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Friday 6 November 2026
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Box, Inc.
BOX Technology Software Infrastructure
Box, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $1.2 billion, up 7.99% from fiscal 2025.
- Revenue
- +9.23%
- EPS
- +66.7%
- Free cash flow
- +65.8%
- Total debt
- −30.9%
Quarter to July 2026, against a year earlier
43.69
0.36
−0.82%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 399 | 506 | 608 | 696 | 771 | 874 | 991 | 1,038 | 1,090 | 1,177 | 1,234 | +12.8% | 1,290 | 1,404 | 1,526 | +9.0% | |
| Gross margin, % | 71.87 | 73.28 | 71.47 | 69.04 | 70.84 | 71.47 | 74.51 | 74.89 | 79.08 | 79.22 | 79.55 | +7.4 pt | ||||||
| EBT | (151) | (154) | (133) | (143) | (42) | (37) | 34 | 63 | 85 | 99 | 121 | n/m | ||||||
| EBT margin, % | (37.85) | (30.47) | (21.90) | (20.53) | (5.48) | (4.28) | 3.47 | 6.03 | 7.81 | 8.39 | 9.82 | +46.2 pt | ||||||
| Net income | (152) | (155) | (135) | (144) | (43) | (41) | 27 | 129 | 245 | 115 | 131 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 3.13 | 3.78 | 4.30 | 4.71 | 4.95 | 5.62 | 6.90 | 7.20 | 7.56 | 8.16 | 8.98 | +11.3% | |||||
| Earnings | (1.19) | (1.16) | (0.95) | (0.98) | (0.28) | (0.35) | 0.06 | 0.69 | 1.40 | 0.60 | 0.72 | n/m | ||||||
| Cash flow | (0.02) | 0.26 | 0.39 | 0.30 | 1.26 | 1.51 | 2.08 | 2.21 | 2.30 | 2.47 | 2.87 | n/m | ||||||
| Capex | (0.12) | (0.09) | (0.12) | (0.09) | (0.11) | (0.07) | (0.11) | (0.13) | (0.15) | (0.28) | (0.32) | +10.4% | ||||||
| Free cash flow | (0.14) | 0.18 | 0.27 | 0.21 | 1.16 | 1.44 | 1.96 | 2.08 | 2.15 | 2.19 | 2.55 | n/m | ||||||
| Book value | 0.59 | 0.11 | 0.22 | 0.15 | 0.97 | (2.54) | (3.65) | (2.99) | (2.06) | (2.08) | (2.56) | n/m | ||||||
| Shares, m | 127 | 134 | 141 | 148 | 156 | 156 | 144 | 144 | 144 | 144 | 141 | +1.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 639.80 | 37.65 | 23.85 | 42.43 | 60.68 | 74.4 | |||||
| P/S | 5.46 | 5.89 | 4.86 | 3.19 | 3.56 | 4.65 | 4.64 | 3.61 | 4.42 | 3.17 | 4.86 | 4.3 | ||||||
| P/B | 29.12 | 199.00 | 94.16 | 99.34 | 18.18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 44.0 | ||||||
| EV/Sales | 5.17 | 5.61 | 4.64 | 3.22 | 3.38 | 4.50 | 4.62 | 3.54 | 4.35 | 3.32 | 5.04 | 4.2 | ||||||
| EV/FCF | (117.53) | 121.24 | 75.34 | 72.28 | 14.48 | 17.55 | 16.28 | 12.23 | 15.30 | 12.40 | 17.77 | 24.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (2) | 35 | 55 | 45 | 197 | 235 | 298 | 319 | 332 | 356 | 394 | n/m | |||||
| Capex | (15) | (12) | (18) | (13) | (16) | (10) | (16) | (18) | (22) | (41) | (44) | +11.9% | ||||||
| Free cash flow | (17) | 24 | 38 | 31 | 180 | 224 | 281 | 300 | 310 | 316 | 350 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 24 | 5 | (35) | (120) | 266 | 198 | 91 | 163 | 176 | 89 | 42 | +15.5% | |||||
| Net debt | (102) | (122) | (105) | 23 | (139) | (133) | (15) | (110) | (70) | (27) | 8 | (13.7%) | ||||||
| Shareholders’ equity | 75 | 15 | 31 | 22 | 151 | (395) | (524) | (431) | (297) | (299) | (351) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (30.63) | (29.59) | (22.37) | (17.93) | (3.76) | (3.93) | 0.66 | 8.10 | 13.86 | 5.42 | 6.64 | +36.1 pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | (192.86) | (196.91) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | (142.77) | (345.51) | (580.56) | (536.99) | (50.09) | 44.16 | (1.86) | (20.77) | (55.37) | (29.20) | (32.39) | +113.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 1,495 | 1,784 | 1,980 | 2,046 | 1,934 | 2,172 | 2,487 | 2,530 | 2,810 | 2,912 | — | +7.7% | |||||
| Revenue/emp, $m | 0.27 | 0.28 | 0.31 | 0.34 | 0.40 | 0.40 | 0.40 | 0.41 | 0.39 | 0.40 | — | +4.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jan 2026 · latest quarter Jul 2026
Business profile
Box, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PATH UiPath, Inc. | $6.8B | 19.5× | 35.1× | +13.42% (above 0%: growing) | +2,233.33% (above 0%: growing) | −29.52% (below 0%: shrinking) | 80.36% | 7.70% | Compare |
