The fact that Dropbox's revenue is well above Box's if the rumors in the article are true is a great positive sign. As is being cash flow positive which would indicate that if they are burning cash it isn't at the rate of 2x revenue that Box has been a victim of.

However, the vision they are selling will not come to pass. That of them being a collaborative platform. Google docs, slack, and a myriad of other tools have already taken that place and there isn't a large enough disruption in Dropbox to unseat that.

In the meantime Dropbox's core offering of syncing and sharing files seamlessly as well as providing more security minded options for businesses is something that no one else has quite gotten right.

Box targeted the high-end enterprise users and Dropbox ceded that market to them rather early on. But the massive number of individual users coupled with SMBs that do not need the complexity that Box entails is a large market. The only question is are those two markets combined larger than the enterprise market that Box is chasing.

According to the revenue reported it seems that currently on the revenue side it is.

And given that investors do value profitability and with only a 200 sales person team their burn should be within controllable limits should make them overall both on the profitability and revenue side more attractive than Box.

However if they grew revenue from $400 -> $750 they simply do not have the growth trajectory that gets Wall St excited because due to their maturity and larger revenue you get a more consistent view point into their future growth.

Then again if they are compared more to Atlassian that is trading at 10x revenue then they certainly maybe get justified in their close to $10B private valuation.