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BOX Inc (BOX) stock

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NYSE: BOX NYSE Application Software Next results ~December 1, 2026

C+ Fundamentals grade

BOX Inc is a US-listed company in the application software industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$41

Cash-flow model

Base case. Range ~$30–$55 across our lower- and higher-growth cases (3.1%–13.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 6% above our base value.

Price used: $43.24, November 2, 2026

BOX Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 41 sales by directors and officers, last 12 monthsInsider trades
  • Funds202 adding, 183 cuttingOf 60 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter BOX files

Where BOX stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $1.23bn, up 9.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 31.5% from 29.7% a year earlier. Operating margin widened to 9.4% from 6.1%. The diluted share count is down 4.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 5 financial-health checks. Our cash-flow model value is $40.09 a share, against a share price of $42.88. At that price, our model says the market is pricing in about 18.5% a year of cash-flow growth for five years, faster than the 7.1% a year revenue growth it has delivered.

Source: 10-Q filed August 26, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 1, 2026 (estimated)

BOX Inc's trailing-twelve-month revenue grew 9.6% year on year, with a free-cash-flow margin of 31.5%. Where it stands out: change in share count of -4.0% ranks 21 of 163 application software companies we cover. Where it lags: stock pay as % of revenue of 19.1% ranks 146 of 177 application software companies we cover.

Our discounted-cash-flow model values the business at ~$41 per share in the base case (~$30–$55 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 16.3% while net income fell 42.8%: a 59pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.4 points on a year ago.
  • Strong cash generation. 31.5% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 4.0% in a year, so each share owns more of the business.

Things to watch

  • Heavy stock-based pay. Stock pay equals 19.1% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • High earnings multiple. The shares trade at 48 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 7 insiders sold $11M of stock over the past 365 days and none bought (84% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 32.2% ranks 75 of 98 application software companies we cover (median 16.9%).
  • Heavily shorted. 15.8% of the shares available to trade are sold short (6.7 days of average volume to cover).

Latest results: FY2027 Q2

Filed August 26, 2026
Earnings per share
$0.40 against an average estimate of $0.40: beat by 0.5%
Revenue
$321m, up 9.2% on a year earlier
Share reaction
-0.2% in the first session after the results on August 25, 2026, against +0.3% for the S&P 500
Guidance given
revenue $329m (Q3 FY27); GAAP operating margin 10% (Q3 FY27)
Next report
December 1, 2026; average EPS estimate $0.39

BOX's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.5%
  • 1 week+0.1%
  • 1 month+25.4%
  • This year+44.6%
  • 1 year+34.7%
  • 5 years+63.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
9.4%
Net margin
10.6%
EPS (TTM, diluted)
$0.91

Growth

Revenue growth
+9.6%
Change in growth rate
+0.1 pts
Share count change
−4.0%

Cash

Free cash flow (TTM)
$389M
FCF margin
31.5%
Stock pay % of revenue
19.1%

Earnings

Last results
August 25, 2026
Next results (est.)
December 1, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Leadership
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

BOX Inc valuation models and calculator

What the price is pricing in

The share price implies about 17.9% a year of cash-flow growth for five years.That is faster than the 7.1% a year revenue growth BOX has delivered.

  • Priced in17.9%
  • Last 12 months9.6%
  • 3 years a year6.6%
  • 5 years a year7.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($42.56, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$41
Price used
$42.56close November 3, 2026
Implied change
▼ 4%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of BOX Inc's free cash flow after stock-based pay with after-tax interest added back ($144M, FY2027 Q2 TTM), growing 8.9% and 8.3% in the next two years (forecasts, guidance and its record), then back to 8.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$30–~$55 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of BOX Inc's free cash flow after stock-based pay ( $144M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value BOX Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$41 ~$30–$55 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$24 ~$20–$40 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$35 ~$24–$41 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare BOX Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +6%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $15$21$28$37$50$66
8.5% $12$16$21$27$36$48
10% $9$12$16$22$28$37

