At a glance
Box Inc is worth $5.87B, about 74 times its fiscal 2026 earnings. Revenue grew 8.0% to $1.18B in fiscal 2026, with 9.8% kept as profit; over 5 years it has grown 8.8% a year. It pays no dividend; it spent $1.51B buying back its shares over FY2022–FY2026. The stock returned +31.1% over the past year with dividends reinvested and +10.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.0% in the 2020 crash (S&P 500: 33.7%) and 29.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 8 months after the lows.
The business in plain English
Box sells cloud software that lets organizations store, share, secure and manage their files, a category it calls Intelligent Content Management. It handles unstructured data: documents, PDFs, videos, blueprints and other files that don't fit in a database's rows. Box says this makes up about 90% of an organization's data. One platform covers a file's whole life, from sharing and editing to e-signature, classification and retention. Tools include Box Shield for threat detection and Box Governance for retention rules and legal holds. It connects with more than 1,500 business apps.
Box earns money mainly from subscriptions sold as Software-as-a-Service (SaaS): customers pay a recurring fee to use the software online instead of installing it. It also sells consulting. Box aims to sell its whole platform to larger enterprises, especially in life sciences, financial services, retail and consumer goods, and the public sector, and it is expanding abroad. A free version and online self-service buying bring in individual users, who often spread Box around their workplace; sales teams and resellers then pursue company-wide deals.
In the fiscal year ended January 31, 2026, revenue reached $1.18 billion, up 8%, and it has grown about 8.8% a year since fiscal 2021. Gross margin, the share of sales left after the direct cost of running the service, was 79.2%.
Price history
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BOX +31.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2027 (ended Jul 31, 2026), revenue was $321.1M, up 9.2% from a year earlier, and net income was $19.2M (+43.0%).
- For fiscal 2026, revenue was $1.18B (+8.0% year over year; +8.8% a year from FY2021 to FY2026) with a 9.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +8.8% good |
|---|---|
| Operating margin | 7.1% watch |
| Free cash flow margin | 29.8% good |
| Return on assets (FY2026) | 7.5% watch |
| Net cash (cash minus debt) | $-8.1M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $770.8M | $-43.4M | — |
| FY2022 | $874.3M | $-41.5M | — |
| FY2023 | $990.9M | $26.8M | $292.9M |
| FY2024 | $1.04B | $129.0M | $314.0M |
| FY2025 | $1.09B | $244.6M | $329.7M |
| FY2026 | $1.18B | $115.4M | $350.4M |
Valuation snapshot
| Market value | $5.87B |
|---|---|
| P/E ratio | 73.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Box’s market value went from $2.42B at the end of 2018 to $5.87B on Oct 28, 2026, about 2.4 times as much; since the end of 2025 it is up 37%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.87B | +37.1% |
| 2025 | $4.28B | -5.7% |
| 2024 | $4.54B | +23.5% |
| 2023 | $3.68B | -17.3% |
| 2022 | $4.45B | +14.5% |
| 2021 | $3.88B | +35.6% |
| 2020 | $2.86B | +14.1% |
| 2019 | $2.51B | +3.7% |
| 2018 | $2.42B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BOX price data to Oct 28, 2026 | +43.1% | +31.1% | +21.1% | +10.6% | +11.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +43.1% |
| 2025 | -5.3% |
| 2024 | +23.4% |
| 2023 | -17.7% |
| 2022 | +18.9% |
| 2021 | +45.1% |
| 2020 | +7.6% |
| 2019 | -0.6% |
| 2018 | -20.1% |
| 2017 | +52.4% |
| 2016 | -0.7% |
| 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 25.8% over that stretch · deepest drop along the way 46%, back to its old high 1.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 2.6% over that stretch · deepest drop along the way 29.9%, back to its old high 7.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 15 sales ($4.0M), 12 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 9, 2026 | Dylan C Smith Chief Financial Officer | sell (plan) | $622K |
| Sep 10, 2026 | Dylan C Smith Chief Financial Officer | sell (plan) | $587K |
| Sep 10, 2026 | Aaron Levie Chief Executive Officer, Director | sell (plan) | $514K |
| Jul 10, 2026 | Dylan C Smith Chief Financial Officer | sell (plan) | $494K |
| Jun 22, 2026 | Aaron Levie Chief Executive Officer, Director | sell (plan) | $365K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 16.2% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.24% | Mar 31, 2026 |
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
ETFs with the most weight in BOX
| CLOU Global X Cloud Computing ETF | 3.87% |
| PSCT Invesco S&P SmallCap Information Technology ETF | 3.08% |
| WCLD WisdomTree Cloud Computing Fund | 1.59% |
| FCLD Fidelity Cloud Computing ETF | 1.38% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.1% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.94% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.83% |
| SKYY First Trust Cloud Computing ETF | 0.76% |
What could go wrong
- Microsoft and bigger rivals compete hard. The market for cloud content management is fragmented and fast-changing, with low barriers to entry for some services. Rivals such as Microsoft (SharePoint) are larger, better known and have far more resources.
