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Bandwidth Inc.

BAND

Technology Software Infrastructure

Bandwidth Inc.’s revenue for fiscal 2025 (year ended December 2025) was $753.8 million, up 0.71% from fiscal 2024.

Revenue
+22.0%
EPS
+507.0%
Free cash flow
+151.1%
Total debt
+25.6%

Quarter to September 2026, against a year earlier

40.34 2.54 +6.72%
Market cap
$1.2B
P/E
152×
Fwd P/E
111×
Dividend yield
—
F-score
6/9
ROIC
−1.37%
Net debt / EBITDA
3.1×
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Net sold
$18.7M
Trades
45 sells · 0 buys
Ownership
9.01%

Capital & Financial Ratios $m

Size
Market Cap 1,220
Revenue ttm 870
Net income ttm 9
Free cash flow ttm 87
Net debt Q 135
Valuation
P/E 152.4 (above 35: high)
Forward P/E 111.0 (above 35: high)
Price / sales 1.5
Forward P/S Powerpack
Price / FCF 14.8
Price / book 3.4
Financial health
Current ratio Q 1.9 (at or above 1.5: strong)
Debt / equity Q 0.8
Interest coverage Q 10.0
Growth
Revenue growth Q +22.0% (above 0%: growing)
Operating income growth Q +189.4% (above 0%: growing)
EPS, this year +23.7% (at or above 15%: strong)
EPS, next year A +21.5% (at or above 15%: strong)
Revenue, next year A +20.4% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +26.1% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 1.9×; over the ten years it ranged from 0.6× in 2017 to 13.6× in 2020.
P/E against its own 10 years 70.38%
10-year low 10-year high
P/S against its own 10 years 45.60%
10-year low 10-year high
P/B against its own 10 years 47.46%
10-year low 10-year high
EV/Sales against its own 10 years 44.05%
10-year low 10-year high
EV/FCF against its own 10 years 35.41%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 153 84 111 176
Receivables 78 86 91 118
Inventory — — — —
Other — — — —
253 188 219 314
2023 2024 2025 Q'26
Payables 34 28 43 41
ST’ Debt — — — —
Other 6 4 — —
123 140 154 163

Compound Annual Growth %

10y 5y 3y
Sales 18.52% 17.05% 9.56%
Cash Flow 0.00% 81.70% 36.87%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% (1.43%) 13.69%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.47 Actual 0.50