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$10.76$17.07$22.24$20.92$15.03$17.34$26.13$31.99$25.98$33.39$25.35$43.24
Market value$1.3bn$2.2bn$3.0bn$3.0bn$2.2bn$2.7bn$4.1bn$4.8bn$3.9bn$5.0bn$3.8bn$6.2bn
+ Net debt (− = net cash)−$186m−$177m−$208m−$218m−$196m−$595m−$416m−$428m−$384m−$625m−$375m$109m
Enterprise value$1.1bn$2.0bn$2.8bn$2.7bn$2.0bn$2.1bn$3.6bn$4.4bn$3.5bn$4.3bn$3.4bn$6.3bn
Multiples
Price / sales 4.3x5.5x5.9x4.9x3.2x3.5x4.7x4.8x3.7x4.6x3.2x5.0x
Price / earnings ———————179.4x29.9x20.3x32.8x47.6x
Price / free cash flow ——126.4x73.0x56.6x——16.4x12.3x15.1x10.8x16.0x
EV / EBITDA —————55.7x72.1x42.6x34.1x42.6x29.3x41.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard BOX's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.4% of total assets over 6 years.

  • Pricing power 19 / 20

    Gross margin has been a median 73.0%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -1.8%; its worst year was -33.8%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 7 of 9 years, at a median 7.4% of revenue.

  • Discipline 8 / 20

    The diluted share count fell 4.9% over five years; stock-based pay has been a median 20.0% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (55 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 1, 2026, after the close. Analysts expect revenue of $329m and EPS of $0.39 (range $0.38 to $0.40) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.54 +7% $1.3bn +10%
Next $1.74 +13% $1.4bn +9%

Next year's EPS estimate has moved −3.5% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.3% on 90 days ago. In the last 30 days, 0 analysts raised BOX Inc's forecast and 9 cut it.

Consensus EPS forecast BOX Inc, last 90 days
$1.50 $1.60 $1.70 $1.80 $1.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.58 Current fiscal year, 60 days ago: $1.55 Current fiscal year, 30 days ago: $1.54 Current fiscal year, 7 days ago: $1.54 Current fiscal year, Now: $1.54 $1.54 Next fiscal year, 90 days ago: $1.80 Next fiscal year, 60 days ago: $1.83 Next fiscal year, 30 days ago: $1.74 Next fiscal year, 7 days ago: $1.74 Next fiscal year, Now: $1.74 $1.74

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.58$1.80
60 days ago $1.55$1.83
30 days ago $1.54$1.74
7 days ago $1.54$1.74
Now $1.54$1.74

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.40 $0.40 +0.5%
Apr 2026 $0.36 $0.37 +2.0%
Jan 2026 $0.34 $0.49 +45.9%
Oct 2025 $0.31 $0.31 −1.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 25, 2026
  • Revenue Full Year FY27 about $1.29bn
    “Revenue is expected to be approximately $1.290 billion, up 10% year-over-year, or 11% on a constant currency basis.” source
  • Revenue Q3 FY27 about $329m
    “Revenue is expected to be approximately $329 million, up 9% year-over-year, or 11% on a constant currency basis.” source
  • GAAP net income per share attributable to common stockholders Full Year FY27 about $0.38 GAAP
    “GAAP net income per share attributable to common stockholders is expected to be approximately $0.38.” source
  • Non-GAAP diluted net income per share attributable to common stockholders Full Year FY27 about $1.54 Non-GAAP
    “Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $1.54.” source
  • GAAP net income per share attributable to common stockholders Q3 FY27 about $0.12 GAAP
    “GAAP net income per share attributable to common stockholders is expected to be approximately $0.12.” source
  • Non-GAAP diluted net income per share attributable to common stockholders Q3 FY27 about $0.39 Non-GAAP
    “Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $0.39.” source
Show 6 more items
  • GAAP operating margin Full Year FY27 about 9.5% GAAP
    “GAAP operating margin is expected to be approximately 9.5% and non-GAAP operating margin is expected to be approximately 28.0%.” source
  • Non-GAAP operating margin Full Year FY27 about 28% Non-GAAP
    “GAAP operating margin is expected to be approximately 9.5% and non-GAAP operating margin is expected to be approximately 28.0%.” source
  • GAAP operating margin Q3 FY27 about 10% GAAP
    “GAAP operating margin is expected to be approximately 10.0% and non-GAAP operating margin is expected to be approximately 28.0%.” source
  • Non-GAAP operating margin Q3 FY27 about 28% Non-GAAP
    “GAAP operating margin is expected to be approximately 10.0% and non-GAAP operating margin is expected to be approximately 28.0%.” source
  • Weighted-average diluted shares outstanding Full Year FY27 about 141m
    “Weighted-average diluted shares outstanding are expected to be approximately 141 million.” source
  • Weighted-average diluted shares outstanding Q3 FY27 about 142m
    “Weighted-average diluted shares outstanding are expected to be approximately 142 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows BOX Inc's revenue by +8.9% next year and +8.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.2%, weight 54%) , management guidance (+9.2%, weight 20%) and the company's own record (+8.1%, weight 26%) . How the weights are set.

