Box (BOX)

Market Price (9/1/2026): $35.16 | Market Cap: $4.8 BilSector: Information Technology | Industry: Application Software

Box (BOX)

Market Price (9/1/2026): $35.16
Market Cap: $4.8 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%

Attractive yield
FCF Yield is 7.1%

Megatrend and thematic drivers
Megatrends include Cloud Computing, and Cybersecurity. Themes include Software as a Service (SaaS), and Cloud Security.

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19%

Key risks
BOX key risks include [1] the erosion of its premium positioning by giant competitors with potentially superior products, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
1	Attractive yield FCF Yield is 7.1%
2	Megatrend and thematic drivers Megatrends include Cloud Computing, and Cybersecurity. Themes include Software as a Service (SaaS), and Cloud Security.
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
4	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19%
5	Key risks BOX key risks include [1] the erosion of its premium positioning by giant competitors with potentially superior products, Show more.

BOX in ETFs

Weight = BOX's share of each fund

VTI0.01%

ITOT0.01%

IWM0.14%

IJR0.24%

VB0.05%

SLYG0.35%

IJT0.32%

IWO0.25%

+16 more covered ETFs

Valuation & Metrics

FYE: 1/31	Forward FYE		Now	Historical (CYE & TTM)
	2028	2027	9/1/26	2025	2024	2023
Share Price			$35.16	$29.91	$31.60	$25.61
Mkt Cap ($ Bil)			4.8	4.3	4.6	3.7
+ Debt ($ Bil)			0.5	0.5	0.7	0.5
- Cash ($ Bil)			0.4	0.5	0.7	0.5
TEV ($ Bil)			4.9	4.8	5.3	4.2
Valuation Ratios
P/S	3.4	3.7	3.9	3.6	4.2	3.6
P/EBIT	14.0	16.6	36.8	39.1	49.9	55.5
P/E	18.1	21.5	37.0	37.1	18.6	28.6
P/FCF	—	—	13.8	13.6	15.1	12.4
Sector Ratios (* = sector average)
P/S *			3.9	3.5	3.6	3.2
P/EBIT *			2.1	3.4	1.1	-0.1
P/E *			-0.1	-0.1	-0.3	-0.2
P/FCF *			10.2	12.7	14.7	13.8

FYE: 1/31	Forward FYE		Now
	2028	2027	9/1/26
Share Price			$35.16
Mkt Cap ($ Bil)			4.8
+ Debt ($ Bil)			0.5
- Cash ($ Bil)			0.4
TEV ($ Bil)			4.9
Valuation Ratios
P/S	3.4	3.7	3.9
P/EBIT	14.0	16.6	36.8
P/E	18.1	21.5	37.0
P/FCF	—	—	13.8
Sector Ratios (* = sector average)
P/S *			3.9
P/EBIT *			2.1
P/E *			-0.1
P/FCF *			10.2

FYE: 1/31	BOX [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$1.2 Bil	—
FY 2027 Sales	$1.3 Bil	—
FY 2028 Sales	$1.4 Bil	—
FY 2027 Sales Growth	4.6%	—
FY 2028 Sales Growth	8.6%	12.5%
EARNINGS
LTM Net Income (GAAP) [3]	$130.7 Mil	—
FY 2027 Net Income (Non-GAAP)	$224.6 Mil	—
FY 2028 Net Income (Non-GAAP)	$267.0 Mil	—
FY 2028 Net Income Growth	18.9%	17.9%
FY 2027 EPS (Non-GAAP)	$1.54	—
FY 2028 EPS (Non-GAAP)	$1.74	—
FY 2028 EPS Growth	12.8%	—
VALUATION
FY 2027 P/S	3.7	1.8
FY 2028 P/S	3.4	—
FY 2027 P/E	21.5	8.5
FY 2028 P/E	18.1	—

[1] BOX forward figures are analyst consensus for the next two fiscal years (fiscal year end 1/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	BOX	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	1.2
Rev Chg Q	9.2%	9.3%
Rev Chg LTM	9.6%	8.3%
Rev Chg 3Y Avg	6.6%	5.9%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	9.4%	18.5%
CFO/Rev LTM	32.0%	21.8%
Net Inc Mgn	10.6%	13.2%
VALUATION	MODERATE
P/S	3.9	3.2
P/CFO	12.2	15.5
P/FCF	13.8	19.9
P/E	37.0	23.0
STABILITY	VERY GOOD
Debt/Equity	0.11	0.20
Cash/Assets	0.32	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Remaining Performance Obligations	1.5 billion	7312025	Link
Customers with Annual Contract Value over $100,000	nearly 2,000	7312025	Link
Net Retention Rate	103%	7312025	Link
Annualized Full Churn Rate	3%	10312024	Link
Suites Customers Revenue Percentage	61%	10312024	Link
Total Customers	over 120,000	9112025	Link

Price Chart

Upcoming
12/01/2026	Earnings Release	Rev: $329 Mil (E) EPS: $0.39 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/31/2026

Box (BOX) stock has gained about 35% since 5/31/2026 because of the following key factors:

1. Robust Fiscal Q2 2027 Financial Performance and Upbeat Guidance.

Box (NYSE:BOX) reported its fiscal second quarter 2027 results, which ended July 31, 2026, on August 25, 2026, demonstrating strong performance that exceeded revenue expectations. The company announced quarterly revenue of $321.15 million, a 9.2% increase year-over-year, surpassing the consensus estimate of $319.33 million. Diluted earnings per share (EPS) for the quarter were $0.40, aligning with analyst consensus estimates. Following these results, Box raised its full-year fiscal 2027 revenue guidance from $1.280 billion to $1.290 billion, signaling continued confidence in its business trajectory.

2. Accelerating Adoption of AI-Powered Intelligent Content Management.

A core driver of Box's stock appreciation was the strong momentum and accelerating adoption of its AI-powered Intelligent Content Management platform, particularly its Enterprise Advanced offering. This platform integrates intelligent workflow automation, advanced AI, and secure content management, enabling enterprises to leverage AI agents for unstructured data. The success of these strategic initiatives was reflected in the company's remaining performance obligations (RPO), which grew 16% year-over-year to $1.50 billion, providing strong visibility into future revenue.

3. Increased Analyst Optimism and Raised Price Targets.

Analysts responded positively to Box's performance and strategic direction, leading to several upgrades in price targets and maintained "Buy" ratings. On August 26, 2026, DA Davidson maintained its "Buy" rating for Box and increased its price target from $45.00 to $50.00, an 11.11% raise. Additionally, UBS raised its price target to $37 from $29, while Bank of America increased its target from $37 to $39. The average analyst rating for Box was a "Buy" as of August 29, 2026, with an average 1-year stock price forecast of $37.5, indicating continued positive sentiment.

4. Market Re-rating Driven by Perceived Undervaluation.

Box's stock also benefited from a market re-rating as various analyses indicated it was undervalued. On August 26, 2026, GuruFocus reported Box was undervalued by approximately 5.9%, with a GF Value™ of $35.04 against its then-current price of $32.99. Similarly, Simply Wall St. News, on August 31, 2026, estimated Box's fair value at $37.50 compared to a closing price of $34.98, suggesting it was undervalued. This perception of undervaluation, coupled with positive company-specific news, contributed to significant buying pressure, with the stock reaching a new 52-week high of $34.74 on August 27, 2026.

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Stock Movement Drivers

Fundamental Drivers

The 32.7% change in BOX stock from 5/31/2026 to 8/31/2026 was primarily driven by a 25.2% change in the company's P/E Multiple.

(LTM values as of)	5312026	8312026	Change
Stock Price ($)	26.96	35.78	32.7%
Change Contribution By:
Total Revenues ($ Mil)	1,207	1,234	2.2%
Net Income Margin (%)	10.3%	10.6%	2.3%
P/E Multiple	30.0	37.6	25.2%
Shares Outstanding (Mil)	139	137	1.3%
Cumulative Contribution			32.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 8/31/2026

	Return	Correlation
BOX	32.7%
Market (SPY)	1.4%	-6.7%
Sector (XLK)	-2.4%	-31.1%

Fundamental Drivers

The 51.9% change in BOX stock from 2/28/2026 to 8/31/2026 was primarily driven by a 151.9% change in the company's P/E Multiple.

