BOISE CASCADE Co
BCCdata completeness 100%15 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'
BOISE CASCADE Co earns about 37% on invested capital, far above its ~9% cost of capital, and has bought back 5% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $73.22 and $132 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $7.93B1 | $8.39B2 | $6.84B3 | $6.72B3 | $6.4B3 |
| Net income | $712.5M4 | $857.7M5 | $483.7M6 | $376.4M6 | $132.8M6 |
| Operating cash flow | $667M7 | $1.04B8 | $687.5M9 | $438.3M9 | $254.1M9 |
| Capital expenditure | $106.5M10 | $114.1M11 | $215.4M12 | $229.6M12 | $241.4M12 |
| Free cash flow (derived) | $560.5M7 | $927.1M8 | $472M9 | $208.8M9 | $12.7M9 |
| Total debt | $444.6M13 | $444.4M14 | $445.3M15 | $446.2M16 | $445.4M16 |
| Cash & equivalents | $748.9M17 | $998.3M18 | $949.6M19 | $713.3M20 | $477.2M20 |
| Diluted shares | 39.6M | 39.8M | 39.9M | 39.3M | 37.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $551.55 of net worth that earned you $35.31 and generated $3.38 of cash last year, against $118.4 of debt.
It earned about 37% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $73.22 and $132 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$208.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$208.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$483.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $79.08 |
| Base | 0.0% | $79.08 |
| Bull | 5.0% | $97.99 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001328581-24-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001328581-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001328581-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001328581-24-000018 (ProfitLoss)
- 10-K · period ending 2022-12-31 · accession 0001328581-25-000010 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001328581-26-000006 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001328581-24-000018 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001328581-25-000010 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001328581-26-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001328581-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001328581-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001328581-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001328581-23-000020 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001328581-24-000018 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001328581-25-000010 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001328581-26-000006 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001328581-23-000020 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001328581-24-000018 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001328581-25-000010 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001328581-26-000006 (CashAndCashEquivalentsAtCarryingValue)