The company's capital structure remains volatile, evidenced by a debt-to-equity ratio of 3.35 and an accumulated deficit of $829.0M as of 2027Q1.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 |
|---|
| Total Current Assets | 765.56M | 845.17M | 1.1B | 842.18M | 806.76M | 916.56M | 879.29M | 457.73M | 428.55M | 399.19M | 322.1M | 319.99M | 406.23M | 166.45M | 161.98M |
| Cash & Short-Term Investments | 477.04M | 478.06M | 722.82M | 480.69M | 461.25M | 586.27M | 595.08M | 195.59M | 217.52M | 208.08M | 177.39M | 193.12M | 330.44M | 108.85M | 127.63M |
| Cash Only | 378.84M | 375.13M | 624.58M | 383.74M | 428.46M | 416.27M | 595.08M | 195.59M | 217.52M | 208.08M | 177.39M | 185.74M | 330.44M | 108.85M | 127.63M |
| Short-Term Investments | 98.21M | 102.93M | 98.24M | 96.95M | 32.78M | 170M | 0 | 0 | 0 | 0 | 0 | 7.38M | 0 | 0 | 0 |
| Accounts Receivable | 192.34M | 325.14M | 292.71M | 281.49M | 264.51M | 256.31M | 228.31M | 209.43M | 175.13M | 162.13M | 120.11M | 102.57M | 54.17M | 42.67M | 18.8M |
| Days Sales Outstanding | 68.95 | 100.81 | 98 | 99.01 | 97.44 | 107 | 108.12 | 109.79 | 105.07 | 116.92 | 109.99 | 123.67 | 91.36 | 125.4 | 116.71 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 96.18M | 41.97M | 82.26M | 80M | 81M | 46.02M | 39.11M | 35.09M | 24.92M | 20.49M | 15.34M | 15.9M | 9.49M | 7.15M | 10.46M |
| Total Non-Current Assets | 656.09M | 700.89M | 569.74M | 398.98M | 400.4M | 475.44M | 472.4M | 502.26M | 221.61M | 154.38M | 171.57M | 177.49M | 86.44M | 68.98M | 33.81M |
| Property, Plant & Equipment | 108.79M | 121.47M | 77.97M | 99.35M | 201.14M | 278.56M | 354.4M | 388.78M | 137.7M | 123.98M | 117.18M | 120.49M | 58.45M | 41.38M | 29.95M |
| Fixed Asset Turnover | 11.96x | 9.69x | 13.98x | 10.44x | 4.93x | 3.14x | 2.17x | 1.79x | 4.42x | 4.08x | 3.40x | 2.51x | 3.70x | 3.00x | 1.96x |
| Goodwill | 81.72M | 82.29M | 76.97M | 76.75M | 73.86M | 74.47M | 18.74M | 18.74M | 18.74M | 16.29M | 16.29M | 14.3M | 11.24M | 8.08M | 0 |
| Intangible Assets | 98.61M | 94.31M | 74.51M | 46.77M | 39.17M | 17.71M | 24.82M | 25.11M | 3.51M | 24K | 543K | 3.9M | 6.34M | 6.57M | 830K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 91.94M | 118.82M | 94.88M | 100.44M | 86.22M | 104.71M | 74.44M | 69.63M | 61.65M | 14.08M | 37.56M | 38.81M | 10.41M | 12.95M | 3.03M |
| Total Assets | 1.42B | 1.55B | 1.67B | 1.24B | 1.21B | 1.39B | 1.35B | 959.99M | 650.16M | 553.57M | 493.67M | 497.49M | 492.67M | 235.43M | 195.79M |
| Asset Turnover | 0.78x | 0.76x | 0.65x | 0.84x | 0.82x | 0.63x | 0.57x | 0.73x | 0.94x | 0.91x | 0.81x | 0.61x | 0.44x | 0.53x | 0.30x |
| Asset Growth % | 43.11% | -7.28% | 34.35% | 2.82% | -13.28% | 2.98% | 40.8% | 47.65% | 17.45% | 12.13% | -0.77% | 0.98% | 109.26% | 20.24% | - |
| Total Current Liabilities | 717.03M | 802.67M | 922.08M | 679.28M | 715.83M | 718.98M | 612.84M | 577.43M | 463.2M | 393.97M | 297.94M | 250.47M | 166.05M | 122.16M | 57.18M |
| Accounts Payable | 0 | 96.98M | 80.07M | 79.55M | 79.81M | 58.94M | 4.55M | 16.75M | 15.43M | 17.04M | 6.66M | 9.86M | 17.49M | 12.4M | 11.91M |
| Days Payables Outstanding | 94.46 | 144.69 | 128.12 | 111.41 | 115.34 | 86.23 | 7.38 | 28.36 | 32.45 | 45.98 | 21.67 | 41.33 | 135.01 | 174.32 | 304.32 |
| Short-Term Debt | 0 | 0 | 203.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 968K |
