At a glance
Boise Cascad Llc is worth $2.59B, about 21 times its fiscal 2025 earnings. Revenue fell 4.8% to $6.40B in fiscal 2025, with 2.1% kept as profit; over 5 years it has grown 3.2% a year. It pays a 1.19% dividend yield, and returned $1.37B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.3% over the past year with dividends reinvested and +11.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.6% in the 2020 crash (S&P 500: 33.7%) and 34.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 9 months after the lows.
The business in plain English
Boise Cascade does two connected jobs in the building industry. It is one of the largest U.S. wholesale distributors of building materials and a leading North American maker of engineered wood products (EWP) and plywood. EWP are factory-made beams and joists, such as laminated veneer lumber and I-joists, made from wood layers or pieces bonded together. Its products go into new homes, repair-and-remodeling work, and light commercial and industrial buildings. Revenue was $6.4 billion in 2025.
The Building Materials Distribution segment (BMD) runs 40 distribution facilities across the U.S. It sells mainly to dealers, home improvement centers and specialty distributors, which resell to homebuilders, contractors and homeowners. In 2025, general line items such as siding, decking, doors, roofing and insulation made up 45.2% of BMD sales. Commodities (lumber, plywood and oriented strand board) made up 35.0%, and EWP 19.8%. It favors general line and EWP because their margins are higher and steadier.
The Wood Products segment runs the mills, and BMD is its largest customer, taking about 75% of what it produces. That lets Boise Cascade earn a margin at both the factory and the warehouse. The drawback is that both segments depend on the same U.S. housing and remodeling demand, which moves with mortgage rates, jobs and the economy, and commodity wood prices can swing sharply.
Price history
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BCC +4.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.80B, up 8.1% from a year earlier, and net income was $36.4M (+67.2%).
- For fiscal 2025, revenue was $6.40B (-4.8% year over year; +3.2% a year from FY2020 to FY2025) with a 2.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.2% watch |
|---|---|
| Operating margin | 2.9% weak |
| Free cash flow margin | 0.2% watch |
| Return on equity (FY2025) | 6.4% weak |
| Return on assets (FY2025) | 4.1% watch |
| Net cash (cash minus debt) | $-63.5M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.47B | $175.0M | $215.1M |
| FY2021 | $7.93B | $712.5M | $560.5M |
| FY2022 | $8.39B | $857.7M | $927.1M |
| FY2023 | $6.84B | $483.7M | $472.0M |
| FY2024 | $6.72B | $376.4M | $208.8M |
| FY2025 | $6.40B | $132.8M | $12.7M |
Valuation snapshot
| Market value | $2.59B |
|---|---|
| P/E ratio | 21.1 |
| Dividend yield | 1.19% |
Rank among 1514 US companies
Market value at each year end
Boise Cascad Llc’s market value went from $871.9M at the end of 2016 to $2.59B on Oct 28, 2026, about 3.0 times as much; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.59B | -4.8% |
| 2025 | $2.73B | -40.3% |
| 2024 | $4.56B | -10.9% |
| 2023 | $5.12B | +89.1% |
| 2022 | $2.71B | -3.3% |
| 2021 | $2.80B | +49.4% |
| 2020 | $1.87B | +31.6% |
| 2019 | $1.42B | +53.4% |
| 2018 | $928.0M | -39.7% |
| 2017 | $1.54B | +76.5% |
| 2016 | $871.9M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BCC price data to Oct 28, 2026 | +2.2% | +4.3% | -3.6% | +11.9% | +19.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.2% |
| 2025 | -37.5% |
| 2024 | -3.9% |
| 2023 | +106.8% |
| 2022 | +1.6% |
| 2021 | +62.8% |
| 2020 | +37.2% |
| 2019 | +59.2% |
| 2018 | -38.4% |
| 2017 | +77.7% |
| 2016 | -11.9% |
| 2015 | -31.3% |
| 2014 | +26.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.4% over that stretch · deepest drop along the way 49.6%, back to its old high 3.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.1% over that stretch · deepest drop along the way 34.7%, back to its old high 8.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (21 read): 0 open-market purchases and 3 sales ($666K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 13, 2026 | Jill Twedt SVP General Counsel & Corp Sec | sell | $403K |
| Aug 5, 2026 | Kristopher J Matula Director | sell | $163K |
| Aug 27, 2026 | Jill Twedt SVP General Counsel & Corp Sec | sell | $99K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.5% | Mar 31, 2025 |
| Vanguard Portfolio Management | 6.23% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.9% | Mar 31, 2025 |
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
| Wellington Management Group LLP | 5.2% | Jun 30, 2026 |
ETFs with the most weight in BCC
| ZIG Acquirers Fund | 3.58% |
| PSCI Invesco S&P SmallCap Industrials ETF | 1.73% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.03% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 1% |
| SYLD Cambria Shareholder Yield ETF | 0.85% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.79% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.76% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.64% |
What could go wrong
- Lumber and panel prices swing sharply. Lumber, plywood and oriented strand board trade like commodities, priced on short-term supply and demand. Prices can fall below Boise Cascade's purchase or production costs, which can force losses or mill slowdowns.
