Summary

• Box is transitioning from a former growth star to a mature, high-margin, free cash flow machine, creating a compelling value opportunity.
• Q2 results beat expectations with accelerating revenue growth, strong billings, and robust long-term contract commitments, signaling platform stickiness and customer confidence.
• AI-driven product innovation and multi-product suite adoption are driving market share gains and higher net retention, differentiating Box from lagging peers like Dropbox.
• With consistent buybacks, healthy margins, and undervalued shares, I reiterate my buy rating and recommend staying long to capture further upside.