(LTM values as of)	2282026	8312026	Change
Stock Price ($)	23.55	35.78	51.9%
Change Contribution By:
Total Revenues ($ Mil)	1,151	1,234	7.2%
Net Income Margin (%)	19.8%	10.6%	-46.5%
P/E Multiple	14.9	37.6	151.9%
Shares Outstanding (Mil)	144	137	5.1%
Cumulative Contribution			51.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 8/31/2026

	Return	Correlation
BOX	51.9%
Market (SPY)	12.1%	-2.8%
Sector (XLK)	34.6%	-9.5%

Fundamental Drivers

The 9.7% change in BOX stock from 8/31/2025 to 8/31/2026 was primarily driven by a 81.8% change in the company's P/E Multiple.

(LTM values as of)	8312025	8312026	Change
Stock Price ($)	32.63	35.78	9.7%
Change Contribution By:
Total Revenues ($ Mil)	1,126	1,234	9.6%
Net Income Margin (%)	20.3%	10.6%	-47.8%
P/E Multiple	20.7	37.6	81.8%
Shares Outstanding (Mil)	145	137	5.5%
Cumulative Contribution			9.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 8/31/2026

	Return	Correlation
BOX	9.7%
Market (SPY)	19.9%	8.5%
Sector (XLK)	42.7%	2.5%

Fundamental Drivers

The 35.1% change in BOX stock from 8/31/2023 to 8/31/2026 was primarily driven by a 117.8% change in the company's Net Income Margin (%).

(LTM values as of)	8312023	8312026	Change
Stock Price ($)	26.48	35.78	35.1%
Change Contribution By:
Total Revenues ($ Mil)	1,020	1,234	21.0%
Net Income Margin (%)	4.9%	10.6%	117.8%
P/E Multiple	77.0	37.6	-51.2%
Shares Outstanding (Mil)	144	137	5.0%
Cumulative Contribution			35.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 8/31/2026

	Return	Correlation
BOX	35.1%
Market (SPY)	76.3%	23.7%
Sector (XLK)	116.3%	17.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
BOX Return	45%	19%	-18%	23%	-5%	17%	94%
Peers Return	26%	-30%	43%	6%	20%	10%	76%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	105%
Monthly Win Rates [3]
BOX Win Rate	58%	42%	58%	58%	42%	62%
Peers Win Rate	65%	37%	63%	62%	58%	45%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
BOX Max Drawdown	-16%	-30%	-32%	-17%	-25%	-29%
Peers Max Drawdown	-17%	-38%	-21%	-28%	-26%	-29%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, GOOGL, DBX, OTEX, VEEV. See BOX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/31/2026 (YTD)

Event	BOX	S&P 500
2025 US Tariff Shock
% Loss	-19.2%	-18.8%
% Gain to Breakeven	23.7%	23.1%
Time to Breakeven	50 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-23.8%	-9.5%
% Gain to Breakeven	31.3%	10.5%
Time to Breakeven	308 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-25.2%	-6.7%
% Gain to Breakeven	33.7%	7.1%
Time to Breakeven	590 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-14.2%	-24.5%
% Gain to Breakeven	16.6%	32.4%
Time to Breakeven	8 days	427 days
2020 COVID-19 Crash
% Loss	-43.7%	-33.7%
% Gain to Breakeven	77.7%	50.9%
Time to Breakeven	42 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-29.5%	-19.2%
% Gain to Breakeven	41.9%	23.8%
Time to Breakeven	43 days	105 days

Compare to MSFT, GOOGL, DBX, OTEX, VEEV

In The Past

Box's stock fell -19.2% during the 2025 US Tariff Shock. Such a loss loss requires a 23.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	BOX	S&P 500
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-23.8%	-9.5%
% Gain to Breakeven	31.3%	10.5%
Time to Breakeven	308 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-25.2%	-6.7%
% Gain to Breakeven	33.7%	7.1%
Time to Breakeven	590 days	31 days
2020 COVID-19 Crash
% Loss	-43.7%	-33.7%
% Gain to Breakeven	77.7%	50.9%
Time to Breakeven	42 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-29.5%	-19.2%
% Gain to Breakeven	41.9%	23.8%
Time to Breakeven	43 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-37.4%	-12.2%
% Gain to Breakeven	59.8%	13.9%
Time to Breakeven	216 days	62 days
2014-2016 Oil Price Collapse
% Loss	-60.7%	-6.8%
% Gain to Breakeven	154.7%	7.3%
Time to Breakeven	650 days	15 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-28.9%	-17.9%
% Gain to Breakeven	40.7%	21.8%
Time to Breakeven	56 days	123 days

Compare to MSFT, GOOGL, DBX, OTEX, VEEV

In The Past

Box's stock fell -19.2% during the 2025 US Tariff Shock. Such a loss loss requires a 23.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Box (BOX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Box, Inc. (BOX) provides a robust cloud content management Software-as-a-Service (SaaS) platform designed for organizations of all sizes. Its primary function is to enable businesses to efficiently manage, securely share, and collaborate on their digital content from anywhere and on any device. This platform facilitates seamless collaboration both internally among teams and externally with partners, enhancing productivity and streamlining content-centric workflows.

The company's comprehensive platform extends beyond basic content storage, offering functionalities such as automating content-driven business processes, supporting the development of custom applications, and implementing critical data protection, security, and compliance features. Box serves a broad international client base, including key industries like financial services, healthcare, government, and legal services, offering its solutions in 25 languages to approximately 100,000 paying organizations globally.

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Box is like Dropbox for enterprise.

Box is like Salesforce, but for a company's documents and content.

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Cloud Content Management Platform: A Software-as-a-Service platform enabling organizations to manage, store, and share content from anywhere on any device.
Content Collaboration Tools: Features that facilitate internal and external collaboration on content, including real-time co-editing and secure sharing.
Business Process Automation: Solutions designed to automate content-driven workflows and streamline various business processes.
Application Development Platform: A platform for developers to build and integrate custom applications that leverage Box's content management capabilities.
Data Protection, Security, and Compliance Features: Integrated functionalities ensuring content security, data protection, and adherence to legal, regulatory, and industry standards.
Industry-Specific Capabilities: Specialized features and solutions tailored to meet the unique requirements of sectors like financial services, healthcare, government, and legal services.

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Box, Inc. (BOX) sells its cloud content management platform primarily to other companies and organizations (B2B). While the provided background information does not list specific major customer company names, it indicates that Box serves approximately 100,000 paying organizations across various industries. Its major customer segments or categories include:

Financial services
Health care
Government
Legal services

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Amazon.com, Inc. (AMZN)

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Aaron Levie
Chief Executive Officer, Co-founder

Aaron Levie co-founded Box in 2005, dropping out of the University of Southern California to focus on the company. The idea for Box originated as a college business project in 2004. Under his leadership, Box, initially aimed at consumers, shifted its focus to business clients in 2007. He secured angel investment for Box from Mark Cuban.

Dylan Smith
Chief Financial Officer, Co-founder

Dylan Smith co-founded Box in 2005 and has served as its Chief Financial Officer since April 2005. He holds a B.A. in Economics from Duke University. Smith has been instrumental in building Box's business and finance infrastructure. He provided initial seed funding for Box from online poker winnings and had prior entrepreneurial endeavors, including a tutoring company and a college lofting business.

Olivia Nottebohm
Chief Operating Officer

Olivia Nottebohm oversees Box's day-to-day operations and strategic initiatives, focusing on driving operational efficiency and aligning company goals with long-term vision. She brings a wealth of experience from leadership roles at Google and Dropbox, with a background in global business operations, sales, and management consulting at McKinsey & Company.

