BOX
BOX on NYSE. Box sells software that stores and manages files for organizations. Market value $4.8bn.
Price checks use the past 12 months to July 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to January 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $7.24 of spare cash last year. A savings account pays about $4.
You pay 42.5 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 46 of 100. Price score: 48 of 100. Our list needs 70 on quality and 60 on price.
$35.27 a share, 65% above its 1-year low
Over the past year the price has ranged from $21.34 to $36.34.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $874m | $991m | $1.0bn | $1.1bn | $1.2bn |
| Operating margin | |||||
| Operating margin | -3.2% | 3.7% | 4.9% | 7.3% | 7.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.14bn | 0.14bn | 0.14bn | 0.14bn | 0.14bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsSlow, 8.8% a year
- Buying back its own sharesYes, 4% fewer since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $321 million last quarter, up 9% on a year ago.
- Profit: $19 million, up 43% on a year ago.
- It keeps 9 cents of each $1 of sales as operating profit, up from 6 cents a year earlier.
- 8% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $109 million more than cash. A year ago it had $4 million more cash than debt.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $276m |
| January 2025 | $280m |
| April 2025 | $276m |
| July 2025 | $294m |
| October 2025 | $301m |
| January 2026 | $306m |
| April 2026 | $306m |
| July 2026 | $321m |
| Quarter to | Amount |
|---|---|
| October 2024 | $13m |
| January 2025 | $194m |
| April 2025 | $8m |
| July 2025 | $13m |
| October 2025 | $12m |
| January 2026 | $82m |
| April 2026 | $18m |
| July 2026 | $19m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 25 November 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 396 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $239,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $239,000 | <0.1% |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- BlackRock$675m
- Vanguard Portfolio Management$296m
- Earnest Partners$189mCut
- Vanguard Capital Management$160mCut
- State Street$157mAdded
- Acadian Asset Management$132mAdded
- Arrowstreet Capital, Limited Partnership$114mCut
- Citadel Advisors$99mAdded
- Geode Capital Management$96mAdded
- Bank of America$92mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor16.2%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor8.2%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 16.2% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 8.2% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 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. 7 sold $12m, $10m of it under preset trading plans.
- Nottebohm OliviaChief Operating OfficerSoldunder a preset trading plan
- Date
- 5 October 2026
- Shares
- 5,293
- Price
- $34.50
- Value
- $182,609
- EVAN DANA LDirectorSold
- Date
- 15 September 2026
- Shares
- 6,158
- Price
- $35.00
- Value
- $215,530
- Levie AaronChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 10 September 2026
- Shares
- 15,000
- Price
- $34.24
- Value
- $513,660
- Smith Dylan CChief Financial OfficerSoldunder a preset trading plan
- Date
- 10 September 2026
- Shares
- 17,000
- Price
- $34.52
- Value
- $586,874
- Berkovitch EliVP Chief Acct Ofr & ControllerSold
- Date
- 31 August 2026
- Shares
- 3,850
- Price
- $35.99
- Value
- $138,562
- Nottebohm OliviaChief Operating OfficerSoldunder a preset trading plan
- Date
- 7 August 2026
- Shares
- 5,834
- Price
- $32.31
- Value
- $188,508
- Nottebohm OliviaChief Operating OfficerSoldunder a preset trading plan
- Date
- 21 July 2026
- Shares
- 5,834
- Price
- $30.13
- Value
- $175,778
- Smith Dylan CChief Financial OfficerSoldunder a preset trading plan
- Date
- 10 July 2026
- Shares
- 17,000
- Price
- $29.05
- Value
- $493,901
- Berkovitch EliVP Chief Acct Ofr & ControllerSold
- Date
- 8 July 2026
- Shares
- 1,800
- Price
- $28.95
- Value
- $52,110
- Mayer BethanyDirectorSoldunder a preset trading plan
- Date
- 26 June 2026
- Shares
- 4,060
- Price
- $26.00
- Value
- $105,569
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | Nottebohm Olivia Chief Operating Officer | Sold under a preset trading plan | 5,293 | $34.50 | $182,609 |
| 15 September 2026 | EVAN DANA L Director | Sold | 6,158 | $35.00 | $215,530 |
| 10 September 2026 | Levie Aaron Chief Executive Officer, Director | Sold under a preset trading plan | 15,000 | $34.24 | $513,660 |
| 10 September 2026 | Smith Dylan C Chief Financial Officer | Sold under a preset trading plan | 17,000 | $34.52 | $586,874 |
| 31 August 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Sold | 3,850 | $35.99 | $138,562 |
| 7 August 2026 | Nottebohm Olivia Chief Operating Officer | Sold under a preset trading plan | 5,834 | $32.31 | $188,508 |
| 21 July 2026 | Nottebohm Olivia Chief Operating Officer | Sold under a preset trading plan | 5,834 | $30.13 | $175,778 |
| 10 July 2026 | Smith Dylan C Chief Financial Officer | Sold under a preset trading plan | 17,000 | $29.05 | $493,901 |
| 8 July 2026 | Berkovitch Eli VP Chief Acct Ofr & Controller | Sold | 1,800 | $28.95 | $52,110 |
| 26 June 2026 | Mayer Bethany Director | Sold under a preset trading plan | 4,060 | $26.00 | $105,569 |
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 9 Mar 2026, plus the 10-Q filed 26 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
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 42.5× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
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
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.