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Bandwidth Inc. (BAND) stock

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NASDAQ: BAND Nasdaq Application Software Next results ~February 18, 2027

C+ Fundamentals grade

Bandwidth Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$19

Cash-flow model

Base case. Range ~$13–$26 across our lower- and higher-growth cases (9.4%–19.4% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 57% below it.

Price used: $42.97, November 2, 2026

Bandwidth Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 11 selling0 purchases and 117 sales by directors and officers, last 12 monthsInsider trades
  • Funds172 adding, 72 cuttingOf 55 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Bandwidth files

10-Q filed October 29: Bandwidth

Model value +831.3%

Revenue for the twelve months to September 2026 was $870m, up 15.1% on a year earlier, faster than the 9.3% growth a quarter earlier. Free-cash-flow margin rose to 11.1% from 8.8% a year earlier. The diluted share count is up 21.2% on a year earlier, which dilutes existing holders. Our model value rises from $2.14 to $19.93 a share, against a share price of $45.17. The rating stays Sell. At that price, our model says the market is pricing in about 30.3% a year of cash-flow growth for five years, faster than the 12.1% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Bandwidth stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $870m, up 15.1% on a year earlier, faster than the 9.3% growth a quarter earlier. Free-cash-flow margin rose to 11.1% from 8.8% a year earlier. The diluted share count is up 21.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our valuation models combined value is $2.14 a share.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 18, 2027 (estimated)

Bandwidth Inc.'s trailing-twelve-month revenue grew 15.1% year on year, with a free-cash-flow margin of 11.1%. Where it stands out: change in growth rate of +5.9pp ranks 34 of 184 application software companies we cover. Where it lags: change in share count of 21.2% ranks 139 of 163 application software companies we cover.

Our discounted-cash-flow model values the business at ~$19 per share in the base case (~$13–$26 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 15.1% (+5.9pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.1% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Growth speeding up. The growth rate is 5.9 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 12.3% over 90 days.

Things to watch

  • Priced above our value. The share price of $42.97 is 57% above our value per share of $19.
  • Loss-making. Operating margin is -1.3%: costs exceed revenue.
  • Share dilution. Diluted shares rose 21.2% in a year.
  • High earnings multiple. The shares trade at 169 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 99% and a beta of 2.5 against the S&P 500.
  • Insiders selling. 11 insiders sold $20M of stock over the past 365 days and none bought (32% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.50 against an average estimate of $0.47: beat by 6.1%
Revenue
$234m, up 22.0% on a year earlier
Share reaction
-2.3% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $905m to $910m (full year 2026); adjusted EBITDA $124m to $125m (full year 2026)
Next report
October 29, 2026; average EPS estimate $0.52

Bandwidth's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-9.2%
  • 1 week-8.4%
  • 1 month-32.6%
  • This year+178.1%
  • 1 year+166.1%
  • 5 years-50.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$870M
Operating margin
-1.3%
Net margin
1.0%
EPS (TTM, diluted)
$0.25

Growth

Revenue growth
+15.1%
Change in growth rate
+5.9 pts
Share count change
+21.2%

Cash

Free cash flow (TTM)
$96.4M
FCF margin
11.1%
Stock pay % of revenue
5.7%

Earnings

Last results
October 29, 2026
Next results (est.)
February 18, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Leadership
  3. Results
  4. Guidance
  5. Announcement
  6. Leadership
  7. Announcement
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bandwidth Inc. valuation models and calculator

What the price is pricing in

The share price implies about 28.1% a year of cash-flow growth for five years.That is faster than the 12.1% a year revenue growth Bandwidth has delivered.

  • Priced in28.1%
  • Last 12 months15.1%
  • 3 years a year13.7%
  • 5 years a year12.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($45.15, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$19
Price used
$45.15close November 3, 2026
Implied change
▼ 59%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Bandwidth Inc.'s free cash flow after stock-based pay with after-tax interest added back ($28M, FY2026 Q3 TTM), growing 11.4% and 12.4% in the next two years (forecasts, guidance and its record), then back to 14.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$13–~$26 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Bandwidth Inc.'s free cash flow after stock-based pay ( $28M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Bandwidth Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.29 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$19 ~$13–$26 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$29 ~$24–$49 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.5 ~$0.9–$2.5 Left out: out of range vs price (0.03x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$22 ~$19–$29 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bandwidth Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +27%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $7$10$15$21$30$40
8.5% $4$7$10$15$21$28
10% $3$5$8$11$15$21

