BOX INC
BOX, BXCAP · Services-Prepackaged Software · 138.4M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$22M (gross $177M, SBC $199M)
Reference price $24.32 · est. market cap ~$3.4B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Content-cloud vendor with high gross margins and strong free cash flow; negative equity and slow growth temper it.
Strengths
- Strong FCF — $350.4M (69th), FCF margin 29.8%
- Profitable, good returns on assets — net margin 9.8%, ROA 7.5% (77th)
- High gross margin — 79.2%
Risks
- Negative equity — ROE -38.6% and D/E -1.51 from buybacks
- Slow growth — revenue +8.0% (21st)
- Competitive content-collaboration market — per 10-K
Notable findings
- Negative equityNegative book equity (debt/equity -1.51)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
- Strong balance sheetStrong balance sheet — $171M cash & investments
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 20 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$6M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
79.2%
Operating margin
7.1%
Net margin
9.8%
Return on equity
-38.6%
Return on assets
7.5%
ROIC
43.3%
Revenue growth (QoQ)
0.0%
Net-income growth
-52.8%
Debt / equity
-1.5×
Net debt / EBITDA
2.4×
Interest coverage
7.8×
Current ratio
1.1×
Free cash flow
$350M
EBITDA
$116M
Tangible book value
-$476M
Cash & investments
$171M
Stock comp / revenue
19.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Levie Aaron | Sell | 15K | $24.32 |
| 2026-06-20 | Smith Dylan C | Tax withheld | 10.0K | $24.84 |
| 2026-06-20 | Nottebohm Olivia | Tax withheld | 21K | $24.84 |
| 2026-06-20 | Berkovitch Eli | Tax withheld | 1.9K | $24.84 |
| 2026-06-17 | Berkovitch Eli | Sell | 2.7K | $25.32 |
| 2026-06-10 | Nottebohm Olivia | Sell | 6.5K | $26.17 |
| 2026-06-10 | Smith Dylan C | Sell | 17K | $26.00 |
| 2026-06-09 | Levie Aaron | Gift | 19K | — |
| 2026-05-28 | Berkovitch Eli | Sell | 6.3K | $25.36 |
| 2026-05-11 | Smith Dylan C | Sell | 22K | $24.91 |
| 2026-05-11 | Smith Dylan C | Sell | 1.7K | $25.64 |
| 2026-05-08 | Nottebohm Olivia | Sell | 12K | $25.17 |
| 2026-05-01 | Nottebohm Olivia | Sell | 5.9K | $25.00 |
| 2026-04-22 | Smith Dylan C | Tax withheld | 2.3K | $24.33 |
| 2026-04-22 | Levie Aaron | Grant | 2.0K | — |
| 2026-04-22 | Levie Aaron | Tax withheld | 791 | $24.33 |
| 2026-04-22 | Smith Dylan C | Grant | 4.6K | — |
| 2026-04-22 | Nottebohm Olivia | Grant | 4.3K | — |
| 2026-04-22 | Nottebohm Olivia | Tax withheld | 2.2K | $24.33 |
| 2026-04-22 | Berkovitch Eli | Grant | 6.1K | — |
| 2026-04-22 | Berkovitch Eli | Tax withheld | 2.2K | $24.33 |
| 2026-04-15 | Smith Dylan C | Grant | 88K | — |
| 2026-04-15 | Nottebohm Olivia | Grant | 88K | — |
| 2026-04-15 | Berkovitch Eli | Grant | 22K | — |
| 2026-04-10 | Smith Dylan C | Sell | 10K | $22.09 |
| 2026-04-08 | Berkovitch Eli | Sell | 24K | $23.85 |
| 2026-04-07 | Nottebohm Olivia | Sell | 6.5K | $24.07 |
| 2026-04-06 | EVAN DANA L | Option exercise | 17K | $11.19 |
| 2026-04-06 | EVAN DANA L | Sell | 17K | $24.24 |
| 2026-04-02 | Smith Dylan C | Tax withheld | 27K | $23.67 |
| 2026-04-02 | Nottebohm Olivia | Tax withheld | 25K | $23.67 |
| 2026-03-25 | Nottebohm Olivia | Sell | 5.9K | $24.10 |
| 2026-03-20 | Smith Dylan C | Tax withheld | 17K | $23.86 |
