Box

BOX

Software - Infrastructure · Technology

Also trades as: 0HP1.L

Price

$32.91

+0.01 (+0.03%)

Market Cap

$4.56B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Strong

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Share count falling — buybacks

−5.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 155.6M (2022) → 146.4M (2026)

Winston Score History

The full picture

Box, Inc. makes software that lets businesses store, share, and manage files in the cloud. Its main product is an online platform where employees can upload documents, collaborate on them, and control who has access — similar to a shared digital filing cabinet. Box focuses on large companies and government agencies, competing in the cloud content management industry against rivals like Microsoft and Google.

Box makes money by charging businesses a recurring subscription fee based on the number of users and the level of features they need. The company operates globally but earns most of its revenue in the United States, and it generates strong gross margins near 80%, which reflects the efficiency of selling software at scale. Its main competitive advantage is its focus on security and compliance features that highly regulated industries — like healthcare, finance, and government — require, but its biggest risk is pressure from larger tech companies that bundle similar file-sharing tools into products businesses already pay for.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+350.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$295M/ year

↑ Rising (+11% vs prior year)

25.0% of revenue

1.7x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

3.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$477M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Box is putting 25% of revenue into R&D and that number is rising. That's 1.7x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

79.5%

Premium pricing power — 79.5% gross margin

Profit after running costs

Operating Margin

9.0%

Modest — 9.0% operating margin

Return on the money invested

ROCE

17.1%

Strong — 17.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+9.5%

Steady sales growth (+9.5% YoY)

Profit growth

EPS YoY

-49.8%

Earnings shrinking (-49.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

333%

Turns 333% of profit into real cash

Spare cash per sale

FCF Margin

29.2%

Converts sales into free cash efficiently (29.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

2.85

Heavy debt load (2.85)

Covers its interest

Interest Cover

10.03x

Comfortably covers interest (10.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

48.8x

Expensive — P/E 48.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+24.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (48.8 → 24.7)

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Dividends

Dividend

Dividend Yield

3.65%

Moderate income — 3.65% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+22.8%

Dividend growing fast (22.8% YoY)

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