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Institutional accumulation: ownership increased +1.28% quarter-over-quarter.
Data as of Q1 2026
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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -67%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $9M covers the $1M due within a year 7.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~27.0% on $40M of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash of $9M fully covers short-term debt of $1M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-08-05 · 15d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.2M 100.0% | $135.9M 100.0% | $176.7M 100.0% | $221.8M 100.0% | $185.2M 100.0% | $54.9M 100.0% | $33.0M 100.0% | $37.8M 100.0% | $25.7M 100.0% | $20.4M 100.0% |
| Cost of Revenue | $75.6M 69.2% | $89.0M 65.5% | $113.4M 64.2% | $156.9M 70.8% | $138.7M 74.9% | $45.0M 82.0% | $24.1M 72.9% | $29.2M 77.1% | $19.3M 75.1% | $13.0M 63.6% |
| Gross Profit | $33.6M 30.8% | $46.9M 34.5% | $63.3M 35.8% | $64.9M 29.2% | $46.5M 25.1% | $9.9M 18.0% | $8.9M 27.1% | $8.7M 22.9% | $6.4M 24.9% | $7.4M 36.4% |
| Research & Development | $4.3M 3.9% | $4.1M 3.0% | $3.2M 1.8% | $2.5M 1.1% | $1.8M 1.0% | $1.4M 2.6% | $1.2M 3.7% | $672K 1.8% | $466K 1.8% | $1.0M 5.0% |
| Selling, General & Admin | $35.5M 32.5% | $41.8M 30.7% | $61.3M 34.7% | $59.3M 26.8% | $47.3M 25.5% | $21.2M 38.5% | $15.8M 47.7% | $15.0M 39.6% | $13.2M 51.2% | $7.7M 37.7% |
| Total Operating Expenses | $50.0M 45.8% | $66.4M 48.9% | $89.6M 50.7% | $61.8M 27.9% | $49.1M 26.5% | $22.6M 41.1% | $17.0M 51.5% | $15.6M 41.4% | $13.7M 53.0% | $8.7M 42.7% |
| Operating Income | -$16.4M -15.0% | -$19.5M -14.3% | -$26.3M -14.9% | $3.0M 1.4% | -$2.6M -1.4% | -$12.7M -23.2% | -$8.1M -24.4% | -$7.0M -18.5% | -$7.2M -28.1% | -$1.3M -6.3% |
| Interest Expense | — | — | $10.8M 6.1% | $9.9M 4.5% | $3.4M 1.8% | $2.8M 5.1% | $1.8M 5.4% | $842K 2.2% | $635K 2.5% | $818K 4.0% |
| Other Income (Expense), net | -$8.4M -7.6% | -$10.8M -7.9% | -$11.0M -6.2% | -$6.7M -3.0% | -$7.9M -4.3% | -$4.3M -7.8% | -$1.3M -4.1% | -$181K -0.5% | $702K 2.7% | -$776K -3.8% |
| Pretax Income | -$24.7M -22.6% | -$30.2M -22.3% | -$37.3M -21.1% | -$3.7M -1.7% | -$10.5M -5.7% | -$17.0M -30.9% | -$9.4M -28.5% | — | — | — |
| Income Tax Expense | -$920K -0.8% | -$1.9M -1.4% | $1.9M 1.1% | $49K 0.0% | $3.3M 1.8% | -$821K -1.5% | — | — | — | — |
| Net Income | -$23.8M -21.8% | -$28.3M -20.9% | -$39.2M -22.2% | -$3.7M -1.7% | -$13.8M -7.5% | -$16.2M -29.4% | -$9.4M -28.5% | -$7.2M -19.0% | -$6.5M -25.4% | -$2.1M -10.1% |
| Per Share | ||||||||||
| EPS (Basic) | $-39.74 | $-90.69 | $-21.38 | $-0.58 | $-0.23 | $-0.39 | — | — | — | — |
| EPS (Diluted) | $-39.74 | $-90.69 | $-21.38 | $-0.58 | $-0.23 | $-0.39 | — | — | — | — |
| Weighted Avg Shares (Basic) | 631K | 326K | 1.9M | 8.6M | 58.8M | 42.2M | — | — | — | — |
| Weighted Avg Shares (Diluted) | 631K | 326K | 1.9M | 8.6M | 58.8M | 42.2M | — | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$3M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 10 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 768 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVDA | $5.33T | 44.7× | 40.0× | 24.7× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.59T | 41.7× | 32.0× | 11.0× | 6.4% | 46.9% | 26.9% | 152% | 73.7% | 0.5× | 5,858 |