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$23.12$40.75$64.05$153.67$71.76$22.95$14.47$17.02$15.45$42.97
Market value$336m$861m$1.5bn$3.7bn$1.8bn$709m$371m$463m$463m$1.5bn
+ Net debt (− = net cash)−$38m−$41m−$184m$210m$155m$367m$287m$199m$152m$139m
Enterprise value$299m$820m$1.3bn$3.9bn$2.0bn$1.1bn$657m$663m$616m$1.6bn
Multiples
Price / sales 2.1x4.2x6.6x10.8x3.7x1.2x0.6x0.6x0.6x1.7x
Price / earnings 56.3x48.1xn/m——36.2x———168.7x
Price / free cash flow 35.0x70.5x——77.9x—12.5x6.6x6.9x15.3x
EV / EBITDA 15.3x68.2x——127.9x——56.7x28.9x57.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard Bandwidth's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Cash operating profit has been a median 7.1% of total assets over 9 years.

  • Pricing power 13 / 20

    Gross margin has been a median 42.8%, moving by 3.7 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -2.0%; its worst year was -7.9%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 8 of 10 years, at a median 3.4% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 40.9% over five years; stock-based pay has been a median 3.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (49 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.76 +23% $908m +20%
Next $2.13 +21% $980m +8%

Next year's EPS estimate has moved +12.3% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.8% on 90 days ago. In the last 30 days, 0 analysts raised Bandwidth Inc.'s forecast and 5 cut it.

Consensus EPS forecast Bandwidth Inc., last 90 days
$1.70 $1.80 $1.90 $2.00 $2.10 $2.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.75 Current fiscal year, 60 days ago: $1.75 Current fiscal year, 30 days ago: $1.75 Current fiscal year, 7 days ago: $1.75 Current fiscal year, Now: $1.76 $1.76 Next fiscal year, 90 days ago: $1.90 Next fiscal year, 60 days ago: $1.93 Next fiscal year, 30 days ago: $1.92 Next fiscal year, 7 days ago: $1.93 Next fiscal year, Now: $2.13 $2.13

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.75$1.90
60 days ago $1.75$1.93
30 days ago $1.75$1.92
7 days ago $1.75$1.93
Now $1.76$2.13

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.47 $0.50 +6.1%
Jun 2026 $0.36 $0.37 +1.7%
Mar 2026 $0.30 $0.38 +28.4%
Dec 2025 $0.33 $0.35 +4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Revenue full year 2026 $905m to $910m
    “Revenue $905 - $910” source
  • Non-GAAP earnings per share full year 2026 $1.73 to $1.79 Non-GAAP Raised vs 1.71 to 1.79
    “Non-GAAP earnings per share (1) $1.73 - $1.79” source
  • Adjusted EBITDA full year 2026 $124m to $125m Non-GAAP
    “Adjusted EBITDA $124 - $125” source

How earlier guidance turned out

  • Revenue, 3Q 2026 guided $231m to $235m Within range: $234m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Bandwidth Inc.'s revenue by +11.4% next year and +12.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.5%, weight 44%) , management guidance (+10.5%, weight 34%) and the company's own record (+14.4%, weight 23%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy457%
Hold343%
Sell00%

Monthly trend

  1. Oct 20262237
  2. Sep 20262226
  3. Aug 20262215
  4. Jul 20262215

Counts of recommendations published by analysts covering Bandwidth Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.1%
of tradable shares
Days to cover
5.95
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.2%
of shares
Employees
1,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +166.1%

$16.15 on October 31, 2025 to $42.97

ThenNowEffect
Revenue (last 12 months) $758m $828m +9.3%
P/S multiple 0.6x 1.7x +178.1%
Share count 28m 32m −12.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +236.0%