Analyst recommendations

9 analysts, Nov 2026
Buy444%
Hold444%
Sell111%

Monthly trend

  1. Nov 202613419
  2. Oct 202613419
  3. Sep 2026134210

Counts of recommendations published by analysts covering BOX Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.8%
of tradable shares
Days to cover
6.71
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.2%
of shares
Employees
2,912
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +34.7%

$32.09 on October 31, 2025 to $43.24

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.2bn +9.6%
Net margin 20.3% 10.6% −47.8%
P/E multiple 21.1x 47.6x +126.1%
Share count 150m 144m +4.2%

Biggest factor: p/e multiple.

Last 3 years +71.6%

$25.20 on November 3, 2023 to $43.24

ThenNowEffect
Revenue (last 12 months) $1.0bn $1.2bn +21.0%
Net margin 4.9% 10.6% +117.8%
P/E multiple 77.9x 47.6x −38.8%
Share count 153m 144m +6.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BOX+45%+19%−18%+23%−5%+45%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BOX58%42%58%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BOX−16%−30%−32%−17%−25%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 69% from June 20, 2018 to March 16, 2020. Getting back needed a 218% gain, reached on March 29, 2022, 743 days after the low.

Price behaviour

52-week range
$21.37 – $43.45
From 52-week high
−0.5%
vs 50-day average
+18.5%
vs 200-day average
+50.1%
Volatility (1 year)
38%
Beta vs S&P 500
0.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±7.8%
After a week
9 up, 3 down
typical move ±8.5%
After a month
5 up, 7 down
typical move ±5.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 25, 2026 −0.2% +0.3% +5.0% −3.4%
May 26, 2026 −4.7% +0.6% +6.8% −3.7%
March 3, 2026 +11.7% −0.2% +5.3% +0.4%
December 2, 2025 +9.6% +0.5% +6.5% −1.8%
August 26, 2025 +3.3% +0.6% +3.0% +2.8%
May 27, 2025 +18.6% +1.5% +23.4% +9.8%
March 4, 2025 −1.1% −0.1% −4.2% −3.9%
December 3, 2024 −9.5% +0.7% −7.5% −10.3%
August 27, 2024 +11.4% −0.4% +14.7% +13.0%
May 28, 2024 +7.6% −0.6% +10.6% +3.8%
March 5, 2024 +6.2% −0.5% +7.6% −0.9%
December 5, 2023 −9.5% −0.4% −7.5% −6.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How BOX Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.68× the last 60 days’ realised volatility .
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

BOX BOX Inc Grade C+ $43.15

Own 100 shares, sell the $45.00 call expiring December 18, 2026 (46 days) for $2.15 a share — $215 per contract.

Previous session · Bid $2.15, ask $2.50, quoted Mon 2 Nov, 17:16 New York time with BOX at $43.15. Option prices move with the shares: check the live chain at your broker before trading.

  • If BOX ends below $45.00: you keep your shares and the $215 — 5.0% extra on the position, 39.5% a year at that pace.
  • If it ends above $45.00: your shares are sold at $45.00, a total return of 9.3% including the premium — at or above our value of ~$41.
$400 $0 −$820 Break-even $41.00 Our value $41.00 Price $43.15
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$215
Annualised
39.5%
Break-even
$41.00
Max gain
$400.5
Chance of selling
~46%

Results are expected around December 1, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $40.00 put and sell the $45.00 call, both expiring December 18, 2026 (46 days).

