BOX Technology

Box, Inc.

$43.01-0.53%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Technology
Industry: Software - Infrastructure
Country: United States
Market cap: 5.9B USD
Enterprise value: 5.4B USD
Full-time employees: 2,912

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.06 vs a peer median of 1.83)higher risk: less liquidity (current ratio 1.06 vs peers 1.83)
About average: valuation

Ranks #1,114 of 1,612 technology companies (bottom 31%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Box's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Buybacks largely absorbed by stock pay. Stock-based pay expense $652M vs $678M spent repurchasing shares over the 3 fiscal years to FY Jan 2026. Shares outstanding changed −4.9% from January 2023 to July 2026.
Over three fiscal years Box recorded $652M of stock-based pay expense and spent $678M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−4.9%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Box recorded $652M of stock-based pay expense and spent $678M repurchasing shares. The share count barely moved (−4.9%), so much of the repurchasing offset new employee shares rather than shrinking the count.
Stock-based pay is a large cost. Stock pay was 20% of revenue in FY Jan 2026.
Box paid employees $234M in stock in FY Jan 2026, 20% of its $1.2B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Profits growing faster than sales. Since FY Jan 2023: revenue +19%, operating profit +126%.
Since FY Jan 2023, Box's revenue grew 19% while operating profit grew 126%: each extra dollar of sales is adding more profit.

StockQuotient Score

41/ 100

Oct 5 44 → Nov 4 41 (-3)

Valuation

Is the price right?

49/100

Moderate▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 51 → 49

Share price +1.2%-1
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.2%

SEC filings · 12 months to Jul 2026Reported value30% base weight · Z-score -0.02Sector median: 0.0225 · MAD: 0.0225

EBITDA yield2.6%

SEC filings · 12 months to Jul 2026Reported value50% base weight · Z-score -0.45Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield6.6%

SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.40Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield-6.0%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

34/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.2%

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-39.6%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score -1.66Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth6.6%

SEC filings · 3 years to Jul 2026Reported value33% base weight · Z-score 0.22Sector median: 0.0483 · MAD: 0.0793

Revenue growth9.6%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.11Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

74/100

Moderate

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin9.4%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 0.44Sector median: 0.0631 · MAD: 0.0710

Return on assets9.3%

SEC filings · 12 months to Jul 2026Reported value33% base weight · Z-score 1.76Sector median: 0.0293 · MAD: 0.0362

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin79.5%

SEC filings · 12 months to Jul 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity70.2%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 6 → 7

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.72

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.41Sector median: 0.8710 · MAD: 0.3700

Current ratio1.06×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.13Sector median: 1.8295 · MAD: 0.6848

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Box

Is Box getting weaker?: Its latest SEC filing (Aug 26, 2026) showed no major changes. Its overall score is unchanged at 41/100 since Oct 28, 2026.
How is Box valued vs its peers?: Priced about in line with its peers. Valuation scores 49/100 against 1,711 technology peers. Free cash flow yield 6.6% vs a peer median of 2.7% (stronger than 76% of peers).Free cash flow yield 6.6% vs peers 2.7% (stronger than 76% of peers). EBITDA yield 2.6% vs a peer median of 4.2% (weaker than 64% of peers).EBITDA yield 2.6% vs peers 4.2% (weaker than 64% of peers).
Is Box growing?: More slowly than most of its peers. Growth scores 34/100 against 1,711 technology peers. Earnings per share growth -39.6% vs a peer median of 11.1% (weaker than 87% of peers).Earnings per share growth -39.6% vs peers 11.1% (weaker than 87% of peers).
How profitable is Box?: More profitable than most of its peers. Profitability scores 74/100 against 1,711 technology peers. Return on assets 9.3% vs a peer median of 2.9% (stronger than 84% of peers).Return on assets 9.3% vs peers 2.9% (stronger than 84% of peers).
How risky is Box?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 0.72 vs a peer median of 0.87 (stronger than 61% of peers).Beta 0.72 vs peers 0.87 (stronger than 61% of peers). Current ratio 1.06× vs a peer median of 1.83× (weaker than 86% of peers).Current ratio 1.06× vs peers 1.83× (weaker than 86% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jul 31, 2026 · filed Aug 26, 2026 · compared with the quarter ended Apr 30, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.2B USD	1.2B USD	+2.2%
Net income (12 months)	124.9M USD	130.7M USD	+4.6%
Operating margin	8.6%	9.4%	+0.8 pts
Free cash flow (12 months)	362.5M USD	389.2M USD	+7.3%
Debt	451.6M USD	452.2M USD	+0.1%
Cash	378.8M USD	342.9M USD	−9.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Infrastructure · 71 companies

Valuations in Software - Infrastructure are above their usual range since 2016.

61% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +19% and earnings +22% (medians): prices and earnings moved broadly together.
Median price-to-sales is +97% vs the whole market, against a usual +103%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Jan 2022	FY Jan 2023	FY Jan 2024	FY Jan 2025	FY Jan 2026	Change
Gross margin	71.5%	74.5%	74.9%	79.1%	79.2%	▲ 0.1 pts
Operating margin	-3.2%	3.7%	4.9%	7.3%	7.1%	▼ 0.2 pts
Net margin	-4.7%	2.7%	12.4%	22.4%	9.8%	▼ 13 pts
Return on assets (ROA)	-3.0%	2.2%	10.4%	14.7%	7.5%	▼ 7.2 pts
Return on equity (ROE)	—	—	—	—	—	—
Free cash flow margin	—	29.6%	30.3%	30.2%	29.8%	▼ 0.5 pts
Current ratio	1.27×	1.13×	1.24×	1.19×	1.11×	▼ 6.7%
Debt to equity	—	—	—	—	—	—
Interest coverage	—	7.56×	13.21×	13.11×	7.78×	▼ 41%

BOX price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.06 vs a peer median of 1.83)higher risk: less liquidity (current ratio 1.06 vs peers 1.83)

About average: valuation

Ranks #1,114 of 1,612 technology companies (bottom 31%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Box's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Buybacks largely absorbed by stock pay. Stock-based pay expense $652M vs $678M spent repurchasing shares over the 3 fiscal years to FY Jan 2026. Shares outstanding changed −4.9% from January 2023 to July 2026.

Over three fiscal years Box recorded $652M of stock-based pay expense and spent $678M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−4.9%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Box recorded $652M of stock-based pay expense and spent $678M repurchasing shares. The share count barely moved (−4.9%), so much of the repurchasing offset new employee shares rather than shrinking the count.

Stock-based pay is a large cost. Stock pay was 20% of revenue in FY Jan 2026.

Box paid employees $234M in stock in FY Jan 2026, 20% of its $1.2B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Profits growing faster than sales. Since FY Jan 2023: revenue +19%, operating profit +126%.

Since FY Jan 2023, Box's revenue grew 19% while operating profit grew 126%: each extra dollar of sales is adding more profit.

Questions investors ask about Box

Is Box getting weaker?

Its latest SEC filing (Aug 26, 2026) showed no major changes. Its overall score is unchanged at 41/100 since Oct 28, 2026.

How is Box valued vs its peers?

Priced about in line with its peers. Valuation scores 49/100 against 1,711 technology peers. Free cash flow yield 6.6% vs a peer median of 2.7% (stronger than 76% of peers).Free cash flow yield 6.6% vs peers 2.7% (stronger than 76% of peers). EBITDA yield 2.6% vs a peer median of 4.2% (weaker than 64% of peers).EBITDA yield 2.6% vs peers 4.2% (weaker than 64% of peers).

Is Box growing?

More slowly than most of its peers. Growth scores 34/100 against 1,711 technology peers. Earnings per share growth -39.6% vs a peer median of 11.1% (weaker than 87% of peers).Earnings per share growth -39.6% vs peers 11.1% (weaker than 87% of peers).

How profitable is Box?

More profitable than most of its peers. Profitability scores 74/100 against 1,711 technology peers. Return on assets 9.3% vs a peer median of 2.9% (stronger than 84% of peers).Return on assets 9.3% vs peers 2.9% (stronger than 84% of peers).

How risky is Box?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 0.72 vs a peer median of 0.87 (stronger than 61% of peers).Beta 0.72 vs peers 0.87 (stronger than 61% of peers). Current ratio 1.06× vs a peer median of 1.83× (weaker than 86% of peers).Current ratio 1.06× vs peers 1.83× (weaker than 86% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.2B USD

1.2B USD

+2.2%

Net income (12 months)

124.9M USD

130.7M USD

+4.6%

Operating margin

8.6%

9.4%

+0.8 pts

Free cash flow (12 months)

362.5M USD

389.2M USD

+7.3%

Debt

451.6M USD

452.2M USD

+0.1%

Cash

378.8M USD

342.9M USD

−9.5%

Key ratios

FY Jan 2022

FY Jan 2023

FY Jan 2024

FY Jan 2025

FY Jan 2026

Change

Gross margin

71.5%

74.5%

74.9%

79.1%

79.2%

▲ 0.1 pts

Operating margin

-3.2%

3.7%

4.9%

7.3%

7.1%

▼ 0.2 pts

Net margin

-4.7%

2.7%

12.4%

22.4%

9.8%

▼ 13 pts

Return on assets (ROA)

-3.0%

2.2%

10.4%

14.7%

7.5%

▼ 7.2 pts

Return on equity (ROE)

—

Free cash flow margin

—

29.6%

30.3%

30.2%

29.8%

▼ 0.5 pts

Current ratio

1.27×

1.13×

1.24×

1.19×

1.11×

▼ 6.7%

Debt to equity

—

Interest coverage

—

7.56×

13.21×

13.11×

7.78×

▼ 41%