$12.79 on November 3, 2023 to $42.97

ThenNowEffect
Revenue (last 12 months) $589m $828m +40.6%
Net margin 5.5% 0.3% −95.0%
P/E multiple 10.4x n/m +5709.9%
Share count 26m 32m −17.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BAND−53%−68%−37%+18%−9%+178%
Industry peers (median)−7%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BAND33%25%42%50%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BAND−66%−87%−66%−35%−42%−53%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 9, 2017: 95% from October 13, 2020 to October 14, 2022. Getting back needed a 1965% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$12.82 – $78.44
From 52-week high
−45.2%
vs 50-day average
−16.5%
vs 200-day average
+4.3%
Volatility (1 year)
99%
Beta vs S&P 500
2.55

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±22.8%
After a week
6 up, 5 down
typical move ±26.6%
After a month
6 up, 5 down
typical move ±33.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −2.3% −2.1% — —
July 29, 2026 −25.7% +0.1% −12.6% −0.8%
April 30, 2026 +85.4% +1.3% +100.7% +192.9%
February 19, 2026 +16.4% +0.5% +14.0% +19.0%
October 30, 2025 −3.7% −0.8% −15.0% −16.2%
July 29, 2025 −14.5% −0.4% −17.1% −8.4%
May 7, 2025 +12.9% +1.1% +18.7% +21.7%
February 20, 2025 −7.0% −2.1% −11.4% −17.4%
October 31, 2024 −0.7% −1.5% +4.5% +12.0%
August 1, 2024 −33.3% −3.3% −31.6% −24.8%
May 7, 2024 +3.1% +0.1% +6.5% +2.3%
February 28, 2024 +69.1% +0.2% +60.2% +50.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Bandwidth Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Bandwidth Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Bandwidth Inc.
$600M $700M $800M $900M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $601.1M Revenue (TTM), FY24 Q1: $634.3M Revenue (TTM), FY24 Q2: $662M Revenue (TTM), FY24 Q3: $703.9M Revenue (TTM), FY24 Q4: $748.5M Revenue (TTM), FY25 Q1: $751.7M Revenue (TTM), FY25 Q2: $758.1M Revenue (TTM), FY25 Q3: $756.1M Revenue (TTM), FY25 Q4: $753.8M Revenue (TTM), FY26 Q1: $788.4M Revenue (TTM), FY26 Q2: $828.2M Revenue (TTM), FY26 Q3: $870.4M $870.4M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $601.1M
FY24 Q1 $634.3M
FY24 Q2 $662M
FY24 Q3 $703.9M
FY24 Q4 $748.5M
FY25 Q1 $751.7M
FY25 Q2 $758.1M
FY25 Q3 $756.1M
FY25 Q4 $753.8M
FY26 Q1 $788.4M
FY26 Q2 $828.2M
FY26 Q3 $870.4M
Revenue growth, TTM YoY Bandwidth Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.9% Revenue growth, TTM YoY, FY24 Q1: 9.4% Revenue growth, TTM YoY, FY24 Q2: 12.4% Revenue growth, TTM YoY, FY24 Q3: 18.8% Revenue growth, TTM YoY, FY24 Q4: 24.5% Revenue growth, TTM YoY, FY25 Q1: 18.5% Revenue growth, TTM YoY, FY25 Q2: 14.5% Revenue growth, TTM YoY, FY25 Q3: 7.4% Revenue growth, TTM YoY, FY25 Q4: 0.7% Revenue growth, TTM YoY, FY26 Q1: 4.9% Revenue growth, TTM YoY, FY26 Q2: 9.3% Revenue growth, TTM YoY, FY26 Q3: 15.1% 15.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.9%
FY24 Q1 9.4%
FY24 Q2 12.4%
FY24 Q3 18.8%
FY24 Q4 24.5%
FY25 Q1 18.5%
FY25 Q2 14.5%