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.35 0.35 Met by 0.00
Q1 FY26 0.32 0.38 Beat by 0.06
Q2 FY26 0.36 0.37 Beat by 0.01
Q3 FY26 0.47 0.50 Beat by 0.03
Q4 FY26 0.52 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.08) 0.07 0.13 — —
’25 (0.13) (0.16) (0.04) (0.10) (0.43)
’24 (0.35) 0.14 0.01 (0.06) (0.24)
’23 0.12 (0.15) (0.20) (0.42) (0.64)
’22 (0.27) (0.25) (0.03) 1.18 0.63
’21 (0.21) (0.28) (0.28) (0.33) (1.09)
’20 (0.04) (0.86) (0.10) (0.81) (1.83)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 209 220 234 — —
’25 174 180 192 208 754
’24 171 174 194 210 748
’23 138 146 152 165 601
’22 131 136 148 157 573
’21 113 121 131 126 491
’20 69 77 85 113 343
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 9 29 38 — —
’25 (3) 32 22 39 89
’24 2 24 20 37 84
’23 (6) 3 23 19 39
’22 (7) 7 24 11 35
’21 10 (1) 15 17 41
’20 (8) 7 12 (7) 5
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) 24 33 — —
’25 (13) 26 13 31 57
’24 (4) 18 18 30 62
’23 (11) (1) 18 13 19
’22 (13) (12) 13 (18) (29)
’21 2 (19) 12 8 4
’20 (12) 3 9 (10) (10)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 152 163 204 233 343 491 573 601 748 754 870 +19.5% 908 977 1,116 +14.0%
Gross margin, % 43.99 45.22 47.02 46.28 44.86 43.55 41.59 39.29 37.40 39.14 36.69 (4.8) pt
EBT 14 13 7 (15) (29) (31) 17 (19) (9) (17) 1 n/m
EBT margin, % 9.42 7.91 3.46 (6.55) (8.44) (6.35) 3.02 (3.21) (1.20) (2.20) 0.12 (11.6) pt
Net income 22 6 18 2 (44) (27) 20 (16) (7) (13) 9 n/m
Per share, $
Per share, $ Revenue 13.03 12.94 10.99 10.27 14.24 19.57 22.67 23.47 27.51 25.13 27.00 +7.6%
Earnings 1.66 0.42 0.96 0.11 (1.83) (1.09) 0.77 (0.64) (0.24) (0.43) 0.26 n/m
Cash flow 0.44 1.16 1.33 (0.06) 0.19 1.63 1.38 1.52 3.08 2.98 3.53 +23.7%
Capex (0.52) (0.63) (0.78) (1.14) (0.61) (1.48) (2.53) (0.78) (0.80) (1.10) (0.83) +8.7%
Free cash flow (0.08) 0.53 0.55 (1.19) (0.42) 0.14 (1.15) 0.75 2.29 1.89 2.71 n/m
Book value (1.92) 6.09 5.86 11.93 17.84 16.44 10.77 11.61 11.49 13.33 11.85 n/m
Shares, m 12 13 19 23 24 25 25 26 27 30 32 +11.1%
Valuation, ×
Valuation, × P/E 44.92 46.66 41.16 492.69 0.00 0.00 28.86 0.00 0.00 0.00 152.44 65.4
P/S 0.40 1.80 3.71 6.23 10.79 3.67 0.98 0.61 0.62 0.61 1.48 2.9
P/B 0.00 3.81 6.96 5.37 8.61 4.36 2.06 1.23 1.48 1.16 3.38 3.5
EV/Sales 0.61 1.80 3.59 5.55 11.28 3.99 1.51 1.06 0.92 0.83 1.70 3.1
EV/FCF 30.78 44.04 72.01 (47.75) (384.07) 539.24 (29.66) 33.22 11.20 11.05 16.93 28.0
Cash, $m
Cash, $m Operating cash flow 5 15 25 (1) 5 41 35 39 84 89 114 +37.3%
Capex (6) (8) (14) (26) (15) (37) (64) (20) (22) (33) (27) +20.7%
Free cash flow (1) 7 10 (27) (10) 4 (29) 19 62 57 87 n/m
Balance, $m
Balance, $m Working capital (2) 41 59 181 101 319 166 130 47 65 151 n/m
Net debt 38 (38) (59) (165) 161 154 296 265 197 136 135 +15.2%
Shareholders’ equity (22) 77 109 270 430 413 272 297 313 400 382 n/m
Returns, %
Returns, % ROA 29.16 6.11 14.06 1.01 (7.14) (2.80) 1.96 (1.61) (0.62) (1.26) 0.82 (30.4) pt
ROIC 60.77 23.37 8.46 (10.52) (1.43) (0.25) (2.68) (3.94) (2.46) (1.67) (1.37) (62.4) pt
ROE (93.65) 19.61 19.33 1.32 (12.56) (6.50) 5.72 (5.74) (2.14) (3.62) 2.26 +90.0 pt
People
People Employees 338 378 611 772 960 1,100 1,100 1,100 1,100 1,100 — +14.0%
Revenue/emp, $m 0.45 0.43 0.33 0.30 0.36 0.45 0.52 0.55 0.68 0.69 — +4.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Bandwidth Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
INFQ Infleqtion, Inc. $1.7B — (loss-making) — — n/m +914.79% (above 0%: growing) 16.01% (220.55%) Compare
ATEN A10 Networks, Inc. $1.6B 36.8× 39.4× +22.58% (above 0%: growing) +41.18% (above 0%: growing) +69.74% (above 0%: growing) 78.71% 19.98% Compare
PGY Pagaya Technologies Ltd. $1.5B 10.0× 10.1× +11.52% (above 0%: growing) +96.93% (above 0%: growing) −28.27% (below 0%: shrinking) 44.76% 28.82% Compare
NN NextNav Inc. $1.4B — (loss-making) — (loss-making) −4.33% (below 0%: shrinking) n/m −33.14% (below 0%: shrinking) (78.70%) (1,760.78%) Compare
RDWR Radware Ltd. $1.3B 92.2× 124× +12.08% (above 0%: growing) −51.00% (below 0%: shrinking) +274.41% (above 0%: growing) 80.36% 2.56% Compare
BAND Bandwidth Inc. $1.2B 152× 111× +21.95% (above 0%: growing) n/m +151.09% (above 0%: growing) 36.24% 0.77%
RPD Rapid7, Inc. $1.0B 68.9× 39.9× −2.55% (below 0%: shrinking) −65.40% (below 0%: shrinking) −14.24% (below 0%: shrinking) 69.61% 4.21% Compare
PICS PicS N.V. $918.8M 0.0× 4.7× +87.20% (above 0%: growing) −99.60% (below 0%: shrinking) +552.34% (above 0%: growing) 58.88% 0.00% Compare
TUYA Tuya Inc. Sponsored ADR $885.1M 14.6× 14.6× +15.98% (above 0%: growing) +50.00% (above 0%: growing) −58.87% (below 0%: shrinking) 46.32% 10.02% Compare
Median of peers $1.3B 25.7× 27.0× +12.08% −4.91% +27.75% 52.60% 3.39%

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 14 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.56m 8.49m 10.05
2024 2.09m 2.41m 11.08
2023 1.98m 1.48m 9.42
2022 4.80m 1.38m 14.93
2021 3.38m (670.83k) 46.70

Ownership

Directors and executive officers, together 5.30%
BlackRock, Inc. 5.90%
Henry R. Kaestner 4.20%
David A. Morken 3.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Bandwidth Inc. (BAND) Latest News

31 Oct

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28 Aug

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11 Aug

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7 Aug

Impact 4 ·
Impact 3 · · The Motley Fool transcript

1 Aug

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stockrow.com/BAND · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com