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. In the quarter to June 2026, revenue grew 22.2%, EPS grew 143.8%, free cash flow fell 7.38% and total debt rose 33.9%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.
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Bandwidth Inc. (BAND) Altman Z-score
Bandwidth Inc.'s Altman Z-score for fiscal 2025 is 1.06, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.06 | 0.00 |
| FY2024 | 1.06 | 0.28 |
| FY2023 | 0.78 | (0.43) |
| FY2022 | 1.20 | (1.17) |
| FY2021 | 2.37 | (2.85) |
| FY2020 | 5.22 | (8.11) |
| FY2019 | 13.32 | 0.52 |
| FY2018 | 12.81 | 4.38 |
| FY2017 | 8.43 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.07 | |
| Retained earnings / total assets | (0.08) | — | −0.11 | |
| EBIT / total assets | (0.01) | — | −0.05 | |
| Market value of equity / total liabilities | 0.71 | — | 0.43 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Distress zone | 1.06 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.70 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ATEN A10 Networks, Inc. compare | 3.2× |
| NYAX Nayax Ltd. compare | 2.9× |
| PGY Pagaya Technologies Ltd. compare | 2.6× |
| EVTC Evertec, Inc. compare | 2.0× |
| BAND Bandwidth Inc. | 1.1× |
| PRGS Progress Software Corporation compare | 1.0× |
| AI C3.ai, Inc. compare | 0.6× |
| NN NextNav Inc. compare | −2.2× |
| FORG ForgeRock, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets