-activity disclosure
Dropbox provides cloud file storage, synchronization, collaboration and related productivity tools. The core SaaS activity is generally permissible, while customer-use allocation remains qualitative.
Limitation: The filing does not provide a universal prohibited-revenue numerator across customer use cases.
Purification
The filing discloses $7.6 million of interest income, but no scholar-specific purification instruction or universal prohibited-revenue numerator is provided.
Inputs, assumptions and primary sources
- Amounts are USD millions from Dropbox's March 31, 2026 Form 10-Q for the three months ended that date.
- Debt combines $690.3 million convertible notes, $2,611.7 million net term-loan balances, $392.0 million operating-lease liabilities and $314.6 million finance-lease obligations.
- Cash is $1,207.4 million, short-term investments are $81.4 million and trade and other receivables are $74.7 million.
- The filing discloses $7.6 million of interest income from cash, cash equivalents and short-term investments, approximately 1.21% of quarterly revenue.
- Cloud storage and collaboration software is generally permissible, but no universal prohibited-revenue numerator is asserted.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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