| Deferred Revenue (Current) | 2.31B | 647.89M | 588.38M | 562.86M | 544.18M | 519.49M | 443.93M | 407.49M | 353.59M | 291.9M | 228.66M | 168.05M | 107.89M | 78.28M | 38.27M |
| Other Current Liabilities | 86.26M | 0 | 49.72M | 10.06M | 44.09M | 54.7M | 39.12M | 32.52M | 34.48M | 39.99M | 31.17M | 35.93M | 23.19M | 17.31M | 4.4M |
| Current Ratio | 1.07x | 1.05x | 1.19x | 1.24x | 1.13x | 1.27x | 1.43x | 0.79x | 0.93x | 1.01x | 1.08x | 1.28x | 2.45x | 1.36x | 2.83x |
| Quick Ratio | 1.07x | 1.05x | 1.19x | 1.24x | 1.13x | 1.27x | 1.43x | 0.79x | 0.93x | 1.01x | 1.08x | 1.28x | 2.45x | 1.36x | 2.83x |
| Cash Conversion Cycle | -25.51 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 546.12M | 1.04B | 548.17M | 500.85M | 525.2M | 1.07B | 587.78M | 360.2M | 155.56M | 144.63M | 121M | 109.12M | 58.48M | 445.78M | 322.27M |
| Long-Term Debt | 451.61M | 947.39M | 448.64M | 370.82M | 369.35M | 367.46M | 297.61M | 40M | 40M | 40M | 40M | 40M | 40M | 34M | 30.06M |
| Capital Lease Obligations | 228.63M | 76.97M | 68.77M | 94.17M | 118M | 168.19M | 252.88M | 289.57M | 44.6M | 26.98M | 21.7M | 7.32M | 1.24M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 15.27M | 18.31M | 30.76M | 35.86M | 37.85M | 517.71M | 15.6M | 14.28M | 49.51M | 48.63M | 45.98M | 43.44M | 5.08M | 399.99M | 290.38M |
| Total Liabilities | 1.26B | 1.85B | 1.47B | 1.18B | 1.24B | 1.79B | 1.2B | 937.63M | 618.76M | 538.6M | 418.94M | 359.59M | 224.54M | 567.94M | 379.45M |
| Total Debt | 530.86M | 1.02B | 721.32M | 491.8M | 535.1M | 621.5M | 648.15M | 424.54M | 112.91M | 85.82M | 75.44M | 52.01M | 41.86M | 34M | 31.03M |
| Net Debt | 152.02M | 649.23M | 96.74M | 108.06M | 106.64M | 205.22M | 53.07M | 228.96M | -104.6M | -122.25M | -101.95M | -133.73M | -288.57M | -74.85M | -96.6M |
| Debt / Equity | 3.35x | - | 3.66x | 8.06x | - | - | 4.29x | 18.99x | 3.60x | 5.73x | 1.01x | 0.38x | 0.16x | - | - |
| Debt / EBITDA | 3.93x | 8.52x | 7.09x | 4.82x | 5.20x | 11.59x | 17.13x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.13x | 5.40x | 0.95x | 1.06x | 1.04x | 3.83x | 1.40x | - | - | - | - | - | - | - | - |
| Interest Coverage | 11.12x | 9.68x | 15.02x | - | 7.56x | -2.81x | -5.37x | -59.65x | -420.56x | -151.27x | -167.39x | -173.81x | -83.02x | -45.15x | -62.78x |
| Total Equity | 158.5M | -299.28M | 197.28M | 61.03M | -33.86M | -395.09M | 151.06M | 22.36M | 31.41M | 14.97M | 74.73M | 137.9M | 268.13M | -332.51M | -183.66M |
| Equity Growth % | 1458.74% | -251.71% | 223.23% | 280.25% | 91.43% | -361.53% | 575.69% | -28.81% | 109.81% | -79.97% | -45.81% | -48.57% | 180.64% | -81.05% | - |
| Book Value per Share | 1.13 | -2.04 | 1.33 | 0.41 | -0.23 | -2.54 | 0.97 | 0.15 | 0.22 | 0.11 | 0.59 | 1.14 | 2.25 | -3.48 | -1.92 |
| Total Shareholders' Equity | 158.5M | -299.28M | 197.28M | 61.03M | -33.86M | -395.09M | 151.06M | 22.36M | 31.41M | 14.97M | 74.73M | 137.9M | 268.13M | -332.51M | -183.66M |
| Common Stock | 14K | 14K | 14K | 14K | 14K | 15K | 16K | 15K | 14K | 13K | 13K | 12K | 12K | 1K | 1K |
| Retained Earnings | -829.03M | -846.76M | -962.14M | -1.21B | -1.34B | -1.36B | -1.32B | -1.28B | -1.13B | -1.04B | -884.13M | -732.34M | -529.39M | -361.17M | -192.61M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -1.18M | -1.18M | -1.18M | -1.18M | -1.18M | -1.18M | -1.18M | -1.18M | -1.18M |
