Bandwidth Inc. (BAND) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-140.4%

-$17.34

vs $42.97 price

Levered DCF

$4.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.95

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-35.93×	-70.92×	-22.61×	29.81×	-65.83×	-83.97×	582.27×	47.94×
P/B	1.16×	1.48×	1.25×	2.13×	4.36×	8.61×	5.37×	7.9×
P/S	0.61×	0.62×	0.62×	1.01×	3.67×	10.79×	6.23×	4.21×
EV / EBITDA	27.08×	20.99×	38.03×	17.14×	49.52×	485.21×	-331.93×	65.04×
Gross margin	39.1%	37.4%	39.3%	41.6%	44.5%	46.0%	46.3%	47.0%
Operating margin	-1.9%	-2.7%	-5.9%	-4.2%	-0.5%	-3.9%	-7.6%	3.3%
Net margin	-1.7%	-0.9%	-2.7%	3.4%	-5.6%	-12.8%	1.1%	8.8%
Current ratio	1.39×	1.34×	2.06×	2.45×	4.42×	2.1×	4.91×	2.79×
Debt / equity	1.75×	1.61×	2.17×	1.81×	1.22×	0.71×	0.09×	0×
Interest coverage	-7.09×	-10.78×	-43.88×	-7.98×	-0.08×	-0.82×	0×	22.43×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.2%	-2.1%	-5.5%	7.2%	-6.6%	-10.2%	0.9%	16.5%
Return on invested capital	-1.1%	-1.7%	-3.1%	-3.0%	-0.2%	-1.7%	0.9%	5.7%
Return on assets	-1.2%	-0.7%	-1.5%	2.1%	-2.6%	-4.9%	0.7%	11.9%
Free cash flow yield	14.5%	15.1%	5.2%	-5.0%	-0.8%	-0.3%	-1.9%	1.2%
Earnings yield	-2.8%	-1.4%	-4.4%	3.4%	-1.5%	-1.2%	0.2%	2.1%
Enterprise value	$1.1B	$884.9M	$883.2M	$959.2M	$2B	$3.9B	$1.3B	$818M
Net debt / EBITDA	15.26×	10.01×	22.07×	6.77×	4.31×	28.7×	41.24×	-3.28×
Cash conversion cycle (days)	10	20	13	18	34	36	35	31