Jon Herstein
Chief Customer Officer

Jon Herstein focuses on customer satisfaction and IT strategy for Box. He is also referred to as the Senior Vice President of Customer Success.

David Leeb
Chief Legal Officer & Corporate Secretary

David Leeb is responsible for overseeing Box's legal affairs.

AI Analysis | Feedback

The key risks to Box, Inc. (BOX) are as follows:

Intense Competition: Box operates in a highly competitive cloud content management market, facing significant pressure from established players like Microsoft (with OneDrive and SharePoint bundled into Microsoft 365) and Google (with Google Drive and Workspace), as well as other competitors such as Dropbox and Adobe. These larger competitors often bundle their content management solutions with broader productivity suites, leading to pricing pressure and potential erosion of Box's market share.
Cybersecurity Risks and Data Breaches: As a provider of cloud-based services that handle sensitive content for numerous organizations, Box faces substantial cybersecurity threats. Any security breach or even a perceived vulnerability could severely undermine customer trust, result in reputational damage, and lead to significant financial losses.
Economic Uncertainty and Impact on IT Spending: Global economic uncertainty can cause a slowdown in overall IT spending by businesses, particularly affecting large, multi-year enterprise deals that are crucial for Box's revenue and billings growth.

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Increased consolidation and advanced AI integration within broader enterprise software suites offered by tech giants.

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Box, Inc. operates within several large addressable markets, primarily focused on cloud content management and related Software-as-a-Service (SaaS) solutions.

The global cloud enterprise content management (ECM) market, which directly aligns with Box's main offerings, was valued at approximately USD 35.62 billion in 2025 and is projected to grow to about USD 114.65 billion by 2035. North America is a significant region within this market, holding the largest share of 38% in 2025.

More broadly, the enterprise content management market, where Box maintains a competitive position, represents a substantial opportunity of USD 74 billion globally. Box has also indicated its total addressable market opportunity to be over USD 100 billion, driven by tailwinds in artificial intelligence and unstructured data.

For cloud-based content management services specifically, the global market was valued at US$2.3 billion in 2024 and is expected to reach US$7 billion by 2030. The U.S. market alone for these services was estimated at $619.8 million in 2024.

Considering the broader Software-as-a-Service (SaaS) market, which encompasses Box's deployment model, the global market size was USD 315.68 billion in 2025 and is projected to expand significantly to USD 1,482.44 billion by 2034. North America held the largest share of this global SaaS market in 2025, at 46.9%.

AI Analysis | Feedback

Here are 5 expected drivers of future revenue growth for Box (BOX) over the next 2-3 years:

Accelerated adoption of AI-powered Intelligent Content Management (ICM) and Enterprise Advanced suites: Box anticipates significant revenue growth from the continued development and adoption of its AI-driven features, including Box AI, Box Hubs, Box Extract, and Box Automate. The Enterprise Advanced offering, which bundles these capabilities, has demonstrated strong traction and higher pricing per seat, contributing a growing percentage to total revenue.
Expansion of multi-product suites and increased seat growth within existing customers: Box is strategically focused on encouraging both new and existing customers to adopt its comprehensive multi-product suites. This strategy aims to drive higher average revenue per user through upselling and cross-selling additional functionalities and by increasing the number of seats utilized by existing organizations.
Improved Net Retention Rate: The company expects an improved net retention rate, driven by the enhanced value proposition of its platform, particularly through upgrades to higher-tier offerings like Enterprise Advanced. This improvement indicates reduced customer churn and increased revenue generation from the existing customer base through both price increases and seat expansion.
Strategic partnerships and ecosystem expansion: Box is leveraging strategic collaborations with major cloud providers, such as Google Cloud Platform (GCP), and system integrators to broaden its market reach. These partnerships are designed to create more efficient pathways for customer acquisition and product consumption, especially by enabling customers to utilize existing cloud credits for Box services.
Monetization of API usage and AI unit consumption: As enterprises increasingly centralize their content on Box for AI use cases and deploy AI agents for workflows, Box anticipates growth in API calls and AI unit consumption. This presents an emerging revenue stream as the platform becomes more deeply integrated into AI-driven business processes.

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Share Repurchases

Box completed repurchases of 47,316,000 shares for $1,276.35 million under a buyback plan announced on July 21, 2021, as of January 31, 2026.
In fiscal year 2026, Box repurchased approximately 9.7 million shares for $293 million.
As of January 31, 2026, approximately $59 million of buyback capacity remained under Box's current share repurchase plan.

Inbound Investments

KKR and other investors, including Powell Investors III L.P., KKR-Milton Credit Holdings. L.P., KKR-NYC Credit C L.P., Tailored Opportunistic Credit Fund, and CPS Holdings (US) L.P., entered into an Investment Agreement with Box, Inc. on April 7, 2021, which includes KKR having the right to designate a candidate for election to the Board of Directors.

Outbound Investments

Box acquired Alphamoon in August 2024.
Box acquired Crooze in January 2024.
Box acquired SignRequest for $55 million in February 2021.

Capital Expenditures

Box's capital expenditures for fiscal years ending January 2021 to 2025 averaged $5.213 million.
Capital expenditures peaked in January 2021 at $9.052 million and reached a 5-year low in January 2025 at $2.573 million.
Box expects to continue investing in its infrastructure to meet the needs of its growing global user base and in its professional services organization (Box Consulting).

Interactive Breakdown

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AMZN (12.1%)

Amazon.com

Higher CFO/Rev LTM (Value for BOX: 32.0%)

META (57.1%)

Meta Platforms

V (50.8%)

Visa

MA (49.7%)

Mastercard

GOOGL (41.6%)

Alphabet

LLY (35.3%)

Eli Lilly

Higher FCF/Rev LTM (Value for BOX: 28.3%)

BAC (78.2%)

Bank of America

V (47.2%)

Visa

MA (45.5%)

Mastercard

PM (29.9%)

Philip Morris International

KO (28.5%)

Coca-Cola

Higher Total Yield (Value for BOX: 2.7%)

BRK-B (7.9%)

Berkshire Hathaway

GOOGL (6.2%)

Alphabet

META (5.0%)

Meta Platforms

AMZN (4.8%)

Amazon.com

LLY (3.1%)

Eli Lilly

Best Bets in Information Technology

What You Pay

P/EBIT (Value for BOX: 37.4x)

VRSN (22.2x)

VeriSign

ANET (54.2x)

Arista Networks

NVDA (23.2x)

NVIDIA

IDCC (22.3x)

InterDigital

YOU (17.7x)

Clear Secure

ADEA (13.7x)

Adeia

GEN (9.0x)

Gen Digital

ZM (23.9x)

Zoom Communications

ADBE (12.6x)

Adobe

FICO (20.8x)

Fair Isaac

P/E (Value for BOX: 37.6x)

VRSN (30.8x)

VeriSign

ANET (61.0x)

Arista Networks

NVDA (27.7x)

NVIDIA

IDCC (28.6x)

InterDigital

YOU (30.1x)

Clear Secure

ADEA (22.7x)

Adeia

GEN (17.6x)

Gen Digital

ZM (8.7x)

Zoom Communications

ADBE (16.3x)

Adobe

FICO (31.9x)

Fair Isaac

What You Get

Rev Chg 3Y Avg (Value for BOX: 6.6%)

VRSN (5.3%)

VeriSign

ANET (26.2%)

Arista Networks

NVDA (116.5%)

NVIDIA

IDCC (15.6%)

InterDigital

YOU (24.0%)

Clear Secure

ADEA (7.0%)

Adeia

GEN (12.8%)

Gen Digital

ZM (3.8%)

Zoom Communications

ADBE (11.0%)

Adobe

FICO (17.7%)

Fair Isaac

Rev Chg LTM (Value for BOX: 9.6%)

VRSN (6.9%)

VeriSign

ANET (32.6%)

Arista Networks

NVDA (83.4%)

NVIDIA

IDCC (-11.7%)

