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Dolby Laboratories, Inc. (DLB)

NYSE / Technology / Information Technology Services

Share price

60.83 USD Market dataClose of Oct 15, 2026

Market capitalisation

5.70B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Nov 18, 2025
Ratios computed
Oct 15, 2026
Filed years
17, FY2008 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

11.4% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

22.87x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

7.3% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 1.03B USDFY2016 Net income: 185.9M USDFY2017 Revenue: 1.08B USDFY2017 Net income: 206.5M USDFY2018 Revenue: 1.05B USDFY2018 Net income: 41.7M USDFY2019 Revenue: 1.24B USDFY2019 Net income: 255.2M USDFY2020 Revenue: 1.16B USDFY2020 Net income: 231.4M USDFY2021 Revenue: 1.28B USDFY2021 Net income: 310.2M USDFY2022 Revenue: 1.25B USDFY2022 Net income: 184.1M USDFY2023 Revenue: 1.30B USDFY2023 Net income: 200.7M USDFY2024 Revenue: 1.27B USDFY2024 Net income: 261.8M USDFY2025 Revenue: 1.35B USDFY2025 Net income: 255.0M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 22.87x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Information Technology Services industry (41 companies), 22.87x sits at the 67th percentile; the middle half of that group runs from 12.89x to 24.88x.

Is it good

Return on invested capital was 11.4% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Technology sector (197 companies), 11.4% sits at the 60th percentile; the middle half of that group runs from 1.2% to 17.1%.

Is it safe

Dolby Laboratories, Inc. held more cash than debt at the end of FY2025 (net cash of 663.0m USD), so net debt to EBITDA is a net cash position rather than a leverage reading.

Year by year against peers
Whether Dolby Laboratories, Inc.'s return on invested capital stayed above the median of the Technology sector, year by year. (FY2019 to FY2025, 7 fiscal years of Dolby Laboratories, Inc. with a comparable figure)
The direction
Which way Dolby Laboratories, Inc.'s return on invested capital has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Dolby Laboratories, Inc.)
What could explain it
What in Dolby Laboratories, Inc.'s filed statements could explain the movements. (4 readings drawn from the statement lines Dolby Laboratories, Inc. filed)
What to check next
What to check next on Dolby Laboratories, Inc., and where in its filings. (4 questions for Dolby Laboratories, Inc.)
In one paragraph
One paragraph on Dolby Laboratories, Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for Dolby Laboratories, Inc.)

These are DLB’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research DLBPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Nov 18, 2025, accession 0001308547-25-000007.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Dolby Laboratories, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax11.4% ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Return on equity9.7% ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Return on capital employed, pre-tax9.5% ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Return on assets7.9% ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Gross margin88.1% ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Operating margin19.6% ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Net margin18.9% ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
DLB 18.9%
EXLS 12.0%GDS 8.3%EPAM 6.9%G 10.9%WAY 10.2%
6.9%18.9%
Net margin: DLB against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Dolby Laboratories, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.01 ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Current ratio3.17 ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Quick ratio3.10 ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Altman Z-score8.16 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Net debt-663.7M ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Total assets 3.23BTotal liabilities 595.8MShareholders' equity 2.62BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Dolby Laboratories, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Nov 18, 2025, 0001308547-25-000007).

Dolby Laboratories, Inc: balance sheet position
Total assets3.23B FiledFY2025 10-K, filed Nov 18, 2025
Total liabilities595.8M FiledFY2025 10-K, filed Nov 18, 2025
Shareholders' equity2.62B FiledFY2025 10-K, filed Nov 18, 2025
Cash702.6M FiledFY2025 10-K, filed Nov 18, 2025
Total debt38.9M FiledFY2025 10-K, filed Nov 18, 2025
Net debt-663.7M
Current ratio3.17
Debt to equity0.01
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Dolby Laboratories, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings22.87x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
P/E on trailing twelve months24.94x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.26x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Price to sales4.40x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Enterprise value to EBIT19.88x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Enterprise value to EBITDA14.93x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Price to earnings over growth7.75 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Diluted earnings per share2.62 USD FiledFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Graham number40.13 USD ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007

We publish no fair value or price target of our own. Value DLB on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Dolby Laboratories, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Dolby Laboratories, Inc: valuation
Share price60.83 USD
Market capitalisation5.70B USD
Enterprise value to EBITDA14.93x
Graham number40.13 USD
Diluted earnings per share, FY20252.62 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 19.25x, median 32.04x, high 184.18x, latest 24.94x. 2,521 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Dolby Laboratories, Inc

