# Box, Inc. (BOX)

> Source: Nexqual · https://nexqual.com/BOX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Box, Inc. (BOX), nexqual.com/BOX" · informational, not investment advice.

**Price:** USD 42.78 (+1.93% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 41.97 · day 41.7–42.9 · 52w 21.34–42.9 · market cap $5.87B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $1.23B, net income $131M (10.6% margin), free cash flow $389M (SEC filings).
- Valuation: P/E 44.9x (avg 27.7x at the last 3 fiscal year-ends), EV/EBITDA 40.2x, net debt $308M.
- Insider open-market sales, last ~7 months: 24 Form 4 filings, $7.1M; 7 not under a Rule 10b5-1 plan ($1.6M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 13 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.67 on a 1–5 scale) (9 analysts), mean target USD 39.86 (range 26–50).
- Total return with dividends: 1Y +28.6% vs S&P 500 +14.9%; 5Y +63.5% vs S&P 500 +80.3%.
- Next earnings: 2026-08-25, EPS estimate USD 0.39, revenue estimate $329M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $874M | $991M | $1.04B | $1.09B | $1.18B | $1.23B |
| Gross profit | $625M | $738M | $777M | $862M | $933M | — |
| Operating income | -$27.6M | $36.8M | $50.8M | $79.6M | $83.2M | $116M |
| Net income | -$41.5M | $26.8M | $129M | $245M | $115M | $131M |
| EPS (diluted) | -$0.35 | $0.06 | $0.67 | $1.36 | $0.58 | — |
| Free cash flow | — | $293M | $314M | $330M | $350M | $389M |
| Gross margin | 71.5% | 74.5% | 74.9% | 79.1% | 79.2% | — |
| Operating margin | -3.2% | 3.7% | 4.9% | 7.3% | 7.1% | 9.4% |
| Net margin | -4.7% | 2.7% | 12.4% | 22.4% | 9.8% | 10.6% |
| Revenue growth | +13.4% | +13.3% | +4.7% | +5.0% | +8.0% | — |
| Cash + short-term investments | $586M | $231M | $256M | $287M | $171M | — |
| Total debt | $367M | $369M | $371M | $653M | $451M | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 44.9x · P/S 4.8x · EV/EBITDA 40.2x · EV/Sales 5.0x · P/FCF 15.1x · FCF yield 6.63% · Earnings yield 2.23% · Buyback yield (TTM) 6.58% · Net debt $308M · EV $6.18B
P/E at fiscal year-ends: Jan 2026 32.8x, Jan 2025 20.3x, Jan 2024 29.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
17 of 24 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-09 | Smith Dylan C | Chief Financial Officer | 17,000 | $622K | 1.3% | Yes (adopted June 4, 2026) | Routine (sold in Jan & Feb & Mar & Apr & May & Jun & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-10-05 | Nottebohm Olivia | Chief Operating Officer | 5,293 | $183K | 1.1% | Yes (adopted July 2, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-15 | Evan Dana L | Director | 6,158 | $216K | 5.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-10 | Levie Aaron | Chief Executive Officer | 15,000 | $514K | 0.5% | Yes (adopted March 20, 2026) | Routine (sold in Sep & Dec each year 2023–2025) |
| 2026-09-10 | Smith Dylan C | Chief Financial Officer | 17,000 | $587K | 1.3% | Yes (adopted June 4, 2026) | Routine (sold in Jan & Feb & Mar & Apr & May & Jun & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-31 | Berkovitch Eli | VP Chief Acct Ofr & Controller | 3,850 | $139K | 3.5% | No | Routine (sold in Jan & Jul each year 2023–2025; this trade is outside those months) |