InterDigital

YOU (19.8%)

Clear Secure

ADEA (24.3%)

Adeia

GEN (20.2%)

Gen Digital

ZM (5.0%)

Zoom Communications

ADBE (11.5%)

Adobe

FICO (24.1%)

Fair Isaac

Rev Chg Q (Value for BOX: 9.2%)

VRSN (6.0%)

VeriSign

ANET (37.7%)

Arista Networks

NVDA (105.9%)

NVIDIA

IDCC (-13.4%)

InterDigital

YOU (26.6%)

Clear Secure

ADEA (12.1%)

Adeia

GEN (6.3%)

Gen Digital

ZM (4.9%)

Zoom Communications

ADBE (12.7%)

Adobe

FICO (25.7%)

Fair Isaac

FCF/Rev 3Y Avg (Value for BOX: 28.0%)

VRSN (58.5%)

VeriSign

ANET (47.2%)

Arista Networks

NVDA (44.7%)

NVIDIA

IDCC (42.5%)

InterDigital

YOU (41.9%)

Clear Secure

ADEA (41.1%)

Adeia

GEN (39.0%)

Gen Digital

ZM (38.3%)

Zoom Communications

ADBE (37.9%)

Adobe

FICO (37.4%)

Fair Isaac

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Peer Outperformance in Application Software

BOX has outperformed 85% of its 122 Application Software peers over 5Y. Among the peers that beat it is ACIW. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.

Share of Application Software constituents that BOX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

77%

of 152 industry peers · 9.7% return

76%

of 140 industry peers · 34.5% return

85%

of 122 industry peers · 37.6% return

Application Software peers with revenue growth within 4pp of BOX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.

Ticker	Name	Rev Growth 3Y Avg	P/E	1Y	3Y	5Y	5Y Gap
BOX	Box	6.6%	37.6x	9.7%	34.5%	37.6%	—
ACIW	ACI Worldwide	9.9%	24.0x	8.0%	116.4%	64.1%	+26pp

Price returns, excluding dividends. P/E shown for context only and not used for matching.

Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is BOX's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Electronic Manufacturing Services	9	58.3%	166.0%	298.1%	TTMI 752% · FLEX 700% · JBL 407%
Semiconductor Materials & Equipment	27	124.2%	57.6%	94.6%	AEHR 1024% · AXTI 552% · KLAC 449%
Technology Distributors	9	25.8%	52.7%	72.7%	CLMB 352% · AVT 155% · SNX 111%
Communications Equipment	36	24.5%	77.4%	66.6%	AAOI 1311% · LITE 946% · ANET 771%
Electronic Components	26	53.7%	54.9%	54.0%	CLS 3102% · BELFA 1240% · LPTH 351%
Semiconductors	54	28.3%	18.9%	24.6%	POET 1732% · MU 1234% · NVDA 887%
Internet Services & Infrastructure	6	14.7%	38.9%	14.0%	DOCN 75% · VRSN 34% · GDDY 32%
Technology Hardware, Storage & Peripherals	21	25.3%	69.5%	10.9%	STX 1003% · DELL 930% · SMCI 893%
Electronic Equipment & Instruments	27	-6.8%	5.1%	-9.3%	PI 203% · OSIS 113% · ACFN 99%
IT Consulting & Other Services	28	-21.9%	-7.1%	-19.6%	CHRN 478321% · APLD 1422% · INOD 622%
Application Software ←	123	-19.4%	-16.4%	-43.3%	VIDA 273900% · INLX 5272% · PLTR 611%
Systems Software	68	-13.2%	17.5%	-55.1%	QNC 471% · PAYS 400% · PANW 398%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Box (BOX) Stock Soars 10%: Q4 EPS Beat and Strong FY27 Guidance	03/05/2026
2	Box Earnings Notes	12/26/2025
3	How Low Can Box Stock Really Go?	10/17/2025
4	How Does Box Stock Stack Up Against Its Peers?	08/13/2025
5	Better Bet Than BOX Stock: Pay Less Than Box To Get More From NVDA, CRM	08/12/2025
6	Better Bet Than BOX Stock: Pay Less Than Box To Get More From CRM, DOCU	08/12/2025
7	BOX Dip Buy Analysis	07/10/2025
8	ARTICLES
9	The 52-Week-High List: 13 Small Cap Names On Friday	08/31/2026
10	Thinking Outside The Box Stock: Time To Pick Alternatives?	09/04/2024

	Title
0	DASHBOARDS
1	Box (BOX) Stock Soars 10%: Q4 EPS Beat and Strong FY27 Guidance
2	Box Earnings Notes
3	How Low Can Box Stock Really Go?
4	How Does Box Stock Stack Up Against Its Peers?
5	Better Bet Than BOX Stock: Pay Less Than Box To Get More From NVDA, CRM
6	Better Bet Than BOX Stock: Pay Less Than Box To Get More From CRM, DOCU
7	BOX Dip Buy Analysis
8	ARTICLES
9	The 52-Week-High List: 13 Small Cap Names On Friday
10	Thinking Outside The Box Stock: Time To Pick Alternatives?

Trade Ideas

Select ideas related to BOX.

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Recent Active Movers

Top Gainers

Ticker

Top Losers

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Top Gainers

Ticker

Top Losers

Ticker

Top Gainers

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Top Losers

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Peer Comparisons

Peers to compare with:

Financials

	BOX	MSFT	GOOGL	DBX	OTEX	VEEV	Median
Name	Box	Microsoft	Alphabet	Dropbox	Open Text	Veeva Sy.
Mkt Price	-	-	-	-	-	-	-
Mkt Cap	4.9	3,767.1	4,123.4	7.9	6.0	46.4	27.1
Rev LTM	1,234	331,839	445,867	2,532	5,246	3,458	4,352
Op Inc LTM	116	155,237	147,628	671	1,216	1,035	1,125
FCF LTM	350	66,987	53,273	954	808	1,665	1,310
FCF 3Y Avg	319	70,890	60,263	891	768	1,337	1,114
CFO LTM	394	182,935	185,675	980	1,007	1,665	1,336
CFO 3Y Avg	354	145,882	141,481	915	935	1,337	1,136

Growth & Margins

	BOX	MSFT	GOOGL	DBX	OTEX	VEEV	Median
Name	Box	Microsoft	Alphabet	Dropbox	Open Text	Veeva Sy.
Rev Chg LTM	9.6%	17.8%	20.1%	-0.0%	1.5%	16.5%	13.1%
Rev Chg 3Y Avg	6.6%	16.1%	15.5%	1.5%	6.6%	15.7%	11.1%
Rev Chg Q	9.2%	17.7%	24.2%	0.9%	2.9%	17.6%	13.4%
QoQ Delta Rev Chg LTM	2.2%	4.3%	5.5%	0.2%	0.7%	4.2%	3.2%
Op Inc Chg LTM	70.4%	20.8%	21.6%	17.5%	17.0%	29.5%	21.2%
Op Inc Chg 3Y Avg	35.0%	20.6%	25.6%	29.9%	22.6%	38.0%	27.8%
Op Mgn LTM	9.4%	46.8%	33.1%	26.5%	23.2%	29.9%	28.2%
Op Mgn 3Y Avg	7.4%	45.7%	31.9%	23.1%	20.3%	26.5%	24.8%
QoQ Delta Op Mgn LTM	0.8%	-0.0%	0.4%	-0.3%	1.3%	1.1%	0.6%
CFO/Rev LTM	32.0%	55.1%	41.6%	38.7%	19.2%	48.2%	40.2%
CFO/Rev 3Y Avg	31.0%	50.6%	36.5%	36.1%	17.3%	44.1%	36.3%
FCF/Rev LTM	28.3%	20.2%	11.9%	37.7%	15.4%	48.2%	24.3%
FCF/Rev 3Y Avg	28.0%	25.3%	16.1%	35.2%	14.2%	44.1%	26.6%