FY25 Q3 7.4%
FY25 Q4 0.7%
FY26 Q1 4.9%
FY26 Q2 9.3%
FY26 Q3 15.1%
Operating margin (TTM) Bandwidth Inc.
-6% -4% -2% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -5.9% Operating margin (TTM), FY24 Q1: -5.4% Operating margin (TTM), FY24 Q2: -4.9% Operating margin (TTM), FY24 Q3: -3.9% Operating margin (TTM), FY24 Q4: -2.7% Operating margin (TTM), FY25 Q1: -1.9% Operating margin (TTM), FY25 Q2: -1.6% Operating margin (TTM), FY25 Q3: -1.7% Operating margin (TTM), FY25 Q4: -1.9% Operating margin (TTM), FY26 Q1: -1.8% Operating margin (TTM), FY26 Q2: -1.8% Operating margin (TTM), FY26 Q3: -1.3% -1.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -5.9%
FY24 Q1 -5.4%
FY24 Q2 -4.9%
FY24 Q3 -3.9%
FY24 Q4 -2.7%
FY25 Q1 -1.9%
FY25 Q2 -1.6%
FY25 Q3 -1.7%
FY25 Q4 -1.9%
FY26 Q1 -1.8%
FY26 Q2 -1.8%
FY26 Q3 -1.3%
FCF margin (TTM) Bandwidth Inc.
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.9% FCF margin (TTM), FY24 Q1: 6.0% FCF margin (TTM), FY24 Q2: 8.6% FCF margin (TTM), FY24 Q3: 7.4% FCF margin (TTM), FY24 Q4: 9.3% FCF margin (TTM), FY25 Q1: 8.0% FCF margin (TTM), FY25 Q2: 8.9% FCF margin (TTM), FY25 Q3: 8.8% FCF margin (TTM), FY25 Q4: 8.9% FCF margin (TTM), FY26 Q1: 10.1% FCF margin (TTM), FY26 Q2: 9.3% FCF margin (TTM), FY26 Q3: 11.1% 11.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.9%
FY24 Q1 6.0%
FY24 Q2 8.6%
FY24 Q3 7.4%
FY24 Q4 9.3%
FY25 Q1 8.0%
FY25 Q2 8.9%
FY25 Q3 8.8%
FY25 Q4 8.9%
FY26 Q1 10.1%
FY26 Q2 9.3%
FY26 Q3 11.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 138 152 163 204 233 343 491 573 601 748 754 870
Gross profit 59 67 74 96 108 154 214 238 236 280 295 319
EBITDA 14 20 19 12 −9 −0 15 −6 −11 12 21 28
Operating income 8 15 15 7 −18 −14 −2 −24 −35 −20 −14 −11
Net income −7 22 6 18 2 −44 −27 20 −16 −7 −13 9
Diluted EPS −$0.47 $1.51 $0.37 $0.85 $0.10 −$1.83 −$1.09 −$0.48 −$0.64 −$0.24 −$0.43 $0.25
Growth (year on year)
Revenue — +10.4% +7.1% +25.3% +14.0% +47.5% +43.1% +16.8% +4.9% +24.5% +0.7% +15.1%
EBITDA — +45.1% −4.9% −38.3% −172.2% — — −138.6% — — — +35.1%
Operating income — +91.5% −4.1% −53.8% −362.0% — — — — — — —
Net income — — −73.3% +200.2% −86.1% — — — −183.5% — — —
Diluted EPS — — −75.5% +129.7% −88.2% — — — — — — —
Margins
Gross margin 42.5% 44.0% 45.2% 47.0% 46.3% 44.9% 43.6% 41.6% 39.3% 37.4% 39.1% 36.7%
EBITDA margin 10.3% 13.5% 12.0% 5.9% −3.7% −0.1% 3.1% −1.0% −1.8% 1.6% 2.8% 3.2%
Operating margin 5.8% 10.0% 9.0% 3.3% −7.6% −3.9% −0.5% −4.2% −5.9% −2.7% −1.9% −1.3%
Net margin −4.9% 14.7% 3.7% 8.8% 1.1% −12.8% −5.6% 3.4% −2.7% −0.9% −1.7% 1.0%
Free-cash-flow margin −4.3% 0.9% 5.9% 6.0% −10.1% −2.3% 4.7% −1.2% 4.9% 9.3% 8.9% 11.1%
Cash flow
Cash from operations −4 5 15 25 −1 5 41 35 39 84 89 114
Capital spending 2 4 5 12 22 12 18 42 9 14 22 17
Free cash flow −6 1 10 12 −23 −8 23 −7 30 70 67 96
Stock-based pay 3 1 2 3 7 10 15 21 37 48 52 50
Free cash flow after stock pay −9 −0 8 9 −30 −18 9 −27 −7 22 15 47
Balance sheet
Cash 10 7 38 41 184 72 331 114 132 82 103 171