| 2026-08-07 | Nottebohm Olivia | Chief Operating Officer | 5,834 | $189K | 1.1% | Yes (adopted July 9, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-21 | Nottebohm Olivia | Chief Operating Officer | 5,834 | $176K | 1.1% | Yes (adopted July 9, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-10 | Smith Dylan C | Chief Financial Officer | 17,000 | $494K | 1.3% | Yes (adopted May 29, 2025) | Routine (sold in Jan & Feb & Mar & Apr & May & Jun & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-08 | Berkovitch Eli | VP Chief Acct Ofr & Controller | 1,800 | $52K | 1.6% | No | Routine (sold in Jan & Jul each year 2023–2025) |
| 2026-06-26 | Mayer Bethany | Director | 4,060 | $106K | 4.7% | Yes (adopted September 22, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-25 | Nottebohm Olivia | Chief Operating Officer | 5,834 | $146K | 1.1% | Yes (adopted July 9, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-22 | Levie Aaron | Chief Executive Officer | 15,000 | $365K | 0.5% | Yes (adopted March 20, 2026) | Routine (sold in Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-17 | Berkovitch Eli | VP Chief Acct Ofr & Controller | 2,700 | $68K | 2.4% | No | Routine (sold in Jan & Jul each year 2023–2025; this trade is outside those months) |
| 2026-06-10 | Smith Dylan C | Chief Financial Officer | 17,000 | $442K | 1.2% | Yes (adopted May 29, 2025) | Routine (sold in Jan & Feb & Mar & Apr & May & Jun & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-06-10 | Nottebohm Olivia | Chief Operating Officer | 6,528 | $171K | 1.2% | Yes (adopted July 9, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-28 | Berkovitch Eli | VP Chief Acct Ofr & Controller | 6,300 | $160K | 5.2% | No | Routine (sold in Jan & Jul each year 2023–2025; this trade is outside those months) |
| 2026-05-11 | Smith Dylan C | Chief Financial Officer | 23,720 | $592K | 1.7% | Yes (adopted May 29, 2025) | Routine (sold in Jan & Feb & Mar & Apr & May & Jun & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-05-08 | Nottebohm Olivia | Chief Operating Officer | 12,470 | $314K | 2.2% | Yes (adopted July 9, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-01 | Nottebohm Olivia | Chief Operating Officer | 5,942 | $149K | 1% | Yes (adopted July 9, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 9 analysts; mean target USD 39.86 (low 26, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-26 | Morgan Stanley | Target raised | Equal-Weight | $33 → $36 |
| 2026-08-26 | Citigroup | Target raised | Buy | $37 → $40 |
| 2026-08-26 | DA Davidson | Target raised | Buy | $45 → $50 |
| 2026-08-26 | RBC Capital | Reiterated | Underperform | $26 |
| 2026-08-26 | UBS | Target raised | Neutral | $29 → $37 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +28.6% | +63.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +28.7% | +10.3% |
| Volatility (annualized) | 38.3% | 33.0% |
| Max drawdown | -35.8% (Oct 2025→Apr 2026) | -43.5% (May 2025→Apr 2026) |

