Stock DLB DOLBY LABORATORIES, INC.
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Financials Dolby Laboratories, Inc.

Equities

DLB

US25659T1079

Software

Market Closed - Nyse
Other stock markets
 04:00:02 2024-04-26 pm EDT 		5-day change 1st Jan Change
79.2 USD -0.89% Intraday chart for Dolby Laboratories, Inc. +1.30% -8.10%
Mar. 05 Dolby Labs to Seek M&A CI
Mar. 05 Transcript : Dolby Laboratories, Inc. Presents at Morgan Stanley?s Technology, Media & Telecom Conference 2024, Mar-05-2024 08:45 AM

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,428 6,646 8,996 6,416 7,581 7,570 - -
Enterprise Value (EV) 1 5,503 5,519 7,724 5,599 7,581 6,785 6,780 6,775
P/E ratio 26.1 x 29.4 x 29.9 x 36.3 x 38.7 x 31.7 x 28.4 x 24.1 x
Yield 1.24% 1.33% 1.03% 1.55% - - - -
Capitalization / Revenue 5.18 x 5.72 x 7.02 x 5.12 x 5.83 x 5.83 x 5.56 x 5.05 x
EV / Revenue 4.43 x 4.75 x 6.03 x 4.47 x 5.83 x 5.23 x 4.98 x 4.52 x
EV / EBITDA 12.1 x 14 x 14 x 13.3 x 16.3 x 14.1 x 13.4 x 12.1 x
EV / FCF 23.8 x 19.9 x 19.6 x 20.7 x 22.5 x 18.6 x 16.2 x 14.6 x
FCF Yield 4.2% 5.03% 5.09% 4.83% 4.44% 5.36% 6.17% 6.85%
Price to Book 2.88 x 2.72 x 3.45 x 2.8 x - - - -
Nbr of stocks (in thousands) 100,770 100,595 101,387 97,677 95,641 95,579 - -
Reference price 2 63.79 66.07 88.73 65.69 79.26 79.20 79.20 79.20
Announcement Date 11/14/19 11/12/20 11/16/21 11/17/22 11/16/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,242 1,162 1,281 1,254 1,300 1,298 1,361 1,499
EBITDA 1 455.3 394.5 550.2 420.6 463.9 482.8 505.4 562
EBIT 1 257.1 218.7 344.4 206.6 215.8 354.4 382.4 355
Operating Margin 20.7% 18.83% 26.88% 16.48% 16.6% 27.29% 28.1% 23.68%
Earnings before Tax (EBT) 1 282.3 239.7 354.5 215.3 250.1 293.6 342.9 388.1
Net income 1 255.2 231.4 310.2 184.1 200.7 229.8 272.9 309.1
Net margin 20.55% 19.91% 24.21% 14.68% 15.44% 17.7% 20.06% 20.62%
EPS 2 2.440 2.250 2.970 1.810 2.050 2.495 2.785 3.290
Free Cash Flow 1 231.4 277.5 393.3 270.6 336.7 364 418 464
FCF margin 18.64% 23.89% 30.7% 21.59% 25.91% 28.03% 30.71% 30.95%
FCF Conversion (EBITDA) 50.82% 70.34% 71.48% 64.35% 72.6% 75.4% 82.71% 82.56%
FCF Conversion (Net income) 90.69% 119.94% 126.78% 147.02% 167.82% 158.39% 153.14% 150.09%
Dividend per Share 0.7900 0.8800 0.9100 1.020 - - - -
Announcement Date 11/14/19 11/12/20 11/16/21 11/17/22 11/16/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 285 351.6 334.4 289.6 278.2 334.9 375.9 298.4 290.6 315.6 359.6 313.6 309.2 338.7 373.1
EBITDA 1 88.96 146.6 133 97.69 77.73 144.2 160.3 66.2 76.43 122.1 154.8 102.8 99.5 137.9 146
EBIT 1 40.36 90.58 43.35 45.57 27.11 94.09 109.2 15.94 -3.494 66.22 133.8 65 57.14 107 136.3
Operating Margin 14.16% 25.76% 12.96% 15.73% 9.74% 28.09% 29.06% 5.34% -1.2% 20.98% 37.2% 20.73% 18.48% 31.59% 36.53%
Earnings before Tax (EBT) 1 43.06 91.44 43.45 49.41 30.97 99.98 117.3 23.76 9.033 80.83 109.5 51.57 47.27 108.2 117.9
Net income 1 44.19 80.01 36.72 39.6 27.76 79.38 95.7 16.4 9.186 66.98 83.92 39.51 36.22 86.1 93.84
Net margin 15.5% 22.75% 10.98% 13.67% 9.98% 23.7% 25.46% 5.5% 3.16% 21.23% 23.34% 12.6% 11.71% 25.42% 25.15%
EPS 2 0.4200 0.7700 0.3600 0.3900 0.2800 0.8200 0.9800 0.1700 0.0900 0.6900 0.8900 0.4550 0.4250 0.8350 0.8400
Dividend per Share 0.2500 0.2500 0.2500 0.2500 0.2700 - 0.2700 - - - - - - - -
Announcement Date 11/16/21 2/3/22 5/5/22 8/9/22 11/17/22 2/2/23 5/4/23 8/3/23 11/16/23 2/1/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 925 1,127 1,272 818 - 785 790 795
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 231 278 393 271 337 364 418 464
ROE (net income / shareholders' equity) 14.3% 9.76% 12.3% 13.2% - - - -
ROA (Net income/ Total Assets) 11.8% 8.06% 10.3% 11% - - - -
Assets 1 2,168 2,870 3,012 1,667 - - - -
Book Value Per Share 22.10 24.30 25.70 23.40 - - - -
Cash Flow per Share - - - - - - - -
Capex 1 96.3 66.3 54.5 47.9 - 62 65 72
Capex / Sales 7.75% 5.71% 4.25% 3.82% - 4.78% 4.78% 4.8%
Announcement Date 11/14/19 11/12/20 11/16/21 11/17/22 11/16/23 - - -
1USD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Dolby Laboratories, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
79.2 USD
Average target price
94.95 USD
Spread / Average Target
+19.89%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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