C

Box, Inc. — Earnings Quality Grade C

BOX · Technology

Some red flags

Revenue
$1.2B
2026
Net Income
$115M
2026
Gross Margin
79.2%
Free Cash Flow
$315M
01

Screening Summary

14
Passed
2
Watch
1
Failed
-3.03
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 101 days, change +3 days YoY

A2AR vs Revenue Growth

AR growth 11.1% vs revenue growth 8.0%

A3Revenue vs CFFO

Revenue 8.0%, CFFO 7.3%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 36.6% is >2x revenue growth 8.0%

B3SG&A Ratio

SG&A/Gross Profit = 59.5%. Normal

B4Gross Margin

Gross margin 79.2%, change +0.1pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 3.09. Profits backed by cash

C2Free Cash Flow

FCF $0.3B, FCF/NI = 2.73

C3Accruals Ratio

Accruals ratio = -15.6%. Low accruals

!
C4Cash vs Debt

Cash $0.5B covers 91% of debt $0.5B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.2B = 90% of equity. Over 50%

D2Leverage

Debt/EBITDA = 3.7x. Healthy

D3Soft Asset Growth

Other assets -1.3% vs revenue 8.0%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 17% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.03 (< -2.22). Unlikely manipulator

Portfolio monitoring

Monitor BOX continuously

The full checks and model details are free to read. Use Watchlist to track your holdings; Pro adds automatic quarterly rescoring, risk-event email alerts, scans up to 50 tickers, and export workflows.

04

Beneish M-Score

Manipulation Probability-3.03
-4.0 Clean-2.22 Grey-1.78 Danger0
1.029
DSRI
AR growing faster than revenue?
0.998
GMI
Gross margin declining?
1.232
AQI
Asset quality deteriorating?
1.08
SGI
Revenue growth rate
0.829
DEPI
Depreciation slowing?
0.993
SGAI
SG&A ratio changing?
-0.1559
TATA
Accruals level
0.986
LVGI
Leverage increasing?
05

Altman Z-Score

-0.78
Distress Zone
0 Distress1.102.605.0+ Safe
0.0573
Liquidity
-0.5477
Cumulative profit
0.0708
Operating efficiency
0.1461
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25