| MSFT | $3.62T | 27.2× | 19.1× | 10.9× | 17.8% | 67.9% | 40.3% | 30.2% | 28.2% | 0.2× | 5,944 |
| AVGO | $1.98T | 87.7× | 78.0× | 31.0× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.00T | 117.7× | 55.4× | 26.8× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $785.7B | 181.9× | 185.9× | 22.7× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| ASMLF | $649.1B | 68.2× | 51.8× | 19.9× | 15.6% | 52.8% | 29.4% | 49.0% | 43.1% | 0.2× | 2 |
| INTC | $504.7B | — | 62.9× | 9.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $481.1B | 47.6× | 40.2× | 8.5× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| AMAT | $423.7B | 61.7× | 48.7× | 14.9× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| LRCX | $390.0B | 74.1× | 62.2× | 21.2× | 23.7% | 48.7% | 29.1% | 54.3% | 39.5% | 0.6× | 2,500 |
| PLTR | $378.8B | 251.5× | 262.1× | 84.7× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| RPAY | $342.2B | — | — | 1106.6× | -1.2% | 75.0% | -83.0% | -53.0% | -33.6% | -1.1× | 142 |
| DELL | $301.7B | 53.3× | 28.8× | 2.7× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| ARM | $292.2B | 323.0× | 251.9× | 59.4× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| TXN | $252.4B | 51.0× | 33.1× | 14.3× | 13.0% | 57.0% | 28.3% | 30.7% | 16.8% | 1.7× | 2,345 |
| ANET | $247.8B | 71.7× | 62.6× | 27.5× | 28.6% | 64.1% | 0.0% | 0.0% | 0.0% | — | 1,930 |
| UMC | $242.3B | — | — | — | — | — | — | — | — | — | 302 |
| PANW | $242.3B | 226.7× | 151.3× | 26.3× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| SAPGF | $241.4B | — | — | — | — | — | — | — | — | — | 7 |
| IBM | $221.0B | 21.1× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| APH | $211.2B | 51.5× | 29.5× | 9.1× | 51.7% | 36.9% | 18.5% | 31.8% | 31.8% | — | 2,017 |
| SNDK | $197.2B | — | — | 26.8× | 10.4% | 30.1% | -22.3% | -17.8% | -14.9% | -1.5× | 1,127 |
| SHOP | $187.4B | 153.4× | 124.0× | 16.2× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | — | 1,642 |
| ADI | $184.9B | 82.8× | 57.2× | 16.8× | 16.9% | 61.5% | 20.6% | 6.7% | 5.3% | 2.6× | 2,030 |
| BOXL | $2M | — | — | 0.0× | -19.6% | 30.8% | -21.8% | -1897% | -67.2% | -5.6× | 10 |
Peers = companies sharing BOXL's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-08-05
Where each multiple sits in its own 9-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 9-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 77.1 | 72.9 | 82.0 | 74.9 | 70.8 | 64.2 | 65.5 | 69.2 |
| Gross Profit | 22.9 | 27.1 | 18.0 | 25.1 | 29.2 | 35.8 | 34.5 | 30.8 |
| R&D | 1.8 | 3.7 | 2.6 | 1.0 | 1.1 | 1.8 | 3.0 | 3.9 |
| SG&A | 39.6 | 47.7 | 38.5 | 25.5 | 26.8 | 34.7 | 30.7 | 32.5 |
| Operating Income | -18.5 | -24.4 | -23.2 | -1.4 | 1.4 | -14.9 | -14.3 | -15.0 |
| Income Tax | — | — | -1.5 | 1.8 | 0.0 | 1.1 | -1.4 | -0.8 |
| Net Income | -19.0 | -28.5 | -29.4 | -7.5 | -1.7 | -22.2 | -20.9 | -21.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BOXL: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.