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BOX, Box, Inc.

Software asset-light

Box is the leading Intelligent Content Management provider.

Box gives organizations a single platform for their unstructured data which typically represents about 90% of all data within an organization.

The Box ICM platform enables our customers to securely manage the entire content lifecycle, from the moment a file is created or ingested to when it is shared, edited, published, approved, signed, classified, and retained.

Latest annual: FY2026 10-K

BOX · Box, Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$1.2B

+8.0% YoY · 9% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.2B 5-yr avg $1.0B

Gross margin 80% 5-yr avg 76%

Operating margin 8.6% 5-yr avg 4.0%

Owner-earnings margin 30% 5-yr avg 30%

Free cash flow margin 30% 5-yr avg 30%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has run around −4.9% through the cycle on a 72% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Stock-based pay runs about 20% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMApr 2026
											Income statement
$399M	$506M	$608M	$696M	$771M	$874M	$991M	$1.0B	$1.1B	$1.2B	$1.2B	RevenueRevenue
72%	73%	71%	69%	71%	71%	75%	75%	79%	79%	80%	Gross marginGross mgn
17%	17%	15%	15%	14%	15%	13%	12%	13%	13%	13%	SG&A / revenueSG&A/rev
29%	27%	27%	29%	26%	25%	25%	24%	24%	25%	25%	R&D / revenueR&D/rev
($151M)	($154M)	($134M)	($139M)	($38M)	($28M)	$37M	$51M	$80M	$83M	$104M	Operating incomeOp. inc.
−37.8%	−30.4%	−22.1%	−20.0%	−4.9%	−3.2%	3.7%	4.9%	7.3%	7.1%	8.6%	Operating marginOp. mgn
($152M)	($155M)	($135M)	($144M)	($43M)	($41M)	$27M	$129M	$245M	$115M	$125M	Net incomeNet inc.
											Cash flow & returns
($2M)	$35M	$55M	$45M	$197M	$235M	$298M	$319M	$332M	$356M	$370M	Operating cash flowOp. cash
$40M	$40M	$46M	$59M	$75M	$78M	$66M	$51M	$22M	$33M	$35M	DepreciationDeprec.
$31M	$53M	$24M	($16M)	$10M	$19M	$20M	($60M)	($153M)	($26M)	($26M)	Working capital & otherWC & other
$15M	$12M	$15M	$5M	—	—	$5M	$5M	$3M	$6M	$7M	CapexCapex
3.8%	2.3%	2.4%	0.8%	—	—	0.5%	0.5%	0.2%	0.5%	0.6%	Capex / revenueCapex/rev
($17M)	$24M	$41M	$39M	—	—	$293M	$314M	$330M	$350M	$363M	Owner earningsOwner earn.
−4.4%	4.7%	6.7%	5.6%	—	—	29.6%	30.3%	30.2%	29.8%	30.0%	Owner earnings marginOE mgn
($17M)	$24M	$41M	$39M	—	—	$293M	$314M	$330M	$350M	$363M	Free cash flowFCF
−4.4%	4.7%	6.7%	5.6%	—	—	29.6%	30.3%	30.2%	29.8%	30.0%	Free cash flow marginFCF mgn
—	—	$458K	—	—	$59M	—	$3M	—	—	$3M	AcquisitionsAcquis.
—	—	—	—	—	$562M	$274M	$177M	$211M	$290M	—	BuybacksBuybacks
-203%	-1035%	-429%	-646%	-29%	—	—	—	—	—	—	Return on equityROE
−203%	n/m	−429%	−646%	−29%	—	—	—	—	—	—	Retained to equityRetained/eq
											Balance sheet
$177M	$208M	$218M	$196M	$595M	$586M	$461M	$481M	$723M	$478M	$477M	Cash & investmentsCash+inv
$120M	$162M	$175M	$209M	$228M	$256M	$265M	$281M	$293M	$325M	$192M	ReceivablesReceiv.
$7M	$17M	$15M	$17M	$5M	—	—	—	—	—	$5M	Accounts payablePayables
$113M	$145M	$160M	$193M	$224M	$256M	$265M	$281M	$293M	$325M	$188M	Operating working capitalOper. WC
$322M	$399M	$429M	$458M	$879M	$917M	$807M	$842M	$1.1B	$891M	$766M	Current assetsCur. assets
$298M	$394M	$463M	$577M	$613M	$719M	$716M	$679M	$922M	$803M	$717M	Current liabilitiesCur. liab.
1.1×	1.0×	0.9×	0.8×	1.4×	1.3×	1.1×	1.2×	1.2×	1.1×	1.1×	Current ratioCurr. ratio
$16M	$16M	$19M	$19M	$19M	$74M	$74M	$77M	$77M	$82M	$82M	GoodwillGoodwill
$494M	$554M	$650M	$960M	$1.4B	$1.4B	$1.2B	$1.2B	$1.7B	$1.5B	$1.4B	Total assetsAssets
$40M	$40M	$40M	$40M	$298M	$367M	$369M	$371M	$653M	$451M	$452M	Total debtDebt
($137M)	($168M)	($178M)	($156M)	($297M)	($219M)	($92M)	($110M)	($70M)	($27M)	($25M)	Net debt / (cash)Net debt
—	—	—	—	—	—	7.6×	13.2×	13.1×	7.8×	10.0×	Interest coverageInt. cov.
$75M	$15M	$31M	$22M	$151M	($395M)	($524M)	($431M)	($297M)	($299M)	($338M)	Shareholders’ equityEquity
19.7%	19.3%	19.6%	21.0%	20.0%	20.5%	18.7%	19.2%	20.1%	19.9%	19.5%	Stock comp / revenueSBC/rev
											Per share
127M	134M	141M	148M	156M	156M	150M	149M	149M	149M	140M	Shares out (diluted)Shares
$3.13	$3.78	$4.30	$4.71	$4.95	$5.62	$6.60	$6.98	$7.33	$7.89	$8.61	Revenue / shareRev/sh
$-1.19	$-1.16	$-0.95	$-0.98	$-0.28	$-0.27	$0.18	$0.87	$1.65	$0.77	$0.89	EPS (diluted)EPS
$-0.14	$0.18	$0.29	$0.27	—	—	$1.95	$2.11	$2.22	$2.35	$2.59	Owner earnings / shareOE/sh
$-0.14	$0.18	$0.29	$0.27	—	—	$1.95	$2.11	$2.22	$2.35	$2.59	Free cash flow / shareFCF/sh
$0.12	$0.09	$0.10	$0.04	—	—	$0.03	$0.03	$0.02	$0.04	$0.05	Cap. spending / shareCapex/sh
$0.59	$0.11	$0.22	$0.15	$0.97	$-2.54	$-3.49	$-2.90	$-2.00	$-2.01	$-2.41	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+10.8%/yr	+9.8%/yr
Owner earnings / share	—	+6.4%/yr (3-yr)
Capital spending / share	−11.1%/yr	+6.7%/yr (3-yr)

