Boise Cascade
BCC on NYSE. Boise Cascade sells wood building products to builders, dealers, and distributors. Market value $2.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.92 of spare cash in the past 12 months. A savings account pays about $4.
You pay 17.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 29 cents a year. Above 10 is good.
Quality score: 84 of 100. Price score: 67 of 100. Our list needs 70 on quality and 60 on price.
$75.45 a share, 16% above its 1-year low
Over the past year the price has ranged from $65.00 to $91.97.
Dividend: 1.3% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $103 million in the past 12 months, $13 million in the year to December 2025.
| Revenue | |||||
| Revenue | $7.9bn | $8.4bn | $6.8bn | $6.7bn | $6.4bn |
| Operating margin | |||||
| Operating margin | 12.3% | 13.8% | 9.1% | 7.3% | 2.9% |
| Debt to equity | |||||
| Debt to equity | 0.35 | 0.23 | 0.22 | 0.22 | 0.22 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.03bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.22× equity
- Revenue growth, five yearsSlow, 3.2% a year
- Buying back its own sharesYes, 12% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.8 billion last quarter, up 5% on a year ago.
- Profit: $57 million, down 7% on a year ago.
- It keeps 2 cents of each $1 of sales as operating profit, down from 5 cents a year earlier.
- Spare cash over the past 12 months: $103 million. A year earlier it spent $14 million more than it brought in.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $190 million more than cash. A year ago it had $19 million more cash than debt.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.7bn |
| December 2024 | $1.6bn |
| March 2025 | $1.5bn |
| June 2025 | $1.7bn |
| September 2025 | $1.7bn |
| December 2025 | $1.5bn |
| March 2026 | $1.5bn |
| June 2026 | $1.8bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $91m |
| December 2024 | $69m |
| March 2025 | $40m |
| June 2025 | $62m |
| September 2025 | $22m |
| December 2025 | $9m |
| March 2026 | $18m |
| June 2026 | $57m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
7 long-term investors we follow own it, unchanged from 7 last quarter. 334 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $8m
- Share of fund
- <0.1%
- Miller Value PartnersBill Miller IV
- Value
- $3m
- Share of fund
- 0.7%
- Barrow HanleyBarrow Hanley team
- Value
- $16,458
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third Avenue ManagementMatthew Fine | $47m | 7.5% | Added |
| First Eagle Investment ManagementMatthew McLennan | $30m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $10m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $8m | <0.1% | |
| Miller Value PartnersBill Miller IV | $3m | 0.7% | |
| Gotham Asset ManagementJoel Greenblatt | $324,726 | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $16,458 | <0.1% |
Largest holders overall
- BlackRock$464mCut
- Dimensional Fund Advisors LP$177m
- Vanguard Portfolio Management$171m
- Wellington Management Group LLP$142mCut
- Vanguard Capital Management$124m
- State Street$116mAdded
- Alliancebernstein L.P.$99mCut
- Geode Capital Management$72m
- American Century Companies$69mCut
- Nomura Asset Management International$57mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor15.5%Since 31 March 2025
- Wellington Management Company LLPPassive investor7.0%−0.9 ptsSince 31 December 2025
- Vanguard Portfolio ManagementPassive investor6.2%Since 31 March 2026
- Dimensional Fund Advisors LPPassive investor5.9%Since 31 March 2025
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Wellington Management Group LLPPassive investorat least 5.2%−2.4 pts(filed with 2 related holders)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 15.5% | 31 March 2025 | |
Wellington Management Company LLP Passive investor | 7.0%−0.9 pts | 31 December 2025 | |
Vanguard Portfolio Management Passive investor | 6.2% | 31 March 2026 | |
Dimensional Fund Advisors LP Passive investor | 5.9% | 31 March 2025 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Wellington Management Group LLP Passive investor | at least 5.2%−2.4 pts (filed with 2 related holders) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $665,841.
- Twedt JillSVP General Counsel & Corp SecSold
- Date
- 27 August 2026
- Shares
- 1,250
- Price
- $79.40
- Value
- $99,250
- MATULA KRISTOPHER JDirectorSold
- Date
- 5 August 2026
- Shares
- 1,930
- Price
- $84.58
- Value
- $163,239
- Twedt JillSVP General Counsel & Corp SecSold
- Date
- 13 May 2026
- Shares
- 6,070
- Price
- $66.45
- Value
- $403,352
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 27 August 2026 | Twedt Jill SVP General Counsel & Corp Sec | Sold | 1,250 | $79.40 | $99,250 |
| 5 August 2026 | MATULA KRISTOPHER J Director | Sold | 1,930 | $84.58 | $163,239 |
| 13 May 2026 | Twedt Jill SVP General Counsel & Corp Sec | Sold | 6,070 | $66.45 | $403,352 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
Changes in or failure to comply with laws and regulations could adversely impact our business, financial condition and results of operations.
Could happenWe are subject to a wide array of federal, state, and local laws and regulations relating to (among other things), safety, marketing, labor and employment, imports and customs, transportation, intellectual property, anti-corruption, and social matters. These laws and regulations may expand mandatory reporting, increase the scope and complexity of matters that we are required to regulate, assess, and disclose, potentially limit our sourcing flexibility or require extensive system or other changes that could increase the cost of doing business. Failure to comply could result in harm to our customers, employees, suppliers or others, significant costs to satisfy compliance, remediation or compensatory requirements, or the imposition of severe penalties or restrictions on operations by governmental agencies or courts that could adversely affect our business, results of operations and financial condition.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
It just passed both our tests. The deep dive checks what the numbers can't.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.