  • Net credit of $0.50 a share ($50.00 per contract of 100 shares).
  • Worst case at expiry: -6.1%, if the shares fall below $40.00 (-7.3% from today).
  • Best case at expiry: +5.5%, if the shares rise above $45.00 (+4.3%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $41.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

BOX Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) BOX Inc
$1B $1.1B $1.2B $1.3B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $1B Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $1.1B Revenue (TTM), FY26 Q2: $1.1B Revenue (TTM), FY26 Q3: $1.2B Revenue (TTM), FY26 Q4: $1.2B Revenue (TTM), FY27 Q1: $1.2B Revenue (TTM), FY27 Q2: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $1B
FY24 Q4 $1B
FY25 Q1 $1.1B
FY25 Q2 $1.1B
FY25 Q3 $1.1B
FY25 Q4 $1.1B
FY26 Q1 $1.1B
FY26 Q2 $1.1B
FY26 Q3 $1.2B
FY26 Q4 $1.2B
FY27 Q1 $1.2B
FY27 Q2 $1.2B
Revenue growth, TTM YoY BOX Inc
2% 4% 6% 8% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 6.6% Revenue growth, TTM YoY, FY24 Q4: 4.7% Revenue growth, TTM YoY, FY25 Q1: 4.6% Revenue growth, TTM YoY, FY25 Q2: 3.9% Revenue growth, TTM YoY, FY25 Q3: 4.1% Revenue growth, TTM YoY, FY25 Q4: 5.0% Revenue growth, TTM YoY, FY26 Q1: 4.9% Revenue growth, TTM YoY, FY26 Q2: 6.3% Revenue growth, TTM YoY, FY26 Q3: 7.2% Revenue growth, TTM YoY, FY26 Q4: 8.0% Revenue growth, TTM YoY, FY27 Q1: 9.5% Revenue growth, TTM YoY, FY27 Q2: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 6.6%
FY24 Q4 4.7%
FY25 Q1 4.6%
FY25 Q2 3.9%
FY25 Q3 4.1%
FY25 Q4 5.0%
FY26 Q1 4.9%
FY26 Q2 6.3%
FY26 Q3 7.2%
FY26 Q4 8.0%
FY27 Q1 9.5%
FY27 Q2 9.6%
Operating margin (TTM) BOX Inc
4% 6% 8% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 4.8% Operating margin (TTM), FY24 Q4: 4.9% Operating margin (TTM), FY25 Q1: 5.8% Operating margin (TTM), FY25 Q2: 6.7% Operating margin (TTM), FY25 Q3: 7.7% Operating margin (TTM), FY25 Q4: 7.3% Operating margin (TTM), FY26 Q1: 6.2% Operating margin (TTM), FY26 Q2: 6.1% Operating margin (TTM), FY26 Q3: 6.1% Operating margin (TTM), FY26 Q4: 7.1% Operating margin (TTM), FY27 Q1: 8.6% Operating margin (TTM), FY27 Q2: 9.4% 9.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 4.8%
FY24 Q4 4.9%
FY25 Q1 5.8%
FY25 Q2 6.7%
FY25 Q3 7.7%
FY25 Q4 7.3%
FY26 Q1 6.2%
FY26 Q2 6.1%
FY26 Q3 6.1%
FY26 Q4 7.1%
FY27 Q1 8.6%
FY27 Q2 9.4%
FCF margin (TTM) BOX Inc
15% 20% 25% 30% 35% FY21 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY21 Q3: 19.3% FCF margin (TTM), FY24 Q4: 30.3% FCF margin (TTM), FY25 Q1: 30.6% FCF margin (TTM), FY25 Q2: 30.6% FCF margin (TTM), FY25 Q3: 29.6% FCF margin (TTM), FY25 Q4: 30.2% FCF margin (TTM), FY26 Q1: 29.6% FCF margin (TTM), FY26 Q2: 29.7% FCF margin (TTM), FY26 Q3: 29.8% FCF margin (TTM), FY26 Q4: 29.8% FCF margin (TTM), FY27 Q1: 30.0% FCF margin (TTM), FY27 Q2: 31.5% 31.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q3 19.3%
FY24 Q4 30.3%
FY25 Q1 30.6%
FY25 Q2 30.6%
FY25 Q3 29.6%
FY25 Q4 30.2%
FY26 Q1 29.6%
FY26 Q2 29.7%
FY26 Q3 29.8%
FY26 Q4 29.8%
FY27 Q1 30.0%
FY27 Q2 31.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar BOX took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.2B
  2. Other income $32.2M · 2.7%
  3. Cost of revenue $245M · 20.8%
  4. Gross profit $933M · 79.2%
  5. Research and development $295M · 25.0%
  6. Selling, general and admin $555M · 47.1%
  7. Operating income $83.2M · 7.1%
  8. Net income $115M · 9.8%