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked.

Share count

149Mpeak FY2021

Gross margin

79%low FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$350Mowner earningsvs.$115Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2018FY2026

Owner-earnings bridge

FY2020–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business turned $115M of profit into $350M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$115M

Owner earnings$350M · 30% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2020
Reported net income	$115M	$245M	$129M	$27M	($144M)
Depreciation & amortizationnon-cash charge added back	+$33M	+$22M	+$51M	+$66M	+$59M
Stock-based compensationreal costnon-cash, but a real cost	+$234M	+$219M	+$199M	+$186M	+$146M
Working capital & othertiming of cash in and out, other non-cash items	−$26M	−$153M	−$60M	+$20M	−$16M
Cash from operations	$356M	$332M	$319M	$298M	$45M
Capital expenditurecash put back in to keep running and to grow	−$6M	−$3M	−$5M	−$5M	−$5M
Owner earnings	$350M	$330M	$314M	$293M	$39M
Owner-earnings marginowner earnings ÷ revenue	30%	30%	30%	30%	6%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $234M), owner earnings is nearer $117M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 7.8×

Comfortable

Operating income $83M ÷ interest expense $11M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$27M

Net cash

Cash $375M + ST investments $103M − debt $451M

What this means
Cash and short-term investments exceed every dollar of debt by $27M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 94d

Long (60+ days)

DSO 101 + DIO 0 − DPO 7 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital —

Not meaningful here

Invested capital ($223M) = debt $451M + equity ($299M) − cash

Industry peers: median -1%

What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
Owner-earnings margin 7%

Solid through the cycle

8-yr median margin, range -4%–30%; latest $350M = operating cash $356M − maintenance capex $6M