## Peers (Software - Infrastructure)
ACIW (ACI Worldwide, Inc.) USD 56.19 +4.33% · VRNS (Varonis Systems, Inc.) USD 48.89 +0.41% · MBGL (Mobility Global Inc.) USD 19.28 +4.10% · RELY (Remitly Global, Inc.) USD 25.32 -0.39% · DOX (Amdocs Limited) USD 63.57 +3.20% · WEX (WEX Inc.) USD 198.14 +5.65%

## More
Full page: https://nexqual.com/BOX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BOX's own 10-K filed 2026-03-09 (https://www.sec.gov/Archives/edgar/data/1372612/000119312526098466/box-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Alphabet (Google) (GOOGL) | "We have a rich technology partner ecosystem, offering integrations with partners such as Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microsoft, Okta, Oracle-NetSuite, Palo Alto Networks, Salesforce, Service…" |
| Partner | Apple (AAPL) | "We have a rich technology partner ecosystem, offering integrations with partners such as Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microsoft, Okta, Oracle-NetSuite, Palo Alto Networks, Salesforce, Service…" |
| Partner | Salesforce (CRM) | "We have a rich technology partner ecosystem, offering integrations with partners such as Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microsoft, Okta, Oracle-NetSuite, Palo Alto Networks, Salesforce, Service…" |
| Partner | Adobe (ADBE) | "We have a rich technology partner ecosystem, offering integrations with partners such as Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microsoft, Okta, Oracle-NetSuite, Palo Alto Networks, Salesforce, Service…" |
| Partner | Cisco (CSCO) | "We have a rich technology partner ecosystem, offering integrations with partners such as Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microsoft, Okta, Oracle-NetSuite, Palo Alto Networks, Salesforce, Service…" |
| Partner | IBM (IBM) | "We have a rich technology partner ecosystem, offering integrations with partners such as Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microsoft, Okta, Oracle-NetSuite, Palo Alto Networks, Salesforce, Service…" |
| Partner | Oracle (ORCL) | "We have a rich technology partner ecosystem, offering integrations with partners such as Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microsoft, Okta, Oracle-NetSuite, Palo Alto Networks, Salesforce, Service…" |
| Partner | ServiceNow (NOW) | "We have a rich technology partner ecosystem, offering integrations with partners such as Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microsoft, Okta, Oracle-NetSuite, Palo Alto Networks, Salesforce, Service…" |
| Partner | OpenAI | "For example, Box has announced partnerships with Microsoft's Azure OpenAI, Google Cloud's Vertex AI, and Anthropic's Claude and Amazon Titan via Amazon Bedrock." |
| Partner | Anthropic | "For example, Box has announced partnerships with Microsoft's Azure OpenAI, Google Cloud's Vertex AI, and Anthropic's Claude and Amazon Titan via Amazon Bedrock." |
| Partner | Amazon (AMZN) | "For example, Box has announced partnerships with Microsoft's Azure OpenAI, Google Cloud's Vertex AI, and Anthropic's Claude and Amazon Titan via Amazon Bedrock." |
| Partner | Institutional Shareholder Services | "Rating Partners: We participated in environmental, social, and governance surveys and evaluations for organizations such as Carbon Disclosure Project, Ecovadis, and Institutional Shareholder Services, Inc." |
| Competitor | Microsoft (MSFT) | "In the content management market, our primary competitors include, but are not limited to, Microsoft (SharePoint) and OpenText (Documentum)." |

## Customer concentration

Period ended 2026-07-31: 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-26).

## Company outlook (8-K filed 2026-08-25)

- "Q3 FY27 Guidance • Revenue is expected to be approximately $329 million, up 9% year-over-year, or 11% on a constant currency basis."
- "This includes an expected headwind of approximately 170 basis points due to FX. • GAAP operating margin is expected to be approximately 10.0% and non-GAAP operating margin is expected to be approximately 28.0%."
- "This includes an expected headwind of approximately 80 basis points due to FX. • GAAP net income per share attributable to common stockholders is expected to be approximately $0.12."
- "This includes an expected headwind of approximately $0.02 due to FX. • Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $0.39."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.39 | $0.39 | -0.3% | $329.0M | 9 |
| Next quarter (ends 2027-01-31) | $0.38 | $0.41 | -7.8% | $333.9M | 8 |
| Current fiscal year (ends 2027-01-31) | $1.54 | $1.58 | -2.3% | $1.29B | 9 |
| Next fiscal year (ends 2028-01-31) | $1.74 | $1.80 | -3.5% | $1.40B | 9 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 40.4% | ±9.1% |
| 2026-12-18 | 56 | 45.2% | ±14.3% |
| 2027-01-15 | 84 | 42.8% | ±16.4% |
| 2027-03-19 | 147 | 42.5% | ±22.2% |
| 2027-06-17 | 237 | 41.4% | ±26.5% |