  1. ExlService Holdings, Inc. (EXLS)Market cap 5.93B USD
  2. GDS Holdings Limited (GDS)Market cap 4.94B USD
  3. EPAM Systems, Inc. (EPAM)Market cap 6.31B USD
  4. Genpact Limited (G)Market cap 6.37B USD
  5. Waystar Holding Corp. (WAY)Market cap 5.42B USD

Same industry (Information Technology Services) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Dolby Laboratories, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield7.3% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Free cash flow435.9M USD ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Free cash flow margin32.3% ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Dividend yield2.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Payout ratio49.6% ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
FY2016 Free cash flow: 259.3M USDFY2016 Net income: 185.9M USDFY2017 Free cash flow: 278.2M USDFY2017 Net income: 206.5M USDFY2018 Free cash flow: 279.4M USDFY2018 Net income: 41.7M USDFY2019 Free cash flow: 231.4M USDFY2019 Net income: 255.2M USDFY2020 Free cash flow: 277.5M USDFY2020 Net income: 231.4M USDFY2021 Free cash flow: 393.3M USDFY2021 Net income: 310.2M USDFY2022 Free cash flow: 270.6M USDFY2022 Net income: 184.1M USDFY2023 Free cash flow: 336.7M USDFY2023 Net income: 200.7M USDFY2024 Free cash flow: 297.2M USDFY2024 Net income: 261.8M USDFY2025 Free cash flow: 435.9M USDFY2025 Net income: 255.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Dolby Laboratories, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
22.87xFY2025Oct 15, 2026
2.26xFY2025Oct 15, 2026
19.88xFY2025Oct 15, 2026
7.3%FY2025Oct 15, 2026
11.4%FY2025Nov 18, 2025
2.4%FY2025Oct 15, 2026
0.01FY2025Nov 18, 2025
3.17FY2025Nov 18, 2025
4.40xFY2025Oct 15, 2026
7.75FY2025Oct 15, 2026
8.16FY2025Oct 15, 2026
-2.68FY2025Nov 18, 2025
5/9FY2025Nov 18, 2025

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 17 filed fiscal years on record, FY2008 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Dolby Laboratories, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Dolby Laboratories, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.35B265.0M255.0M2.62435.9M19.6%9.7%10-K, Nov 18, 20250001308547-25-000007
FY20241.27B258.3M261.8M2.69297.2M20.3%10.6%10-K, Nov 19, 20240001628280-24-048519
FY20231.30B215.8M200.7M2.05336.7M16.6%8.5%10-K, Nov 17, 20230001628280-23-039389
FY20221.25B206.6M184.1M1.81270.6M16.5%8.2%10-K, Nov 18, 20220001628280-22-030390
FY20211.28B344.4M310.2M2.97393.3M26.9%11.9%10-K, Nov 17, 20210001628280-21-023630
FY20201.16B218.7M231.4M2.25277.5M18.8%9.5%10-K, Nov 16, 20200001628280-20-016459
FY20191.24B257.1M255.2M2.44231.4M20.7%11.1%10-K, Nov 25, 20190001628280-19-014472
FY20181.05B183.5M41.7M0.39279.4M17.4%1.8%10-K, Nov 15, 20180001628280-18-014390
FY20171.08B247.1M206.5M2.00278.2M22.9%9.7%10-K, Nov 16, 20170001628280-17-011633
FY20161.03B231.8M185.9M1.81259.3M22.6%9.4%10-K, Nov 18, 20160001628280-16-021559
  • Revenue, compound annual growth FY2016 to FY2025: 3.1%
  • Earnings, compound annual growth FY2016 to FY2025: 3.6%
  • Earnings per share, compound annual growth FY2016 to FY2025: 4.2%
  • Free cash flow, compound annual growth FY2016 to FY2025: 5.9%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Dolby Laboratories, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.68 ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Piotroski F-score5/9 ComputedFY2025 10-K, filed Nov 18, 2025, 0001308547-25-000007
Named tests met3 of 30 Computed
Beta0.75 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 3 met, 26 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; Cash-covered dividend; Cash-flow yield and ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Z-score and coverage (Edward Altman). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(1)
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Interest Coverage. 1 named test comes back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.