Shares of revenue. Source: BOX's 10-K for FY2026, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Jan 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 124 216 303 399 506 608 696 771 874 991 1,038 1,090 1,177 1,234
Gross profit 98 169 216 286 371 435 481 546 625 738 777 862 933 982
EBITDA −141 −138 −161 −111 −114 −88 −80 38 51 103 102 102 116 154
Operating income −159 −167 −201 −151 −154 −134 −139 −38 −28 37 51 80 83 116
Net income −169 −168 −203 −152 −155 −135 −144 −43 −41 27 129 245 115 131
Diluted EPS −$1.86 −$1.44 −$1.67 −$1.19 −$1.16 −$0.95 −$0.98 −$0.28 −$0.35 $0.06 $0.67 $1.36 $0.58 $0.91
Growth (year on year)
Revenue — +74.3% +39.9% +31.7% +27.0% +20.2% +14.4% +10.7% +13.4% +13.3% +4.7% +5.0% +8.0% +9.6%
EBITDA — — — — — — — — +33.8% +103.2% −0.8% −0.3% +14.1% +61.9%
Operating income — — — — — — — — — — +37.8% +56.9% +4.5% +70.4%
Net income — — — — — — — — — — +381.8% +89.6% −52.8% −42.8%
Diluted EPS — — — — — — — — — — +>999% +103.0% −57.4% −40.4%
Margins
Gross margin 79.1% 78.2% 71.2% 71.9% 73.3% 71.5% 69.0% 70.8% 71.5% 74.5% 74.9% 79.1% 79.2% 79.5%
EBITDA margin −113.5% −63.6% −53.1% −27.7% −22.5% −14.5% −11.5% 4.9% 5.8% 10.4% 9.8% 9.3% 9.9% 12.5%
Operating margin −127.9% −77.0% −66.4% −37.8% −30.4% −22.1% −20.0% −4.9% −3.2% 3.7% 4.9% 7.3% 7.1% 9.4%
Net margin −135.7% −77.7% −67.0% −38.1% −30.6% −22.1% −20.7% −5.6% −4.7% 2.7% 12.4% 22.4% 9.8% 10.6%
Free-cash-flow margin −93.6% −57.1% −46.0% −4.4% 4.7% 6.7% 5.6% — — 29.6% 30.3% 30.2% 29.8% 31.5%
Cash flow
Cash from operations −92 −85 −66 −2 35 55 45 197 235 298 319 332 356 394
Capital spending 24 39 73 15 12 15 5 — — 5 5 3 6 5
Free cash flow −116 −124 −139 −17 24 41 39 — — 293 314 330 350 389
Stock-based pay 12 32 60 78 97 119 146 154 179 186 199 219 234 236
Free cash flow after stock pay −128 −156 −199 −96 −74 −79 −107 — — 107 115 111 117 153
Balance sheet
Cash 109 330 186 177 208 218 196 595 416 428 384 625 375 343
Total debt — — — — — — — — — — — — — 452
Net debt (negative = net cash) −109 −330 −186 −177 −208 −218 −196 −595 −416 −428 −384 −625 −375 109
Diluted shares 91m 127m 121m 127m 134m 141m 148m 156m 156m 150m 149m 149m 149m 144m
Returned to shareholders
Buybacks — — — — — — — — 562 274 177 211 290 386
Total returned — — — — — — — — 562 274 177 211 290 386

