Detailed financial statements for Boise Cascade Company (BCC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Boise Cascade Company (BCC) is a prominent producer of timber goods and a distributor of construction supplies, operating across both the United States and Canada. Its operations are primarily structured into two distinct divisions: Wood Products and Building Materials Distribution.
Analysis Summary
Boise Cascade Company reported revenue of $6.40B in the most recent fiscal year, growing at a 5-year CAGR of 3.2%. Net income reached $132.8M, with a -5.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 15.2%, operating margin 2.5%, net margin 1.6%. Free cash flow grew at -43.2% CAGR over 5 years.
At $78.83 (closing price, October 30, 2026), BCC trades at a P/E of 26.72 and an ROE of 5.12%. Market capitalisation stands at $2.8B.
Balance sheet quality for BCC: current ratio of 3.4, net debt of $45.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $12.7M represents 10% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.91B | $4.43B | $5.00B | $4.64B | $5.47B | $7.93B | $8.39B | $6.84B | $6.72B | $6.40B |
| Cost of Revenue | $3.40B | $3.82B | $4.31B | $3.97B | $4.54B | $6.30B | $6.47B | $5.41B | $5.39B | $5.51B |
| Gross Profit | $512.8M | $612.3M | $687.7M | $677.6M | $938.8M | $1.63B | $1.91B | $1.43B | $1.33B | $895.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $361.4M | $390.4M | $456.9M | $464.3M | $514.4M | $574.3M | $657.3M | $674.1M | $697.4M | $716.0M |
| Operating Expenses | $433.2M | $471.2M | $602.3M | $541.2M | $603.8M | $654.2M | $756.9M | $804.5M | $840.6M | $716.0M |
| Operating Income | $79.6M | $141.2M | $72.0M | $136.5M | $335.0M | $971.8M | $1.16B | $624.4M | $490.0M | $179.7M |
| EBITDA | $144.9M | $225.3M | $197.2M | $216.7M | $409.7M | $1.06B | $1.28B | $806.0M | $673.2M | $351.6M |
| Interest Expense | $26.7M | $25.4M | $26.2M | $26.1M | $26.2M | $24.8M | $25.4M | $25.5M | $24.1M | $9.8M |
| Pre-tax Income | $43.3M | $117.6M | $22.1M | $108.2M | $286.3M | $948.9M | $1.15B | $645.0M | $501.8M | $180.0M |
| Income Tax | $5.0M | $34.6M | $1.6M | $27.3M | $111.3M | $236.4M | $288.7M | $161.4M | $125.4M | $47.1M |
| Net Income | $38.3M | $83.0M | $20.5M | $80.9M | $175.0M | $712.5M | $857.7M | $483.7M | $376.4M | $132.8M |
| EPS | $0.99 | $2.15 | $0.53 | $2.07 | $4.45 | $18.07 | $21.70 | $12.20 | $9.63 | $3.54 |
| EPS (Diluted) | $0.98 | $2.12 | $0.52 | $2.06 | $4.44 | $17.97 | $21.56 | $12.12 | $9.57 | $3.52 |
| Shares Outstanding (Diluted) | 38.9 M | 39.1 M | 39.4 M | 39.2 M | 39.4 M | 39.6 M | 39.8 M | 39.9 M | 39.3 M | 37.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.67B | $1.46B | $1.50B | $1.83B |
| Gross Profit | $221.1M | $190.1M | $243.5M | $327.9M |
| Operating Income | $30.3M | $21.9M | $27.8M | $84.0M |
| EBITDA | $79.5M | $62.5M | $70.4M | $129.3M |
| Net Income | $21.8M | $8.7M | $17.8M | $57.3M |
| EPS | $0.58 | $0.26 | $0.50 | $1.63 |