- Growth depends on renewals and upgrades. Box depends heavily on customers renewing and expanding their subscriptions. If renewals slip or fewer move up to the higher-tier Enterprise Advanced plan, revenue would suffer, though the hit may show up only gradually.
- A data breach would hit trust. Box stores sensitive files for customers in finance, health care and government, and security is central to its pitch. An actual or perceived breach could damage trust, sales and results.
- AI features carry new risks. Box is building AI into its platform, including AI agents in Box Shield Pro, launched in December 2025. The company warns that problems with how it uses AI could hurt sales and results.
- Preferred shareholders rank ahead of common. Box has issued Series A Convertible Preferred Stock, a special share class that can be swapped for common shares. Its holders have preferential rights and voting power, and conversion would dilute ordinary shareholders.
- Convertible debt must eventually be repaid. Box had about $452 million of debt as of July 31, 2026, including 2029 convertible notes (bonds that can turn into shares). It warns cash flow may not cover repaying them in cash.
Recent events
- Executive or board change
- Executive or board change
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Box pays no dividend, and its 10-K says it does not expect to pay one on its Class A shares in the foreseeable future. For an income investor, that means no regular cash payments; any income would have to come from selling shares. Box returns cash through buybacks instead: $1.51 billion from fiscal 2022 through fiscal 2026, including $290 million in fiscal 2026, when free cash flow (cash left after running and investing in the business) was $350 million. The share count fell 9.5% between August 2021 and July 2026.
The stock has swung sharply. In the 2020 COVID crash it fell 46% in March 2020 but recovered by May 8, 2020, in under two months. In the 2022 bear market it dropped 29.9% between April and June 2022 and took about 7.6 months to recover. Its deepest fall over nearly 12 years of price history was 68.6%. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Box pay a dividend?
No. Box does not pay a dividend, and its 10-K filed March 9, 2026 says it does not expect to pay dividends on its Class A common stock in the foreseeable future. Instead, Box returns cash by buying back its own shares, spending $289.8 million on buybacks in the fiscal year ended January 31, 2026. Investors who want regular income from Box shares would need to sell some to raise cash.
How does Box make money?
Box makes money mainly by selling subscriptions to its cloud content platform, which organizations use to store, share, secure and manage files such as documents, PDFs and videos. It also sells consulting services to help customers set up Box and move their content into it. Revenue was $1.18 billion in the fiscal year ended January 31, 2026, up 8%, and $321.1 million in the quarter ended July 31, 2026, up 9.2% from a year earlier.
Is Box profitable?
Yes, Box is profitable, but its earnings have been uneven. Net income was $115.4 million in the fiscal year ended January 31, 2026, down 52.8% from $244.6 million the year before. Box lost money in fiscal 2021 and fiscal 2022. Free cash flow was steadier at $350.4 million, or 29.8% of revenue. Operating margin, the profit from the core business as a share of sales, was 7.1%.
Who are Box's main competitors?
Box names Microsoft, through its SharePoint product, among its primary competitors in enterprise content management. Its 10-K describes the market as fragmented, fast-changing and highly competitive, with low barriers to entry for some services, and says many rivals are larger, better known and better funded. Microsoft is also one of Box's technology partners, alongside Google, Salesforce, Adobe and others whose apps integrate with Box.
What is Box's P/E ratio?
Box traded at about 73.8 times its fiscal 2026 earnings as of October 28, 2026, for a market value of about $5.87 billion. The price-to-earnings (P/E) ratio is the share price divided by a year's profit per share. Box's is high partly because diluted earnings per share fell from $1.36 in fiscal 2025 to $0.58 in fiscal 2026. The stock's year-to-date return was 43.1% as of October 28, 2026.