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 5 checks passed · July 31, 2026
What it owns · $1.4bn
Short-term assets $758mLonger-term assets $646m
What it owes, and who funded it · $1.3bn
Short-term liabilities $716mLonger-term liabilities $542mShareholders' equity $-351m
  • Short-term assets cover short-term liabilities $758m of assets due within a year against $716m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $758m short-term assets against $542m of longer-dated liabilities.
  • More cash than debt $343m of cash against $452m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $394m of operating cash flow against $452m of debt.
  • Operating profit covers interest at least five times over Operating income of $116m against $10m of interest.

From BOX Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$386M
Returned to shareholders
99%
of free cash flow
Buybacks, last 3 fiscal years
$678M
Diluted share count
−4.0%
year over year
Total shareholder yield
6.5%
dividends 0.0% + buybacks 6.5% of market value
R&D spending
24.7%
of revenue
Days sales outstanding
63 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated BOX MNDY GTM FIVN BLKB MANH Median
Revenue, last 12 months $1.2bn $1.2bn $1.3bn $1.2bn $1.2bn $1.2bn $482m
Revenue growth, last 12 months 9.6% 26.7% 2.7% 8.9% 2.2% 8.4% 12.0%
Revenue growth, 3-year average 6.6% — 1.6% 12.4% 2.2% 9.2% 11.1%
Revenue growth, latest quarter 9.2% — 1.2% 10.3% 4.1% 11.0% 11.9%
Gross margin 79.5% 89.2% 83.5% 54.9% 59.9% 55.9% 69.2%
Operating margin 9.4% −0.1% −35.2% 3.9% 20.1% 24.1% 1.1%
Operating margin, 3-year average 7.4% — −2.6% −2.1% 3.5% 25.0% −0.8%
Net margin 10.6% 9.6% −43.0% 4.9% 12.9% 18.4% 2.1%
Cash from operations / revenue 32.0% 27.1% 34.9% 20.7% 29.5% 33.8% 18.2%
Free-cash-flow margin 31.5% 25.4% 28.5% 17.4% 28.6% 32.8% 15.0%
Free-cash-flow margin, 3-year average 30.6% — 28.3% 13.3% 23.8% 30.2% 16.2%
Stock pay / revenue 19.1% 14.4% 8.6% 11.0% 7.8% 10.4% 9.3%
Change in share count −4.0% 1.3% — 1.4% −4.1% −3.0% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 9.6% 12.0% 104 of 184
Change in growth rate Growth +0.1pp +0.2pp 95 of 184
Gross margin Profitability 79.5% 69.8% 38 of 160
Operating margin Profitability 9.4% 1.1% 60 of 181
Net margin Profitability 10.6% 2.1% 60 of 185
Free-cash-flow margin Cash generation 31.5% 15.2% 25 of 180
Stock pay as % of revenue Cash generation 19.1% 9.3% 146 of 177
Long-term debt as % of assets Balance sheet 32.2% 16.9% 75 of 98
Change in share count Balance sheet -4.0% 1.7% 21 of 163
Days sales outstanding Balance sheet 63 days 57 days 95 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$3.7B
Institutions reporting
391
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
51 / 54

