One-glance verdict
Undervalued
$229.77 our estimate vs market $74.81
Wall Street consensus: $92.00 (-60.0% lower than our fair-value estimate)
67% below our estimate, below the bear case
Fundamentals snapshot
Boise Cascade Company
BCC · NYQ · Basic Materials · Lumber & Wood Production
Current price
$74.81
52-week range
$65.00 - $95.00
Market cap
$2.63B
Balance sheet
Healthy
8.39x Adequate
Net debt $213.29M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Returns 5.3% on equity, ahead of 40% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Stock trades 113.8% above its 5-year average P/E.
- Risk Operating margin compressed from 13.8% to 1.9% over 3 years.
What this company does
Boise Cascade Company
Boise Cascade makes and sells the wood products that form the skeletons of houses, like beams and plywood, but it makes most of its money as a massive distributor, selling a wide range of building materials to home improvement stores and builders. This means the company's financial health is closely tied to the housing market, doing well when more people are building and remodeling homes.
How the company got here
Boise Cascade was formed in 1957 by the merger of two lumber companies in the Pacific Northwest. Over the years, it expanded into many other businesses, including paper products and even a cruise line. A major turning point came in 2004 when the company sold off its non-wood businesses to focus purely on manufacturing wood products and distributing building materials. After surviving the 2008 housing market collapse, the company re-emerged and became publicly traded on the New York Stock Exchange in 2013.
What it actually does
Boise Cascade makes essential wood products that form the structural backbone of houses and buildings. Think of the strong, specially designed wooden beams you might see in a house under construction, or the plywood sheets that create floors and walls. The company also acts like a massive wholesaler, buying building materials from hundreds of other manufacturers and distributing them to home improvement centers and local lumberyards across the country.
Wood Products
This part of the company manufactures and sells specialized wood items like plywood and engineered wood products (EWP). EWP includes products like I-joists (which look like the letter 'I' and are used for floors and roofs) and laminated veneer lumber (LVL), which are strong beams made by bonding thin wood veneers together. These products are sold to distributors, home centers, and dealers for use in new home construction and remodeling. This manufacturing business is a significant part of the company, and Boise Cascade is one of the largest producers of EWP and plywood in North America.
Building Materials Distribution (BMD)
This is the larger of the two business segments by sales, acting as a giant middleman in the construction world. The BMD division buys a huge variety of building supplies—not just its own wood products, but also things like siding, insulation, roofing, and doors from over a thousand other suppliers. It then uses its nationwide network of more than 38 warehouses to sell and deliver these materials to retail lumberyards, home improvement centers, and other professional builders. This segment makes money by buying in bulk and efficiently supplying a wide range of necessary construction products to its customers.
What management is betting on now
The company's leadership is focused on growing both of its main business areas. A key priority is to expand its manufacturing of engineered wood products (EWP), investing in things like modernizing mills and adding new production lines. At the same time, they are expanding their distribution network by building new warehouses in fast-growing areas like Texas and South Carolina to reach more customers. This dual strategy of making more of their own high-value products while also broadening their distribution reach is how they plan to stay competitive.
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 Q2
$101.93M
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
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
Fetching…
Sources
Revenue
$1.71B
Net income
$91.04M
Diluted EPS
2.33
Operating cash flow
$174.59M
Free cash flow
$112.93M
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Sources
Revenue
$1.80B
Net income
$112.29M
Diluted EPS
2.84
Operating cash flow
$141.70M
Free cash flow
$101.93M
Fetching…
Sources
Is it cheap or expensive?
Fair value $229.77 vs current price $74.81
Wall Street consensus is the average analyst price target: $92.00 (-60.0% lower than our fair-value estimate).
Our most-likely fair value is $229.77 a share — about 207.1% above today's price of $74.81, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $213.3M. Interest coverage 8.4x.
Net debt
$213.29M
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 $551.96M Interest coverage 8.39x This is the baseline the peer rows are being compared against.
Total debt $362.92M Interest coverage 33.62x +301% vs BCC Carries about 4.0x more debt cushion than BCC.
Total debt $378.00M Interest coverage 18.50x +120% vs BCC Carries about 2.2x more debt cushion than BCC.
Total debt $538.00M Interest coverage -25.00x -100% vs BCC This peer has almost no interest-payment cushion compared with BCC.
Total debt $5.29B 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
-
Returns 5.3% on equity, ahead of 40% of its peers.
-
Free cash flow was positive in 10/10 years.
-
Trades at 25.2x P/E vs peer median 31.4x (19.8% cheaper).
Risks
-
Stock trades 113.8% above its 5-year average P/E.
-
Operating margin compressed from 13.8% to 1.9% 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)
25.19x
Forward P/E
13.85x
P/B
1.32x
P/S
0.41x
EV/EBITDA
9.22x
PEG ratio
2.94x
Profitability
How much profit each dollar creates
Gross margin
16.3%
Operating margin
1.9%
Net margin
1.7%
ROE
5.3%
ROA
2.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.27x
Current ratio
2.77x
Quick ratio
1.32x
Total debt
$551.96M
Total cash
$338.67M
Growth
How the business has been compounding
Revenue TTM
$6.37B
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
$266.64M
Free CF TTM
$12.72M
FCF margin
0.2%
Dividend
Shareholder payout
Yield
1.2%
Payout ratio
29.3%
Last ex-div date
2026-06-01