When most people hear the name (NASDAQ: DBX), they probably remember a tech darling of yesteryear that was swept away by competitors like Microsoft, Alphabet, and Apple. And they wouldn't be entirely wrong either, as Dropbox's current market cap of $9 billion still sits below the $10 billion private market valuation it received in 2014.

But these numbers don't tell the whole story. In fact, since its IPO a little over five years ago, Dropbox has quietly grown its users, revenues, and profits every single year. Let's take a look at why Dropbox is consistently able to grow despite daunting competition from the world's largest tech giants.

When Dropbox first went public in Feb. 2018, the company boasted a paying subscriber base of 11 million people. Fast forward five years, and Dropbox is now nearing 18 million paying subscribers for just over a 10% compound annual growth rate. While that might not be the kind of astounding user adoption that many tech investors are accustomed to today, the growth has been remarkably consistent. Dropbox has now gradually increased its paying subscriber base for 25 straight quarters in a row.

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Source Fool.com