Pro Analysis

Dropbox cash flow puts other unicorns to shame

Kieran Doherty | Reuters

A sighting of positive free cash flow at Dropbox puts other unicorns in the shade. The cloud-storage service is now in the black on that measure, according to Chief Executive Drew Houston. Not needing to tap investors should be the norm for a firm valued at $10 billion in its last funding round. As long as it's considered normal for start-ups to achieve similar valuations while burning cash, though, it suggests there's still too much capital around.