Industry peers: median 17%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 30% of revenue this year, a 7% median across 8 years. Treating stock comp as the real expense it is (less $234M of SBC) leaves $117M.
Are earnings backed by cash? 3.09×

Cash-backed

Cash from ops $356M ÷ net income $115M

In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 83%

Returns about half

Dividends + buybacks $290M ÷ Owner Earnings $350M

What this means
Of $350M Owner Earnings, $290M (83%) went back to shareholders, $0 dividends, $290M buybacks. Net of $234M stock comp, the real buyback was about $56M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.18×

Harvesting

Capex $6M ÷ depreciation $33M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.11×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $451M vs $89M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.18/share (latest year $0.83), the averaged base the calculator's gate runs on, and book value is $-2.16/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 10

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Operating margin −30% → 6% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −30% early to 6% lately, median −5% — pricing power intact or improving.
Owner earnings growth +68%/yr

What this means
Owner earnings grew about 68% a year over the record.
Worst year 2017 · −37.8% op. margin

What this means
Operations went underwater in 2017, understand why before trusting the good years.
Share count +1.8%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
How management talks about it Owner’s terms

What this means
The record and the register agree: capital is compounding and the filing reasons in an owner’s terms — per-share value, return on capital, the long term — not a promoter’s.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing A competitive risk, new this year

Its FY2026 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“As AI becomes increasingly integrated into our markets, competitors may be able to incorporate AI capabilities more efficiently or achieve faster adoption than we do, which could adversely affect demand for our offerings.”

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$766M

Cash & short-term investments$477M
Receivables$192M
Other current assets$96M

Current liabilities$717M

Accounts payable$5M
Other current liabilities$712M

Current ratio1.07×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.07×stricter: inventory excluded

Cash ratio0.67×strictest: cash alone against what's due

Working capital$49Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+10.7%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 1.1×

Deeper floors

Tangible book value($519M)equity stripped of goodwill & intangibles

Net current asset value($498M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$556M$105M of it operating leases

Deferred revenue$610Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2026

Over the record, the business generated $1.4B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$65M · 5%
Buybacks$952M · 66%
Retained (debt / cash)$421M · 29%

Returned to owners$952M
69% of the owner earnings the business produced over the span, $0 as dividends and $952M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $412M and cash and short-term investments rose $300M.
Average price paid for buybacks—
Buybacks ran $952M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count9.9%
The diluted count rose from 127M to 140M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Aaron Levie	$293k	$253k	—
2023	Aaron Levie	$274k	−$790k	$293M
2024	Aaron Levie	$211k	$211k	$314M
2025	Aaron Levie	$12.6M	$13.3M	$330M
2026	Aaron Levie	$257k	−$9.2M	$350M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership4%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio45:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$234M
The slice of the business handed to employees in shares this year, 20% of revenue, equal to 281% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Box, Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2026.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?9.9%
Diluted shares grew 9.9% over 2017–2026, even as the company spent $952M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Software

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
KVYOKlaviyo Inc. Series A	$1.2B	75%	-11.6%	-44%	17%
GWREGuidewire Software	$1.2B	55%	-2.8%	-1%	16%
CVLTCommvault Systems	$1.2B	83%	0.3%	-1%	18%
BOXBox, Inc.	$1.2B	73%	-4.0%	—	18%
CFLTConfluent Inc.	$1.2B	68%	-65.5%	-24%	-28%
BLKBBlackbaud Inc.	$1.1B	54%	4.1%	3%	20%
MANHManhattan Associates	$1.1B	55%	23.3%	214%	25%
SAILSailPoint Inc.	$1.1B	64%	-28.7%	-4%	-13%
Group median	—	66%	-3.4%	—	17%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Box, Inc. has delivered.

Box, Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Box, Inc. earns about $213M on its 18.1% median owner-earnings margin. This year’s 29.8% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($213M) Net of stock comp (−$235M) Steady-state · maintenance capex ($364M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’20→’26+13%/yr

Owner-earnings growth · ’17→’26+68%/yr

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $363M on 138M shares outstanding, per the 10-Q cover, as of 2026-04-30; net cash $25M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($7M) runs well above depreciation ($35M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $364M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh BOX against another business →

The owners of BOX: the meeting and the votes →

Cite: Owner Scorecard, "Box, Inc. (BOX), the owner's record," https://ownerscorecard.com/c/BOX, data as of 2026-07-09.

Manual order: ← BOW its page in the Manual BPOP →

Industry order: ← BMR the Software chapter BRZE →