Valuation

	BOX	MSFT	GOOGL	DBX	OTEX	VEEV	Median
Name	Box	Microsoft	Alphabet	Dropbox	Open Text	Veeva Sy.
Mkt Cap	4.9	3,767.1	4,123.4	7.9	6.0	46.4	27.1
P/S	4.0	11.4	9.2	3.1	1.2	13.4	6.6
P/Op Inc	42.2	24.3	27.9	11.8	5.0	44.8	26.1
P/EBIT	37.4	22.3	13.7	11.7	5.0	44.8	18.0
P/E	37.6	28.2	16.9	17.9	9.4	45.7	23.0
P/CFO	12.5	20.6	22.2	8.1	6.0	27.8	16.5
Total Yield	2.7%	4.3%	6.2%	5.6%	15.1%	2.2%	4.9%
Dividend Yield	0.0%	0.7%	0.2%	0.0%	4.4%	0.0%	0.1%
FCF Yield 3Y Avg	7.9%	2.2%	2.4%	12.8%	11.4%	4.0%	6.0%
D/E	0.1	0.0	0.0	0.5	1.0	0.0	0.1
Net D/E	0.0	-0.0	-0.0	0.4	0.8	-0.2	0.0

Returns

	BOX	MSFT	GOOGL	DBX	OTEX	VEEV	Median
Name	Box	Microsoft	Alphabet	Dropbox	Open Text	Veeva Sy.
1M Rtn	-	-	-	-	-	-	-
3M Rtn	-	-	-	-	-	-	-
6M Rtn	-	-	-	-	-	-	-
12M Rtn	-	-	-	-	-	-	-
3Y Rtn	-	-	-	-	-	-	-
1M Excs Rtn	-	-	-	-	-	-	-
3M Excs Rtn	-	-	-	-	-	-	-
6M Excs Rtn	-	-	-	-	-	-	-
12M Excs Rtn	-	-	-	-	-	-	-
3Y Excs Rtn	-	-	-	-	-	-	-

Comparison Analyses

	Title
0	How Does Box Stock Stack Up Against Its Peers?
1	Box vs. Amazon.com: With Return Forecast Of 21%, Amazon.com Is A Better Bet
2	Why CVLT With 39% Upside May Beat BOX?
3	With 22% Gains On The Table, GOOG May Outshine BOX
4	Box vs. Guidewire Software: With Return Forecast Of 108%, Box Is A Better Bet
5	Box vs. Penumbra: With Return Forecast Of 103%-108%, Both Seem Like Good Bets
6	Box vs. Paylocity Holding: With Return Forecast Of 108%, Box Is A Better Bet
7	Box vs Sabre: Industry Peers; Which Stock Is A Better Bet?
8	Box vs Dorman Products: Similar Market Cap; Which Stock Is A Better Bet?
9	Box vs Paycom Software: Similar Revenue; Which Stock Is A Better Bet?

FDIC Bank Data

Financials

Annual
Quarterly

$ Mil \| FY: 1/31	LTM	2026	2025	2024	2023	2022	2021
Period End	7/31/2026	1/31/2026	1/31/2025	1/31/2024	1/31/2023	1/31/2022	1/31/2021
Filing Date	8/26/2026	3/9/2026	3/10/2025	3/11/2024	3/13/2023	3/16/2022	3/19/2021
Key Financials
Total Revenue	1,234	1,177	1,090	1,038	991	874	771
Gross Profit	982	933	862	777	738	625	546
EBITDA	169	142	113	118	105	51	38
Operating Income	116	83	80	51	37	-28	-38
Net Income	131	115	245	129	27	-41	-43
EPS	0.72	0.60	1.40	0.69	0.06	-0.35	-0.28
Growth Rates
Total Revenue Growth	9.6%	8.0%	5.0%	4.7%	13.3%	13.4%	10.7%
EBITDA Growth	51.0%	25.6%	-3.7%	11.8%	108.0%	33.8%	147.3%
Operating Income Growth	70.4%	4.5%	56.9%	37.8%	233.4%	26.6%	73.0%
Net Income Growth	-42.8%	-52.8%	89.6%	381.8%	164.6%	4.5%	69.9%
Margins
Gross Margin	79.5%	79.2%	79.1%	74.9%	74.5%	71.5%	70.8%
EBITDA Margin	13.7%	12.1%	10.4%	11.3%	10.6%	5.8%	4.9%
Operating Income Margin	9.4%	7.1%	7.3%	4.9%	3.7%	-3.2%	-4.9%
Net Income Margin	10.6%	9.8%	22.4%	12.4%	2.7%	-4.7%	-5.6%
Cash & Debt
Total Cash	444	478	723	481	461	586	595
Total Debt	525	528	721	465	535	621	648
Net Debt / (Cash)	81	50	-2	-16	74	35	53
Cash Flows & CapEx
Net Cash from Operations	394	356	332	319	298	235	197
Total CapEx	-45	-41	-30	-21	-17	-10	-16
Free Cash from Operations	350	315	302	297	281	224	180
Returns to Shareholders
Dividends	0	15	15	15	15	10	-0
Share Repurchases	386	290	211	177	274	562	-0

$ Mil \| FY: 1/31	2027Q2	2027Q1	2026Q4	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3
Period End	7/31/2026	4/30/2026	1/31/2026	10/31/2025	7/31/2025	4/30/2025	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023
Filing Date	8/26/2026	5/27/2026	3/9/2026	12/3/2025	8/27/2025	5/29/2025	3/10/2025	12/4/2024	8/30/2024	5/30/2024	3/11/2024	12/6/2023
Key Financials Quarterly
Total Revenue	321	306	306	301	294	276	280	276	270	265	263	262
Ebitda	44	39	46	39	34	23	30	25	31	27	49	26
Operating Income	33	27	31	25	21	6	18	23	20	18	21	11
Net Income	19	18	82	12	13	8	194	13	20	17	99	11
EPS	0.10	0.09	0.48	0.05	0.06	0.02	1.17	0.05	0.10	0.08	0.58	0.04
Key Financials TTM
Total Revenue TTM	1,234	1,207	1,177	1,151	1,126	1,102	1,090	1,073	1,059	1,051	1,038	1,031
Ebitda TTM	169	159	142	126	112	109	113	132	133	124	118	103
Operating Income TTM	116	104	83	70	68	68	80	83	71	60	51	49
Net Income TTM	131	125	115	228	229	236	245	150	148	138	129	50
Growth Rates Quarterly
Total Revenue Growth	9.2%	10.7%	9.4%	9.1%	8.9%	4.4%	6.3%	5.5%	3.3%	5.1%	2.5%	4.6%
EBITDA Growth	29.4%	72.3%	54.2%	57.4%	9.9%	-16.9%	-38.7%	-4.1%	44.8%	28.8%	41.3%	-15.0%
Operating Income Growth	58.6%	333.0%	74.0%	7.1%	1.5%	-64.8%	-15.3%	105.7%	105.4%	116.0%	7.4%	-14.9%
Net Income Growth	43.0%	116.3%	-57.9%	-6.4%	-34.4%	-52.4%	95.5%	21.0%	89.9%	106.3%	383.4%	7.5%
Margins Quarterly
EBITDA Margin	13.8%	12.8%	15.2%	13.0%	11.6%	8.2%	10.8%	9.0%	11.5%	10.3%	18.7%	9.9%
Operating Income Margin	10.2%	9.0%	10.2%	8.3%	7.0%	2.3%	6.4%	8.5%	7.5%	6.8%	8.1%	4.4%
Net Income Margin	6.0%	5.8%	26.7%	4.0%	4.6%	3.0%	69.4%	4.7%	7.6%	6.5%	37.7%	4.1%
Cash & Debt
Total Cash	444	477	478	730	758	790	723	698	482	566	481	440
Total Debt	525	531	528	728	654	725	721	753	480	485	465	514
Net Debt / (Cash)	81	54	50	-2	-104	-65	-2	55	-3	-81	-16	74
Cash Flows Quarterly
FCF from Operations	71	140	110	73	46	127	102	63	36	131	89	72
Cash Flows TTM
FCF from Operations TTM	394	370	356	348	338	328	332	319	329	325	319	322
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	69	116	123	77	40	50	42	30	107	32	21	51
Return on Invested Capital (ROIC) Quarterly
ROIC	7.6%	6.8%	11.4%	3.9%	4.4%	1.4%	6.2%	5.7%	5.5%	4.7%	6.6%	2.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.2%	10.0%	7.6%	6.2%	6.4%	6.2%	6.9%	6.8%	5.8%	5.0%	4.0%	3.1%