Top buyers and sellers, Q2 2026: 202 institutions bought and 183 sold ; the biggest buyer was Alyeska Investment Group, L.P (+2.2M shares) and the biggest seller Marshall Wace, LLP (−2.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $675M 25.4M 18.2% ▲ 0.5%
Vanguard Portfolio Management LLC $296M 11.1M 8.0% ▼ 1.0%
Earnest Partners LLC $189M 7.1M 5.1% ▼ 2.5%
Vanguard Capital Management LLC $160M 6.0M 4.3% ▼ 3.2%
State Street Corp $157M 5.9M 4.2% ▲ 4.3%
Acadian Asset Management LLC $132M 5.0M 3.5% ▲ 5.1%
Arrowstreet Capital, Limited Partnership $114M 4.3M 3.1% ▼ 12.3%
Citadel Advisors LLC $98.8M 3.7M 2.7% ▲ 59.3%
Geode Capital Management, LLC $96.3M 3.6M 2.6% ▲ 2.7%
Bank Of America Corp $92M 3.5M 2.5% ▲ 3.4%
Sei Investments Co $83.6M 3.2M 2.2% ▼ 1.5%
Dimensional Fund Advisors LP $70.8M 2.7M 1.9% ▼ 0.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not BOX Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $11.4M 41 trades by 7 insiders · 84% under pre-set plans
Net ▼ $11.4M net selling
Insider Date Trade Shares Price Value
Nottebohm Olivia Chief Operating Officer October 21, 2026 Sell pre-set plan 5,293 $41.58 $220,083
Smith Dylan C Chief Financial Officer October 9, 2026 Sell pre-set plan 17,000 $36.56 $621,571
Nottebohm Olivia Chief Operating Officer October 5, 2026 Sell pre-set plan 5,293 $34.50 $182,608
Evan Dana L Director September 15, 2026 Sell 6,158 $35.00 $215,530
Smith Dylan C Chief Financial Officer September 10, 2026 Sell pre-set plan 17,000 $34.52 $586,840
Levie Aaron Chief Executive Officer September 10, 2026 Sell pre-set plan 15,000 $34.24 $513,600
Berkovitch Eli VP Chief Acct Ofr & Controller August 31, 2026 Sell 3,850 $35.99 $138,562
Nottebohm Olivia Chief Operating Officer August 7, 2026 Sell pre-set plan 5,834 $32.31 $188,497
Nottebohm Olivia Chief Operating Officer July 21, 2026 Sell pre-set plan 5,834 $30.13 $175,778
Smith Dylan C Chief Financial Officer July 10, 2026 Sell pre-set plan 17,000 $29.05 $493,850
Berkovitch Eli VP Chief Acct Ofr & Controller July 8, 2026 Sell 1,800 $28.95 $52,110
Mayer Bethany Director June 26, 2026 Sell pre-set plan 1,325 $25.78 $34,158

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 1, 2026 estimated from the company's past filing pattern, not announced

  • August 25, 2026
  • May 26, 2026
  • March 3, 2026
  • December 2, 2025
  • August 26, 2025
  • May 27, 2025

Recent SEC filings

Data status

When each part of this page on BOX Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

BOX Inc in brief

What does BOX Inc do?
BOX Inc is a US-listed company in the application software industry. Its financial year ends in January.
What is BOX Inc's stock ticker?
BOX Inc trades under the ticker BOX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is BOX Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, BOX Inc reported revenue of $1.2B, 9.6% higher than a year earlier, according to its SEC filings.
What is BOX Inc's free cash flow?
BOX Inc's free-cash-flow margin is 31.5% of revenue over the trailing twelve months, ranking 25 of the 180 application software companies we cover.
What is BOX Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of BOX Inc's free cash flow after stock-based pay gives ~$41 per share in the base case, and ~$30–$55 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are BOX Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Earnest Partners LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is BOX Inc buying back stock, and does it pay a dividend?
BOX Inc spent $386M on share repurchases over the trailing twelve months, and its diluted share count fell 4.0% over the year.
What is BOX Inc's market cap?
On November 2, 2026, BOX Inc's market capitalisation was about $6.2B, with a price-to-earnings ratio of 47.6 and net debt of $109M. Market figures come from third-party market data and may be delayed.
Who are BOX Inc's competitors?
In our Application Software peer group, the companies closest to BOX Inc are Monday.com Ltd., Zoominfo Technologies Inc., Five9, Inc., Blackbaud Inc and Manhattan Associates Inc. The side-by-side comparison below sets their revenue, margins and growth against BOX Inc's.
Are insiders buying or selling BOX Inc stock?
Over the last 12 months, BOX Inc's directors and officers reported 0 open-market purchases and 41 sales on Form 4. The insider trading page charts every trade.
When is BOX Inc's next earnings date?
Around December 1, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — BOX Inc announces its own schedule.