| EPS (Diluted) | $0.58 | $0.24 | $0.50 | $1.63 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $104.0M | $177.1M | $191.7M | $285.2M | $405.4M | $748.9M | $998.3M | $949.6M | $713.3M | $477.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $210.6M | $256.2M | $229.2M | $231.6M | $391.1M | $462.2M | $320.3M | $373.7M | $344.8M | $340.7M |
| Inventory | $433.5M | $476.7M | $533.0M | $497.6M | $503.5M | $660.7M | $697.6M | $712.4M | $803.3M | $795.7M |
| Total Current Assets | $760.5M | $932.6M | $985.8M | $1.02B | $1.31B | $1.89B | $2.06B | $2.06B | $1.89B | $1.65B |
| Property, Plant & Equipment | $568.7M | $565.8M | $487.2M | $563.0M | $553.4M | $587.0M | $852.1M | $1.02B | $1.12B | $1.23B |
| Goodwill | $55.4M | $55.4M | $59.2M | $60.4M | $60.4M | $60.4M | $138.0M | $170.3M | $171.9M | $185.4M |
| Intangible Assets | $15.5M | $15.1M | $16.9M | $17.8M | $16.6M | $15.4M | $161.4M | $190.7M | $173.0M | $159.7M |
| Total Assets | $1.44B | $1.61B | $1.58B | $1.69B | $1.97B | $2.57B | $3.24B | $3.46B | $3.37B | $3.24B |
| Accounts Payable | $195.9M | $234.8M | $211.7M | $224.6M | $308.9M | $335.0M | $269.8M | $310.2M | $297.7M | $255.5M |
| Short-term Debt | 0 | 0 | 0 | $10.5M | $11.5M | 0 | 0 | 0 | 0 | $11.4M |
| Total Current Liabilities | $312.9M | $381.6M | $369.8M | $385.0M | $524.0M | $640.7M | $545.8M | $594.1M | $564.0M | $493.1M |
| Long-term Debt | $437.6M | $438.3M | $439.4M | $440.5M | $443.8M | $444.6M | $444.4M | $445.3M | $446.2M | $445.4M |
| Total Liabilities | $859.2M | $932.6M | $908.7M | $992.0M | $1.11B | $1.22B | $1.18B | $1.26B | $1.22B | $1.17B |
| Retained Earnings | $281.1M | $361.2M | $330.1M | $356.7M | $452.3M | $948.9M | $1.65B | $1.78B | $1.93B | $1.50B |
| Total Equity | $580.0M | $674.5M | $672.6M | $701.3M | $850.8M | $1.35B | $2.06B | $2.20B | $2.15B | $2.07B |
| Total Debt | $437.6M | $438.3M | $439.4M | $532.5M | $542.9M | $531.8M | $523.1M | $529.8M | $516.2M | $522.2M |
| Net Debt | $333.7M | $261.2M | $247.8M | $247.2M | $137.5M | -$217.1M | -$475.3M | -$419.8M | -$197.0M | $45.0M |
| Working Capital | $447.6M | $551.0M | $616.0M | $637.8M | $784.9M | $1.25B | $1.52B | $1.46B | $1.32B | $1.16B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $511.8M | $477.2M | $338.7M | $304.8M |
| Total Assets | $3.40B | $3.24B | $3.34B | $3.39B |
| Total Liabilities | $1.26B | $1.17B | $1.33B | $1.36B |
| Total Equity | $2.14B | $2.07B | $2.02B | $2.03B |
| Total Debt | $523.6M | $522.2M | $552.0M | $536.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $38.3M | $83.0M | $20.5M | $80.9M | $175.0M | $712.5M | $857.7M | $483.7M | $376.4M | $132.8M |
| Depreciation & Amortization | $74.9M | $82.3M | $148.9M | $82.4M | $97.1M | $82.5M | $103.9M | $135.4M | $147.4M | $161.8M |
| Stock-based Compensation | $8.2M | $9.7M | $8.8M | $8.0M | $7.8M | $7.9M | $11.9M | $15.4M | $15.5M | $12.1M |
| Change in Working Capital | $18.5M | -$32.1M | -$45.8M | $66.8M | -$26.7M | -$119.3M | $10.4M | $53.1M | -$100.3M | -$80.2M |
| Operating Cash Flow | $151.9M | $151.6M | $163.6M | $245.6M | $294.5M | $667.0M | $1.04B | $687.5M | $438.3M | $254.1M |
| Capital Expenditure | -$83.6M | -$75.5M | -$80.0M | -$82.7M | -$79.4M | -$106.5M | -$114.1M | -$215.4M | -$229.6M | -$241.4M |
