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) Beneish M-score
Bandwidth Inc.'s Beneish M-score for fiscal 2025 is −2.88; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.88 | (0.19) |
| FY2024 | −2.69 | (0.18) |
| FY2023 | −2.51 | (0.21) |
| FY2022 | −2.30 | 0.48 |
| FY2021 | −2.78 | (1.27) |
| FY2020 | −1.51 | 0.74 |
| FY2019 | −2.24 | 0.28 |
| FY2018 | −2.52 | 0.05 |
| FY2017 | −2.57 | (1.84) |
| FY2016 | −0.72 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 0.96 | — | 0.50 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.10) | — | −0.46 | |
| Leverage index | 0.90 | — | −0.29 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.88 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AI C3.ai, Inc. compare | −3.8× |
| ATEN A10 Networks, Inc. compare | −3.3× |
| BAND Bandwidth Inc. | −2.9× |
| PGY Pagaya Technologies Ltd. compare | −2.8× |
| PRGS Progress Software Corporation compare | −2.6× |
| FORG ForgeRock, Inc. compare | −2.5× |
| EVTC Evertec, Inc. compare | −2.4× |
| NYAX Nayax Ltd. compare | −2.3× |
| NN NextNav Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI