BOX INC

BOX INC

BOXProductivity

Box is an enterprise content cloud platform for secure file storage, sharing, collaboration, and workflow automation.

Key figures

Data as of Jul 2026 · Pills compare vs Apr 2026
ARR Multiple
4.0x
+0.6x
ARR
$1.3B
+5.0%
YoY Growth
9.2%
-1.5pp
Market Cap
$5.2B
+19.0%
Revenue (Q)
$321M
+5.0%
Gross Margin
79.1%
-0.4pp
Op. Margin
10.2%
+1.2pp
Rule of 40
19.4
-1.3
Magic Number
0.60
+0.60

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 13 Oct 2026; their pills compare vs the Jul 2026 quarter-end (3.4x).

Valuation by quarter

Current ARR Multiple: 3.4x· Forward at Q3 FY2027 guidance: 3.3x

Calculated valuation

FRAMEWORK EST.
Valuation data is not available for this company.

Strategy recommendations

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AI Replacement RiskLOW
8/ 100
LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

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Why this rating

From the AI Risk Calculator model

Structural moats (regulation, integration depth, or proprietary data) make AI-only replacement unlikely in the near term.

What's driving the score
Communication & collaborationCategory baseline
low base
Workflow complexity5/5
-12 risk
Data moat3/5
-1 risk
Integration depthHigh
-10 risk
SegmentEnterprise
-8 risk
IndustryOther
neutral
Own AI integration3/5
-1.6 risk

Company overview

Box is an enterprise content cloud platform for secure file storage, sharing, collaboration, and workflow automation. Aaron Levie and Dylan Smith founded it in 2005 while students at USC. It's headquartered in Redwood City, California. Box was an early pioneer of cloud content management, replacing the cumbersome on-premises file servers and legacy document management systems that companies had been stuck with.

The Box Content Cloud provides a unified environment for storing, managing, securing, and collaborating on content. Core features include file storage and sync, internal and external sharing with granular permissions, real-time co-authoring through Microsoft Office and Google Workspace integrations, version control, metadata management, and advanced search. Companies use Box as the system of record for unstructured content: documents, images, contracts, designs, medical records, and any file type they produce.

The platform extends well beyond storage. Box Sign handles electronic signatures within document workflows. Box Relay automates content-centric processes with no-code design. Box Shield uses machine learning for threat detection, classification, and data loss prevention. Box Governance manages retention policies and legal holds. Box Platform exposes APIs for building custom applications on top of Box's infrastructure.

Box AI is the strategic investment. Features include AI-generated document summaries, Q&A across documents and folders, metadata extraction, content classification, and multi-document analysis. Because Box already stores enterprise content centrally, its AI operates on data that organizations have already entrusted to the platform. That's a real advantage for security-conscious enterprises.

Box targets mid-to-large enterprises in regulated industries: financial services, healthcare, life sciences, government, and legal. Content security, compliance, and governance are table stakes in these sectors. The go-to-market combines direct enterprise sales with technology partnerships and reseller channels. Deep integrations with Microsoft, Google, Salesforce, Slack, and Zoom keep Box embedded in daily workflows.

Annual revenue is roughly $1.2 billion with gross margins around 80%. Revenue is subscription-based with annual contracts. Net revenue retention runs about 104-106%. Operating margins exceed 9%, following years of investment in building a more efficient operating model.

With about 2,600 employees and over 100,000 paying organizations, Box has evolved from a cloud storage provider into a comprehensive content cloud platform, positioning itself as the intelligent content layer that powers enterprise workflows and AI applications.

Entity information

Industry7372: Services-Prepackaged Software
Fiscal YearJan 31
IncorporatedDelaware
Phone(877) 729-4269
Address900 JEFFERSON AVE, REDWOOD CITY, CA, 94063
Mailing address900 JEFFERSON AVE, REDWOOD CITY, CA, 94063
EIN20-2714444
Entity typeoperating
SEC industry framework06 Technology
Former namesBOX.NET INC (to 2011-10-17)

SaaS KPIs

Reported in at least 3 quarters

Billings

35 quarters
$309.5M
Q2 FY2027+21.2%

Net Retention Rate

22 quarters
106%
Q2 FY2027+1.0pp

Non-GAAP Operating Margin

22 quarters
29.4%
Q2 FY2027+1.7pp

Free Cash Flow

21 quarters
$55.0M
Q3 FY2023+205.6%

Remaining Performance Obligations (RPO)

16 quarters
$1.70B
Q2 FY2027+6.3%

Non-GAAP Free Cash Flow

13 quarters
$59.7M
Q2 FY2027-53.2%

Management outlook

Given with Q2 FY2027 results (Jul 2026)
ReportedGuidance

Guided revenue, Q3 FY2027$329.0M
Midpoint$329.0M
Growth vs Q2 FY2027+2.4%
Growth vs Q3 FY2026+9.3%
Q3 FY27
Revenue growth (constant currency)11%
GAAP operating marginapproximately 10.0%
Non-GAAP operating marginapproximately 28.0%
GAAP net income per share attributable to common stockholdersapproximately $0.12
Non-GAAP diluted net income per share attributable to common stockholdersapproximately $0.39
Weighted-average diluted shares outstandingapproximately 142 million
Full Year FY27
Revenueapproximately $1.290 billion
Revenue growth (constant currency)11%
GAAP operating marginapproximately 9.5%
Non-GAAP operating marginapproximately 28.0%
GAAP net income per share attributable to common stockholdersapproximately $0.38
Non-GAAP diluted net income per share attributable to common stockholdersapproximately $1.54
Weighted-average diluted shares outstandingapproximately 141 million

Quarterly financials

Left axis in $ (Revenue, Gross profit, Net income, S&M); right axis for ratios (Rule of 40, Magic number). Click a legend item to toggle it.