Dolby Laboratories, Inc.

Miscellaneous
Multi-Sector Companies
www.dolby.com

Earnings Score
Moat Score

Market Cap $7.14B
PE 28
Debt -
Cash $750.34M
EV -
FCF $390.44M

Earnings

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Sales & Net Margins

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Earnings	$256.63M
EBIT	$316.20M
ROE	10%
ROA	10%
FCF	$390.44M
Equity	$2.58B
Growth Stability	64%
PE	27.81
PEG	-6.26
PB	2.76
P/FCF	18.28
P/S	5.41
Price/Cash	0.11
Net Margins	22%
Gross Margins	89%
Op. Margins	24%
Earnings CAGR	4%
Sales Growth YoY	1%
Sales Growth QoQ	4%
Sales CAGR	3%
FCF CAGR	5%
Equity CAGR	3%
Earnings Stability	0.11
Earnings Growth YoY	-6%
Earnings Growth QoQ	35%

Earnings CAGR 5Y	-4%
Sales CAGR 5Y	2%
FCF CAGR 5Y	1%
Equity CAGR 5Y	-1%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	6%
Equity CAGR 3Y	3%
Market Cap	$7.14B
Revenue	$1.32B
Dividend Yield	2%
Payout Ratio	47%
Assets	$3.23B
Cash	$750.34M
Shares Outstanding	95.97M
Earnings Score	7%
Moat Score	92%
Working Capital	931.8M
Current Ratio	3.04
Gross Profit	$1.17B
Shares Growth 3y	-1%
Equity Growth QoQ	3%
Equity Growth YoY	6%

Assets & ROA

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Stockholders Equity & ROE

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Dolby Laboratories Inc develops audio and surround sound for cinema, broadcast, home audio systems, in-car entertainment systems, DVD players, games, televisions, and personal computers. The company generates three fourths of its revenue from licensing its technology to consumer electronics manufacturers around the world. The rest of revenue comes from equipment sales to professional producers and audio engineering services.

SEC Filings

Direct access to Dolby Laboratories, Inc. (DLB) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 28
2024
- 10-Q Dec 27
- 10-K Sep 27
- 10-Q Jun 28
- 10-Q Mar 29
2023
- 10-Q Dec 29
- 10-K Sep 29
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Dolby Laboratories, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Dolby Laboratories, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 4%

Stability 11%

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Dolby Laboratories, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Dolby Laboratories, Inc..

Years

Calculation mode

= $5.3B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$390M	$408M	$427M	$446M	$466M	$487M	$509M	$532M	$556M	$581M	$607M	$6.1B
DCF		$371M	$353M	$335M	$318M	$302M	$287M	$273M	$259M	$246M	$234M	$2.3B
Value	$5.3B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Net Margins	19%	18%	19%	10%	21%	20%	24%	15%	15%	21%	22%
ROA	-	10%	10%	12%	10%	8%	11%	8%	8%	10%	10%
ROE	-	9%	9%	6%	11%	9%	12%	8%	8%	11%	10%

Good Net Margins (21.97%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	64%	100%	100%	100%	69%	83%	100%	64%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (64%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	CAGR 5Y
Revenue YoY growth	-	6%	5%	8%	6%	-6%	10%	-2%	4%	-2%	2%
Earnings YoY growth	-	2%	9%	-39%	109%	-9%	34%	-41%	9%	30%	-4%
Equity YoY growth	-	9%	8%	2%	5%	5%	7%	-14%	5%	5%	-1%
FCF YoY growth	-	69%	6%	3%	-17%	20%	42%	-31%	24%	-12%	1%