Total debt 0 45 0 — 0 282 486 481 419 281 255 311
Net debt (negative = net cash) −10 38 −38 −41 −184 210 155 367 287 199 152 139
Diluted shares 12m 13m 15m 21m 24m 24m 25m 31m 26m 27m 30m 34m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $1.1bn
Short-term assets $314mLonger-term assets $780m
What it owes, and who funded it · $1.1bn
Short-term liabilities $163mLonger-term liabilities $549mShareholders' equity $382m
  • Short-term assets cover short-term liabilities $314m of assets due within a year against $163m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $314m short-term assets against $549m of longer-dated liabilities.
  • More cash than debt $171m of cash against $311m of debt.
  • Debt below 40% of shareholders' equity Debt is 81% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 253% to 81% over five years.
  • A year's operating cash flow covers at least 20% of debt $114m of operating cash flow against $311m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Bandwidth Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+21.2%
year over year
R&D spending
17.2%
of revenue
Days sales outstanding
50 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated BAND QTWO CXM RPD COUR FRSH Median
Revenue, last 12 months $870m $870m $873m $856m $885m $904m $482m
Revenue growth, last 12 months 15.1% 13.1% 6.3% 0.1% 22.7% 15.6% 12.0%
Revenue growth, 3-year average 13.7% 12.6% 9.0% 5.3% 15.1% 18.4% 11.1%
Revenue growth, latest quarter 22.0% 11.9% 0.8% −1.5% 59.6% 16.0% 11.9%
Gross margin 36.7% 58.4% 65.6% 69.3% 55.9% 85.0% 69.2%
Operating margin −1.3% 12.4% 5.3% 1.2% −17.8% 3.3% 1.1%
Operating margin, 3-year average −2.3% 2.2% 4.7% 1.6% −16.1% −10.3% −0.8%
Net margin 1.0% 12.7% 2.7% 2.4% −15.4% 20.5% 2.1%
Cash from operations / revenue 13.1% 28.2% 14.8% 17.9% 3.9% 27.3% 18.2%
Free-cash-flow margin 11.1% 26.8% 14.6% 16.9% 3.8% 25.9% 15.0%
Free-cash-flow margin, 3-year average 9.1% 22.5% 14.2% 17.9% 10.4% 23.3% 16.2%
Stock pay / revenue 5.7% 9.3% 9.4% 10.4% 12.1% 14.1% 9.3%
Change in share count 21.2% −4.6% −6.6% 18.0% 14.7% −5.5% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 15.1% 12.0% 76 of 184
Change in growth rate Growth +5.9pp +0.2pp 34 of 184
Gross margin Profitability 36.7% 69.8% 134 of 160
Operating margin Profitability -1.3% 1.1% 101 of 181
Net margin Profitability 1.0% 2.1% 94 of 185
Free-cash-flow margin Cash generation 11.1% 15.2% 105 of 180
Stock pay as % of revenue Cash generation 5.7% 9.3% 51 of 177
Long-term debt as % of assets Balance sheet 28.4% 16.9% 70 of 98
Change in share count Balance sheet 21.2% 1.7% 139 of 163
Days sales outstanding Balance sheet 50 days 57 days 66 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Cloud Communications $561M 74.5% ▲ 4.0%
C Paa S Usage Based Fees $415M 73.8% ▲ 3.3%
C Paa S Service Fees $147M 26.2% ▲ 6.1%
Messaging Surcharges $192M 25.5% ▼ 7.8%
Geography
Region Revenue Share YoY
United States $654M 86.8% ▼ 0.7%
Outside the US $99.8M 13.2% ▲ 11.2%