Segment Financials

Revenue by Segment

$ Mil	2026	2025	2024	2023	2022
Single Segment	1,177	1,090	1,038	991	874
Total	1,177	1,090	1,038	991	874

Price Behavior

Price Behavior

Market Price	$35.78
Market Cap ($ Bil)	4.9
First Trading Date	10/28/2010
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$30.49	$27.31
DMA Trend	indeterminate	up
Distance from DMA	17.3%	31.0%
	3M	1YR
Volatility	37.4%	36.9%
Downside Capture	-47.03	62.19
Upside Capture	59.72	59.64
Correlation (SPY)	-4.5%	9.1%

BOX Betas & Captures as of 8/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.92	-0.11	-0.15	-0.08	0.25	0.49
Up Beta	0.05	-1.99	-1.45	-1.01	-0.37	0.49
Down Beta	0.83	-0.80	0.03	-0.30	-0.08	0.44
Up Capture	215%	185%	89%	72%	49%	22%
Bmk +ve Days	10	21	32	68	138	427
Stock +ve Days	14	28	37	72	125	367
Down Capture	17%	-42%	-54%	-16%	70%	77%
Bmk -ve Days	11	21	32	59	113	324
Stock -ve Days	7	14	27	55	126	379

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BOX
BOX	9.0%	36.8%	0.30	-
Sector ETF (XLK)	40.7%	26.2%	1.26	2.8%
Equity (SPY)	19.3%	12.8%	1.11	8.8%
Gold (GLD)	29.8%	29.0%	0.89	-11.2%
Commodities (DBC)	41.3%	20.4%	1.58	-3.9%
Real Estate (VNQ)	9.2%	13.7%	0.40	2.4%
Bitcoin (BTCUSD)	-30.9%	43.7%	-0.72	13.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BOX
BOX	7.0%	33.4%	0.26	-
Sector ETF (XLK)	19.7%	25.9%	0.68	34.2%
Equity (SPY)	12.9%	17.2%	0.57	39.2%
Gold (GLD)	19.4%	18.7%	0.84	0.3%
Commodities (DBC)	11.0%	19.5%	0.44	7.5%
Real Estate (VNQ)	1.9%	18.9%	-0.00	31.5%
Bitcoin (BTCUSD)	9.5%	52.7%	0.36	22.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BOX
BOX	10.6%	38.8%	0.38	-
Sector ETF (XLK)	24.3%	25.0%	0.88	41.0%
Equity (SPY)	15.2%	17.9%	0.72	41.5%
Gold (GLD)	12.3%	16.3%	0.62	0.5%
Commodities (DBC)	7.6%	18.1%	0.34	13.8%
Real Estate (VNQ)	4.9%	20.7%	0.20	29.2%
Bitcoin (BTCUSD)	63.4%	66.2%	1.03	14.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	8142026
Short Interest: Shares Quantity	15.6 Mil
Short Interest: % Change Since 7312026	1.6%
Average Daily Volume	3.0 Mil
Days-to-Cover Short Interest	5.2 days
Basic Shares Quantity	137.4 Mil
Short % of Basic Shares	11.3%

Returns Analyses

	Title
0	How Low Can Box Stock Really Go?
1	Box Stock Return Comparison
2	[10/15/2021] Box (BOX) Stock Price Forecast: AI Forecasts BOX Stock Price To Be Around $26.60 In A Month (Up 0.8%)
3	Box Total Shareholder Return (TSR): 22.4% in 2023 and 28.6% 3-yr returns (above peer average)

Earnings Returns History

Updated 8/28/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/25/2026	1.2%
5/26/2026	-3.7%	8.0%	-2.7%
3/3/2026	10.2%	3.8%	-1.0%
12/2/2025	6.7%	3.7%	-5.4%
8/26/2025	4.2%	3.9%	3.7%
5/27/2025	17.2%	22.0%	8.6%
3/4/2025	-3.2%	-6.2%	-6.0%
12/3/2024	-7.7%	-5.6%	-8.5%
...
SUMMARY STATS
# Positive	15	17	12
# Negative	10	7	12
Median Positive	6.4%	6.4%	10.2%
Median Negative	-5.7%	-8.1%	-6.8%
Max Positive	17.2%	22.0%	22.5%
Max Negative	-12.9%	-19.5%	-22.6%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/25/2026	1.2%
5/26/2026	-3.7%	8.0%	-2.7%
3/3/2026	10.2%	3.8%	-1.0%
12/2/2025	6.7%	3.7%	-5.4%
8/26/2025	4.2%	3.9%	3.7%
5/27/2025	17.2%	22.0%	8.6%
3/4/2025	-3.2%	-6.2%	-6.0%
12/3/2024	-7.7%	-5.6%	-8.5%
8/27/2024	10.8%	14.1%	12.4%
5/28/2024	8.6%	11.6%	4.8%
3/5/2024	8.6%	10.1%	1.4%
12/5/2023	-10.2%	-8.1%	-7.6%
8/29/2023	-12.3%	-15.5%	-20.9%
5/30/2023	0.5%	4.6%	4.8%
3/1/2023	-12.9%	-19.5%	-22.6%
11/30/2022	6.4%	1.3%	13.4%
8/24/2022	-3.4%	-12.0%	-16.5%
5/25/2022	5.5%	2.6%	1.3%
3/2/2022	2.1%	3.3%	11.8%
11/30/2021	10.3%	11.7%	14.4%
8/25/2021	-2.0%	1.4%	-1.6%
5/27/2021	1.9%	10.0%	13.7%
3/2/2021	-0.4%	13.4%	22.5%
12/1/2020	-8.8%	-6.0%	-2.6%
8/26/2020	4.9%	6.4%	-9.7%
SUMMARY STATS
# Positive	15	17	12
# Negative	10	7	12
Median Positive	6.4%	6.4%	10.2%
Median Negative	-5.7%	-8.1%	-6.8%
Max Positive	17.2%	22.0%	22.5%
Max Negative	-12.9%	-19.5%	-22.6%

SEC Filings

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Report Date	Filing Date	Filing
07/31/2026	08/26/2026	10-Q
04/30/2026	05/27/2026	10-Q
01/31/2026	03/09/2026	10-K
10/31/2025	12/03/2025	10-Q
07/31/2025	08/27/2025	10-Q
04/30/2025	05/29/2025	10-Q
01/31/2025	03/10/2025	10-K
10/31/2024	12/04/2024	10-Q
07/31/2024	08/30/2024	10-Q
04/30/2024	05/30/2024	10-Q
01/31/2024	03/11/2024	10-K
10/31/2023	12/06/2023	10-Q
07/31/2023	08/31/2023	10-Q
04/30/2023	05/31/2023	10-Q
01/31/2023	03/13/2023	10-K
10/31/2022	12/02/2022	10-Q

