Bandwidth Inc (BAND)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business carries its own weight: an owned network, very loyal large customers, dependable free cash flow for three years, no cash interest on the convertible notes and no sign of a threat to the going concern. What is open is a clearly operational question, and a weighty one: Bandwidth has not reported an operating profit in a single year since 2021, and the profit posted in early 2026 came from the balance sheet rather than the business. Add potential dilution of roughly a fifth of the Class A shares. That is not a threat to substance, but it is not proven quality either — hence yellow. The decision is yours.
symbol.quality_note
Bandwidth runs its own telephone network in more than 65 countries and sells it as an API — to Microsoft, Google, Zoom, Cisco, RingCentral, Genesys and Five9. Cash has come in every year since 2023 ($67.2 million of free cash flow in 2025), yet the operating line has been negative for five straight years. In the first quarter of 2026 the company repurchased 313,936 of its own shares at an average price of $15.93; on June 18, 2026 it issued $316.25 million of convertible notes bearing no interest, convertible only above roughly $72.64 — up to 5,986,169 new shares. We read the filings to see what the network earns and what the price already promises.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at BAND since then.
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Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 39.10 $ — 40% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIBandwidth verkauft KI-Funktionen als Teil seines Angebots: Die Maestro-Plattform orchestriert KI-Sprachagenten und ist laut Geschäftsbericht 2025 der Kern der KI-Strategie; der Konzern führt die KI-Integrationsfähigkeit ausdrücklich als hervorstechendes Produktmerkmal und schreibt das Wachstum im Enterprise-Voice-Geschäft (+21 % in 2025) Maestro zu.
View the full file — quotes, sources, reviewed filings
„Our Maestro platform is key to Bandwidth’s AI innovation strategy. We believe it is the most open and flexible solution for enterprises to integrate conversational AI into cloud communications, through Native AI within CCaaS platforms, pre-built partner integrations, Bring Your Own AI with third-party apps, and Public APIs like OpenAI’s Realtime interface."
Unsere Maestro-Plattform ist der Schlüssel zur KI-Innovationsstrategie von Bandwidth. Wir halten sie für die offenste und flexibelste Lösung, mit der Unternehmen dialogfähige KI in Cloud-Kommunikation einbinden können — über native KI innerhalb von CCaaS-Plattformen, vorgefertigte Partner-Integrationen, „Bring Your Own AI“ mit Anwendungen Dritter und öffentliche Schnittstellen wie die Realtime-Schnittstelle von OpenAI.
„We also offer our customers the ability to integrate certain AI technologies developed by third parties into certain of our offerings, and this integration capability is a prominent feature of our Maestro offering."
Wir bieten unseren Kunden außerdem die Möglichkeit, bestimmte von Dritten entwickelte KI-Technologien in einzelne unserer Angebote einzubinden, und diese Integrationsfähigkeit ist ein hervorstechendes Merkmal unseres Maestro-Angebots.
„Bandwidth is strategically positioned at the intersection of enterprise communications and AI. As global enterprises adopt AI-driven tools to modernize customer experiences, we believe AI voice will become a critical new layer of value creation."
Bandwidth ist strategisch an der Schnittstelle von Unternehmenskommunikation und KI positioniert. Während Unternehmen weltweit KI-gestützte Werkzeuge einsetzen, um Kundenerlebnisse zu modernisieren, glauben wir, dass KI-Sprache zu einer entscheidenden neuen Wertschöpfungsebene wird.
Filings Reviewed: 10-Q 2026-04-30 · 10-K 2026-02-19 · 10-Q 2025-10-30 · 10-Q 2025-07-29 · 10-Q 2025-05-07 · 10-K 2025-02-20 · 8-K 2026-06-18
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 72.0% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 6
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.75 | 1.72 – 1.78 | 905 | 22.4% | 5 |
| 12/31/2027 | 1.90 | 1.68 – 2.04 | 942 | 8.3% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.06 | – | 210 | 27.00 | -0.80 | 37 | 30 |
| 2025: Q1 | -0.13 | – | 174 | 1.90 | -2.10 | -3 | -11 |
| 2025: Q2 | -0.16 | -220.00 | 180 | 3.70 | -2.70 | 32 | 28 |
| 2025: Q3 | -0.04 | -384.00 | 192 | -1.00 | -0.60 | 22 | 16 |
| 2025: Q4 | -0.10 | – | 208 | -1.10 | -1.40 | 39 | 31 |
| 2026: Q1 | 0.12 | – | 209 | 19.80 | 2.00 | 9 | 2 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 152 | 15 | 22 | 1.53 | 5 | -1 | 70 |
| 2017 | 163 | 15 | 6 | 0.41 | 15 | 77 | 104 |
| 2018 | 204 | 7 | 18 | 0.85 | 25 | 109 | 150 |
| 2019 | 233 | -18 | 2 | 0.10 | -1 | 270 | 354 |
| 2020 | 343 | -14 | -44 | -1.83 | 5 | 430 | 891 |
| 2021 | 491 | -2 | -27 | -1.09 | 41 | 413 | 1,066 |
| 2022 | 573 | -24 | 20 | 0.63 | 35 | 272 | 929 |
| 2023 | 601 | -35 | -16 | -0.64 | 39 | 297 | 1,101 |
| 2024 | 748 | -20 | -7 | -0.24 | 84 | 313 | 989 |
| 2025 | 754 | -14 | -13 | -0.43 | 89 | 400 | 1,120 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
An owned IP network in more than 65 countries that the company says reaches over 90 percent of global gross domestic product is hard to replicate. Twelve-month customer retention was above 98.8 percent in 2025, several large customers have been on the platform for more than ten years, and the world's biggest communications platforms are customers rather than competitors.
