Box, Inc.
Box, Inc. provides a cloud content management platform that enables organizations of various sizes to manage cloud content from anywhere and on any device in Poland, Australia, Canada, the European Union, France, Israel, Japan, Singapore, Switzerland, the United Kingdom, and the United States. The company's Software-as-a-Service platform enables users to work with their content as they need from secure external collaboration, workspaces to e-signature processes, and content workflows improving employee productivity and accelerating business processes. It offers web, mobile, and desktop applications of its solutions on a platform, as well as the ability to develop custom applications. The company has a partnership with OpenAI to reimagine AI- and content-powered enterprise work that allows users to securely browse, access, and work with Box content directly in ChatGPT. The company was formerly known as Box.net, Inc. and changed its name to Box, Inc. in November 2011. Box, Inc. was incorporated in 2005 and is headquartered in Redwood City, California.
What does it do?
Box is a cloud storage and file-sharing platform built specifically for businesses. Think of it like Google Drive or Dropbox, but designed for large companies that need tight security, compliance controls, and the ability to collaborate with outside partners safely. A law firm might use Box to share confidential documents with clients, or a hospital might use it to store patient records securely in the cloud. Box also lets companies automate document workflows — like getting contracts signed electronically without ever printing a page.
Businesses are under increasing pressure to manage exploding amounts of digital content while staying compliant with data privacy laws like GDPR and HIPAA — Box sits right at that intersection of cloud storage and security. With AI now being embedded into enterprise software everywhere, Box has been pushing its own AI features that let employees search, summarize, and extract insights from documents automatically. Investors are watching whether Box can evolve from a simple file-storage tool into a broader AI-powered content platform before bigger rivals swallow its market.
How does it make money?
Box makes almost all of its money through subscriptions — businesses pay a recurring annual or monthly fee based on the number of users and the tier of features they need. Revenue hit $1.2 billion in its latest fiscal year, up from $1.1 billion the prior year, a roughly 9% growth rate. Enterprise customers — large organizations paying for premium security, compliance, and workflow tools — make up the bulk of that revenue. Box also earns additional revenue by selling add-ons like its e-signature product and its AI-powered features as upgrades on top of base plans.
Why do investors care?
The growth story for Box rests on two pillars: moving existing customers up to higher-priced plans, and landing new enterprise deals by bundling AI features competitors don't yet offer natively. Box has also been on a multi-year journey to improve profitability — it posted $0.1 billion in net income, showing the business can actually make money, not just grow revenue. For the thesis to work, Box needs to convince large companies to pay more per user as it adds AI tools, and it needs to retain customers who might otherwise consolidate onto Microsoft SharePoint or Google Workspace. The stock trades at roughly 2.5 times annual revenue, which is relatively cheap for a software company if growth holds up.
Deep Dive
MemberA full investor briefing on Box, Inc. — history, leadership, risks, and outlook.