Box Inc. (BXCAP) intrinsic value & 10-year financials
Box Inc. (BXCAP) has a Graham intrinsic value of $19.27 per share. Over the last 10 fiscal years revenue grew 12.8% a year to $1.2B, with an average return on invested capital of -10.9%.
- Graham intrinsic value
- $19.27
- Revenue (FY2026)
- $1.2B
- Revenue growth (10-yr CAGR)
- 12.8%
- ROIC (10-yr avg)
- -10.9%
- Free cash flow (FY2026)
- $350.4M
BXCAP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $1.2B | $115.4M | $0.58 | $350.4M | 7.1% | -48.0% |
| FY2025 | $1.1B | $244.6M | $1.36 | $329.7M | 7.3% | -29.0% |
| FY2024 | $1.0B | $129.0M | $0.67 | $314.0M | 4.9% | -12.5% |
| FY2023 | $990.9M | $26.8M | $0.00 | $292.9M | 3.7% | -8.0% |
| FY2022 | $874.3M | -$41.5M | -$0.00 | — | -3.2% | 37.2% |
| FY2021 | $770.8M | -$43.4M | -$0.00 | — | -4.9% | -28.6% |
| FY2020 | $696.3M | -$144.3M | — | $39.3M | -20.0% | -508.8% |
| FY2019 | $608.4M | -$134.6M | — | $40.5M | -22.1% | 105.4% |
| FY2018 | $506.1M | -$155.0M | — | $23.6M | -30.4% | 142.8% |
| FY2017 | $398.6M | -$151.8M | — | -$17.3M | -37.8% | 240.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BOX INC is a consistent compounder, expanding top-line revenue at 12.8% annually over the past decade.
BOX INC has earned high returns on invested capital, averaging 15.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, BOX INC shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BOX INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $19.27 per share.