- Housing slowdowns cut demand. Sales track U.S. new home building, repair-and-remodel work and light commercial construction. These depend on mortgage rates, affordability, jobs and consumer confidence, and the company has very little control over them.
- A mill outage hurts both segments. The distribution arm buys substantially all of its EWP from the company's own mills. A serious disruption at one plant could leave customers short and reduce sales in both segments.
- Sales lean on a few big customers. A large share of sales goes to a small number of customers. Losing one could hurt results, and so could customers struggling to pay their bills during a downturn.
- Expansion has raised fixed costs. Heavy spending on mills, distribution centers and acquisitions has raised fixed costs. If demand weakens, those costs remain and squeeze already thin margins. Acquisitions may also fall short of plans.
- Tariffs and imports move prices. U.S. wood supply depends heavily on imports, mainly from Canada and South America. Changes in tariffs, duties or exchange rates can shift product prices and the company's input costs.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Other company announcement
- Investor presentation or announcement
- Quarterly results released; Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
Boise Cascade pays a dividend, but not a steady one. It has no streak of annual increases. Dividends per share went from $2.00 in fiscal 2020 to $8.70 in fiscal 2023, then fell to $0.86 in fiscal 2025. The yield was 1.19% as of October 28, 2026. In fiscal 2025, dividends used 26.1% of earnings but 272.3% of free cash flow (cash left after capital spending), so cash flow alone did not cover them. Buybacks of $183 million that year far exceeded the $35 million paid in dividends. The share count fell 11.3% between October 2021 and July 2026.
The stock has fallen hard in downturns. It dropped 49.6% in the 2020 COVID crash and recovered in about 3.8 months. It fell 34.7% in the 2022 bear market and recovered in about 8.8 months. Its deepest decline over 13.7 years of price history was 67.7%. A single stock like this carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Boise Cascade make money?
Boise Cascade makes money in two linked ways. Its Building Materials Distribution segment buys lumber, panels, siding, decking, doors and other products from outside suppliers and resells them through 40 U.S. facilities to dealers, home improvement centers and specialty distributors. Its Wood Products segment makes engineered wood products and plywood, and about 75% of that output goes to the company's own distribution arm. That setup lets it earn a margin at both steps. Revenue was $6.4 billion in 2025.
Does Boise Cascade pay a dividend?
Yes, but the amount has been uneven. Dividends per share were $0.86 for 2025, down from $5.82 in 2024 and $8.70 in 2023. The yield was 1.19% as of October 28, 2026. From 2020 to 2025, per-share dividends shrank by an average of 15.5% a year. In 2025, dividends equaled 26.1% of earnings but 272.3% of free cash flow, the cash left after capital spending. The 10-K warns the company may not pay cash dividends in the future.
How much did Boise Cascade's profits fall in 2025?
Sharply. Net income fell 64.7% to $132.8 million in 2025, and diluted earnings per share (profit for each share) dropped to $3.53 from $9.57 in 2024. Revenue slipped 4.8% to $6.4 billion, leaving a net profit margin of just 2.1%. In the quarter ended June 30, 2026, revenue rose 5.2% from a year earlier, but net income fell 7.5% to $57.3 million. As of October 28, 2026, the shares traded at 21.1 times 2025 earnings.
How volatile is Boise Cascade stock?
Quite volatile. Over the year to October 28, 2026, its volatility, a measure of how widely the price swings, was 37.8%, and its deepest drop from a peak over three years was 56.5%. In calendar years, it gained 106.8% in 2023 and lost 37.5% in 2025. In the 2020 COVID crash it fell 49.6% but recovered within 3.8 months. Over the 10 years to October 28, 2026, it still returned 19.7% a year.
Does Boise Cascade have a lot of debt?
A modest amount compared with its equity. As of June 30, 2026, it had $448.4 million of total debt and $304.8 million of cash and investments, so net debt was about $143.6 million, against shareholders' equity of about $2.03 billion. The company has also bought back stock, and its share count fell 11.3% between October 29, 2021 and July 31, 2026. Its 10-K still warns that debt agreements limit some decisions and that large investments and acquisitions have raised fixed costs.