Latest Ratios: P/E Ratio 55.7x · EV/EBITDA 43.2x · ROE N/A. (2013–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $3.7B | $5.0B | $3.9B | $4.8B | $4.1B | $2.7B | $2.2B | $3.0B | $3.0B | $2.2B |
| Enterprise Value | $5.2B | $4.4B | $5.1B | $4.0B | $4.9B | $4.3B | $2.8B | $2.4B | $2.9B | $2.9B | $2.1B |
| P/E Ratio → | 55.71 | 42.97 | 24.55 | 38.78 | 177.72 | — | — | — | — | — | — |
| P/S Ratio | 3.87 | 3.15 | 4.55 | 3.72 | 4.85 | 4.65 | 3.51 | 3.19 | 4.86 | 5.89 | 5.46 |
| P/B Ratio | — | — | 25.16 | 63.25 | — | — | 17.89 | 99.34 | 94.16 | 199.00 | 29.12 |
| P/FCF | 13.00 | 10.59 | 15.05 | 12.18 | 16.37 | 17.67 | 14.39 | 56.57 | 72.99 | 126.38 | — |
| P/OCF | 12.77 | 10.41 | 14.94 | 12.11 | 16.12 | 17.31 | 13.73 | 49.67 | 53.45 | 84.16 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.70 | 4.64 | 3.82 | 4.96 | 4.88 | 3.57 | 3.52 | 4.69 | 5.64 | 5.20 |
| EV / EBITDA | 43.25 | 36.25 | 49.74 | 38.91 | 47.76 | 79.65 | 72.83 | — | — | — | — |
| EV / EBIT | 62.54 | 42.11 | 55.46 | 78.19 | 133.31 | — | — | — | — | — | — |
| EV / FCF | — | 12.45 | 15.35 | 12.52 | 16.73 | 18.56 | 14.67 | 62.40 | 70.41 | 121.19 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.2% | 79.2% | 79.1% | 74.9% | 74.5% | 71.5% | 70.8% | 69.0% | 71.5% | 73.3% | 71.9% |
| Operating Margin | 7.1% | 7.1% | 7.3% | 4.9% | 3.7% | -3.2% | -4.9% | -20.0% | -22.1% | -30.4% | -37.8% |
| Net Profit Margin | 8.6% | 8.6% | 22.4% | 12.4% | 2.7% | -4.7% | -5.6% | -20.7% | -22.1% | -30.6% | -38.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | 189.4% | 949.7% | — | — | -50.1% | -537.0% | -580.6% | -345.5% | -142.8% |
| ROA | 6.3% | 6.3% | 16.8% | 10.5% | 2.1% | -3.0% | -3.8% | -17.9% | -22.4% | -29.6% | -30.6% |
| ROIC | 19.4% | 19.4% | 25.8% | 31.5% | 38.0% | -290.3% | -12.4% | -117.5% | — | — | — |
| ROCE | 11.2% | 11.2% | 12.2% | 9.6% | 6.3% | -3.9% | -6.7% | -49.0% | -77.5% | -86.7% | -68.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 3.66 | 8.06 | — | — | 4.29 | 18.99 | 3.60 | 5.73 | 1.01 |
| Debt / EBITDA | 8.52 | 8.52 | 7.09 | 4.82 | 5.20 | 11.59 | 17.13 | — | — | — | — |
| Net Debt / Equity | — | — | 0.49 | 1.77 | — | — | 0.35 | 10.24 | -3.33 | -8.17 | -1.36 |
| Net Debt / EBITDA | 5.40 | 5.40 | 0.95 | 1.06 | 1.04 | 3.83 | 1.40 | — | — | — | — |
| Debt / FCF | — | 1.85 | 0.29 | 0.34 | 0.36 | 0.89 | 0.28 | 5.83 | -2.58 | -5.19 | — |
| Interest Coverage | 9.68 | 9.68 | 15.02 | — | 7.56 | -2.81 | -5.37 | -59.65 | -420.56 | -151.27 | -167.39 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.05 | 1.05 | 1.19 | 1.24 | 1.13 | 1.27 | 1.43 | 0.79 | 0.93 | 1.01 | 1.08 |
| Quick Ratio | 1.05 | 1.05 | 1.19 | 1.24 | 1.13 | 1.27 | 1.43 | 0.79 | 0.93 | 1.01 | 1.08 |
| Cash Ratio | 0.60 | 0.60 | 0.78 | 0.71 | 0.64 | 0.82 | 0.97 | 0.34 | 0.47 | 0.53 | 0.60 |
| Asset Turnover | — | 0.76 | 0.65 | 0.84 | 0.82 | 0.63 | 0.57 | 0.73 | 0.94 | 0.91 | 0.81 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 100.81 | 98.00 | 99.01 | 97.44 | 107.00 | 108.12 | 109.79 | 105.07 | 116.92 | 109.99 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.4% | 0.3% | 0.4% | 0.3% | 0.2% | — | — | — | — | — |
| Payout Ratio | — | — | 6.1% | 11.6% | 56.2% | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 2.3% | 4.1% | 2.6% | 0.6% | — | — | — | — | — | — |
| FCF Yield | 7.7% | 9.4% | 6.6% | 8.2% | 6.1% | 5.7% | 6.9% | 1.8% | 1.4% | 0.8% | — |
| Buyback Yield | 6.4% | 7.8% | 4.3% | 4.6% | 5.7% | 13.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.7% | 8.2% | 4.6% | 5.0% | 6.0% | 14.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $146M | $149M | $149M | $150M | $156M | $156M | $148M | $141M | $134M | $127M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying BOX stock.
Box, Inc.'s current P/E ratio is 55.7x. The historical average is 71.0x. This places it at the 75th percentile of its historical range.
Box, Inc.'s current EV/EBITDA is 43.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 54.2x.
Based on historical data, Box, Inc. is trading at a P/E of 55.7x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Box, Inc.'s current dividend yield is 0.31%.
Box, Inc. has 79.2% gross margin and 7.1% operating margin.
Box, Inc.'s Debt/EBITDA ratio is 8.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
AI competition from Microsoft
Metrics are mathematically derived from official filings.
Utility Multiple vs. AI Platform Potential
Box trades at a forward EV/EBITDA of 19.28x, a significant discount to high-growth SaaS peers like Datadog, suggesting the market prices it as a mature utility rather than a platform with AI-driven upside.
The valuation gap is stark when compared to the peer group; Box's forward P/E of 27.18x is a fraction of Datadog's 789.93x, indicating the market assigns minimal value to Box's future growth optionality. This discount appears to reflect a perception of Box as a commoditized storage provider, despite its 79% gross margins and strategic positioning in enterprise governance. The key question for investors is whether the successful monetization of Box AI could trigger a re-rating toward a higher-growth multiple.
Gross Margin Strength vs. Operating Leverage Limits
Box's gross margin has remained exceptionally stable near 79% for ten quarters, but the operating margin of 10.2% suggests that further expansion may be constrained by the high fixed costs of R&D and S&M required to compete.
The durability of the ~79% gross margin is a key strength, indicating strong pricing power and an efficient hybrid infrastructure model. However, the path to significantly higher operating margins appears challenging, as R&D and S&M remain substantial investments necessary to fend off hyperscalers. The recent achievement of consistent GAAP profitability is a positive milestone, but the modest 10.2% operating margin leaves limited room for error if growth decelerates.
ROIC Volatility Amidst Capital Structure Shifts
Box's ROIC has been volatile, ranging from 1.7% to 26.2% over the past ten quarters, with the most recent figure of 26.2% likely reflecting the dramatic reduction in debt and associated interest expense.
The recent spike in ROIC to 26.2% in Q2 2027 appears to be driven more by a one-time deleveraging event than by a fundamental improvement in operating efficiency. The company's historical ROIC has been inconsistent, suggesting that returns on invested capital are highly sensitive to its capital structure and non-operating items. Investors should monitor whether this elevated level is sustainable or if it will normalize as the balance sheet stabilizes.
Rapid Deleveraging Transforms Risk Profile
Box's debt-to-equity ratio plummeted from 3.35x in Q1 2027 to 0.50x in Q2 2027, following a significant debt paydown that has dramatically improved its interest coverage ratio to 14.25x.
The rapid reduction in leverage from a peak of 54.60x in Q3 2025 to 0.50x represents a fundamental shift in the company's financial risk profile. This deleveraging, likely funded by strong operating cash flows, has made debt service exceptionally comfortable, as evidenced by the interest coverage ratio expanding to 14.25x. The move to a near-net-cash position provides significant financial flexibility and reduces refinancing risk, though it may also signal a lack of high-return internal reinvestment opportunities.
The Misleading Utility of P/E Ratio
The P/E ratio is the most commonly misapplied metric for Box, as it obscures the significant dilutive impact of stock-based compensation, which averaged over $50M per quarter and represents a real economic cost to shareholders.
While Box's forward P/E of 27.18x appears reasonable for a software company, it fails to account for the substantial non-cash stock-based compensation expense that consistently exceeds net income. This makes the P/E ratio a poor measure of true earnings power and dilution-adjusted returns. A more appropriate metric for evaluating Box's valuation would be the Price-to-Free-Cash-Flow ratio, which currently stands at 13.83x, as it better reflects the cash available to shareholders after all operating costs and capital expenditures.