From Bandwidth Inc.'s 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.9B
Institutions reporting
240
Shares held vs prior quarter
▲ 28.3%
Positions opened / closed
108 / 21

Top buyers and sellers, Q2 2026: 172 institutions bought and 72 sold ; the biggest buyer was Hood River Capital Management LLC (+2.3M shares) and the biggest seller Cypress Point Investment Management LP (−808K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $156M 2.5M 8.1% ▼ 16.7%
Hood River Capital Management LLC $145M 2.3M 7.5% New
Driehaus Capital Management LLC $87.9M 1.4M 4.5% New
D. E. Shaw & Co., Inc. $83M 1.3M 4.3% ▲ 274.7%
Vanguard Capital Management LLC $81.3M 1.3M 4.2% ▲ 7.5%
State Street Corp $59.6M 941K 3.1% ▲ 30.1%
Dimensional Fund Advisors LP $59.4M 938K 3.1% ▼ 39.5%
Wellington Management Group LLP $57.7M 912K 3.0% ▲ 138.9%
Two Sigma Investments, LP $52.2M 825K 2.7% ▲ 67.0%
Arrowstreet Capital, Limited Partnership $50.3M 794K 2.6% ▲ 15.4%
Acadian Asset Management LLC $50.1M 792K 2.6% ▼ 4.9%
Cypress Point Investment Management LP $49.1M 776K 2.5% ▼ 51.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bandwidth Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $19.8M 117 trades by 11 insiders · 32% under pre-set plans
Net ▼ $19.8M net selling
Insider Date Trade Shares Price Value
Roush Lukas M. Director October 16, 2026 Sell pre-set plan 1,500 $49.04 $73,560
Roush Lukas M. Director September 16, 2026 Sell pre-set plan 1,500 $48.60 $72,900
Raiford Daryl E Chief Financial Officer September 2, 2026 Sell pre-set plan 3,291 $49.97 $164,451
Raiford Daryl E Chief Financial Officer September 2, 2026 Sell pre-set plan 2,536 $47.74 $121,069
Raiford Daryl E Chief Financial Officer September 2, 2026 Sell pre-set plan 1,400 $48.99 $68,586
Ross Kade Chief Information Officer September 2, 2026 Sell pre-set plan 2,096 $47.54 $99,644
Ross Kade Chief Information Officer September 2, 2026 Sell pre-set plan 1,151 $48.50 $55,824
Ross Kade Chief Information Officer September 2, 2026 Sell pre-set plan 753 $49.29 $37,115
Krupka Devin M Controller, PAO September 1, 2026 Sell pre-set plan 3,074 $48.97 $150,534
Morken David A. Chairman & CEO August 31, 2026 Sell 3,000 $48.82 $146,460
Morken David A. Chairman & CEO August 31, 2026 Sell 2,128 $49.60 $105,549
Raiford Daryl E Chief Financial Officer August 31, 2026 Sell 2,734 $48.82 $133,474

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Bandwidth Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Chris Jacobs(R-NY 27):Sale (full), $1,001 - $15,000, traded September 8, 2020, filed November 6, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 18, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 29, 2026
  • April 30, 2026
  • February 19, 2026
  • October 30, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Bandwidth Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bandwidth Inc. in brief

What does Bandwidth Inc. do?
Bandwidth Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Bandwidth Inc.'s stock ticker?
Bandwidth Inc. trades under the ticker BAND on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Bandwidth Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Bandwidth Inc. reported revenue of $870M, 15.1% higher than a year earlier, according to its SEC filings.
What is Bandwidth Inc.'s free cash flow?
Bandwidth Inc.'s free-cash-flow margin is 11.1% of revenue over the trailing twelve months, ranking 105 of the 180 application software companies we cover.
What is Bandwidth Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Bandwidth Inc.'s free cash flow after stock-based pay gives ~$19 per share in the base case, and ~$13–$26 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Bandwidth Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Hood River Capital Management LLC and Driehaus Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Bandwidth Inc.'s market cap?
On November 2, 2026, Bandwidth Inc.'s market capitalisation was about $1.5B, with a price-to-earnings ratio of 168.7 and net debt of $139M. Market figures come from third-party market data and may be delayed.
How much debt does Bandwidth Inc. have?
Bandwidth Inc.'s debt-to-equity ratio is 81.3%, from its latest balance sheet (252.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Bandwidth Inc.'s competitors?
In our Application Software peer group, the companies closest to Bandwidth Inc. are Q2 Holdings, Inc., Sprinklr, Inc., Rapid7, Inc., Coursera, Inc. and Freshworks Inc. The side-by-side comparison below sets their revenue, margins and growth against Bandwidth Inc.'s.
Are insiders buying or selling Bandwidth Inc. stock?
Over the last 12 months, Bandwidth Inc.'s directors and officers reported 0 open-market purchases and 117 sales on Form 4. The insider trading page charts every trade.
When is Bandwidth Inc.'s next earnings date?
Around February 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Bandwidth Inc. announces its own schedule.