| Accumulated OCI | -2.15M | -142K | -11.92M | -9.69M | -7.07M | -4.54M | -938K | -307K | 23K | 288K | -120K | -84K | -56K | 15K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and negative equity
According to the latest quarterly filings, Box's equity position has fluctuated significantly, dropping to negative $299.3M in 2026Q4 before recovering to $158.5M in 2027Q1, a trend that suggests ongoing volatility in the company's capital structure as it balances debt-funded operations with aggressive share repurchases.
The erratic movement in shareholder equity appears to be driven by a combination of persistent accumulated deficits and the impact of capital allocation strategies. Investors should monitor whether this instability reflects a structural weakness or merely the temporary effects of aggressive financial engineering aimed at offsetting dilution.
Based on reported financial statements, Box maintains a debt-to-equity ratio of 3.35 as of 2027Q1, with total debt reaching $530.9M, indicating that the company relies heavily on external financing to support its operations and capital return programs in a competitive enterprise software environment.
The reliance on debt appears to be a strategic choice to maintain liquidity while returning capital to shareholders, yet it leaves the balance sheet sensitive to interest rate fluctuations. The high leverage relative to equity warrants further investigation into the company's long-term debt maturity profile and its ability to service these obligations through organic cash flow.
As reported in recent quarterly data, Box's current ratio has hovered near 1.07 as of 2027Q1, suggesting that the company operates with a narrow liquidity buffer that may limit its flexibility to navigate unexpected operational shocks or sudden shifts in enterprise IT spending cycles.
A current ratio barely above parity implies that the company's ability to meet short-term obligations is tightly coupled with its ability to collect on deferred revenue. This tight liquidity position suggests that any material slowdown in renewals could quickly pressure the company's working capital position.
Based on the provided balance sheet data, Box carries a substantial accumulated deficit of $829.0M as of 2027Q1, which indicates that historical operational losses continue to weigh heavily on the company's book value and overall equity quality despite recent improvements in GAAP profitability.
The persistent negative retained earnings suggest that the company's historical growth phase was achieved at a significant cost to the balance sheet. While the company is now generating cash, the legacy of these deficits remains a primary factor in the company's thin equity base and warrants caution regarding long-term solvency.
Quick answers to the most common questions about buying BOX stock.
As of 2026, Box, Inc. (BOX) had total assets of $1.55B including $845.2M in current assets.
Box, Inc. (BOX) carries total debt of $1.02B, offset by $478.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Box, Inc. (BOX) has total shareholders' equity (book value) of $-299.3M ($-2.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Box, Inc. (BOX) reported a current ratio of 1.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.