One-glance verdict
Undervalued
$237.62 our estimate vs market $76.31
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
$76.31
52-week range
$65.00 - $91.97
Market cap
$2.66B
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 118.1% 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 and sells wood products like beams and plywood that are used to build houses. The company also acts as a large distributor, buying a wide variety of building materials from other manufacturers and selling them to home improvement centers and construction suppliers. Because its business depends on new construction and home remodeling, Boise Cascade's performance is closely tied to the health of the housing market.
How the company got here
Boise Cascade was formed in 1957 by merging two lumber companies from the Pacific Northwest. Over the years, it expanded into various industries, including paper and even cruise lines, before refocusing on its core wood products and building materials businesses. The company as it exists today was legally formed in 2004 after its non-office products businesses were sold to a private equity firm. After surviving the 2008 housing market collapse, it re-emerged as a publicly traded company in 2013, concentrating on making and distributing building supplies.
What it actually does
Boise Cascade makes essential wood products that form the structural backbone of houses and buildings. Think of the strong wooden beams you might see in a house under construction, the plywood sheets that form walls and floors, and the lumber used for framing. It also acts as a massive wholesaler, buying a wide variety of building materials from other manufacturers and distributing them across the country. Their customers are professionals like homebuilders, lumberyards, and large home improvement centers who need reliable access to these materials for construction projects.
Wood Products
This part of the company is the manufacturing arm, where they make their own branded wood items. A key focus is on Engineered Wood Products (EWP), which are specially manufactured components like I-shaped joists and strong laminated veneer lumber (LVL) beams that are designed for high performance and consistency. They also produce traditional plywood panels and lumber. This segment sells its products to distributors, including its own distribution business, which is its largest single customer.
Building Materials Distribution (BMD)
This is the company's wholesale distribution business, and it makes up the majority of the company's sales. The BMD segment operates a nationwide network of warehouses that stock and sell a huge variety of building supplies. While they sell the engineered wood and plywood made by their own Wood Products division, they also buy and resell items from other companies, such as siding, insulation, roofing, and doors. This makes them a one-stop-shop for builders and retailers who need to source many different materials for construction projects.
What management is betting on now
The company's main focus is on expanding its most specialized and profitable products, particularly engineered wood products (EWP). They are investing in their manufacturing plants to increase production capacity and efficiency for these items. At the same time, they are working to grow their Building Materials Distribution network to gain more market share (a company's portion of total sales in an industry). By controlling both the manufacturing of key products and the network that distributes them, Boise Cascade aims to be a reliable and essential partner for the construction industry through economic ups and downs.
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
Fetching…
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 $237.62 vs current price $76.31
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 $237.62 a share — about 211.4% above today's price of $76.31, 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 118.1% 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)
25.69x
Forward P/E
14.43x
P/B
1.32x
P/S
0.41x
EV/EBITDA
9.03x
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
2.97
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