Boise Cascade

BCC · NYSE · Industrials · Financials, fiscal 2016 to 2025

BCC · Last close · November 6, 2026

$70.24

Boise Cascade's revenue fell 4.8% to $6.4 billion in fiscal 2025. Its operating margin was 2.9%, down from 7.3% a year earlier. Free cash flow was $13 million, down 93.9%. It paid out $218 million in dividends and buybacks, 1712% of free cash flow. The diluted share count fell 4.3%.

Boise Cascade Company Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001328581-26-000006 Updated November 5, 2026

Revenue

$6.4B

4.8%

Operating margin

2.9%

4.4 pts

Net income

$133M

64.7%

Free cash flow

$13M

93.9%

Return on capital

6.8%

13.4 pts

Market cap

$2.5B

Nov 6 close

P/E

20.5x

On $3.42 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Boise Cascade does

Boise Cascade distributes building materials and makes engineered wood products and plywood in North America. Its products go into new homes, including single-family, multi-family and manufactured homes, into repair and remodeling work, and into light industrial and commercial buildings. Its customers include dealers, home improvement centers, wholesalers, specialty distributors and industrial converters.

It has two segments. Building Materials Distribution runs a nationwide network of distribution facilities that sell commodity products such as oriented strand board, plywood and lumber, general line items such as siding, decking, doors, millwork, roofing and insulation, and engineered wood products. Wood Products makes laminated veneer lumber, I-joists and laminated beams, plus plywood panels and ponderosa pine lumber.

The two segments work closely together. Building Materials Distribution is the biggest customer of Wood Products, taking about 75% of the volume it produces, and the company says this lets it earn a margin at both levels of the supply chain. Its distribution growth has come from adding products, opening locations and buying businesses, such as door and millwork distributor BROSCO in 2023.

Its biggest risks, as it describes them

Market-set prices for the commodity products it buys, resells or makes.
Strong competition, and demand lost to competing materials or changes in building codes.
Dependence on outside suppliers and on transportation services.
Trouble getting wood fiber at good prices, and labor shortages or higher labor costs.
Falling demand for the residual byproducts of its manufacturing.

From Boise Cascade's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 15.3% a year and net income 14.8% a year, as buybacks cut the share count by 3%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	749	998	950	713	477
Debt incl. finance leases	478	476	475	475	462
Net debt (negative means net cash)	−271	−522	−474	−238	−15
Net debt to EBITDA	−0.3x	−0.4x	−0.6x	−0.4x	−0.0x
Debt to equity	0.3x	0.2x	0.2x	0.2x	0.2x
Interest coverage	39.2x	45.6x	24.5x	20.4x	8.4x
Current ratio	2.9x	3.8x	3.5x	3.3x	3.4x
Quick ratio	1.9x	2.5x	2.3x	1.9x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Boise Cascade's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Boise Cascade's projections

What Boise Cascade says to expect

Full year 2026: capital expendituresWe expect capital expenditures in 2026, excluding potential acquisition spending, to total approximately $120 million to $140 million.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed November 2, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Boise Cascade shares on the open market, and 2 insiders sold $665,841.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 27, 2026	Jill TwedtSVP General Counsel & Corp Sec	Sold	1,250	$79.40	$99,250	Form 4
Aug 5, 2026	Kristopher J MatulaDirector	Sold	1,930	$84.58	$163,239	Form 4
May 13, 2026	Jill TwedtSVP General Counsel & Corp Sec	Sold	6,070	$66.45	$403,352	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 8	5 of 8	5 of 8
Rule of 40	−11.6%	1.4%	−4.6%
Altman Z''	7.49	7.27	6.11
Accruals ratio	−6.1%	−1.8%	−3.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Fail
F-score	4 of 8	5 of 8	5 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Boise Cascade side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Boise Cascade	FY25	−4.8%	2.9%	0.2%	6.8%	−0.0x	5
UFP Industries	FY25	−5.0%	5.8%	4.4%	11.8%	−1.4x	5	Compare
Masco	FY25	−3.4%	16.5%	11.4%	40.4%	1.7x	7	Compare
Lennox International	FY25	−2.7%	20.1%	12.3%	40.0%	1.2x	5	Compare
James Hardie Industries	FY26	24.7%	9.3%	4.3%	3.3%	4.6x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,911	4,432	4,995	4,643	5,475	7,926	8,387	6,838	6,724	6,405
Revenue growth	7.7%	13.3%	12.7%	−7.0%	17.9%	44.8%	5.8%	−18.5%	−1.7%	−4.8%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	85	141	72	136	335	972	1,158	624	490	183
Net income	38	83	20	81	175	712	858	484	376	133
Diluted EPS (US$)	0.98	2.12	0.52	2.06	4.44	17.97	21.56	12.12	9.57	3.53
Diluted shares (millions)	39	39	39	39	39	40	40	40	39	38
Cash flow
Cash from operations	152	152	164	246	294	667	1,041	688	438	254
Capital expenditure	84	76	80	83	79	106	114	215	230	241
Free cash flow	68	76	84	163	215	560	927	472	209	13
Dividends paid	0	3	51	54	79	214	160	346	229	35
Share buybacks	10	0	5	0	0	0	0	6	195	183
Acquisitions	216	0	26	16	0	0	515	163	10	33
Stock-based compensation	8	10	9	8	8	8	12	15	16	12
Balance sheet at fiscal year end
Cash and short-term investments	104	177	192	285	405	749	998	950	713	477
Debt incl. finance leases	438	438	439	465	477	478	476	475	475	462
Total assets	1,439	1,607	1,581	1,693	1,966	2,573	3,240	3,459	3,369	3,242
Total liabilities	859	933	909	992	1,115	1,220	1,182	1,263	1,218	1,167
Shareholders' equity	580	674	673	701	851	1,353	2,058	2,196	2,151	2,075
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	2.2%	3.2%	1.4%	2.9%	6.1%	12.3%	13.8%	9.1%	7.3%	2.9%
Net margin	1.0%	1.9%	0.4%	1.7%	3.2%	9.0%	10.2%	7.1%	5.6%	2.1%
Free cash flow margin	1.8%	1.7%	1.7%	3.5%	3.9%	7.1%	11.1%	6.9%	3.1%	0.2%
Rule of 40 (growth + FCF margin)	9.4%	15.0%	14.4%	−3.5%	21.8%	51.8%	16.9%	−11.6%	1.4%	−4.6%
Return on capital	9.3%	10.8%	7.2%	11.3%	22.7%	72.8%	66.2%	28.8%	20.2%	6.8%
Return on equity	6.9%	13.2%	3.0%	11.8%	22.6%	64.7%	50.3%	22.7%	17.3%	6.3%
Return on assets	2.9%	5.5%	1.3%	4.9%	9.6%	31.4%	29.5%	14.4%	11.0%	4.0%
Net debt to EBITDA	2.1x	1.2x	1.1x	0.8x	0.2x	−0.3x	−0.4x	−0.6x	−0.4x	−0.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Boise Cascade's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Boise Cascade.