Five consecutive years of operating losses: minus $14.4 million in 2025, minus $20.1 million in 2024, minus $35.5 million in 2023; the first quarter of 2026 also closed at minus $4.6 million on the operating line. The reported quarterly profit of $4.1 million came from a book gain on the note buyback plus a tax benefit — diluted earnings per share still showed minus $0.08.
Free cash flow has been positive since 2023 ($69.9 million in 2024, $67.2 million in 2025) and equity stood at $405.7 million as of March 31, 2026. At the same time cash halved in the first quarter of 2026 from $102.8 million to $47.3 million, $50.5 million of the revolver was drawn for the first time, and $447.0 million of future minimum rents through July 2043 exceed the equity base.
The convertible note of June 18, 2026 can produce a maximum of 5,986,169 new Class A shares — about 20 percent of the 30,059,279 Class A shares outstanding as of April 24, 2026. Add 5,045,797 unvested restricted stock units as of March 31, 2026 and stock-based compensation of $52.3 million in 2025, roughly 78 percent of that year's free cash flow.
Better than a quarter of reported 2025 revenue ($192.4 million of $753.8 million) is pass-through carrier fees with no meaningful margin, and they swing with the U.S. election calendar; they lifted net retention to 122 percent in 2024 and let it fall to 98 percent in 2025. Cloud communications grew more steadily: up 4 percent in 2025 and up 13 percent in the first quarter of 2026.
Class B shares carry ten votes each: at the annual meeting on May 28, 2026 they made up roughly 7.6 percent of the shares present but 45.0 percent of the votes cast. Executive compensation drew roughly 24 percent opposition (10.0 million against 30.9 million votes). Disclosure itself is transparent — customer concentration, dilution and lease commitments are all stated openly in the filings.
Bandwidth is the price-tag trap in pure form: the same company that repurchased its own shares at an average $15.93 in the first quarter of 2026 borrowed $316.25 million at zero percent eleven weeks later, with a conversion price of roughly $72.64. In between lay no new factory and no new mega-contract, but a new story: AI voice. What is documented: an owned network in more than 65 countries, customer retention above 98.8 percent and free cash flow around $67 million every year since 2023. What is missing: an operating profit — the line has been negative five years running, most recently minus $14.4 million in 2025 and minus $4.6 million in the first quarter of 2026. And what may still come: up to 5,986,169 new shares from conversion. Not investment advice.
- Bandwidth landed on the research list through our in-house stock scanner: rank 5 of 28 in the list "Richard Moglen: 1 Week Top Performers" (U.S. selection) with a relative strength rating of 98, as of July 25, 2026. That list is recomputed daily; it measures price momentum over four trading days, liquidity and relative strength — demand for the shares, not quality of the company.
- Every figure carries its own reporting date: annual figures from the 10-K for 2025 (filed February 19, 2026), quarterly figures from the 10-Q as of March 31, 2026 (filed April 30, 2026), note and dilution data from the current reports on Form 8-K dated June 15, 16 and 18, 2026. Valuation metrics as of July 25, 2026 based on the closing price of July 24, 2026 — meant to be evergreen, with no daily price used as a buy argument.
- Easy to confuse: the ticker BAND belongs to Bandwidth Inc. of Raleigh (CIK 0001514416), not to any musical group or radio frequency band. The company was named Bandwidth.com, Inc. until 2017. The spun-off mobile provider Relay, Inc. (formerly Republic Wireless) is a related party and has leased part of the corporate headquarters since January 1, 2025.
About the Company
Bandwidth Inc. ist als Anbieter einer cloudbasierten, softwaregestützten Communications-Platform-as-a-Service in den USA und international tätig.
| Employees | 1,100 |
|---|---|
| Headquarters | Raleigh, NC |
| Address | 2230 Bandmate Way, 27607 Raleigh, United States |
| Phone | 800 808 5150 |
| Website | bandwidth.com |
| IPO Date | 10. Nov 2017 |
| ISIN | US05988J1034 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Richard Brandon Asbill J.D. | General Counsel & Secretary | 1967 |
| Rebecca G. Bottorff | Chief People Officer & Director | 1968 |
| Devin M. Krupka | Principal Accounting Officer | 1987 |
| Scott T. Mullen | Chief Technology Officer | 1978 |
| Meg Powell | Chief Marketing Officer | – |
| Michelle Flynn | Senior Vice President of Operations | – |
| Karl Perkins | Chief Innovation Officer | – |
| Michelle L. Birch | Chief Customer Officer | – |
| Jeff S. Turner | Chief Software Officer | – |
| Amaya G. Lantero | Chief Strategy Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.