Today, Fool.com contributors Austin Smith and Chris Bledsoe look at one stock with some great metrics: Dolby Laboratories. The company trades for about 8 times cash flow and has a strong balance sheet and remarkably large gross margins.

But for all of the great things you can say about Dolby Laboratories, there are big risks as well. The company needs to reinvent itself quite a bit for today's tech revolution, which is all mobile.