One-glance verdict
Undervalued
$237.81 our estimate vs market $74.99
Wall Street consensus: $96.50 (-59.4% lower than our fair-value estimate)
68% below our estimate, below the bear case
Fundamentals snapshot
Boise Cascade Company
BCC · NYQ · Basic Materials · Lumber & Wood Production
Current price
$74.99
52-week range
$65.00 - $91.97
Market cap
$2.62B
Balance sheet
Healthy
8.39x Adequate
Net debt $244.43M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 0.8% last year.
- Reward Returns 5.1% on equity, ahead of 60% of its peers.
- Risk Stock trades 115.0% above its 5-year average P/E.
- Risk Operating margin compressed from 13.8% to 4.6% over 3 years.
What this company does
Boise Cascade Company
Boise Cascade makes the essential wood products that form the skeletons of houses, such as beams and plywood. The company earns money in two ways: by manufacturing its own wood products and by acting as a large distributor that sells a wide variety of building materials to home improvement centers. This means its business often does well when the housing market is strong and more people are building or remodeling homes.
How the company got here
Boise Cascade was formed in 1957 by merging two lumber companies in the Pacific Northwest. Over the years, it expanded into many other businesses, including paper products and even a cruise line. After a period of restructuring, the company in its current, more focused form was established in 2004 and became publicly traded again in 2013. Today, it concentrates on manufacturing wood products and distributing a wide range of building materials.
What it actually does
Boise Cascade makes essential wood products that form the structural skeleton of new homes and buildings. Think of the strong wooden beams you might see in a house under construction, or the plywood sheets that create floors and walls; Boise Cascade manufactures those. They also act as a massive wholesaler, buying building materials from over a thousand other suppliers and distributing them across the country to lumberyards and home improvement centers.
Wood Products
This part of the company manufactures and sells specialized wood items used in construction. A key area is Engineered Wood Products (EWP), which are wood components that are specially designed and manufactured for strength and consistency, like I-shaped joists for floors and strong laminated veneer lumber (LVL) for beams and headers. This segment also produces traditional plywood and lumber. The customers for these products are typically wholesalers (including Boise Cascade's own distribution arm), home improvement centers, and retail lumberyards.
Building Materials Distribution
This segment operates as a massive middleman, purchasing a huge variety of building supplies and selling them to local lumberyards, home improvement centers, and other dealers. They don't just sell their own manufactured wood; they also distribute products from many other companies, including siding, decking, insulation, and roofing. This business is about logistics and service: having a wide range of products available and delivering them efficiently to customers across the United States.
What management is betting on now
The company is heavily investing in its own manufacturing capabilities, particularly for Engineered Wood Products (EWP), which are advanced, high-strength wood components. They are spending significantly on modernizing mills and adding new production lines to make more of these valuable products. At the same time, they are expanding their distribution network by opening new centers and acquiring smaller companies to increase their market share (the portion of total sales in the industry that a company captures). This dual strategy aims to make them a more competitive manufacturer and a more widespread distributor.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$112.93M
FY2024 Q4
$759.00K
FY2025 Q1
$-81.68M
FY2025 Q2
$-45.88M
FY2025 Q3
$63.25M
FY2025 Q4
$77.03M
FY2026 Q1
$-55.81M
FY2026 Q2
$18.83M
Revenue
$1.83B
Net income
$57.34M
Diluted EPS
1.63
Operating cash flow
$42.32M
Free cash flow
$18.83M
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Sources
Revenue
$1.50B
Net income
$17.84M
Diluted EPS
0.50
Operating cash flow
$-15.98M
Free cash flow
$-55.81M
Fetching…
Sources
Revenue
$1.46B
Net income
$8.73M
Diluted EPS
0.25
Operating cash flow
$131.02M
Free cash flow
$77.03M
Fetching…
Sources
Revenue
$1.67B
Net income
$21.77M
Diluted EPS
0.58
Operating cash flow
$118.44M
Free cash flow
$63.25M
Fetching…
Sources
Revenue
$1.74B
Net income
$61.98M
Diluted EPS
1.64
Operating cash flow
$33.17M
Free cash flow
$-45.88M
Fetching…
Sources
Revenue
$1.54B
Net income
$40.35M
Diluted EPS
1.06
Operating cash flow
$-28.48M
Free cash flow
$-81.68M
Fetching…
Sources
Revenue
$1.57B
Net income
$68.90M
Diluted EPS
1.79
Operating cash flow
$94.57M
Free cash flow
$759.00K
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Sources
Revenue
$1.71B
Net income
$91.04M
Diluted EPS
2.33
Operating cash flow
$174.59M
Free cash flow
$112.93M
Fetching…
Sources
Is it cheap or expensive?
Fair value $237.81 vs current price $74.99
Wall Street consensus is the average analyst price target: $96.50 (-59.4% lower than our fair-value estimate).
Our most-likely fair value is $237.81 a share — about 217.1% above today's price of $74.99, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $244.4M. Interest coverage 8.4x.
Net debt
$244.43M
Interest coverage
8.39x
Boise Cascade Company's profit covers its interest bill about 8.4 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
BCC
BASELINE
Boise Cascade Company
Total debt $549.25M Interest coverage 8.39x This is the baseline the peer rows are being compared against.
Total debt $408.40M Interest coverage 33.62x +301% vs BCC Carries about 4.0x more debt cushion than BCC.
Total debt $377.00M Interest coverage 18.50x +120% vs BCC Carries about 2.2x more debt cushion than BCC.
Total debt $391.00M Interest coverage -25.00x -100% vs BCC This peer has almost no interest-payment cushion compared with BCC.
Total debt $5.24B Interest coverage 2.87x -66% vs BCC Carries about 2.9x less debt cushion than BCC.
What you should know
The case for and against BCC
3 Rewards
3 Risks
Rewards
-
Revenue grew 0.8% last year.
-
Returns 5.1% on equity, ahead of 60% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Stock trades 115.0% above its 5-year average P/E.
-
Operating margin compressed from 13.8% to 4.6% over 3 years.
-
Insider ownership is only 1.2% (peer median: 6.1%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
25.33x
Forward P/E
14.18x
P/B
1.29x
P/S
0.41x
EV/EBITDA
8.89x
PEG ratio
2.94x
Profitability
How much profit each dollar creates
Gross margin
16.5%
Operating margin
4.6%
Net margin
1.6%
ROE
5.1%
ROA
2.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.27x
Current ratio
2.71x
Quick ratio
1.26x
Total debt
$549.25M
Total cash
$304.82M
Growth
How the business has been compounding
Revenue TTM
$6.46B
Revenue 5Y CAGR
-5.2%
EPS TTM
2.96
EPS 5Y CAGR
-45.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$275.80M
Free CF TTM
$12.72M
FCF margin
0.2%
Dividend
Shareholder payout
Yield
1.2%
Payout ratio
29.8%
Last ex-div date
2026-09-01