| 2026-03-20 | Berkovitch Eli | Tax withheld | 2.2K | $23.86 |
| 2026-03-20 | Nottebohm Olivia | Tax withheld | 13K | $23.86 |
| 2026-03-11 | Smith Dylan C | Grant | 73K | — |
| 2026-03-11 | Nottebohm Olivia | Grant | 73K | — |
| 2026-03-10 | Smith Dylan C | Sell | 17K | $24.72 |
| 2026-03-10 | Levie Aaron | Sell | 15K | $24.72 |
| 2026-03-06 | Nottebohm Olivia | Sell | 4.6K | $25.78 |
| 2026-02-10 | Smith Dylan C | Sell | 17K | $24.75 |
| 2026-01-21 | Nottebohm Olivia | Sell | 4.6K | $26.04 |
| 2026-01-09 | Smith Dylan C | Sell | 17K | $29.57 |
| 2025-12-26 | Nottebohm Olivia | Sell | 4.6K | $29.84 |
| 2025-12-24 | EVAN DANA L | Gift | 1.0K | — |
| 2025-12-24 | EVAN DANA L | Gift | 1.2K | — |
| 2025-12-20 | Smith Dylan C | Tax withheld | 9.8K | $30.44 |
| 2025-12-20 | Nottebohm Olivia | Tax withheld | 19K | $30.44 |
| 2025-12-20 | Berkovitch Eli | Tax withheld | 1.9K | $30.44 |
| 2025-12-18 | Smith Dylan C | Gift | 65K | — |
| 2025-12-15 | Berkovitch Eli | Sell | 5.2K | $29.96 |
| 2025-12-10 | Levie Aaron | Sell | 15K | $30.53 |
| 2025-12-10 | Smith Dylan C | Sell | 17K | $30.97 |
| 2025-12-04 | LAZAR JACK R | Sell | 2.5K | $31.77 |
| 2025-11-10 | Smith Dylan C | Sell | 17K | $31.36 |
| 2025-11-10 | Nottebohm Olivia | Sell | 4.6K | $31.35 |
| 2025-10-21 | Nottebohm Olivia | Sell | 4.6K | $33.09 |
| 2025-10-10 | Smith Dylan C | Sell | 17K | $33.05 |
| 2025-10-10 | Nottebohm Olivia | Sell | 4.6K | $33.10 |
| 2025-10-07 | Berkovitch Eli | Sell | 3.5K | $32.77 |
| 2025-09-26 | LAZAR JACK R | Sell | 5.0K | $32.20 |
| 2025-09-20 | Smith Dylan C | Tax withheld | 9.8K | $32.17 |
| 2025-09-20 | Berkovitch Eli | Tax withheld | 1.9K | $32.71 |
| 2025-09-20 | Nottebohm Olivia | Tax withheld | 19K | $32.17 |
| 2025-09-10 | Smith Dylan C | Sell | 51K | $32.83 |
| 2025-09-10 | Levie Aaron | Sell | 15K | $32.81 |
| 2025-08-08 | Nottebohm Olivia | Sell | 2.0K | $32.00 |
| 2025-07-21 | Nottebohm Olivia | Sell | 2.0K | $32.50 |
| 2025-07-10 | Berkovitch Eli | Sell | 3.0K | $33.34 |
| 2025-07-10 | Levie Aaron | Sell | 15K | $33.35 |
| 2025-07-08 | EVAN DANA L | Sell | 7.6K | $33.51 |
| 2025-06-30 | Mayer Bethany | Gift | 6.3K | — |
| 2025-06-30 | Mayer Bethany | Sell | 5.1K | $34.06 |
| 2025-06-30 | Mayer Bethany | Gift | 6.3K | — |
| 2025-06-27 | Barsamian Sue | Grant | 6.2K | — |
| 2025-06-27 | Mayer Bethany | Grant | 9.0K | — |
| 2025-06-27 | LAZAR JACK R | Grant | 6.2K | — |
| 2025-06-27 | LEVIN DANIEL J | Grant | 6.2K | — |
| 2025-06-27 | EVAN DANA L | Grant | 6.2K | — |
| 2025-06-27 | Walia Amit | Grant | 6.2K | — |
| 2025-06-27 | Murphy Stephen Francis | Grant | 6.2K | — |
| 2025-06-25 | Nottebohm Olivia | Sell | 2.0K | $34.60 |
| 2025-06-24 | Levie Aaron | Gift | 5.8K | — |
| 2025-06-20 | Nottebohm Olivia | Tax withheld | 19K | $35.02 |
| 2025-06-20 | Berkovitch Eli | Tax withheld | 1.9K | $35.02 |
| 2025-06-20 | Smith Dylan C | Tax withheld | 9.8K | $35.02 |
| 2025-06-17 | Smith Dylan C | Option exercise | 34K | — |
| 2025-06-10 | Smith Dylan C | Sell | 13K | $37.23 |
| 2025-06-10 | Nottebohm Olivia | Sell | 1.3K | $37.43 |
| 2025-06-04 | Levie Aaron | Gift | 7.9K | — |
| 2025-05-30 | Berkovitch Eli | Sell | 5.9K | $37.70 |
| 2025-05-29 | LEVIN DANIEL J | Option exercise | 37K | $17.52 |
| 2025-05-29 | LEVIN DANIEL J | Sell | 37K | $36.74 |
| 2025-05-09 | Smith Dylan C | Sell | 13K | $31.52 |