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Report Date	Filing Date	Filing
07/31/2026	08/26/2026	10-Q
04/30/2026	05/27/2026	10-Q
01/31/2026	03/09/2026	10-K
10/31/2025	12/03/2025	10-Q
07/31/2025	08/27/2025	10-Q
04/30/2025	05/29/2025	10-Q
01/31/2025	03/10/2025	10-K
10/31/2024	12/04/2024	10-Q
07/31/2024	08/30/2024	10-Q
04/30/2024	05/30/2024	10-Q
01/31/2024	03/11/2024	10-K
10/31/2023	12/06/2023	10-Q
07/31/2023	08/31/2023	10-Q
04/30/2023	05/31/2023	10-Q
01/31/2023	03/13/2023	10-K
10/31/2022	12/02/2022	10-Q
07/31/2022	08/31/2022	10-Q
04/30/2022	06/02/2022	10-Q
01/31/2022	03/16/2022	10-K
10/31/2021	12/03/2021	10-Q
07/31/2021	09/03/2021	10-Q
04/30/2021	06/04/2021	10-Q
01/31/2021	03/19/2021	10-K
10/31/2020	12/07/2020	10-Q
07/31/2020	09/04/2020	10-Q
04/30/2020	06/04/2020	10-Q
01/31/2020	03/19/2020	10-K
10/31/2019	12/06/2019	10-Q

Recent Forward Guidance

Updated 8/26/2026

Latest: Q2 2027 Earnings Reported 8/25/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2027 Revenue	Reported		329.00 Mil		3.1%		Higher New	Guidance: 319.00 Mil for Q2 2027
Q3 2027 GAAP Operating Margin	Reported		10.0%			0.0%	Same New	Guidance: 10.0% for Q2 2027
Q3 2027 Non-GAAP Operating Margin	Reported		28.0%			-0.5%	Lower New	Guidance: 28.5% for Q2 2027
Q3 2027 GAAP EPS	Reported		0.12		9.1%		Higher New	Guidance: 0.11 for Q2 2027
Q3 2027 Non-GAAP EPS	Reported		0.39		0.0%		Same New	Guidance: 0.39 for Q2 2027
2027 Revenue	Reported		1.29 Bil		0.8%		Raised	Guidance: 1.28 Bil for 2027
2027 GAAP Operating Margin	Reported		9.5%			0.5%	Raised	Guidance: 9.0% for 2027
2027 Non-GAAP Operating Margin	Reported		28.0%			0.0%	Affirmed	Guidance: 28.0% for 2027
2027 GAAP EPS	Reported		0.38		-5.0%		Lowered	Guidance: 0.4 for 2027
2027 Non-GAAP EPS	Reported		1.54		-1.3%		Lowered	Guidance: 1.56 for 2027

Prior: Q1 2027 Earnings Reported 5/26/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2027 Revenue	Reported		319.00 Mil		4.9%		Higher New	Guidance: 304.00 Mil for Q1 2027
Q2 2027 GAAP Operating Margin	Reported		10.0%			1.5%	Higher New	Guidance: 8.5% for Q1 2027
Q2 2027 Non-GAAP Operating Margin	Reported		28.5%			1.0%	Higher New	Guidance: 27.5% for Q1 2027
Q2 2027 GAAP EPS	Reported		0.11		22.2%		Higher New	Guidance: 0.09 for Q1 2027
Q2 2027 Non-GAAP EPS	Reported		0.39		8.3%		Higher New	Guidance: 0.36 for Q1 2027
2027 Revenue	Reported		1.28 Bil		0.4%		Raised	Guidance: 1.27 Bil for 2027
2027 GAAP Operating Margin	Reported		9.0%			-0.5%	Lowered	Guidance: 9.5% for 2027
2027 Non-GAAP Operating Margin	Reported		28.0%			0.0%	Affirmed	Guidance: 28.0% for 2027
2027 GAAP EPS	Reported		0.4		-11.1%		Lowered	Guidance: 0.45 for 2027
2027 Non-GAAP EPS	Reported		1.56		0.6%		Raised	Guidance: 1.55 for 2027

Q4 2026 Earnings Reported 3/3/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2027 Revenue	Reported		304.00 Mil		0		Same New	Actual: 304.00 Mil for Q4 2026
Q1 2027 GAAP Operating Margin	Reported		8.5%			-2.5%	Lower New	Actual: 11.0% for Q4 2026
Q1 2027 Non-GAAP Operating Margin	Reported		27.5%			-2.5%	Lower New	Actual: 30.0% for Q4 2026
Q1 2027 GAAP EPS	Reported		0.09		50.0%		Higher New	Actual: 0.06 for Q4 2026
Q1 2027 Non-GAAP EPS	Reported		0.36		9.1%		Higher New	Actual: 0.33 for Q4 2026
2027 Revenue	Reported		1.27 Bil		8.5%		Higher New	Actual: 1.18 Bil for 2026
2027 GAAP Operating Margin	Reported		9.5%			2.5%	Higher New	Actual: 7.0% for 2026
2027 Non-GAAP Operating Margin	Reported		28.0%			0	Same New	Actual: 28.0% for 2026
2027 GAAP EPS	Reported		0.45		136.8%		Higher New	Actual: 0.19 for 2026
2027 Non-GAAP EPS	Reported		1.55		21.1%		Higher New	Actual: 1.28 for 2026

Q3 2026 Earnings Reported 12/2/2025

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2026 Revenue	Reported		304.00 Mil		1.8%		Higher New	Guidance: 298.50 Mil for Q3 2026
Q4 2026 GAAP Operating Margin	Reported		11.0%			3.0%	Higher New	Guidance: 8.0% for Q3 2026
Q4 2026 Non-GAAP Operating Margin	Reported		30.0%			2.0%	Higher New	Guidance: 28.0% for Q3 2026
Q4 2026 GAAP EPS	Reported		0.06		9.1%		Higher New	Guidance: 0.06 for Q3 2026
Q4 2026 Non-GAAP EPS	Reported		0.33		4.8%		Higher New	Guidance: 0.32 for Q3 2026
2026 Revenue	Reported		1.18 Bil		0.2%		Raised	Guidance: 1.17 Bil for 2026
2026 GAAP Operating Margin	Reported		7.0%			0.0%	Affirmed	Guidance: 7.0% for 2026
2026 Non-GAAP Operating Margin	Reported		28.0%			0.0%	Affirmed	Guidance: 28.0% for 2026
2026 GAAP EPS	Reported		0.19		0.0%		Affirmed	Guidance: 0.19 for 2026
2026 Non-GAAP EPS	Reported		1.28		0.8%		Raised	Guidance: 1.27 for 2026

