Discounted Cash Flow

BOX Inc.

BOX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $398.6m $-151.8m $-16.2m -38.1%
2018 $506.1m (27.0%) $-155.0m (-2.1%) $50.0m (409.1%) -30.6% (19.6%)
2019 $608.4m (20.2%) $-134.6m (13.1%) $40.5m (-19.0%) -22.1% (27.7%)
2020 $696.3m (14.4%) $-144.3m (-7.2%) $39.3m (-3.1%) -20.7% (6.3%)
2021 $770.8m (10.7%) $-43.4m (69.9%) $187.8m (378.3%) -5.6% (72.8%) $-0.28
2022 $874.3m (13.4%) $-41.5m (4.5%) $230.1m (22.5%) -4.7% (15.9%) $-0.35 (-25.0%)
2023 $990.9m (13.3%) $26.8m (164.6%) $26.8m (-88.4%) 2.7% (157.0%) $0.06 (117.1%)
2024 $1.0b (4.7%) $129.0m (381.8%) $314.0m (1072.5%) 12.4% (360.0%) $0.69 (1050.0%)
2025 $1.1b (5.0%) $244.6m (89.6%) $329.7m (5.0%) 22.4% (80.5%) $1.40 (102.9%)
2026 $1.2b (8.0%) $115.4m (-52.8%) $350.4m (6.3%) 9.8% (-56.3%) $0.60 (-57.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model