| 2025-05-09 | Nottebohm Olivia | Sell | 3.4K | $31.54 |
| 2025-04-22 | Smith Dylan C | Tax withheld | 1.8K | $29.31 |
| 2025-04-22 | Berkovitch Eli | Grant | 4.3K | — |
| 2025-04-22 | Berkovitch Eli | Tax withheld | 1.5K | $29.31 |
| 2025-04-22 | Levie Aaron | Tax withheld | 613 | $29.31 |
| 2025-04-22 | Nottebohm Olivia | Tax withheld | 1.7K | $29.31 |
| 2025-04-21 | Nottebohm Olivia | Sell | 2.1K | $29.52 |
| 2025-04-15 | Smith Dylan C | Grant | 68K | — |
| 2025-04-15 | Nottebohm Olivia | Grant | 3.4K | — |
| 2025-04-15 | Nottebohm Olivia | Grant | 68K | — |
| 2025-04-15 | Levie Aaron | Grant | 1.5K | — |
| 2025-04-15 | Berkovitch Eli | Grant | 20K | — |
| 2025-04-15 | Smith Dylan C | Grant | 3.6K | — |
| 2025-04-10 | Berkovitch Eli | Sell | 2.8K | $29.58 |
| 2025-04-10 | Smith Dylan C | Sell | 13K | $29.72 |
| 2025-04-07 | Nottebohm Olivia | Sell | 1.3K | $29.01 |
| 2025-04-04 | Smith Dylan C | Tax withheld | 15K | $31.08 |
| 2025-04-02 | Smith Dylan C | Tax withheld | 14K | $31.32 |
| 2025-04-02 | Nottebohm Olivia | Tax withheld | 13K | $31.32 |
| 2025-03-25 | Nottebohm Olivia | Grant | 80K | — |
| 2025-03-25 | Smith Dylan C | Grant | 86K | — |
| 2025-03-25 | Nottebohm Olivia | Sell | 2.1K | $30.76 |
| 2025-03-24 | Berkovitch Eli | Sell | 5.7K | $30.66 |
| 2025-03-24 | EVAN DANA L | Option exercise | 12K | $17.55 |
| 2025-03-20 | Smith Dylan C | Tax withheld | 21K | $30.83 |
| 2025-03-20 | Nottebohm Olivia | Tax withheld | 12K | $30.83 |
| 2025-03-20 | Berkovitch Eli | Tax withheld | 2.8K | $30.83 |
| 2025-03-10 | Levie Aaron | Sell | 10K | $32.08 |
| 2025-03-10 | Smith Dylan C | Sell | 13K | $31.95 |
| 2025-02-10 | Nottebohm Olivia | Sell | 6.1K | $34.42 |
| 2025-02-10 | Smith Dylan C | Sell | 13K | $34.32 |
| 2025-01-21 | Nottebohm Olivia | Sell | 6.1K | $31.91 |
| 2025-01-10 | Smith Dylan C | Gift | 30K | — |
| 2025-01-10 | Smith Dylan C | Sell | 13K | $31.05 |
| 2025-01-10 | Berkovitch Eli | Sell | 4.8K | $31.06 |
| 2024-12-31 | Smith Dylan C | Option exercise | 120K | $14.05 |
| 2024-12-31 | Smith Dylan C | Tax withheld | 46K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-26 | ResultsExhibits | filing ↗ |
| 2026-03-03 | ResultsExhibits | filing ↗ |
| 2025-12-02 | ResultsExhibits | filing ↗ |
| 2025-08-26 | ResultsExhibits | filing ↗ |
| 2025-07-03 | Exec/director change5.03Shareholder voteExhibits | filing ↗ |
| 2025-05-27 | ResultsExhibits | filing ↗ |
| 2025-03-04 | ResultsExhibits | filing ↗ |
| 2024-12-20 | Material agreementDebt obligationExec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-27 | 2026-04-30 | 0001193125-26-241872 ↗ |
| 8-K | 2026-05-26 | 2026-05-26 | 0001193125-26-239239 ↗ |
| 10-K | 2026-03-09 | 2026-01-31 | 0001193125-26-098466 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001193125-26-088171 ↗ |
| 10-Q | 2025-12-03 | 2025-10-31 | 0001193125-25-306665 ↗ |
| 8-K | 2025-12-02 | 2025-12-02 | 0001193125-25-305247 ↗ |
| 10-Q | 2025-08-27 | 2025-07-31 | 0000950170-25-111701 ↗ |
| 8-K | 2025-08-26 | 2025-08-26 | 0000950170-25-111447 ↗ |
| 8-K | 2025-07-03 | 2025-06-27 | 0001193125-25-155484 ↗ |
| 10-Q | 2025-05-29 | 2025-04-30 | 0000950170-25-078934 ↗ |
| 8-K | 2025-05-27 | 2025-05-27 | 0000950170-25-077683 ↗ |
| 10-K | 2025-03-10 | 2025-01-31 | 0000950170-25-036261 ↗ |