Insider Activity

Updated 9/1/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Berkovitch, Eli	VP Chief Acct Ofr & Controller	Direct	Sell	9012026	35.99	3,850	138,562	3,793,490	Form
2	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	8072026	32.31	5,834	188,508	16,588,399	Form
3	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	7222026	30.13	5,834	175,778	15,643,978	Form
4	Smith, Dylan C	Chief Financial Officer	Direct	Sell	7102026	29.05	17,000	493,901	38,846,040	Form
5	Berkovitch, Eli	VP Chief Acct Ofr & Controller	Direct	Sell	7102026	28.95	1,800	52,110	3,162,903	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Berkovitch, Eli	VP Chief Acct Ofr & Controller	Direct	Sell	9012026	35.99	3,850	138,562	3,793,490	Form
2	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	8072026	32.31	5,834	188,508	16,588,399	Form
3	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	7222026	30.13	5,834	175,778	15,643,978	Form
4	Smith, Dylan C	Chief Financial Officer	Direct	Sell	7102026	29.05	17,000	493,901	38,846,040	Form
5	Berkovitch, Eli	VP Chief Acct Ofr & Controller	Direct	Sell	7102026	28.95	1,800	52,110	3,162,903	Form
6	Mayer, Bethany		Direct	Sell	6292026	26.00	4,060	105,561	447,933	Form
7	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	6292026	24.97	5,834	145,675	13,110,498	Form
8	Levie, Aaron	Chief Executive Officer	Direct	Sell	6242026	24.32	15,000	364,830	69,917,797	Form
9	Berkovitch, Eli	VP Chief Acct Ofr & Controller	Direct	Sell	6222026	25.32	2,700	68,375	2,861,080	Form
10	Smith, Dylan C	Chief Financial Officer	Direct	Sell	6102026	26.00	17,000	441,966	35,462,546	Form
11	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	6102026	26.17	6,528	170,838	14,451,362	Form
12	Berkovitch, Eli	VP Chief Acct Ofr & Controller	Direct	Sell	5292026	25.36	6,300	159,736	2,933,041	Form
13	Smith, Dylan C	Chief Financial Officer	Direct	Sell	5112026	24.96	23,720	592,094	34,473,463	Form
14	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	5112026	25.17	12,470	313,882	14,064,019	Form
15	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	5042026	25.00	5,942	148,550	14,280,225	Form
16	Smith, Dylan C	Chief Financial Officer	Direct	Sell	4142026	22.09	10,280	227,126	29,052,969	Form
17	Berkovitch, Eli	VP Chief Acct Ofr & Controller	Direct	Sell	4082026	23.85	24,500	584,300	2,277,961	Form
18	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	4082026	24.07	6,528	157,129	11,733,836	Form
19	Evan, Dana L		Direct	Sell	4082026	24.24	17,034	412,870	2,751,619	Form
20	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	3262026	24.10	5,942	143,202	12,504,092	Form
21	Smith, Dylan C	Chief Financial Officer	Direct	Sell	3122026	24.72	17,000	420,172	31,987,324	Form
22	Levie, Aaron	Chief Executive Officer	Direct	Sell	3122026	24.72	15,000	370,815	71,864,689	Form
23	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	3092026	25.78	4,612	118,897	11,993,346	Form
24	Smith, Dylan C	Chief Financial Officer	Direct	Sell	2112026	24.75	17,000	420,682	32,446,831	Form
25	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	1232026	26.04	4,612	120,101	12,234,869	Form
26	Smith, Dylan C	Chief Financial Officer	Direct	Sell	1122026	29.57	17,000	502,656	39,272,070	Form
27	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	12292025	29.84	4,612	137,604	14,155,481	Form
28	Berkovitch, Eli	VP Chief Acct Ofr & Controller	Direct	Sell	12172025	29.96	5,163	154,683	3,705,573	Form
29	Levie, Aaron	Chief Executive Officer	Direct	Sell	12122025	30.53	15,000	457,890	89,197,888	Form
30	Smith, Dylan C	Chief Financial Officer	Direct	Sell	12122025	30.97	17,000	526,422	43,972,123	Form
31	Lazar, Jack R		Direct	Sell	12052025	31.77	2,500	79,420	805,478	Form
32	Smith, Dylan C	Chief Financial Officer	Direct	Sell	11132025	31.36	17,000	533,154	45,067,602	Form
33	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	11132025	31.35	4,612	144,586	15,600,983	Form
34	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	10222025	33.09	4,612	152,611	16,619,486	Form
35	Smith, Dylan C	Chief Financial Officer	Direct	Sell	10142025	33.05	17,000	561,833	48,053,676	Form
36	Nottebohm, Olivia	Chief Operating Officer	Direct	Sell	10142025	33.10	4,612	152,657	16,777,165	Form
37	Berkovitch, Eli	VP Chief Acct Ofr & Controller	Direct	Sell	10082025	32.77	3,500	114,678	4,221,672	Form
38	Lazar, Jack R		Direct	Sell	9302025	32.20	5,000	160,975	896,792	Form
39	Levie, Aaron	Chief Executive Officer	Direct	Sell	9112025	32.81	15,000	492,090	96,352,206	Form
40	Smith, Dylan C	Chief Financial Officer	Direct	Sell	9112025	32.83	51,000	1,674,432	48,615,393	Form

Investor Activity (13F)

Updated Sep 1, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Divisar Capital Management LLC	$15.1 Mil	3.8%	26	ADD +239.3%	13F
Opti Capital Management, LP	$45.7 Mil	3.3%	36	ADD +296.0%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Opti Capital Management, LP	$45.7 Mil	3.3%	36	ADD +296.0%	13F
Divisar Capital Management LLC	$15.1 Mil	3.8%	26	ADD +239.3%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
RGM Capital, LLC	$99.6 Mil	4.8%	17	Exited	13F
Steelhead Partners LLC	$62.7 Mil	4.6%	24	Exited	13F
Sunriver Management LLC	$52.1 Mil	5.5%	23	Exited	13F
Angelo Gordon & Co., L.P.	$17.5 Mil	1.7%	46	Exited	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Opti Capital Management, LP	$45.7 Mil	3.3%	36	ADD +296.0%	13F
Divisar Capital Management LLC	$15.1 Mil	3.8%	26	ADD +239.3%	13F

BOX Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing BOX?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What BOX Makes & Who Pays

TTM figures based on

BOX Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Box — Investor Video Playlist

Investor / Analyst

BOX INC Q2 FY26 Earnings Call | Full Recording | BOX

Alfa finder USA · 2026-08-25

Products & Services

Unified comments, AI mobile search, and video review tools: Box quarterly product release

Box · 2026-08-19

Products & Services

Detect, contain, and recover from a ransomware event with Box Shield Pro

Box · 2026-08-17

Products & Services

Claude Fable 5 on Box AI: Contract review and earnings analysis demo

Box · 2026-06-11

Leadership

Keynote: Unlocking the power of AI begins with your content

Box · 2026-05-20

Products & Services

Unlocking Enterprise Productivity: Introducing the New Box Agent

Box · 2026-04-02

Leadership

Box beat Q2 earnings estimates. CEO Aaron Levie explains how it's utilizing AI

CNBC Television · 2025-08-27

Industry Resources

Information Technology Resources

TechCrunch

Wired

CIO

MIT Technology Review

Gartner Insights

Ars Technica

Application Software Resources

Capterra

Software Advice

InfoWorld

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 8/31/2026

Box (BOX)

Market Price (9/1/2026): $35.16 | Market Cap: $4.8 BilSector: Information Technology | Industry: Application Software

Box (BOX)

Market Price (9/1/2026): $35.16Market Cap: $4.8 BilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

BOX in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Box (BOX)

Share Repurchases

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Box (BOX)

INDUSTRY: Application Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for BOX: 6.6% | 4.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BOX: 6.6% | 42.2x)

Higher Rev Chg LTM (Value for BOX: 9.6%)

Higher Rev Chg 3Y Avg (Value for BOX: 6.6%)

Higher Op Mgn LTM (Value for BOX: 9.4%)

Higher CFO/Rev LTM (Value for BOX: 32.0%)

Higher FCF/Rev LTM (Value for BOX: 28.3%)

Higher Total Yield (Value for BOX: 2.7%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for BOX: 6.6% | 4.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BOX: 6.6% | 42.2x)

Higher Rev Chg LTM (Value for BOX: 9.6%)

Higher Rev Chg 3Y Avg (Value for BOX: 6.6%)

Higher Op Mgn LTM (Value for BOX: 9.4%)

Higher CFO/Rev LTM (Value for BOX: 32.0%)

Higher FCF/Rev LTM (Value for BOX: 28.3%)

Higher Total Yield (Value for BOX: 2.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BOX: 6.6% | 4.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BOX: 6.6% | 42.2x)

Higher Rev Chg LTM (Value for BOX: 9.6%)

Higher Rev Chg 3Y Avg (Value for BOX: 6.6%)

Higher Op Mgn LTM (Value for BOX: 9.4%)

Higher CFO/Rev LTM (Value for BOX: 32.0%)

Higher FCF/Rev LTM (Value for BOX: 28.3%)

Higher Total Yield (Value for BOX: 2.7%)

Best Bets in Information Technology

P/EBIT (Value for BOX: 37.4x)

P/E (Value for BOX: 37.6x)

Rev Chg 3Y Avg (Value for BOX: 6.6%)

Rev Chg LTM (Value for BOX: 9.6%)

Rev Chg Q (Value for BOX: 9.2%)

FCF/Rev 3Y Avg (Value for BOX: 28.0%)

Peer Outperformance in Application Software

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Market Price (9/1/2026): $35.16
Market Cap: $4.8 Bil
Sector: Information Technology
Industry: Application Software