| ACIW ACI Worldwide, Inc. | $6.0B | 36.1× | 21.6× | −11.52% (below 0%: shrinking) | −63.64% (below 0%: shrinking) | +74.53% (above 0%: growing) | 45.78% | 12.27% | Compare |
| BOX Box, Inc. | $6.0B | 60.7× | 109× | +9.23% (above 0%: growing) | +66.67% (above 0%: growing) | +65.84% (above 0%: growing) | 79.08% | 10.16% | |
| WEX WEX Inc. | $5.9B | 15.3× | 14.8× | +12.76% (above 0%: growing) | +69.05% (above 0%: growing) | −117.04% (below 0%: shrinking) | 63.16% | 30.61% | Compare |
| MBGL Mobility Global Inc. | $5.9B | — | — | — | — | — | 71.37% | 17.52% | Compare |
| VRNS Varonis Systems, Inc. | $5.6B | — (loss-making) | — (loss-making) | +17.26% (above 0%: growing) | n/m | −10.99% (below 0%: shrinking) | 75.25% | (25.18%) | Compare |
| BB BlackBerry Limited | $4.9B | 62.9× | 60.2× | +26.00% (above 0%: growing) | +200.00% (above 0%: growing) | +1,470.59% (above 0%: growing) | 77.83% | 20.58% | Compare |
| TENB Tenable Holdings, Inc. | $4.6B | 333× | 222× | +9.49% (above 0%: growing) | +400.00% (above 0%: growing) | +24.39% (above 0%: growing) | 77.81% | 6.05% | Compare |
| RELY Remitly Global, Inc. | $4.6B | 12.5× | 16.3× | +21.54% (above 0%: growing) | +700.00% (above 0%: growing) | +197.33% (above 0%: growing) | 0.00% | 13.61% | Compare |
| Median of peers | $5.7B | 27.8× | 28.4× | +13.42% | +300.00% | +24.39% | 73.31% | 12.94% |
From the latest earnings call
- CEO Aaron Levie said customer adoption of Enterprise Advanced helped drive the quarter, with price-per-seat increases and seat expansion contributing to net retention.
- CFO Dylan Smith said growing platform and AI adoption, alongside public cloud capacity constraints, were affecting gross margin compared with Box’s initial expectations.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
101.89%
Held by the ten largest
58.47%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 25.44m | 18.54% | +116.26k |
| Vanguard | 18.48m | 13.47% | −278.25k |
| EARNEST PARTNERS LLC | 7.12m | 5.19% | −185.76k |
| State Street | 5.93m | 4.32% | +245.65k |
| ACADIAN ASSET MANAGEMENT LLC | 4.96m | 3.62% | +239.35k |
| Arrowstreet Capital | 4.31m | 3.14% | −605.22k |
| Citadel Advisors | 3.72m | 2.71% | +1.39m |
| Geode Capital Management | 3.63m | 2.65% | +95.56k |
| Bank of America | 3.47m | 2.53% | +115.25k |
| SEI | 3.15m | 2.30% | −48.06k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 13 May 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 257.08k | (9.15m) | 146.00 |
| 2025 | 12.61m | 13.29m | 193.00 |
| 2024 | 211.27k | 211.27k | 150.00 |
| 2023 | 273.58k | (790.42k) | 184.00 |
| 2022 | 292.51k | 252.51k | 151.00 |
Ownership
Directors and executive officers, together
4.00%
Entities Affiliated with KKR
28.50%
BlackRock, Inc.
16.90%
Entities Affiliated with Soros Fund Management
13.30%
Vanguard Portfolio Management
8.20%
Entities Affiliated with Hudson Bay Capital Management, LP
8.00%
Earnest Partners, LLC
5.60%
Vanguard Capital Management
5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Box, Inc. (BOX) Latest News
5 Nov
24 Sep
23 Sep
26 Aug
25 Aug
BOX metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Box sells cloud software that helps organizations manage and work with their content, including documents, videos, blueprints and other files. Its platform covers the content lifecycle: creating or importing files, sharing and editing them, obtaining approvals and signatures, and retaining them. Customers can use it within their organizations and with external partners.
The service combines file storage and collaboration with security, compliance and workflow tools. Administrators can set access permissions and retention policies, while employees can share and work on files across devices. Box Sign handles electronic signatures, and Box Relay automates tasks such as routing documents and assigning work. Box Apps lets customers build applications without writing code.