| Acquisitions | -$215.9M | $2.2M | -$25.5M | -$15.7M | 0 | 0 | -$515.2M | -$162.8M | -$10.2M | -$33.4M |
| Stock Repurchased | -$10.3M | -$2.9M | -$4.9M | -$3.6M | 0 | 0 | 0 | -$6.4M | -$194.9M | -$183.1M |
| Dividends Paid | 0 | -$2.7M | -$50.6M | -$54.0M | -$79.2M | -$213.7M | -$159.6M | -$346.5M | -$228.8M | -$34.6M |
| Free Cash Flow | $68.3M | $76.1M | $83.6M | $162.9M | $215.1M | $560.5M | $927.1M | $472.0M | $208.8M | $12.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $118.4M | $131.0M | -$16.0M | $42.3M |
| Capital Expenditure | -$55.2M | -$54.0M | -$39.8M | -$23.5M |
| Free Cash Flow | $63.2M | $77.0M | -$55.8M | $18.8M |
| Dividends Paid | -$8.2M | -$8.0M | -$10.4M | -$7.7M |
| Stock-based Compensation | $3.1M | $2.1M | $3.5M | $3.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +13.3% | +12.7% | -7.0% | +17.9% | +44.8% | +5.8% | -18.5% | -1.7% | -4.8% | |
| Net Income Growth (YoY) | +116.9% | -75.3% | +295.2% | +116.2% | +307.2% | +20.4% | -43.6% | -22.2% | -64.7% | |
| EPS Growth (YoY) | +117.2% | -75.3% | +290.6% | +115.0% | +306.1% | +20.1% | -43.8% | -21.1% | -63.2% | |
| Shares Change (YoY) | +0.4% | +0.8% | -0.4% | +0.5% | +0.5% | +0.3% | +0.3% | -1.5% | -6.0% | |
| FCF Growth (YoY) | +11.4% | +9.9% | +94.8% | +32.0% | +160.6% | +65.4% | -49.1% | -55.8% | -93.9% | |
| Gross Margin | 13.1% | 13.8% | 13.8% | 14.6% | 17.1% | 20.5% | 22.8% | 20.9% | 19.8% | 14.0% |
| Operating Margin | 2.0% | 3.2% | 1.4% | 2.9% | 6.1% | 12.3% | 13.8% | 9.1% | 7.3% | 2.8% |
| EBITDA Margin | 3.7% | 5.1% | 3.9% | 4.7% | 7.5% | 13.3% | 15.2% | 11.8% | 10.0% | 5.5% |
| Net Margin | 1.0% | 1.9% | 0.4% | 1.7% | 3.2% | 9.0% | 10.2% | 7.1% | 5.6% | 2.1% |
| FCF Margin | 1.7% | 1.7% | 1.7% | 3.5% | 3.9% | 7.1% | 11.1% | 6.9% | 3.1% | 0.2% |
| Effective Tax Rate | 11.7% | 29.5% | 7.4% | 25.2% | 38.9% | 24.9% | 25.2% | 25.0% | 25.0% | 26.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.76 | $1.95 | $2.12 | $4.15 | $5.45 | $14.14 | $23.31 | $11.83 | $5.31 | $0.34 |
| Dividends Per Share | $0.00 | $0.07 | $1.29 | $1.37 | $2.01 | $5.39 | $4.01 | $8.68 | $5.82 | $0.94 |
| Shares Outstanding (Basic) | 38.8 M | 38.6 M | 38.9 M | 39.0 M | 39.3 M | 39.4 M | 39.5 M | 39.6 M | 39.1 M | 36.8 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 5.12% |
| Return on Invested Capital | 4.29% |
| Return on Assets | 3.12% |
| Gross Margin | 15.22% |
| Operating Margin | 2.54% |
| Net Margin | 1.64% |
Financial Health
| Debt / Equity | 0.26 |
| Current Ratio | 2.71 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 4.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.73 | 18.56 | 45.00 | 17.65 | 10.74 | 3.94 | 3.16 | 10.60 | 12.34 | 20.79 |
| P/B | 1.50 | 2.28 | 1.38 | 2.03 | 2.21 | 2.08 | 1.32 | 2.34 | 2.16 | 1.31 |
| P/S | 0.22 | 0.35 | 0.19 | 0.31 | 0.34 | 0.35 | 0.32 | 0.75 | 0.69 | 0.42 |
| Gross Margin | 13.1% | 13.8% | 13.8% | 14.6% | 17.1% | 20.5% | 22.8% | 20.9% | 19.8% | 14.0% |
| Operating Margin | 2.0% | 3.2% | 1.4% | 2.9% | 6.1% | 12.3% | 13.8% | 9.1% | 7.3% | 2.8% |
| Net Margin | 1.0% | 1.9% | 0.4% | 1.7% | 3.2% | 9.0% | 10.2% | 7.1% | 5.6% | 2.1% |
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